ReportWire

Tag: blockchain technology

  • Over 100 Crypto Companies Join Forces To Protect DeFi In Market Structure Bill

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    Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

    Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

    Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

    One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

    Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

    Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

    However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

    Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

    With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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    Ronaldo Marquez

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  • Ethereum Seen Hitting $5,000 as Bitcoin Sell-off Shakes Market

    Ethereum Seen Hitting $5,000 as Bitcoin Sell-off Shakes Market

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    Ethereum has shown some degree of resilience in the face of heavy volatility in the broader crypto landscape, keeping ground above the $3,000 barrier in a week when Bitcoin stumbled under the weight of German economic policies.

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    Ether hodlers are keenly observing as the terrain of digital currencies undergoes notable changes; many of them are focusing on a possible $5,000 milestone.

    A Test Of The Market

    There were tremors felt in the cryptocurrency market when the German government decided to sell about 5,000 BTC, or 90% of its Bitcoin holdings. As Bitcoin struggled to maintain values over $57,000, Ethereum showed remarkable resilience, remaining consistently above $3,000.

    Both experts in the field and investors have noticed this difference in performance, and now people are anticipating how resistant Ethereum is to market forces in the coming days or weeks.

    If Ethereum stays secure during this uncertain time, it could mean that it is no longer affected by changes in the Bitcoin market. This would have huge effects on the entire cryptocurrency business.

    Ethereum is now trading at $3,185. Chart: TradingView

    ETF Anticipation Drives Positive Mood

    In the wake of the German Bitcoin selloffs, the broader crypto community is humming with expectation over the possible approval of an Ethereum ETF. If this event comes to fruition, Ethereum might reach a major turning point in terms of heavy institutional investments.

    The possibility of an ETH ETF has given the market some hope as many people are guessing on significant price increase. Still, the effect of such an approval is unknown, hence investors should approach these changes warily.

    Price Forecast and Technical Analysis

    Although many analysts see Ethereum’s price soaring, the technical indicators show a more complex picture of ETH’s existing situation even if optimistic forecasts abound.

    A well-known cryptocurrency expert, CryptoPatel sees Ethereum as having a bright future, predicting that its price will continue to grow and may soon reach $5,000. His findings revealed significant levels of support and resistance, both of which would have an impact on the movement of ETH in the future.

    According to his observations, the green box represents a significant support zone that extends between $2,800 and $3,000. Maintaining this support level is essential to the optimistic projection for the price of the top altcoin. It is possible that Ethereum could be on track to hit $5,000 if it continues to move solidly within this green band.

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    Meanwhile, according to figures provided by crypto prediction platform CoinCodex, Ether will have risen by 3.68% by August 13, 2024.

    The fear/greed index, on the other hand, shows some negative vibes. Last month, Ethereum had 50% green days. Because of these signs, experts say that you shouldn’t buy anything right now.

    These conflicting signals make it hard to predict how the altcoin will behave in the next coming weeks or months. The market is cautious, but there are hints that things will improve in the future.

    Featured image from Flow, chart from TradingView

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    Christian Encila

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  • Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When

    Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When

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    Raoul Pal, the co-founder and Chief Executive Officer (CEO) of Real Vision Group, has predicted that the global crypto market will reach a market capitalization of $100 trillion. The financial expert has maintained a strong bullish position for the future of the industry, outlining several reasons why he believes the market will jump 44X from its current market capitalization. 

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    Crypto Market To Hit $100 Trillion Market Cap 

    In a recent YouTube interview on the Blockworks Macro channel, Pal predicted that the total market capitalization of the crypto industry could jump from $2.5 trillion to $100 trillion in less than a decade. The financial expert disclosed that if the market maintains a steady growth rate and continues to evolve at a rapid pace, then it could see its market capitalization surging by up to 44X. 

    In an earlier post on X (formerly Twitter), Pal disclosed that assets like cryptocurrency and technology perform extremely well during secular trends based on adoption. He highlighted that this growth rate was twice the speed of the internet’s adoption when comparing active wallets and IP addresses. 

    The analyst has based his $100 trillion crypto market capitalization on the rate of adoption of the crypto industry, highlighting that the increasing number of cryptocurrency users will have a massive impact on the market’s value. Additionally, in the interview, Pal advised against taking unnecessary investment risks when engaging in cryptocurrencies. 

    He disclosed that the goal should be to maximize investment opportunities without getting caught up in tribal or philosophical debates. He emphasized that with the cryptocurrency market potentially reaching a $100 trillion market capitalization, it’s unnecessary to take excessive investment risks. Instead, investors should balance risk and opportunity, utilizing the right portfolio management strategies to effectively capture the majority of the market gains. 

    Total crypto market cap currently at $2.04 trillion. Chart: TradingView

    Market Liquidity May Continue Into 2025

    During the YouTube interview, Pal forecasted that the current market liquidity cycle could extend into 2025. The Real Vision CEO disclosed that since 2008, there has been a notable cyclicality in global liquidity. Diving into the nuances of what he calls “The Everything Code,” Pal revealed that the current market cycle is significantly driven by the growth of market assets such as stocks, cryptocurrency and technology.

    He noted that the market was shifting towards a “Macro Summer,” marked by liquidity growth and often associated with the “Banana Zone.” According to Pal, the banana zone is a period of significant upward price movements where market indicators turn bullish signaling the start of a new bull run. 

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    The financial expert emphasized that the global liquidity cycle tends to have a predictable pattern which influences economic activities. He highlighted several factors that could also impact the cryptocurrency market cycle including the upcoming US Presidential elections and a potential rate cut by the Federal Reserve.

    Featured image from Pexels, chart from TradingView

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    Scott Matherson

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  • Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

    Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

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    Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.

    Nervos Network Decoded

    Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).

    Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners. 

    Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.

    Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it. 

    Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.

    How Secondary Issuance And State Rent Drive Sustainability

    Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications. 

    Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.

    Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage. 

    Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.

    Approaching ATH Amidst Bitcoin Integration Announcement

    Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years. 

    After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.

    Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.

    According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading. 

    In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.

    The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.

    As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market. 

    With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.

    The daily chart shows CKB’s price trending upwards. Source: CKBUSD on TradingView.com

    Featured image from iStock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bullish Trend Ahead: Fantom (FTM) Rise Signals Potential For Powerful Rally Towards $0.65

    Bullish Trend Ahead: Fantom (FTM) Rise Signals Potential For Powerful Rally Towards $0.65

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    Fantom (FTM) has recently displayed remarkable performance, surpassing several leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) among others. 

    Over the past 24 hours, FTM has experienced a notable surge of 9%, propelling its price to the $0.4950 level. This upward momentum has sparked optimism within the market, with the potential to drive FTM towards its yearly high of $0.65.

    Fantom Poised For Upward Surge?

    Crypto analyst Ali Martinez has shared insights into the promising outlook for Fantom. Martinez emphasizes that FTM trading above the critical resistance level of $0.47 signifies a significant bullish turning point. 

    Furthermore, the analyst notes that there are no major obstacles in sight until the $0.65 level. As long as FTM remains above this crucial level, Martinez predicts a strong rally for the token.

    FTM’s uptrend is displayed on the daily chart. Source: FTMUSDT on TradingView.com

    With FTM’s breakthrough above the $0.47 resistance level, the stage is set for further gains. The absence of significant barriers until the $0.65 mark provides an encouraging backdrop for FTM’s potential upward trajectory. 

    Analyst Ali Martinez’s assessment reinforces the belief that as long as FTM maintains its position above $0.47, investors should prepare for a robust rally in the token’s price.

    Social Media Buzz Surrounding FTM

    In recent weeks, Layer 1 (L1) blockchain protocols have taken center stage in the cryptocurrency community. Tokens such as Injective (INJ), Kaspa (KAS), Avalanche (AVAX), and Solana (SOL) have outperformed major cryptocurrencies. 

    However, amid this L1 surge, Alpha Scan highlights that Fantom has emerged with impressive sentiment strength, capturing the attention of market participants and further bolstering the protocol’s native token price surge.

    According to a recent post on X (formerly Twitter) by the sentiment analytics firm, an analysis of social media conversations reveals that a staggering 61% of all monthly mentions of FTM have occurred within the last seven days. 

    Fantom
    FTM’s 61% increase in mentions on social media. Source: Alpha Scan on X.

    This sudden surge in mentions commenced on December 9th, indicating a heightened interest and positive sentiment surrounding the token.

    Over the past 30 days, 28 key accounts have actively discussed FTM, further emphasizing its growing significance. 

    Notably, 20 of these key accounts have specifically highlighted FTM within the last seven days, reflecting a heightened level of attention and engagement within a relatively short period. This ratio of key account engagement during the past week indicates a distinct rise in interest and potential market influence.

    Annualized Increase Reinforces Positive Outlook

    According to Token Terminal data, in addition to the social media buzz surrounding the protocol and its native token, Fantom’s market capitalization has reached approximately $1.38 billion, with a remarkable increase of 18.47%. This surge reflects the growing demand for FTM and its expanding market presence. 

    In terms of revenue, the token has witnessed substantial growth, with a 30-day revenue increase of 734.11% to $171.73k. Moreover, the annualized revenue has surged to $2.09 million, representing a significant rise of 813.75%. 

    Moreover, Fantom’s fully diluted market capitalization stands at around $1.57 billion, indicating a substantial increase of 43.39%. This growth further reinforces the market’s confidence in the protocol’s prospects. 

    When considering performance ratios, the P/F ratio (fully diluted) is calculated at 203.80x, while the P/S ratio (fully diluted) is reported at 679.33x. Although both ratios have dipped by 82.8%, they still suggest a strong valuation for Fantom relative to its performance.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Ledger Commits To Full Restitution For Victims Of $600,000 ConnectKit Attack

    Ledger Commits To Full Restitution For Victims Of $600,000 ConnectKit Attack

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    Hardware wallet manufacturer Ledger has responded to a recent security breach resulting in the theft of $600,000 worth of user assets. 

    The company has pledged to enhance its security protocols by eliminating Blind Signing, a process where transactions are displayed in code rather than plain language, by June 2024.

    Ledger Takes Responsibility For ConnectKit Attack

    In a statement, Ledger emphasized its focus on addressing the recent security incident and preventing similar occurrences in the future. 

    The company acknowledged the approximately $600,000 in assets that were impacted by the ConnectKit attack, particularly affecting users blind signing on Ethereum Virtual Machine (EVM) decentralized applications (dApps). 

    Furthermore, Ledger pledged to make sure affected victims are fully compensated, including non-Ledger customers, with CEO & Chairman Pascal Gauthier personally overseeing the restitution process. 

    According to the statement, Ledger has already initiated contact with affected users and is actively working with them to resolve their specific cases.

    In addition, by June 2024, blind signing will no longer be supported on Ledger devices, contributing to a “new standard of user protection” and advocating for “Clear Signing,” which refers to a process that allows users to verify transactions on their Ledger devices before signing them across dApps.

    On this matter, Ledger’s CEO Pascal Gauthier stated: 

    My personal commitment: Ledger will dedicate as much internal and external resources as possible to help the affected individuals recover their assets.

    Heightened dApp Security Measures

    According to an incident report released by the hardware wallet manufacturer, the attack exploited the Ledger Connect Kit, injecting malicious code into dApps utilizing the kit. 

    This malicious code redirected assets to the attacker’s wallets, tricking EVM dApp users into “unknowingly signing transactions” that drained their wallets. 

    Ledger addressed the attack by deploying a genuine fix for the Connect Kit within 40 minutes of detection. The compromised code remained accessible for a limited time due to the nature of content delivery networks (CDNs) and caching mechanisms.

    Ledger acknowledged the risks faced by the entire industry in safeguarding users and emphasized the need to continually raise the bar for security in dApps. 

    The company plans to strengthen its access controls, conduct audits of internal and external tools, reinforce code signing, and improve infrastructure monitoring and alerting systems. 

    Additionally, Ledger will educate users on the importance of Clear Signing and the potential risks associated with blind signing transactions without a secure display.

    Notably, with Clear Signing, users are presented with a clear and readable representation of the transaction details, enabling them to review and validate the transaction before providing their signature. 

    This added layer of transparency and verification helps users mitigate the risks associated with front-end attacks or malicious code injected into decentralized applications

    The 1-day chart shows the total crypto market cap’s valuation at $1.59 trillion. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

    Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

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    Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari. 

    This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.

    Polkadot Closes Q3 With $5.2 Billion Market Cap

    As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th). 

    DOT’s Q3 2023 circulating market cap. Source: Messari

    Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.

    Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors. 

    In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

    On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%. 

    This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.

    Polkadot’s OpenGov Milestone

    The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces. 

    According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).

    Polkadot
    Polkadot treasury’s DOT holdings as of Q3 2023. Source: Messari

    Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper. 

    The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus. 

    Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”

    Polkadot
    DOT’s sustained uptrend on the daily chart. Source: DOTUSDT on TradingView.com

    As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin’s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

    Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

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    In a groundbreaking experiment, Mario Havel, a protocol supporter and researcher of the Ethereum (ETH) Foundation, has achieved the synchronization of an ETH node on an unlikely device – a PlayStation 4 gaming console. 

    According to a recent post, Havel’s journey began with delving into “PlayStation jailbreaking,” where he discovered vulnerabilities in older PlayStation 4 firmware that allowed for control takeover. 

    Jailbreaking refers to bypassing the restrictions imposed by the official software (firmware) of a device, in this case, a PlayStation 4 console. 

    By jailbreaking the console, the researcher, Mario Havel, gained unauthorized access to the system, allowing him to run custom software and applications and make modifications not typically allowed by the manufacturer.

    Armed with an “old PlayStation 4 machine” running firmware 9.00 or older, Havel embarked on a mission to transform the gaming console into a fully functional Ethereum node.

    From Gaming To Blockchain

    The initial challenge was to obtain a “suitable, hackable” PlayStation 4 console with the desired firmware version. Havel emphasized the importance of avoiding system updates, as newer firmware versions are incompatible with the exploit. 

    After acquiring the appropriate console, Havel manually installed the 9.00 firmware using a USB drive, ensuring the machine remained offline to prevent unwanted updates. 

    To prevent automatic updates while connected to the internet, Havel recommended using a custom domain name system (DNS) server that blocks updates and redirects the user guide homepage to an exploit host. 

    This setup allowed Havel to host a website locally or publicly, providing the necessary tools and resources for the PlayStation 4 jailbreaking process. 

    The jailbreaking process relied on an exploit discovered by comparing firmware versions 9.00 and 9.03. By exploiting a filesystem bug, Havel could trigger the vulnerability by inserting a specially formatted USB device immediately. 

    The exploit required an exfathax.IMG file, which could be downloaded and flashed onto a USB drive using software such as Balena Etcher, a cross-platform tool. Havel noted that the USB drive would be formatted during each jailbreaking session, and it was advisable to use a dedicated flash drive for this purpose.

    According to Havel, once the exploit was successfully activated, the PlayStation 4 gained new capabilities, allowing it to install various packages, tools, and games directly on the console. 

    Linux-Based Ethereum Node Hosting

    Havel mentioned the ability to install packages over a local network for a “smoother installation process.” He also highlighted the ability to run a GNU/Linux distribution – an operating system that can interact with computers and run other programs – on the PlayStation 4, turning it into a versatile personal computer.

    With Linux successfully running on the PlayStation 4, Havel set up an Ethereum node on the console. He recommended downloading portable versions or compiling Ethereum clients suitable for the PlayStation 4’s GNU/Linux environment. 

    Havel shared his experience with clients, highlighting the importance of optimizing resource consumption for smoother operations. He also mentioned monitoring applications to ensure optimal temperature and fan control.

    Having established secure shell (SSH) access over the local network, Havel could connect to his PlayStation 4 node from his laptop, treating it like any other server. 

    This setup allowed for continuous Ethereum synchronization and showcased the PlayStation 4’s potential as a dedicated node-hosting device.

    Ultimately, by repurposing a PlayStation 4 as an Ethereum node, Havel has opened up new possibilities for node hosting, decentralization, and utilizing existing hardware for blockchain network participation. 

    As the experimentation continues, researchers and enthusiasts will likely explore similar avenues, pushing the boundaries of what can be achieved with gaming consoles and decentralized technologies.

    ETH’s uptrend on the daily chart. Source: ETHUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • PayPal’s $158M PYUSD Stablecoin Market Cap Shaken By SEC Subpoena | Bitcoinist.com

    PayPal’s $158M PYUSD Stablecoin Market Cap Shaken By SEC Subpoena | Bitcoinist.com

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    In a recent report by Reuters, online payment system company PayPal announced plans to bolster its market value by $4 billion, seeking to streamline operations to appease investors. However, investor optimism was tempered by disclosing a subpoena from the US Securities and Exchange Commission (SEC) related to PayPal’s stablecoin PYUSD.

    PayPal’s $4 Billion Value Boost Amidst SEC Subpoena

    Before market opening on Thursday, PayPal’s shares surged by 7% to reach $55.16, fueled by a full-year profit forecast that assuaged concerns of a spending slowdown. 

    The company’s new CEO, Alex Chriss, acknowledged the need for cost reduction, stating, “Simply put, our cost base remains too high.” Chriss emphasized aligning resources with the most profitable growth priorities in their strategic realignment.

    Per the report, the positive forecast reflects consumers’ “resilient” financial health, enabling them to sustain their spending habits despite lingering economic uncertainties. 

    Analysts, including Tien-tsin Huang from J.P. Morgan, praised Chriss’ remarks, citing his “insightful assessment” of the company’s challenges and a solid framework for improving growth and profitability. William Blair, a leading brokerage firm, also expressed encouragement regarding PayPal’s narrowed focus on profitable growth.

    While PayPal’s market value expansion was well-received, the disclosed SEC subpoena signifies continued regulatory scrutiny in the cryptocurrency industry. 

    Despite a recent high-profile court loss against Grayscale Investments, the SEC’s Enforcement Division sent the subpoena to PayPal, requesting document production. 

    Notably, PayPal made history as the first major financial technology firm to embrace digital currencies for payments and transfers when it launched its dollar-backed stablecoin in August. 

    Acknowledging the SEC’s scrutiny, PayPal reiterated its cooperation with the subpoena, according to the report.

    PYUSD Stablecoin Gains Traction 

    According to data from CoinMarketCap, PayPal’s PYUSD stablecoin has garnered significant attention in the digital currency space, boasting a notable market cap and significant trading volume. 

    With a market cap of approximately $158,763,822, PYUSD currently ranks 240th among digital assets. Furthermore, PYUSD has experienced a 24-hour trading volume of $2,847,923, ranking it at 482nd. 

    The volume-to-market cap ratio, a key metric that measures the liquidity and relative trading activity of an asset, stands at 1.80% for PYUSD. This figure highlights the notable trading activity surrounding the stablecoin, with a significant portion of its market cap being actively traded within 24 hours. 

    PYUSD’s circulating supply currently stands at 158,956,937 tokens. This signifies the number of stablecoins in circulation and utilized for various transactions and financial activities. 

    The total supply of PYUSD also aligns with the circulating supply, indicating that there are no additional tokens planned for issuance beyond the current amount. This fixed supply ensures stability and predictability for PYUSD users and investors.

    All around, despite the SEC’s subpoena, PYUSD has emerged as a significant player in the stablecoin ecosystem. The unfolding situation and potential further actions by the SEC against PayPal’s PYUSD stablecoin, along with their potential implications for the company’s operations, are yet to be determined.

    The total crypto market cap’s retracement after reaching the $1,30 trillion mark on Tuesday. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Crypto Innovation Unleashed? UK HMT Unveils Significant New Regulatory Update | Bitcoinist.com

    Crypto Innovation Unleashed? UK HMT Unveils Significant New Regulatory Update | Bitcoinist.com

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    In a significant development for the crypto industry, the United Kingdom’s His Majesty’s Treasury (HMT) has released its long-awaited update on the regulatory framework for crypto assets. 

    According to Brian Quintenz, Head of Policy at a16z Crypto, a venture capital fund, the announcement signals the UK’s commitment to fostering an open, well-regulated, and technologically advanced capital market that embraces the potential of cryptocurrencies and blockchain technology.

    UK Takes Proactive Stance, Setting Clear Path For Crypto Regulation

    The HMT’s response to the crypto asset regulatory regime covers several key aspects. Firstly, it excludes airdrops from the token issuance regulatory perimeter, recognizing that they do not constitute a public offering. 

    Additionally, the statement clarifies that non-fungible tokens (NFTs), including in-game purchases and sales of digital items, are considered out of scope, emphasizing their classification as non-financial services activity.

    According to Quintenz, the UK government’s approach to decentralized finance (DeFi) reflects a cautious yet forward-thinking stance. The HMT acknowledges the potential role of DeFi in financial services as the crypto asset sector expands and blockchain-based solutions gain wider adoption. 

    Importantly, the government emphasizes that it does not intend to ban DeFi, aligning with its innovation-forward approach.

    Addressing concerns over crypto trading, the HMT strongly disagrees with characterizing it as gambling or advocating for an outright ban. It highlights the divergence such approaches would have from international regulatory workstreams and the potential negative impact on crypto-based innovation. 

    However, the statement acknowledges the need for additional clarity on concepts of decentralization and protection of customers from legacy risks associated with centralization.

    Furthermore, the regulatory framework emphasizes managing risks while encouraging innovation, recognizing the developing nature of the crypto asset sector and its evolving complexities. 

    Additionally, the government is exploring the potential benefits of Distributed Ledger Technology (DLT) in financial market infrastructures and sovereign debt management.

    Clearing The Path For Innovation? 

    The proposed regulatory framework aims to establish a proportionate and clear regulatory environment that enables firms to innovate while maintaining financial stability and regulatory standards. It includes plans to bring centralized crypto exchanges, custody services, lending platforms, and other core activities under financial services regulation for the first time.

    According to the update, the UK government acknowledges the transformative potential of digital assets and the need for an enhanced regulatory framework to realize their benefits while effectively managing risks. The proposed regulatory regime will be incorporated within the existing framework established by the UK’s Financial Services and Markets Act 2000 (FSMA), leveraging its credibility and regulatory clarity.

    The HMT’s regulatory framework is subject to consultation and stakeholder engagement. The government will carefully consider the responses and issue further technical consultations on specific rules. 

    An engagement group, chaired by the Economic Secretary to the Treasury, will facilitate ongoing dialogue with key industry participants, ensuring their insights inform establishing a clear regulatory framework that supports innovation and consumer protection.

    As the UK takes proactive steps towards effective crypto asset regulation, it aims to strike a delicate balance between encouraging innovation, managing risks, and providing regulatory clarity. The unveiled framework positions the UK as a global hub for web3 and reinforces its commitment to embracing the transformative potential of digital assets in the financial landscape.

    The total crypto market cap continues to climb to levels not seen since April. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Blockchain-Powered esports Company is About to Give Thousands Away During a Week of Tournaments!

    Blockchain-Powered esports Company is About to Give Thousands Away During a Week of Tournaments!

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    Press Release
    –


    updated: Nov 13, 2017


    BOSTON, November 13, 2017 (Newswire.com)
    –
    FirstBlood.io, the world’s first blockchain-powered esports company has just released their newest feature, an additional opportunity for gamers to compete on. The long-awaited feature has finally come out and players are already diving in to preregister. This exciting new technology and feature, FirstBlood.io calls, “Tournaments”. A revolutionary technology that offers seamlessly simple fully automated tournaments. FirstBlood.io is celebrating this milestone by giving back to the players that have helped them thus far and, to the entire competitive Dota 2 community as a whole with “Tournament Week”.

    What is Tournament Week?

    An 8-Day, free to enter, tournament series, with over $4,000 in prizes Dota 2, experience. FirstBlood.io is offering any team the chance at winning real money from competing in Dota 2! The best part? FirstBlood is offering this to anyone, 100 percent for free.

    When is FirstBlood Tournament Week?

    The first day will be Nov. 19 and the final day will be Nov. 26. You can preregister now with Limited Team Slots.

    Will it cost anything to play in one of the many tournaments?

    It’s free to enter, offering you and your team only rewards.

    What are the Daily Prize Pools?

    From Sunday to Sunday, each day will have different prize pools. Cash prizes will range from $5 to $1,700.

    FirstBlood.io has an intense schedule already in place. Keep an eye on the qualifying tournaments, too. Qualifiers will be the tournaments that grant your team access to larger prize pool tournaments.

    Discover Tournament Week Prizes

    Requirements?

    There are a few requirements. You must be 18 years of age or older and you must bring a total of five players to make a full team. There are no solo-queue options. If you don’t have a team, you can join their Discord to look for a team. You do not have to be at a certain skill level, however, FirstBlood.io wants to be clear, just as there are no lower limits to join, there are no upper limits either. Literally, any skill level can join.

    FirstBlood.io has also stated that a team can register for as many tournaments as they would like.

    How can you and your team sign up?

    Five easy steps will get your team ready to compete during Tournament Week.

    1 – Every Member signs up for FirstBlood.io

    2 – One member creates a team

    3 – Add each member to your newly created team

    4 – Register for Tournament

    5 – When tournament time comes, each member must check-in

    Sign Up Now

    How will FirstBlood.io be capable of holding all these tournaments?

    It is all thanks to their new technology and tournament feature — a one-of-a-kind solution that brings full autonomy to hosting tournaments.

    More on FirstBlood.io Tournament Feature

    Tournament week will showcase for the first time, FirstBlood’s brand new tournament feature.

    FirstBlood.io is adding the ability to run Tournaments on Auto-Pilot. Teams will have a timeframe to check-in; after that time finishes, the feature takes over and places teams appropriately in brackets and starts the tournament. The tournament will run fully automated, moving teams accordingly through the brackets.

    So what is FirstBlood.io exactly?

    FirstBlood.io (“FirstBlood”) is a decentralized esports gaming platform that will allow individuals to test their skill and compete in 1v1 and team vs team matches for popular online games, starting with Dota 2 and expanding into other popular esports titles.

    Want to discover more? Head over to FirstBlood.io.

    Source: FirstBlood Technologies, Inc.

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