Author: Free Bitcoin News

  • 🔴Central Bank Dooms Crypto | This Week in Crypto – Dec 5, 2022

    🔴Central Bank Dooms Crypto | This Week in Crypto – Dec 5, 2022

    Telegram to build a decentralized crypto exchange, Apple blocks Coinbase NFTs and SBF interviews attract less than stellar reviews. These stories and more this week in crypto.

    New Decentralized Exchange by Telegram

    Privacy-focused messaging platform, Telegram, announced that the company would begin building “non-custodial wallets” and “decentralized exchanges”, that would let millions of users safely trade their crypto. Founder and CEO Pavel Durov said this way they can fix the wrongs caused by excessive centralization, which let down hundreds of thousands of cryptocurrency users in the FTX fiasco.

    Apple Blocks Coinbase NFTs

    Coinbase customers using Apple devices will no longer be able to send NFTs using the exchange’s wallet. Apple is demanding the gas fees to send NFTs be paid through their in-app purchase system, meaning Apple would collect 30% of that fee. Coinbase said it would not be able to comply with that requirement because the in-app system does not support crypto.

    Binance Halts Ankr Withdrawals

    Binance has paused withdrawals of Ankr tokens after a possible hack. A hacker managed to exploit a vulnerability in the code that allowed them to mint 6 quadrillion tokens, which were converted into BNB tokens and transferred through a crypto mixer. Ankr told decentralized exchanges to block trading and said it will re-issue the tokens after assessing the situation.

    BlockFi Files for Bankruptcy

    Crypto lender, BlockFi has officially filed for Chapter 11 bankruptcy after pausing withdrawals in an attempt to restructure. The company was the first to feel the effect of FTX’s collapse and told a U.S. bankruptcy judge it was “the antithesis of FTX” and that it would seek to return customer funds as quickly as possible.

    Crypto Broker Genesis Owes $900m

    U.S. crypto lender, Genesis, says it is seeking to avoid bankruptcy and is working with restructuring lawyers to prevent insolvency. They began discussions with potential investors and their largest creditors, including popular crypto exchange, Gemini. Financial Times reports that Genesis and its parent company Digital Currency Group owes Gemini customers up to $900m.

    Kraken Exchange Cuts 30% of Staff

    Kraken will cut 30% of its global staff – around 1,100 people – in response to the crypto winter. The firm said that since the start of this year, macroeconomic and geopolitical factors have led to significantly lower trading volumes and fewer client sign-ups, and that they’ve exhausted preferable options that might have prevented layoffs to bring costs in line with demand.

    The European Central Bank Declares Bitcoin’s Doom

    The European Central Bank has claimed that bitcoin is on the road to irrelevance. Senior ECB staff published a blog entitled ‘Bitcoin’s Last Stand’ saying, since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms, and thus should not be legitimized.

    Sam Bankman-Fried Openly Talks in Interviews

    In a talk with ABC, FTX founder Sam Bankman-Fried said he did not know of customer deposits being used to pay creditors of its affiliated trading firm, Alameda Research. He also added that he only has $100,000 left in his bank account – a drastic drop from his prior $20 billion net worth. Reactions to SBF’s interviews ranged from calling him delusional to adamant calls that he should be thrown in jail.

    That’s what’s happened this week in crypto, see you next week.

  • CRO Price (Cronos) Pumps Over 12%, Why This Could Be The Start of Bigger Rally

    CRO Price (Cronos) Pumps Over 12%, Why This Could Be The Start of Bigger Rally

    CRO price started a fresh increase from the $0.062 support zone. Cronos bulls are now aiming a strong move towards the $0.094 level in the near term.

    • CRO price started a decent increase above the $0.065 resistance against the US dollar.
    • The price is trading above $0.070 and the 100 simple moving average (4-hours).
    • There was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair (data source from Coinbase).
    • The pair could continue to rise towards the $0.080 and $0.094 resistance levels.

    Cronos CRO Price Eyes Fresh Rally

    This past month, cronos’s price found support near the $0.0615 zone against the US Dollar. CRO formed a base above the $0.0615 and $0.0620 levels before it started a fresh increase.

    There was a clear move above the $0.0650 resistance zone and the 100 simple moving average (4-hours) to move into a positive zone. Besides, there was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair.

    The price is now trading above $0.070 and the 100 simple moving average (4-hours), outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.074 level. It is close to the 23.6% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.

    The next major resistance is forming near the $0.080 zone. If there is an upside break above the $0.08 resistance level, the price could start another strong increase.

    Source: CROUSD on TradingView.com

    In the stated case, the price could rise steadily towards the $0.094 level. It is close to the 50% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.

    Dips Limited in CRO?

    If CRO price fails rise above the $0.074 and $0.080 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.07 level.

    The main support is near the $0.0650 level and the 100 simple moving average (4-hours). A downside break below the $0.065 level could open the doors for a fresh decline towards $0.062. The next major support is near the $0.060 level.

    Technical Indicators

    4-hours MACD – The MACD for CRO/USD is gaining momentum in the bullish zone.

    4-hours RSI (Relative Strength Index) – The RSI for CRO/USD is now in the overbought zone.

    Major Support Levels – $0.070 and $0.065.

    Major Resistance Levels – $0.074, $0.08 and $0.094.

  • Brazilian Companies Break Crypto Purchasing Records Again in October – News Bitcoin News

    Brazilian Companies Break Crypto Purchasing Records Again in October – News Bitcoin News

    According to the latest reports from the Brazilian tax authority (RFB), institutions have again broken crypto purchasing records in Brazil. The organization registered that almost 42,000 companies purchased some kind of cryptocurrency during October, a new record that overturns the 40,161 that declared having purchased crypto during September.

    Brazilian Companies Purchase Crypto in Waves

    More and more companies are introducing crypto as part of their treasuries in Brazil. According to the last data issued by the Brazilian tax authority (RBF), which is empowered by law to receive crypto purchasing statements from taxpayers, almost 42,000 companies bought some kind of cryptocurrency during October.

    These 41,817 companies that purchased crypto broke the previous record number registered in September when 40,161 institutions also broke the previous record. However, the number of individuals that bought crypto during the same period fell to 1.265.818 from the almost 1.5 million citizens that purchased crypto back in September.

    This new record suggests that institutions have been stockpiling as part of their treasuries taking advantage of the low prices that the market presents. The influence of the recent demise of FTX, one of the biggest cryptocurrency exchanges, on the trust of Brazilian customers in the cryptocurrency market is not clear yet, given that the numbers presented correspond to October.

    USDT Remains at the Top, BRZ Rises

    As in other opportunities, the reports also include data regarding the number of transactions registered and the amounts exchanged using each token. Following the trend of earlier months, Tether’s USDT, the dollar-pegged stablecoin, was the token used to settle more funds in Brazil in October. Almost $1.8 billion dollars were transacted using USDT in almost 119,366 operations.

    This popularity is further enhanced by the functionality that third parties offer to connect USDT with the traditional financial system. On Oct. 22, Smartpay, a cryptocurrency service provider company, integrated its services with Tecban, a Brazilian ATM provider, to allow users to convert USDT to fiat currency in more than 24,000 ATMs.

    However, bitcoin (BTC), still registered the highest number of transactions, with 1.34 million, in which $190.2 million were moved. A local real pegged stablecoin, BRZ, registered the second largest number of operations, with 693,086. These operations were made mainly on FTX, according to reports, and it is uncertain if this volume will be absorbed by other available markets. USDC, and ETH, all complete the top five currencies with the most volume settled.

    Tags in this story

    Bitcoin, brazilian tax authority, BRZ, Crypto, real stablecoin, record, RFB, smartpay, tecban, Tether, USDT

    What do you think about the record number of companies purchasing cryptocurrency in Brazil? Tell us in the comments section below.

    Sergio Goschenko

    Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

    Image Credits: Shutterstock, Pixabay, Wiki Commons, Mehaniq, Shutterstock.com

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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  • Standard Chartered forecasts ‘surprise’ Bitcoin downside after FTX collapse

    Standard Chartered forecasts ‘surprise’ Bitcoin downside after FTX collapse

    The value of Bitcoin (BTC) is being touted to drop as low as $5,000 in 2023 according to Standard’s Chartered global research head and chief strategist.

    As initially reported by Bloomberg, a note to investors published on Dec. 4 from the multinational bank’s chief strategist Eric Robertsen weighed-up a potential drop in Bitcoin’s value correlated with a surge in physical Gold.

    Robertsen outlined prospective scenarios for 2023 that could see interest rate reversals from hikes in 2022, further cryptocurrency sector bankruptcies and negative sentiment towards the market.

    This could include further downside for Bitcoin next year, with a 70% decline from its current market value while Gold could see an upside of up to 30% to the $2,250 mark per ounce.

    The closing months of 2022 have been tumultuous for the wider cryptocurrency ecosystem. The collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange and hedge fund Alameda Research sent shockwaves through the industry in what has already been a tough year.

    FTX’s bankruptcy proceedings has already led to collateral damage, with cryptocurrency lender BlockFi following in its footsteps due in part to ‘significant exposure’ to FTX and Alameda and obligations that the defunct companies had with the former.

    Related: Bankruptcy court told FTX and Alameda they owe BlockFi $1B, but it’s complicated

    Meanwhile cryptocurrency proponents have provided contrasting outlooks for the space in 2023. Renowned Venture capitalist and blockchain investor Tim Draper touted Bitcoin hitting $250,000 next year, highlighting his belief that the FTX fiasco would lead to greater decentralization, adoption of BTC and increased self-custody by users.

    As Cointelegraph previously reported in late November, macro market analyst Henrik Zeberg also outlined a potential surge in the value of Bitcoin alongside other risk assets over the $100,000 barrier.

    Hedge fund manager Mark Yusko also touted the potential start of Bitcoin’s next major bull run in the second quarter of 2023 as the ecosystem begins to accumulate BTC in anticipation of the next reward halving event.

  • WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy

    WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy

    Cranfield, England, 3rd December, 2022, Chainwire

    Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. FEAC is an Italian non-profit organization focused on awareness, education and research to improve the care given to children and adolescents on the autism spectrum. 

    In attendance at the Rome event were leadership figures from the WAHED and FEAC organizations. WAHED Chairman Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa and FEAC President Eros Cenci were joined by prominent members of their teams. 

    • Sergio Torromino, former Italian Member of Parliament and current WAHED Board Member 
    • Dr. Salvatore Alberto Turiano, staff vascular surgeon at the University Hospital Policlinico-San Marco in Catania, Italy
    • Dr. Luigi Lidonnici, FEAC member and owner of an autism therapy center in Calabria
    • Giuseppe Scuderi from the Scientific and Technological Park of Sicily

    Following a locked-in vesting period, 5% of the donated WAHED Coin will be released after 1 year. All appreciation in the token value during this time will stand to benefit FEAC, and the limited unlocking will ensure limited volatility in token price. 

    This donation to FEAC aligns with the WAHED vision of supporting companies and organizations that are improving the quality of life around the world. The ease of transacting cryptocurrency globally makes it a perfect vehicle for charitable and philanthropic activities, and sets the stage for a future where everyone can contribute to causes that they believe in. 


     

    About FEAC
    Despite rapid advancement in medical technology improving the quality of life all over the world, there is plenty of work still to be done. Questions about the causes, prevention and management of many diseases still remain, and autism, despite affecting millions around the world, is still misunderstood. The FEAC provides researchers and medical professionals with the funds they need to help improve both the lives of individuals on the autism spectrum and their care circles. 

    The first major project in FEAC’s vision is a therapeutic clinic in Calabria in collaboration with the Lidonnici family. The 1200 square-meter space will bring education and awareness of the realities and challenges of daily life faced by individuals with autism. The clinic will also provide access to therapy, providing aid and guidance to ensure quality care when managing the condition. Making expert care available to all who need it is a vital part of the FEAC vision, and the center in Calabria is the first of many. 

    About WAHED
    WAHED is an investment and philanthropy hub that is powered by WAHED Coin. Serving as the blockchain partner for several ambitious projects around the world, WAHED aims to use technology to scale operations and enrich more lives. 

    Established in the United Kingdom, WAHED is led by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, former Undersecretary to the Ministry of Housing in Bahrain. Bringing decades of experience in industries ranging from oil, banking and commodities, the WAHED founding team has identified the array of advantages that blockchains can bring to traditional systems. WAHED Coin provides access to innovative ideas to retail investors and cryptocurrency enthusiasts from all over the world.

    WAHED Coin will be available for trading on LBANK exchange from the 5th of December 2022.
    To learn more about the WAHED Ecosystem, visit the WAHED website.
    Become part of the global WAHED community on Discord, Facebook, Instagram and Twitter.

    Contact

    Wahed Projects Team
    [email protected]

  • Ethereum Price Could Avoid a Major Drop if it Closes Above ,250

    Ethereum Price Could Avoid a Major Drop if it Closes Above $1,250

    Ethereum failed to clear the $1,250 resistance against the US Dollar. ETH is moving lower and might decline heavily if it breaks the $1,140 support.

    • Ethereum struggled to gain pace for a move above the $1,250 resistance level.
    • The price is now trading below $1,180 and the 100 hourly simple moving average.
    • There was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could gain bearish momentum if there is no clear move above $1,230 and $1,250.

    Ethereum Price Dips Again

    Ethereum price attempted an upside break above the $1,230 resistance. However, ETH failed to gain pace and stayed below the $1,250 resistance. There was a fresh bearish reaction from the $1,235 high, similar to bitcoin.

    There was a move below the $1,210 and $1,200 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD. The bears pushed the pair towards the 50% Fib retracement level of the upward move from the $1,073 swing low to $1,235 high.

    Ether price is now trading below $1,180 and the 100 hourly simple moving average. It seems to be consolidating near the $1,170 level. An immediate resistance on the upside is near the $1,200 level and the 100 hourly simple moving average.

    Source: ETHUSD on TradingView.com

    The next major resistance is near the $1,230 level. The main hurdle sits near the $1,250 level. To start a decent increase and avoid more losses, the price must settle above $1,250. In the stated case, ether price may perhaps rise towards the $1,320 resistance zone. Any more gains might send the price towards the $1,400 resistance zone.

    More Losses in ETH?

    If ethereum fails to climb above the $1,200 resistance, it could continue to move down. An initial support on the downside is near the $1,155 level.

    The next major support is near the $1,135 level or the 61.8% Fib retracement level of the upward move from the $1,073 swing low to $1,235 high, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop towards the $1,075 support zone.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 40 level.

    Major Support Level – $1,135

    Major Resistance Level – $1,200

  • Crypto exchange Coinbase to support Easy Bank Transfers for UK users Âť CryptoNinjas

    Crypto exchange Coinbase to support Easy Bank Transfers for UK users Âť CryptoNinjas

    Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers an easy way to add funds to Coinbase accounts.

    Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which relies on open banking technology.

    In the weeks ahead, users will be able to link their bank account directly with their Coinbase account, without needing to enter their bank details, for a more convenient and user-friendly experience.

    “Coinbase is one of the first major crypto platforms to offer users rapid, secure deposits into their Coinbase account via open banking. Easy Bank Transfers solve these issues for Coinbase users: users no longer have to manually type out payee details, rely on copy/paste, be sent through long verification steps, or anxiously wait for confirmation that a payment was successful.”
    – The Coinbase Team

    Open banking delivers several other key benefits for Coinbase users, including:

    • Security – No one can access users’ login details or banking passwords through open banking.
    • Ease of Use – Transferring funds via open banking is often faster than making a conventional online transfer, especially on mobile, because of how your bank account is linked to Coinbase.
    • Control – The user has full control over who sees their banking information, and is able to specify exactly what level of access is permitted.
    • Safety – Companies can only take payments with the user’s authorization as the account owner.
  • UK Crypto Fraud Climbs by a Third to Over 0M: Report

    UK Crypto Fraud Climbs by a Third to Over $270M: Report

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

  • A Number of Renowned Speakers are Expected to Take Part in Blockchain Fest Singapore 2023

    A Number of Renowned Speakers are Expected to Take Part in Blockchain Fest Singapore 2023

    A Number of Renowned Speakers are Expected to Take Part in Blockchain Fest Singapore 2023
    Insights and Educational Speeches from Experts about Blockchain are Provided in This Presentation.

    [Singapore] Marina Bay Sands Convention Center, Singapore, the place that has been chosen by FINEXPO to hold Blockchain Fest 2023. The event will be held on 16-17 February 2023 starting at 10 AM Singapore time until 6 PM. Blockchain Fest Singapore is one of the most interactive events in South East Asia on Blockchain, Exchanges, Cryptocurrencies, Decentralized Finance (DeFi), NFTs, Mining, Gaming and Gambling, Online Payments, Investment and Fintech Industry.

    Meet founders and executives of leading international companies and share views on the industry’s current situation. Some of the founders and experts are invited to become speakers at this event. Let’s get to know them ! Toya Zhang, a seasoned marketing and communications specialist with a background in technology, finance, and blockchain. Toya now finds herself as Chief Marketing Officer at Bit.com. We also have Myrtle Anne Ramos, the founder of the Award Winning Blockchain, Crypto, Defi, NFT, IoT, AI, and Metaverse PR Firm Block Tides. She is also in the Global Advisory Board of the International Council of E-Commerce. Yvonne Siow, the one who created Web 3.0 strategic models where community and purpose converge. She is a strong believer that Brands need to be a force for good.

    The main objective of FINEXPO is to bring people from all over the world together through unique events such as this one. Blockchain Fest Singapore 2023 is not only bringing together speakers from all over Asia, but also from around the world. One of them is Joel Pridmore, the Co-Managing Director and Co-founder of Frontier Global Underwriting Limited. With over 15 years’ industry experience spanning the Australian, Asian and UK markets, Joel is a specialist in the liability classes of Directors & Officers and Professional Indemnity. You also can meet Andrea Lorio from Italy, a professional keynote speaker to more than 100 companies per year, but is also the author of two best-selling books, an MBA professor, and a Top 30 business podcaster in Brazil. Last but not least, we have Leonard Tye, the VP of Strategy & Operations, Business Development, Community Engagement & Partnerships at Galactic Entertainment, whose flagship product is the sci-fi shooter PlanetQuest (1 billion valuation, 220k Discord, Tier 1 Investors).

    The networking opportunities at Blockchain Fest are one of the most important aspects of the event. There will be a number of experienced people available to meet and network with at the conference. In addition to bringing together the world’s best investors, industry insiders, and startups, Blockchain Fest also creates unique business and networking opportunities. So, don’t miss out on this event ! Book your ticket now on https://blockchain-fest.asia/#top. For those who wish to enter the exhibition hall for free, there are free tickets available. The Standard tickets start at USD 89, the Business ticket is priced at USD 245, and the VIP tickets are priced at USD 532. Please refer to the website for more details about each of the tickets as each of them has its own advantages. 

     

     

  • The Next 3 Things to Immediately Do About Blockchain: Change Your Blockchain Philosophy Now!

    The Next 3 Things to Immediately Do About Blockchain: Change Your Blockchain Philosophy Now!

    Blockchain maintains an asset provenance trail at every step of the process. This allows consumers to raise concerns about the environment, human rights, or if the industry is plagued by counterfeiting or fraud. Customers can view the origin directly through the process. Additionally, traceability data may reveal inefficiencies in the supply chain. B. Awaiting shipment at the loading dock. Additionally, paper-based methods are time consuming, prone to human error, and involve third parties. According to 2022 data, there are approximately 82.22 million blockchain wallet users worldwide. This technology stores documents and transaction details, eliminating the need to exchange documents. Clearing and settlement are therefore faster as there is no need to check multiple ledgers. These factors are expected to boost growth of the blockchain market over the forecast period. Blockchain is a technology that tracks users’ digital transactions across multiple systems for decentralized data storage. The digital economy has evolved significantly over the past few years as the value of cryptocurrencies like Bitcoin has increased exponentially in recent years.

    Cryptocurrencies are underpinned by this technology. Its main function is to track the value and ownership of cryptocurrencies through a cryptographic ledger. The advanced features of this technology can reduce your digital marketing costs by removing the middleman. It also reduces the cost of search engine marketing by eliminating the need for third-party providers such as Google, Facebook, etc. The best-known application of this technology is cryptocurrencies. Cryptocurrencies are digital currencies used for buying and selling over the internet. Cryptocurrencies can be used all over the world as a kind of digital money. Cryptocurrencies use this technology to act as a public ledger and an enhanced cryptographic security system, as online transactions are always recorded and protected. Cryptocurrency theft is much more difficult as each cryptocurrency has an identification number that is accessible only to its owner. Cryptocurrencies reduce the need for central banks and separate currencies. As a result, crypto can be sent anywhere, to anyone, without the need for currency exchanges or central bank intervention. On June 8, 2022, PayPal enabled users to send digital currency to third-party wallets or exchanges. This feature is currently available to a small number of customers in the US, but we plan to roll it out nationwide in the near future. Initially, it will support Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

    Types of Blockchains In 2022

    1. Public Blockchains

    • A public blockchain is an open, decentralized computer network accessible to anyone who wants to request or verify (check correctness) transactions. Those who validate transactions (miners) receive rewards.
    • Public blockchains use proof-of-work or proof-of-stake consensus mechanisms (discussed below). The two popular examples of public blockchains are the Bitcoin and Ethereum (ETH) blockchains.
    • Additionally, the large number of network participants participating in a secure public blockchain protects the block from data breaches, hacking attempts, or other cybersecurity issues. Blockchain are more secure when there are more participants. Public blockchains can be protected with automated verification methods and encryption (such as cryptocurrency blockchains) that prevent individual entities from changing information on the chain, or they can be changed by anyone.

    2. Private Blockchains

    • Private blockchains are not public and have restricted access. Applicants must have permission from the system administrator. These are usually managed by one of her entities. In other words, it is centrally managed. For example, Hyperledger is a private blockchain with permissions.
    • Participants can join the private blockchain network only by invitation whose identity or other required information has been authenticated and verified. Verification is done by the grid operator or by a well-defined set protocol implemented by the grid through smart contracts or other automated approval methods.
    • A private blockchain controls who can join the network. If the network can mine, its private nature allows you to control who can run the consensus protocol that determines mining rights and rewards. Also, the common ledger can only be owned by selected users. The Owner or Operator reserves the right to overwrite, edit, or delete any desired entry in the Blockchain as desired or at its sole discretion.

    3. Hybrid Blockchains or Consortiums

    • A consortium is a combination of public and private blockchains, including centralized and decentralized capabilities. For example, R3, Energy Web Foundation, and Dragonchain.
    • There is no 100% consensus on whether these are different terms. Some people distinguish between the two, others think they are the same. Hybrid blockchains are often referred to as a combination of public and private blockchains. It combines the essential components of both public and private blockchains, combining the best public and private blockchain protocols to keep your transactions and data private. However, if desired, they can also be verified, for example by granting access via a smart contract. Although stored within the network, personal information can still be verified.

    4. Sidechains

    A sidechain is a blockchain that runs parallel to the mainchain. This allows users to move digital assets between two different blockchains on her, increasing scalability and efficiency.
    A sidechain is a separate blockchain that is connected to its parent blockchain with bidirectional pins. A two-way linkage allows the exchange of assets between the parent blockchain and the sidechain at a pre-determined rate. The original blockchain is commonly called the “main chain” and the additional blockchains are called “side chains”. Blockchain platform Ardor calls its sidechains “child chains”.

    What Are Some Benefits of Blockchains In 2022

    1. Industry-leading companies are researching and implementing blockchain-based systems to solve stubborn problems and improve long-standing troublesome practices. Field cited the use of blockchain to verify information in a job seeker’s resume as an example of such an innovation. Research consistently shows a high rate of people falsifying resumes, forcing recruiters to do the time-consuming task of manually verifying information.
    2. But the program, Pilot, which allows participating universities to put data about alumni and awarded degrees on the blockchain, makes it accessible to approved hiring managers, allowing them to find out the truth quickly and efficiently, it has helped solve both problems.
    1. With blockchain, every transaction is dated and time-stamped, leaving a permanent record. Blockchain can therefore be used to track information over time, enabling secure and reliable auditing of information. (This contrasts with error-prone paper-based filings and outdated computer systems that can be damaged or decommissioned.) digitized and monitored for changes in property ownership. Potential this advantage hands.
    2. Blockchain records cannot be altered or manipulated. Bitcoin has never been hacked. New transaction blocks are added only after a complex mathematical problem has been solved and verified by a consensus mechanism. Each new block has a unique cryptographic key derived from the information in the previous block and that key is added to the formula.
    1. Blockchain creates trust between different entities where trust does not exist or is not proven. As a result, these companies are happy to engage in transactions or transactions involving data sharing that they may not otherwise have done or require intermediaries. Enabling trust is one of the most-cited benefits of blockchain. Its value can be seen in early blockchain use cases that facilitate transactions between companies that need to exchange data and payments without a direct relationship.
    2. Bitcoin, and cryptocurrencies in general, are prime examples of how blockchains enable trust between participants who do not know each other. Public blockchains are open-source software, so anyone can access and view transactions and their source code. You can also use the code to create new applications and suggest improvements to the code. Proposals are approved or rejected by consensus.
    1. The nature of blockchain can also reduce the cost of doing business. This streamlines the processing of transactions. It also reduces manual tasks such as data collection and manipulation, and simplifies reporting and auditing processes. Experts point to savings for financial institutions using blockchain, saying blockchain’s ability to streamline clearing and settlement translates directly into cost savings in the process.
    2. More broadly, blockchain helps companies reduce costs by removing the middlemen (vendors and third-party vendors) who traditionally provide the processing that blockchains can perform. Traditional financial systems pay third parties, such as banks, to process transactions. Blockchain eliminates these middlemen, reduces fees, and some systems pass fees back to miners and stakers.

    How to Invest in Blockchain Technology In 2022

    1. Choose your blockchain-based assets
    2. Choose a cryptocurrency exchange or brokerage
    3. Fund your cryptocurrency account with fiat currency
    4. Buy shares in companies using blockchain 
    5. Invest in companies with Bitcoin on their balance sheet,
    6. Buy cryptocurrencies like Bitcoin or Ethereum directly on Centralized Finance (CeFi) or Decentralized (DeFi) exchanges.
    7. Invest in crypto exchange-traded funds (ETFs).
    8. Invest in crypto mining companies such as Riot, Hive, and Marathon.
    9. Buy crypto hardware and mine cryptocurrency yourself.
    10. Decide where to store your crypto
    11. Invest in mining pools.
    12. Treat blockchain as a high-growth, high-risk sector
    13. Watch out for new laws and regulations
    14. Concentrate on the bitcoin connection

    Recent Developments in the Blockchain Market

    1. Market players include IBM Corporation, Accenture, Intel Corporation, Amazon Web Services, Inc., Oracle, Huawei Technologies Co., Ltd., SAP SE, Blockchain Foundry, Inc., NTT DATA Corporation, Infosys Limited, BigchainDB GmbH is included, and SpinSys.
    2. On March 11, 2021, Amazon Web Services, Inc. launched Ethereum, a decentralized blockchain framework for managed blockchains. His Ethereum on managed blockchain platform allows developers to easily create Ethereum nodes without having to deal with setting up and managing infrastructure. This includes encrypting data in transit, monitoring and exchanging node state, and scaling nodes as needed.
    3. On June 22, 2020, IBM Corporation announced the new IBM Blockchain 2.5 platform for multi-party systems. The platform uses blockchain technology to provide fast, easy and transparent transactions. In addition to multi-cloud services and IoT connectivity, multi-party systems provide real-time insights, transportation and logistics management to support customers in investment decisions.
    4. On January 6, 2022, Google Cloud partnered with TickerPlant, a subsidiary of 63 Moons Technologies Limited, to develop the blockchain and CryptoWire ecosystem. In addition to simplifying digital assets and blockchain, CryptoWire aims to empower hobbyists and professionals to make informed decisions by providing deep insights and cutting-edge knowledge.

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