Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $38,915 on Bitstamp Monday.
After a successful weekend turned less optimistic, the start of the new week saw mixed activity as Bitcoin bulls faced off with the prospect of fresh FUD from regulators.
For Cointelegraph contributor Michaël van de Poppe, a comedown was nonetheless not just likely, but necessary.
“Given the vertical move that we’ve had, it would be very surprising if we just continued moving towards $48,000, as that is the next point of interest,” he explained in a fresh YouTube update.
Van de Poppe noted that low volumes on the rise to local highs above $42,500 fuelled the argument that such levels constituted a “fakeout.”
Should downside take hold more convincingly, $38,500 formed a potential bounce zone, with the area between $34,800 and $36,000 critical to hold as support, he added.
At the time of writing, BTC/USD was back above $39,000, still down around 5.6% over the past 24 hours.
On-chain numbers “retrace the dump”
Despite volumes remaining low for supporting a bullish advance, meanwhile, on-chain data showed a return to form among Bitcoin entities at large.
Related: Top 5 cryptocurrencies to watch this week: BTC, UNI, LINK, SOL, XMR
As noted by Lex Moskovski, chief investment officer of Moskovski Capital, average weekly active Bitcoin network entity numbers were back at levels last seen before the May BTC price drop.
Bitcoin active entities 7-day moving average chart. Source: Lex Moskovski/ Twitter
It’s not the only metric to have “erased the dump,” as Moskovski calls it — strong hodler command of the BTC supply has also rebounded strongly, with illiquid supply hitting all-time highs.
In additional good news, the entire realized cap of Bitcoin was growing again as August began, something stock-to-flow model creator PlanB suggested was a bullish event.
#bitcoin realized cap is rising again! Realized cap is the average price at which all 18.77M BTC were last transacted (calculated over all utxo’s). Also, the few sellers at the moment sell at a profit (not a loss like in May and June). IMO this is bullish. pic.twitter.com/q3mhSZ19oH
— PlanB (@100trillionUSD) August 1, 2021
As Cointelegraph reported, in June last year, realized cap reversed losses caused by the March coronavirus crash, going on to unleash the current bull market.
Bank of America, a leading US-based multinational investment bank, acknowledged that Bitcoin (BTC) could trigger a progressive digitalisation of the financial system, translating to more money for workers in El Salvador.
Per the announcement:
“Bank of America reports Bitcoin could mean more money for workers, a progressive digitalization of the financial system, greater consumer choice, and an increase of foreign direct investment for El Salvador.”
In June, El Salvador became the first country to adopt BTC as legal tender. This development was seen as a stepping stone towards generating jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.
Moreover, it could prompt financial inclusion by offering access to investments, savings, credit, and secure transactions.
Africa is also not being left behind in the Bitcoin bandwagon because it recorded the largest P2P volume growth. This trend was being caused by African youths taking up the mantle of bettering their lives and their families through Bitcoin.
Bitcoin leaves exchanges in droves
According to on-chain metrics provider Santiment:
“Bitcoin’s exchange action was a primary initiator of the breakout we saw this week. BTC’s price has hit $42.5K, and there were huge exchange activity swings favoring coins moving off of exchanges Monday, Wednesday, & Thursday to push prices upwards.”
These statistics show that BTC rose to $42.5K as many coins were exiting exchanges, given that this signifies a holding culture.
However, the leading cryptocurrency had retracted to the $40.3K level during intraday trading, according to CoinMarketCap.
Bitcoin’s recent surge made the futures markets heat up because funding rates flipped positive across various major exchanges. Furthermore, social and trading volumes went through the roof after hitting a 5-week high.
Bitcoin’s address activity also hit a record high in the last three weeks by surging by 44.1%.
One factor that has been constantly getting modified since the deployment of the World Wide Web and the Internet in the 1990s (research started in the 1960s) is the inter-mix of transparency and privacy. Modifications took place in security (storage, transferring, etc) and in speed (overall time taken for data to get transferred from one place to another) as well. Another alteration that’s being observed and experienced currently is the shift from an authoritative functioning architecture to a decentralized or semi-authoritative platform. The desire of a change from the authoritative form of functioning to a decentralized form began due to the 2008 financial crisis (also called as Global Financial Crisis). Decentralized blueprint(s) of platforms and applications initially began for specific industry’s unique issue. Observing and experiencing success in many scenarios, the desire to widespread and sustain simultaneously came into the picture. ZKP (Zero-Knowledge Proof) can be said as an upgraded version of initial successful models. In this piece, you will get to know something about ZKP’s enhancing inter-linkage between currency and supply adaptability.
The following content will encompass some illustrations and/or proposed prototypes which enable increment of privacy of digital currency(s) and adaptability in supply-chain as well.
This piece of research broadly reviews the privacy-preserving answers in the Blockchain ecosystem and the current as well as expected issues that might arise in coming times. Figure 2 and 3 showcases how identity management has altered itself with changing times concerning privacy and time and gives an idea about the backend process of functioning of Self-Sovereign Identity Management (SSID) model in the blockchain. The working flow and the relationship between the User, Issuer, and Service Provider/Verifier in an abstract fashion are showcased. Unlike in a centralized ecosystem where the user doesn’t have any control over data being utilized, in a decentralized ecosystem, the user has control/authority over data used in DID (decentralized identifiers) documents, Wallet Apps, etc. So far, the focus has majorly been on security aspect in the specific task/prototype. For making it economically widespread and adaptable simultaneously, first ZKP was introduced, after which zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) got deployed. Besides ZKP and zk-SNARK, Ring Signatures, Homo-morphic hiding, and Secure Multi-Party Computation (SMPC) are utilized as privacy-preserving approaches in the blockchain. If you want to know about distinct categories of taxonomy privacy-preserving techniques in blockchain, then figure 4 will help you in understanding the categories with clarity. The next piece of research introduces a signaling and screening scheme via a non-central approach for clarifying accountability to diminish the risk caused by asymmetric implications on authentication.
For improving the privacy, the process of authentication is said to be the show-stopper. SK4SC (Secure Kernel for Supply Chains) is a proposed prototype which assists in achieving privacy enhancement. SK4SC comprehends a probabilistic verification system for authentication process which encompasses (but not limited to) design, manufacturing, procurement, inspection, disposal, and shipping. To know more about the blueprint of SK4SC’s architecture, see figure 1. Hysteresis digital signature alongside signature log chain crossing is utilized for blockchains as public directories. Hysteresis digital signature is a cryptographic technique developed to overcome the issue of some applications where digital signatures require validation for long intervals. The issue gets resolved by chaining signatures of each document in a manner that every document is depended on its predecessors (hash values) signed documents as well. Coming back to figure 1, that showcase the backend functioning of the prototype, the functioning happens via two protocols. The two protocols are, “sharing of information”, and “derived information that’s to be shown as authentic and sharing of witness values for a ZKP (zero-knowledge proof)”. For appropriate synchronization and symmetry in distribution, the information requires reporting and addition to public ledgers. Besides the Hysteresis digital signature, SK4SC also utilizes ZKP-based cryptographic protocols (Camenisch-Lysyanskaya and Camenisch–Shoup) that come under the Random Oracle Model. Figure 3 showcases the similarity of this prototype with a CRM having royalty points. The royalty in the prototype can be considered as the counter value payback paid by the user. Figure 3 gives an illustration of e-Government with taxation. Another illustration is HARB which assists in decentralized energy trading.
Besides the financial services and medical industry, the energy sector is one area which is in talks/discussions/debates for transforming the industry by shifting it to a decentralized form (from functioning perspective). One illustration which showcases the increase-in curiosity and imbibing of the decentralized framework with regards to Energy Sector is HARB (Hyper-graph based Adaptive Consortium Blockchain Framework). The distinguishing factor in this prototype is that it coordinates Distributed Energy Resource(s) (DER) via high-order relationships instead of P2P pair-wise relationships. Figure 2 showcases the overview of HARB framework. The left side of the figure represents the abstract form of three layers (contract layer, overlay layer, and underlay layer), while the right-hand side represents the in a little detail about their background functionality(s). Underlay layer also referred to as the physical layer (for this prototype) articulates distinctive relationships from the unique time; location; identity; and context derived from the characteristics of the nodes interacting in a particular grid. Afterwards, appropriate relationships for community unearthing is being done by scrutinizing the frequency of interactions among nodes. Observing concentrated interactions signify a presence of intra-community relationships, while meagre interactions indicate inter-community relationships. You can say that the overlay layer forms the blockchain network model (BNM), which encompasses the Adaptive blockchain-modules manager (ABM) and blockchain client manager (BCM) (showcased in figure 4). Nodes are consciously clustered by the ABM via high-order interaction manager, nodes resource manager, and modules manager as well for forming modules. Every module manager deploys a blockchain service (endorsing, ordering, authenticating, committing). For each node to function appropriately, module manager in ABM allocates a role for each node depending on capability, reliability, and reputation as well. Lastly, the contract layer encompasses the application network. Applications also referred to as smart contract help in defining user requirements which are provided by utilizing blockchain services. The next potential practical example interlinks the tourism sector with decentralized technology.
Tourism is another sector which is imbibing decentralized technology(s). According to this piece of research, with more individuals traveling to different nations more often (for professional or personal purposes), the security aspect is changing and is expected to change furthermore. The fourth revolution based technologies like blockchain will assist in achieving the appropriate outcome. The known traveler digital concept introduced here can be seen as one step closer to getting a systematic shift in overall security in tourism. One reason (among others) is that it will be acting as a catalyst for improving the holistic security in the tourism industry. Through the known traveler digital concept, you/user will have control over the use of their data and act as an empowered individual hence contributing to the security from a broader perspective. The core technologies which are being in use are:
Distributed edger Technology
Biometric Technology
Cryptography
Mobile Interface
The infographic shown below gives a potential outline of how user information will be interlinked with decentralized technologies.
To understand in the crux, your/traveler’s data which roughly encompasses (biometrics, mobile data, and agent’s information) which was previously administered by a central authority will now be decentralized. This means that the data source/s would be each traveling, the data will be encrypted with the recently updated algorithm, and indexing would be done via hashing or some other open-sourced algorithms to have proper accountability, transparency, and keeping the data safe simultaneously as well. To get a small idea about how the prototype will work, look at figure 11.
This piece of research dwells into the area of supply making adaptable in ZKP. ISA95 is seen to be compatible with the fourth industrial revolution technologies like Artificial Intelligence, Blockchain, Internet of Things, etc. One reason for ISA95 to become usable with blockchain technology and sister-like technologies is the modification from ISA95-CTS (compliant traditional manufacturing systems) into SMMS (geographically distributed smart manufacturing) units. Functional requirements are also seen as a process defining the characteristics of the software include:
Node-to-ledger communications
Ledger-to-ledger communications
Ledger-to-interplanetary file system communications
Ledger-to-external data sources communications (oracle)
Figure 2 to figure 6 represents the use-cases/characteristics pictorially mentioned in the above points making you help understand the backend workings of how data flows in each layer. To see the blueprint of overall functioning after all components become interoperable, view figure 7. In crux, the figure shows the relationship between smart contracts, distinct prototypes, and decentralized applications.
Based on the proposed prototypes mentioned above, it’s affirmative to say that privacy enhancement along with supply adaptability would become the norm in the coming days. As curiosity has increased multifold, expect to come across newer decentralized platforms and applications a lot sooner. Visit Primafelicitas to know more about the latest updates in the blockchain ecosystem and decentralized technologies at-large.
Amazon crypto rumors send BTC over $40000, Tether executives facing criminal charges and more people traded Ether than Bitcoin this year? These stories and more this week in crypto.
Reports emerged early this week that Amazon was allegedly looking to accept cryptocurrency for payments in the future. Following the news, Bitcoin rose beyond $40,000, though trading excitement later calmed down once it was revealed that the initial reports were based on rumors and that Amazon is not yet looking to accept BTC.
Executives behind popular stablecoin Tether are potentially facing criminal charges following a probe that suggests they deceived banks and financial institutions. The Department of Justice (DOJ) has claimed that Tether possibly committed bank fraud by hiding the fact that its transactions were largely linked to crypto and not USD.
Binance—one of the world’s largest crypto exchanges—is working to limit activity amongst unverified users. Customers that do not engage in the platform’s KYC protocols will only be permitted to withdraw 0.06 BTC, a major drop from the previous figure of 2 BTC. Customers who are willing to upload supporting documents can withdraw up to 100 BTC daily.
Payments provider PayPal revealed that the initial version of the company’s super app wallet was “code complete” and the wallet will be fully ramped in the United States in the next several months. The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, and additional crypto features.
Wall Street investment bank Goldman Sachs filed with the SEC to launch the first ever DeFi ETF. The fund would invest at least 80% of its assets into companies that advance blockchain technology and the digitization of finance. The SEC is now reviewing more than a dozen crypto related ETF applications with delayed decisions on several of them.
Coca-Cola is selling a series of four non-fungible tokens (NFTs) that will be sold as a single asset with proceeds benefiting Special Olympics International. One feature specific to this NFT launch is that the digital assets can be worn within the virtual world Decentraland and Coca-Cola will even host a “Rooftop Party” on the platform to celebrate the launch.
E-commerce giant Shopify has made it possible for eligible sellers to sell NFTs directly using a credit or debit card on its platform. One of the first Shopify merchants to offer NFTs will be the Chicago Bulls, which launched an NFT “Legacy Collection” featuring the franchise’s six world championship rings.
Figures from some of the world’s largest cryptocurrency exchanges suggest Ether trading in the first half of 2021 outpaced that of Bitcoin. While ETH volume surged by more than 1,400 percent during the first six months, BTC lagged by comparison, with the asset’s trading volume surging only by 489 percent during that same period.
That’s what’s happened this week in crypto, see you next week.
Tomorrow is the last day of the month of July, and Bitcoin is at a pivotal moment in its lifetime. The crossroads of a possible bear market or bullish continuation is here, and the path chosen will dictate the trend for potentially months or years to come.
The monthly timeframe could provide clues as to what might be next, and we’ve got five ultra bullish technical charts and reasons why Bitcoin is more likely to blast off than fall further from here.
Critical Monthly Close Could Determine Crypto Cycle Crossroads
Bitcoin is back at around $40,000 after a long drawn out and dramatic fall to $30,000. Each sweep below the support level was bought up, but resistance above also has yet to crack.
The reason for the stalemate between the two levels, is because price action on monthly timeframes is trapped between the Tenkan-sen and Kijun-sen. The last bear market was kicked off by losing such level. The monthly candle is also holding at support, which is something that failed to happen in early 2018.
The Ichimoku is currently bullish on the top cryptocurrency | Source: BTCUSD on TradingView.com
The two smaller bodied candles from June and July appear similar in structure as the pair that set the bear market bottom around $3,000 and has never yet been broken.
Related Reading | Ready To Run: Bitcoin Forms Best Performing Bull Market Bottoming Pattern
The Japanese candlestick pattern is also forming just as Bitcoin price brushes up against a long-term parabolic curve. A similar sized move up from the 2018 bottom might resembled the measured target from here.
Candle structure matches the bear market bottom | Source: BTCUSD on TradingView.com
Although the below chart demonstrates the TD sequential indicator at a red 2-count, which would suggest any downtrend is in its early stages (compare to past counts for examples). But in bulls favor, support has fallen back to where a TD 9 count was previously broken on the high timeframe.
Support is holding where the trend became interesting | Source: BTCUSD on TradingView.com
Bitcoin Bull Stampede Could Be Brewing, According To Technicals
The bullish signals on the monthly timeframe simply just don’t stop there. Bitcoin price has plenty more to suggest the bull run is nowhere yet finished.
The next signal is from the Relative Strength Index, which suggests that although Bitcoin got overheated very quickly during this last impulse, the bull run would barely be a whimper compared to the last rally.
RSI support is holding | Source: BTCUSD on TradingView.com
The RSI is holding at a level that prompted that last major bull market of 2017, and has begun to turn back higher. If the same reading is taken from the point of support during the last bull market, the RSI suggests there’s a lot more room for bulls to run this cycle.
Related Reading | Bitcoin Indicator Forecast Calls For $46K, New All-Time Highs Possible
Finally, there’s the LMACD, which is narrowly escaping a bearish crossover.
There’s no bearish crossover… yet | Source: BTCUSD on TradingView.com
The LMACD is the logarithmic version of the moving average convergence divergence indicator, and is better suited for use with Bitcoin. Past bear crosses on the monthly timeframe led to extended downtrends, while narrowly crossing in late 2020 led Bitcoin’s charge to $60,000 per coin.
All of the charts combined suggest that any bearish action on lower timeframes, was nothing more than a shakeout of epic proportions. However, only time will tell, and there is still more than 24 hours left before the clearly critical monthly candle comes to a dramatic close.
Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
With the rapid replacement of technology, the Internet industry has entered a brand new course. The development of science and technology has laid the social and economic context based on big data. In recent years, the construction of the Internet such as 5G networks, artificial intelligence, and the Internet of Things industry is showing a trend of positive and rapid development. The virtual Internet is interacting with the real world, which may determine the economic height of human social civilization in the future.
The Internet is essentially the superposition and interaction of data, with the advancement of digital civilization. A large amount of traffic data is constantly showing up. Traditional data storage technology and forms have begun to show problems in recent years. On the one hand, the servers of traditional centralized intelligent storage vendors distribute one or more IDC data. Central, the central storage server needs to improve the overall processing capacity of the storage system through artificial forms, which are cumbersome and difficult to meet the standards required for actual production. On the other hand, in order to reduce operating costs and earn more profits, centralized traffic data storage service providers continue to compress service quality, which will directly lead to a decline in the quality of traffic data storage and cause many problems on the side. For example: traffic data storage and transmission efficiency is low, server downtime causes traffic data loss. In addition, individual traffic data storage service providers even resell the traffic data information stored by users to institutions that need the data for personal gain. How to break through the market crisis of flow data storage will determine the future market prospects of the flow economy. Flowcoin, a flow data storage solution with IPFS as the underlying logic and blockchain technology as the core, was born to solve this problem.
In the ecological application of Flowcoin, the role of a centralized data storage service provider will be abolished and replaced by every user participating in this value network. Any user with storage resources can become a storage service provider node, and users can obtain value incentive FLW by providing idle storage space and retrieval bandwidth. Compared with centralized flow data storage, Flowcoin’s value network has achieved three new breakthroughs:
1. Because every user can provide data storage, the market monopoly will be broken, and the price of traffic data storage in the market will become more reasonable.
2. The combined storage space of global users will exceed the storage space that centralized storage service providers can provide, and can provide the market with an unlimited flow data storage space.
3. The Flowcoin value network uses blockchain technology to achieve full transparency on the flow data chain, and people cannot change or use it without authorization. At the same time, in theory, all nodes will not be down at the same time, which means that there will be no traffic data loss. It solves the hidden dangers caused by human factors in the traffic data storage market.
In the Flowcoin value network, because Flowcoin’s smart contracts use the BDPOST share system storage proof mechanism based on the ciphertext sorting of the B+ tree index structure, an automatic prosecution process can also be carried out on the stored nodes in this ecology to prevent human beings. Accidental damage to the data structure occurred. This mechanism can verify the effective storage work of storage nodes and allocate block rewards to them reasonably. In the Flowcoin value network, organization and management, intelligent division of labor, value calling, provision of services and sharing of benefits are carried out through transparent rules. Users participating in its value network will receive development value dividends together with Flowcoin. The more storage space and bandwidth resources provided, the richer the rewards will be. All these production relationships can be promoted by smart contracts, and smart contracts It can clarify the details of various rights and interests involved by users, and can significantly reduce usage costs and transaction costs.
The proposal of the Flowcoin flow data storage model will effectively solve the problems of the times in the past flow data storage and make the flow data storage more efficient and high-performance. In addition, the temporal and spatial consensus mechanism adopted by Flowcoin can rationally circulate resources, promote the secondary utilization of idle storage resources, provide the blockchain industry with more green and environmentally friendly consensus inspiration, accelerate the transformation of the Internet era, and give energy to the development of the era under the flow economy.
NFT Voting Mechanisms May Help To Find A Fair Value For Crypto Arts
In a world where decentralization is gaining popularity and people’s voices are getting louder, UniArts is aiming to implement these concepts and principles into its project; a platform where art is better appreciated.
What Makes Art Valuable?
What determines the value of art is a rather tricky subject, for which there are a variety of conflicting yet valid and sound arguments. Fundamentally speaking, demand is what determines the value of one’s work, but the question is: what creates a demand?
What elements of art lead someone to want to own a piece, so much so that they’d pay for some version of it? Some argue that art is a subjective matter, and that each individual sees something different in a piece. Others like to argue that it is the objective elements that have the biggest say in the quality of a work.
Some think that galleries nowadays do not represent the interests of art but are rather driven by profits and personal interests. They do not appreciate how small groups of elite connoisseurs have a significant say in what constitutes good art.
The Truth & The Problem
The truth is that the matter of valuing art is complicated. In a single art piece, an individual may appreciate the craftsmanship and raw skill presented, while another may be moved by the creativity and message behind the piece. Some people prioritize certain elements over others, and some are drawn towards specific genres and subjects.
A piece of art can excel in certain aspects, but may ultimately fail in receiving a fair valuation for lacking in other areas that matter more to the audience that reviewed it. Or conversely, it can see a high valuation due to high demand driven by different people who appreciate the different sides of the same work.
So what’s the problem? The problem is that most art pieces don’t have the chance to be reviewed by the masses, and are often valued prematurely. The higher the number of people reviewing a piece, the fairer its valuation becomes; why? Because if the demand for art is driven by opinions and taste, then it stands to reason that to get the most accurate and fair value for a work, you will need as many people as possible witnessing said piece.
The Solution
The solution is rather simple, and it is called: the democratization of arts. It is where many people of varying backgrounds use their voices and opinions for the improvement and progress of the art community, providing fair value and rewards to deserving artists based on the opinions of the masses, rather than those of a select few.
It is exposing new works to receive honest feedback, and the chance to have them displayed for the world to see. It is the ability to buy and sell works freely, with royalties of future sales given to the artists. It is offering incubation for new and upcoming talented artists that can make a splash in the worldwide community.
How It’s Done
UniArts delivers this solution neatly with its NFT voting mechanism, a system designed to achieve the democratization of arts using blockchain governance and NFTs. Essentially, users on UniArts who stake UARTs (the native token) can become nominators, one of several roles in the governance structure of the platform, and by doing so can vote on newly submitted NFTs.
Works of art are turned into an NFT by the creator, which they bind to validator (curator) nodes. Candidates are then invited by creators as nodes in order to receive votes, and validators (curators) promote NFTs and update NFTs bound with nodes, in addition to setting up nodes themselves.
Nominators and validators both stake UARTs, but only nominators vote on their preferred NFTs, the top 21 of which are selected as validators, and receive block rewards for their efforts. NFT owners purchase and collect NFTs, and can pin their NFT on their address to earn UART tokens.
Responsible for maintaining security is the fisher, who minimizes the misbehavior of curators and creators by slashing the UARTs of the misbehaving entities for actions such as offline nodes and incorrectly minted NFTs.
The End Result
This system allows for a smooth process of decentralizing the valuation and appreciation of art, democratizing it, and rewarding those that are deemed worthy by the community as a whole.
Where in the past such works wouldn’t have seen the light of day, or have seen an unfair and unjust valuation, soon, that will be a problem of the past; a problem that hopefully future generations will not be able to relate to.
Artists deserve fair judgement for their hard work and creativity, and with UniArts, they have those very chances, a chance to connect with enthusiasts and connoisseurs to establish a fair price based on well-established demand.
About UniArts
UniArts is a multi-network NFT ecosystem with substrate-developed main-net as well as EVMS based smart contracts for NFT infrastructures.It also provides crowd voting incentives, DAO curation,and art grant to help better achieve the democratization of art.
Domestic policies are getting tighter, sparking waves
On May 18, China Internet Finance Association and two other associations jointly issued “Announcement on the Prevention of Virtual Currency Transactions Speculation Risk”, underscoring the virtual currency transactions speculation risk, implying that virtual currency transactions are illegal in financial activities, and financial institutions and payment agencies should not provide support and services for virtual transactions.
On May 21, Vice Premier of the State Council, Liu He presided over the fifty-first meeting of the Financial Stability and Development Commission of the State Council to study the next phase of financial. The meeting emphasized cracking down on Bitcoin mining and trading practices, and was determined to prevent individual risks from passing on to the society.
With the continuous modification of regulatory policies, domestic mining operators will face a sudden decline in business volume, shortage of funds and other challenges, as the future of mining looks bleak. The stance of the Financial Stability and Development Commission of the State Council on tightening virtual currency mining regulation is due to financial risks and concerns about energy consumption from mining.
Inner Mongolia takes the lead in response
Inner Mongolia became the first place to issue a policy to “crack down on the mining of virtual coins” after the Financial Stability and Development Commission of the State Council stepped up regulation of virtual coins. On May 25, the Inner Mongolia Development and Reform Commission announced eight measures to strengthen the crackdown on virtual coin mining. It not only referred to that industrial parks, data centers, self-owned power plants, internet enterprises, internet cafes and other participants in mining activities will be held responsible according to relevant laws and regulations, but also the related enterprises and personnel of virtual currency mining activities will be blacklisted for discrepancies according to relevant provisions.
Not only that, the individuals involved are equally treated, and the draft notes, public officials, who take advantage of their posts, participate in virtual coin “mining” or provide it with convenience and protection, now come under the scanner.
Whether Sichuan will be the last “resort” is debatable
After the Inner Mongolia article, the mining circle is also waiting to see whether Sichuan will follow the same path. On June 2, Sichuan held a virtual coin “mining” related situation symposium. Many industry insiders said that this meeting is only a research meeting, not decision-making meeting, and its impact on the industry is limited without the changes in the policy. So, it is not clear whether Sichuan will tighten regulations too.
There’s a big difference between hydropower and thermal power mining, and Sichuan already has a lot of abandoned power during the abundant water season, and mining is the most efficient way to use it because it doesn’t require electricity to be transferred, so simply moving the mine to a power-generating location can convert it directly into revenue. Therefore, if Sichuan and Yunnan consider abandoned water consumption factors, in the abundant water period the abandoned electricity can be used for mining, the domestic may still retain some mines. This is the reason why some miners are still waiting.
Opportunities and challenges of “gold rush” overseas
Mining is essentially a manufacturing process for digital currency assets. Given the uncertainty of domestic policy, if there is policy support in North America and other countries, and electricity is cheap and infrastructure is mature, it is a better choice to deploy mines overseas.
Opportunities are often accompanied by challenges, says Liu Changyong, director of the Blockchain Economic Research Center of Chongqing Technology and Business University, where the mines will first consider low electricity prices. In 2018 and 2019, Iran’s electricity prices were very low, but policy was unstable, and some of the mines were even confiscated directly by the government after they were transferred. “It was only later that people discovered that the policy environment was also important. Now it is mainly transferred to the slightly remote places of developed countries, such as Canada and northern Europe, with low electricity prices and relatively stable and friendly policies, and moreover, low temperatures are beneficial for machine cooling.”
Planning ahead, BTC has already started overseas layout
In fact, as early as in April this year, Ms. Meng Xiaoni, vice president of BTCM and chief executive of BTC.COM, expressed her views about the mining “change”. The restructuring of the global energy sector, she argues, is a global revolution that began in 2014, and by 2020, at the 75th UN General Assembly, China’s goal of carbon neutralization has given a crucial signal of huge Chinese capacity, China’s market and Chinese demand, and calls for a more environmentally friendly approach. This is bound to provide great leadership for the global economic industry, but also has a strong butterfly effect, in the future there will be more countries to join the construction group, leading to global economic change.
To this, BTC also lays out overseas early. Moreover, there are frequent actions taken recently!
On May 19, BTCM announced a legally binding investment agreement with Dory Creek, a wholly-owned unit of BitDeer, to jointly invest in an encrypted digital currency mine in Texas. BTCM plans to invest a total of US $25.74 million.
On May 24, BTCM announced that it would set up a mine in Kazakhstan, with a total investment of RMB 60 million, to build and operate a 100-megawatt mine with a Kazakh company. When the mine is completed, the company will hold an 80% stake in the Kazakhstan mine, with a 20% stake in the partner.
BTCM has been advocating low-carbon and environmentally friendly mining. Clean and low-carbon energy accounts for more than 98% of the company’s own mine energy mix after the Texas mine was completed. In the future, BTCM will continue to actively implement the goal of “carbon neutralization” and actively seek more high-quality mineral resources overseas!
It is reported that OVO (The Only Value Observation) global digital copyright service platform is expected to make its first public appearance on July 3 based on the “dual copyright inspection mechanism” digital copyright service platform, which provide a solid infrastructure for a wide range of creators’ economies. Recently, Japan’s famous two-dimensional character “Nyathees” has concluded an IP licensing cooperation agreement with OVO’s global digital copyright service platform.Starting on July 3, 2021, “Nyathees” collection cards will be auctioned on the OVO platform.At the same time, the OVO platform will airdrop the “Nyathees” card to users during the auction.In addition, OVO is negotiating with major IPs such as Dragon Ball, One Piece, Naruto, Yu-Gi-Oh, Saint Seiya, JOJO’s Bizarre Adventure, Hatsune Miku, etc., and will continue to disclose relevant information in the future.
About OVO platform
OVO (The Only Value Observation) is a digital copyright global service platform that focuses on digital copyright issuance, digital copyright trading, digital copyright derivative finance, and digital art exhibition. Provide users with a one-stop management solution for global digital copyright applications, realize the layout of the entire industry supply chain from copyright issuance, trading, auction, and circulation, help traditional copyrights get on chain, and expand the potential dividend value of copyright application channels.
2. Dual Copyright Inspection Mechanism (DCIM)
“Dual Copyright Inspection Mechanism (DCIM)”, that is, the OVO standard is to issue the underlying “Authorized NFT” based on the authorization cooperation agreement signed by the IP copyright licensor and the authorized party, and then issue the “Copyright” anchoring the artwork based on the “Authorized NFT”, all copyright and distribution information are publicly available on chain databases and cannot be tampered with.The dual copyright inspection mechanism established in this way can protect the rights and interests of IP copyright authorizing parties and authorized parties.In addition, OVO platform also carries many first-line brand cooperation strategies and famous artist alliances, as well as a powerful copyright advisory mechanisms to build the authority of the licensing cooperation agreement, and gradually improve the brand image.
Looking at the leading NFT trading platform, there is no clear industry standard. And it has not been clearly defined whether the NFT purchased by the user is proof of the purchase of copyright or ownership, and there is even no statement on the rights and interests. Moreover, users cannot verify the authenticity of IP copyrights. This will inevitably cause various problems and lead to confusion in the NFT market. The “Dual Copyright Inspection Mechanism (DCIM)” and “Third-Party Advisory Panel Mechanism” industry standards initiated and established by OVO for the first time can be described as a milestone innovative experiment and the first historical innovation to introduce an industry standard.
In the future, the OVO platform will start from the Japanese market and gradually cover the art collection markets in the Asia-Pacific and Europe and the United States. Virtual reality technology (VR technology) will be deeply integrated into the OVO gene to complete the global virtual asset circulation value consensus.
3. NFT derivatives services and Hermes cross-chain applications leading to Metaverse
OVO provides a variety of NFT derivative services, such as DeFi liquidity mining, lock mining, auctions, copyright transactions and derivative product transactions, lucky blind combination (with card synthesis and decomposition functions) and so on.
The OVO platform will start to develop the Hermes system in version 3.0, which is a cross-chain application for all existing meta-universes. The digital copyright issued under the dual copyright inspection mechanism and its various derivatives will be connected to various Metaverse series platforms through Hermes. In addition, in the three-dimensional virtual space, everyone can use a virtual identity (Avatar) to reshape their own identity. In Metaverse A, the user can be a tree, in Metaverse B, the user can also be a kitten, and perhaps in Metaverse C, you can also experience outer creatures… Users can experience a different life in the countless existing Metaverses.
Therefore, a traditional philosophical question arises. That is, “I” is acting as different identities (avatars) in different meta-universes. How to prove the existence of “I”? In fact, the answer is very simple, that is N-di. OVO will define a unique initial identity N-id for each user. According to the N-id, different roles can be experienced in various meta-universes.
4. OVO Museum of Modern Art (Metaartia)
If artists want to sell works or copyrights, they need to pay high fees to intermediaries to achieve certain goals. This prevents most artists from maximizing the profits , and unable to show their works on a bigger stage.
OVO built a modern art museum (Metaartia) based on blockchain smart contracts. “Metaartia” can include various concepts and things, such as mainstream art forms and non-mainstream art forms. As a contemporary digital art museum open to the world, “OVO METAARTIA The Museum of MetaArt” is based on “Essence = what is it?” “As a starting point, we will introduce to you creative activities such as artworks, designs, structures, etc , which are generated in different regions with sensibility, form (material or non-material),sound, digital, text, and so on.
And according to the characteristics of NFT non-fungible tokens, it not only effectively solves the problem of disintermediation, but also allows artists to maximize their interests. Artists can also promote their works globally and interact with fans in a virtual space. In the future, OVO will introduce VR technology to the art galleries competing with traditional art galleries, which can provide artists with a higher degree of freedom and free creation space.
5.Japan’s famous two-dimensional character “Nyathees” will be listed on OVO’s global digital copyright service platform for the first time
It is reported that Japan’s two-dimensional character “Nyathees” has concluded an IP licensing cooperation agreement with OVO’s global digital copyright service platform. Starting on July 3, 2021, “Nyathees” collection cards will be auctioned on the OVO platform. At the same time, the OVO platform will airdrop the “Nyathees” card to users during the auction.
As the global industry moves towards a cleaner and environmentally friendlier direction to reduce carbon footprint, first generation blockchains’ proof-of-work consensus mechanism, such as bitcoin mining, gives way to greener consensus algorithms and mining effort. Long expected migration of Ethereum’s PoW 1.0 to PoS 2.0 generated much hope in the blockchain community in saving energy with greener consensus mining algorithms. Among the many efforts in bringing Ethereum’s worldwide computing platform to the mass user base, Ethereum Data project, which aims at aligning ecological sustainability with scientific development, is gradually gaining momentum in the mining industry as well as the scientific community.
ETD inherits the smart contract capabilities of Ethereum 1.0 with a new public chain consensus system addressing several industry pain-points such as energy waste and computational efficiency. It provides new solutions for companies and application developers based on public chain technology, allowing them to design and develop system applications that serve the real economy.
It follows the industry trend of integrating industrial applications, talent training, open-source systems, incubation accelerators, and so on, enabling blockchain systems to be easier, cheaper, and more flexible in application module selection.
What is Ethereum Data?
ETD (Ethereum Data) is a decentralized general-purpose computer system built on the tech stack of:
Distributed computing technologies which collect distributed computing resources to contribute to the public computing platform such as Berkeley Open Infrastructure for Network Computing (BOINC).
With a unique privacy preserving distributed resource sharing consensus protocol, the architecture is a convenient, high-performance blockchain network. This seeks to realize the flexible expansion of dispersed applications to satisfy the performance standards of:
research project institutions
storage
computing requirements for web applications
economic requirements for web applications
The Consensus Mechanism
The Proof of Computation-Storage consensus technique, which combines Proof of Computation (PoC) with Proof of Existence (PoE) is used by ETD. It is a generally distributed computing platform whose goal is to optimize the use of core resources, including:
distributed computing models
distributed storage models
P2P peer-to-peer logical network communication (bandwidth) model
two-way data privacy protection requirements
The procedure of privacy preserving computation is fundamental to achieving universal private cryptographic biometric (PCB) data matching. PCB consensus is essentially a proof of work (pairing is obtained/discovered by privacy preserving computations). Computations need data and network capacity to send the data, unless all of the data is stored in the local node.
As a result, providing data resources is just as crucial as providing calculation workload (PoC). The PCB data storage uses the Proof-of-Existence technique to assure the safety of the data source of the double-blind matching process.
The paired data can be supplied by the node (PoE), or the local or other nodes can supply the data fragments, and the needed PCB data (combined PoC and PoE) can be acquired by computation. Encrypted biometric PCBs can get PoE evidence without decrypting all encrypted data.
The Ecological Construction of ETD Network
The ETD public chain system addresses the industry’s pain points and connects to other communities to give complete support for the industry’s demands. ETD is dedicated to expediting the adoption of blockchain applications while also encouraging high-quality growth in traditional sectors. ETD will combine high-tech science and technology such as:
artificial intelligence
big data
virtual reality
Robotics
Internet of Things
cloud services
This has a variety of applications in intelligent manufacturing, health care, transportation, intellectual property protection, new energy vehicles, organic agriculture, distributed energy, food, commerce, finance, and other fields.
The ETD foundation utilizes these technologies to offer a strong blockchain infrastructure for various application scenarios and assist companies in migrating to the blockchain. The companies can integrate blockchain technology and industrial applications to increase efficiency and save operating costs.
The ETD public chain uses the new blockchain architecture and is set as an efficient, high-performing blockchain platform. This is done to achieve performance expansion of distributed apps to suit real-world demands.
One of the hurdles impeding industrial adoption of blockchain technology, particularly public blockchain, is the expensive R&D and application development. By offering reliable and efficient infrastructure, standardized and modular application plug-ins, and fully equipped technological and business model consulting, the ETD public chain enables companies to create a variety of apps and services based on the ETD ecological network.
ETD’s Collaboration with Scientific Institutions
The ETD Foundation intends to collaborate with universities and their affiliated scientific research institutions around the world to establish ETD General-Purpose Computing Labs. Here, ETD machines and a full node of blockchain will be allocated to allow research groups who cannot afford expensive supercomputers to connect to the ETD platform through the node to obtain computing and storage resources.
The computational power of the labs will be shared. The tokens earned will be instantly deposited into the Lab’s processing power pool for future R&D operations and the commercialization of related technologies and innovations.
ETD modular tools enable labs to quickly turn their innovations into user-friendly web apps that serve the broader population. Scientists no longer have to incur the costs of employing software developers, marketing employees, and finance professionals to commercialize their research and receive benefits commensurate with their labor.
Simultaneously, collected user data can help scientists continuously improve and optimize their research work. This means that if a research team requires a large amount of data/volunteers (for example, natural language processing, medical, historical, and social science subjects, etc.), they can pay ETD tokens to collect data or recruit volunteers from around the world. Volunteers do not need to be concerned about the potential leakage of their data because ETD has extremely excellent privacy protection and anonymity features.
ETD’s technical architecture integrates computation and data storage functions at a lower cost and with greater efficiency. It has a more comprehensive mechanism for user privacy protection and authentication protocols.
Moreover, the Ethereum-based smart contract system is more suitable for highly diverse computing needs, allowing it to develop a decentralized, resource-sharing, self-organizing ecological network.