Record, Recreate and Resonate: Welcoming Social Platforms into the Blockchain World

Record, Recreate and Resonate: Welcoming Social Platforms into the Blockchain World

fivenewscrypto    novembre 23, 2021   

Social media continues to transform the world of communications and marketing. Platforms within the space currently enjoy some of the greatest popularity they have ever seen.

October 2021 research from Global WebIndex reveals about 57.6% of the globe’s population uses social media, spending about 2 hours and 27 minutes on platforms each day.

Usage spans across generational lines and demographics and unsurprisingly only spiked as COVID-19 lockdowns began to dominate the world. Additional research reveals the typical social media user participates on an average of 6.6 platforms. Some use even more.

Current market leader Facebook, with about 2.89 billion monthly active users, was the first platform to cross one billion registered accounts. YouTube, WhatsApp, Instagram, and Facebook Messenger round out the top five most popular social networks as of October 2021 by the number of active users.

While traditional social media platforms remain popular, a growing number are becoming dissatisfied due to concerns about usability, security, and privacy. Centralized servers mean social media companies maintain complete control over data, often selling information to outside entities for marketing and advertising purposes. Centralization also opens up the prospects of hacks exposing critical data and concerns about losing information entirely if there is a system failure.

Unsurprisingly, these critical issues have left many wondering how blockchain technology could revolutionize the social media industry, especially as relationships between creators and audiences shift towards ones that are less reliant on advertising and more about accountability.

As social media becomes more hyper-focused and fragmented, many speculate niche platforms focusing on specific components could prove to be popular for users interested in more tailored content.

Social Media Looks Ripe For Innovation Within The Blockchain Space

Decentralized social networks like BitClout, essentially similar to Twitter, allow users to connect with others across the world and buy ‘Creator Coins’ for creators and influencers. BitClout users can use coins to bet on the future perceived value of the creator who in return can share special, Creator Coin holder exclusive content.

Many using traditional social media have lamented losing posts and content as centralization means a project team member can edit or delete information on their own accord.

Blockchain-based social media platforms like LoveChain solve this issue by providing users an immutable platform to celebrate and share their love for friends, family, hobbies, and pets.

Founded in Sydney Australia, the LoveChain blockchain-based ecosystem includes the social networking platform, integrated third-party apps, content creators, and an online store. LoveChain social networking users interact on a virtual version of lovelocks found across the world.

LoveChain stands alone in the social media world for being the first platform that allows users to create NFTs from the content they create. Users can then keep, share, or sell their NFTs within the LoveChain marketplace.

Each user profile is assigned a cryptographically generated code number that symbolizes the unique relationship between them and the platform. Love-focused subgroups allow participants to create themes and interact with others in these spaces.

LoveChain Provides A Unique And Lucrative Social Media Experience

The entire ecosystem is powered by the $LOV token, subject to a quarterly swap for merchant goods and services. LoveChain also features the LOVR rewards token that users can collect through platform interaction like content creation, building a follower base, obtaining likes, and sharing posts and data.

LoveChain is the first social media platform rewarding content creators with tokens built into an integrated wallet. LOVR tokens can be used to collect discounts and other benefits with platform merchant partners.

Social media fans turning to LoveChain will find a feature-rich platform with an attractive user experience. Users can change the sequence of their posts on feeds to achieve the best engagement, all while uploading a wide range of media and content.

Any media can be permanently saved to the blockchain to create a keepsake, but users also maintain full control over how their data is shared and used. Customization and personalization tools allow for unique profile styling as part of the overall user experience.

Blockchain-based social media platforms like LoveChain maintain a range of advantages and benefits over their traditional counterparts.

Decentralization helps mitigate unethical data usage, promotes freedom of expression, and the inclusion of cryptocurrency (especially within platform wallets) enhances the rewards and payment process. Overall, the marriage of social media and blockchain technology only looks set to continue as technological development continues to advance.

 

Telos launches its very own EVM and combat Front Running in Crypto Market

Telos launches its very own EVM and combat Front Running in Crypto Market

fivenewscrypto    novembre 23, 2021   

When the news of Ethereum 2.0 broke out, many people were beyond excited. The issue of transaction scalability and sustainability was going to be fixed. However, even Ethereum 2.0 left an essential problem out that crypto investors are still facing, an important problem known as FRONT RUNNING.  This problem resulted in the loss of thousands of dollars, and it is still causing the loss of more. Imagine the joy on people’s faces when Telos, a popular third-generation blockchain, announced their new EVM that claims to solve this problem and many more. Yes. Just what you thought. Hope at last! But before we get a little too delighted, let’s get a clear picture of how Telos will solve this problem and outperform other systems.

Telos EVM was created to solve problems faced by other EVMs. Each part of Telos EVM seems to fix different problems common in other networks. Telos EVM works just like Ethereum, but it’s different from the original EVM. The platform was built to host a large number of programs from other networks without having to modify anything.

Even though Front running is very common in the crypto world today, and it’s why many people lose millions of dollars, not many people know about it. That’s because it happens without them even knowing. Front running happens when bots or miners with insider knowledge about pending trades make a profit off it. The involved individual can skip lines, complete transactions, and then take the difference between his buy and sell price as profit. Only the attacker makes a profit off this. Users don’t benefit.  Telos solve this problem by having a fixed transaction fee and also a strict anti-frontrunning rule. This will enable users to curb any possibility of being exploited.

Another area where Telos is setting the pace is the transaction fee. Not many platforms can boast of low transaction fees. Native Telos has no fee at all, and Telos EVM based on a very similar model to the original Ethereum has a gas model but only costs $0.01.  Telos EVM will save people hundreds if not thousands of dollars since Ethereum gas fees are considered relatively high. With this, Telos not only outperforms its competitors like Cardano, Polkadot, and the likes, it also beats the original Ethereum hands down.

The time it takes to mine one block usually varies based on the chain and some variables. Ethereum, the king of decentralized apps, takes about 10 to 15 seconds to mine one block.  Other competitors such as Binance smart chain and Cardano can still boast of faster transactions, but nothing comes close to Telos EVM. Telos EVM has one of the fastest block mining times. The time it takes for Telos to mine one block is less than 500ms.  This transaction speed has further increased the gap between it and its competitors. This fantastic block time speed means it can handle 10,000 transactions per second.

Telos is tagged as the greenest blockchain because of how low its energy consumption levels are. Asides from that, Telos can also offer a home to several Dapps on its network. Telos is compatible with Vyper, EOSIO C++, and Solidity, thereby offering a new experience for migrating users. The rate of Telos EVM with other apps is 95% which makes migrating to it easier than ever.

The first project on the network will be a replica of Cryptopunks, a popular NFT project. The creator would be The Big Gooey an upcoming NFT artist. This project is the first ERC_721 NFT that will be hosted on dStor. You can check it out on Telos official website.

They recently announced their partnerships with SushiSwap and Anyswap. So now the users on both platforms can take the advantage of Telos EVM’s scalability, speed and security while trading their crypto assets.

Underdog Coins To Eye In 2022

Underdog Coins To Eye In 2022

fivenewscrypto    novembre 23, 2021   

Here are some underdog coins that could stay a bit under the radar until next year as the DeFi and NFT markets are in the spotlight this year. There are several noteworthy projects in these areas expected to gain traction in 2022, so it’s worth following them. We can also expect several new projects to emerge on the scene and shake things up.

Here are some coins to watch headed into 2022.

The 3 Altcoins Ready For 2022 Solana (SOL)

One of the strongest altcoins in 2021 that went silent recently but can be expected to have steady growth in 2022 is Solana. It is built on a proof-of-history (PoH) consensus mechanism which allows the network to be more energy-efficient relative to many competitors. While many standard blockchains rely on a sequential production of blocks that require confirmation across the network, PoH allows validators to compute the state of the network from the ledger itself. The Solana protocol can depend on its own internal clock and sustain a throughput of more than 50,000 transactions per second.

An under the radar coin that has started gain attention this year, this coin has seen an astronomical rise in the past few months. This could come from the several prominent dApps operating on the Solana network in the fields of DeFi, e-commerce, non-fungible tokens (NFTs), and gaming.  Solana has a market cap of $65 billion with average volumes of over $1 billion every 24 hours. It is in the top 10 currencies according to the daily volume. So while Solana might not be multibagger looking towards early next year, it offers hot sectors a product with substantial utility.

Look out for Solana to continue its massive gain as it ends the year with a bang.

Sol latest price action via trading view.com | SOL/USDT on TradingView.com

Related Reading \ Refinable Launches Gaming Initiative and Sets Aside $150,000 to Support NFT Gaming

Waves (WAVES)

Waves is a platform that can be used to build dApps, smart contracts, and new tokens. It utilizes a proof-of-stake (PoS) consensus WavesNG and the network’s native token, WAVES. The token is used as a reward and incentive for mining, payments, and voting. Since it’s an ERC-20 token, WAVES also makes Waves interoperable with the Ethereum network. Considerable projects are built on the platform, including a cross-chain network Gravity, DeFi platform Neutrino, and crypto exchange Waves DEX.

With a market cap of over $2.3 billion, WAVES token is strongly placed in the top-100 of crypto coins.

Terra (LUNA)

Our third project on the list is a respected and recognized coin by the name of LUNA. This base-layer protocol uses stablecoins pegged to the popular fiat rates, mot notably TerraUSD. LUNA acts as a reserved asset and helps to maintain the price of these stablecoins. In October, Terra underwent a Columbus-5 upgrade which enabled Inter-Blockchain Communication (IBC) standard to let users easily transfer LUNA, TerraUSD, and other assets from Terra, and making it interoperable with other networks. Immediately after this update, the price of LUNA token reached a record high of $49.43. The next month, a current all time high followed at $54.77.

We can never tell what will happen with these coins we can only be hopefully and see what is in front of us.

 

IMF Report On El Salvador Is Positive… Except For Everything Bitcoin-Related

IMF Report On El Salvador Is Positive… Except For Everything Bitcoin-Related

fivenewscrypto    novembre 22, 2021   

In a recent report, the IMF praises the way El Salvador handled the COVID-19 situation and announces their economy grew 10% in 2021. The International Monetary Fund also recognizes El Salvador’s government efforts to reduce crime, “diversify the energy matrix, foster economic diversification, and enhance financial inclusion.” However, when it comes to Bitcoin, the IMF is completely against it. As they should. Because Bitcoin renders them irrelevant.

But first, about the report titled “El Salvador: Staff Concluding Statement of the 2021 Article IV Mission”

“A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement.”

Anyway, let’s go to the IMF’s wacky opinions about Bitcoin.

BTC price chart for 11/23/2021 on Oanda | Source: BTC/USD on TradingView.com What Does The IMF Think About Bitcoin As Legal Tender?

After praising El Salvador’s efforts to foster “financial inclusion and raise growth,” the IMF attacks the very tool that the country’s government is using to accomplish that.

“Given Bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities. Because of those risks, Bitcoin should not be used as a legal tender. Staff recommends narrowing the scope of the Bitcoin law and urges strengthening the regulation and supervision of the new payment ecosystem.”

Translation: The IMF can’t even think of one good reason for Bitcoin not to be legal tender. One Bitcoin is one Bitcoin. The cryptocurrency’s volatility is intrinsically related to the assets we compare it with. In this case, the US Dollar. It’s also important to remember that Bitcoin is legal tender in El Salvador ALONGSIDE the US Dollar. If people don’t want volatility, they can easily exchange all of their money into US Dollars. 

The IMF also conveniently ignores the fact that Bitcoin’s volatility can bring positive results for its users. And that their other option, the US Dollar, is going through an inflationary period like no other. Plus, when the US government prints more money, its citizens get certain benefits out of it. But El Salvador doesn’t. A Dollarized country that’s not in control of the money printer gets its purchasing power decreased by relentless inflation, but doesn’t get the airdrops and inorganic money artificially stimulating the economy.

Does The IMF Have Any Other Advice?

Of course, they do. After praising financial inclusion, the IMF recommends implementing the exact same measures that keep 70% of El Salvador’s population out of the financial system.

“Stronger regulation and oversight of the new payment ecosystem should be immediately implemented for consumer protection, anti-money laundering and counter financing of terrorism (AML/CFT), and risk management.”

Why are people in El Salvador unbanked? Do they think it’s by choice? Is the IMF unaware that their outdated and inefficient methods are causing the bottleneck? Bad actors have incentives to bypass AML and KYC procedures. They do it with ease. Normal people can’t produce all those documents. And for banks, the cost of processing all that data makes acquiring a new client expensive. There are no incentives to serve the lower-income population.

“Recently announced plans to use the proceeds of new sovereign bond issuances to invest in Bitcoin, and the implications of trading more broadly in Bitcoin, will require a very careful analysis of implications for, and potential risks to, financial stability.”

Translation: What’s all this about a Bitcoin City?!!!!! And they’re building a pet hospital?! ALERT! ALERT!

The US Pauses Relations With El Salvador

In semi-related news, Reuters informs that U.S. Chargé d’Affaires Jean Manes said in local TV that relationships between the two countries are on hold. “Obviously we’re on a bit of a pause because the government of El Salvador is not giving a signal that it has an interest in our relationship,” she said. “On behalf of the White House, the State Department, we’ve offered a bridge, and the (Salvadoran) government decided not to take it. As far as we’re concerned, we’re interested in having the best relationship with El Salvador.”

Sure, Manes. That sounds totally believable. Nothing suspicious here.

Featured Image: AbsolutVision on Pixabay | Charts by TradingView

Earn Passive Income on Crypto Assets with BNBMatrix

Earn Passive Income on Crypto Assets with BNBMatrix

fivenewscrypto    novembre 22, 2021   

Decentralized finance technology allows you to raise revenue on the blockchain. So, no regulations and hassle of dealing with banks, brokerages, etc. Instead, the decentralized finance (DeFi) ecosystem entirely depends on blockchain smart contract dapps where you can directly deposit, withdraw and earn profits through yield farming without the involvement of a third party.

Yield farming is a great way to earn passive income through crypto-assets. You lend or stake crypto to earn interest. As yield farming is a top crypto investment trend in 2021, the number of decentralized applications (dapps) is also increasing. These dapps run on a blockchain or peer-to-peer network. If you want to invest in cryptocurrencies, it is time to find a reliable and safe dapp on the Binance Smart Chain (BSC).

Let’s introduce one of the best yield farming smart contracts that will revolutionize the DeFi space, i.e., BNBMatrix.

BNBMatrix – A Safe Dapp for Yield Farming

BNBMatrix.io is a smart contract-based BNB yield farming dapp on BSC that claims to give high returns of 119% to 234%. BNBMatrix promises a stable and high yield on your investment which can be as low as 0.01 BNB.

Features of BNBMatrix

Here are the key features of BNBMatrix:

1. High-Profit Margins 

BNBMatrix yield farming earns depositors daily rewards ranging from 7.8% to 17% (depending upon the deposit period of 7 to 30 days). Thus, the total ROI is 119% to 234%. For example, if you lock your BNB for 30 days, you get a 7.8% ROI. This makes BNBMatrix, the highest ROI yield farming dapps on BSC.

2. User-friendly 

BNBMatrix offers a simple, clean, and uncluttered user interface which makes it easy to use this dapp.

3. Quick Deposit and Withdrawals

BNBMatrix has quick deposit and withdrawal processing. Users have to connect their decentralized wallet either by scanning the QR code or directly logging on to the desktop. BNBMatrix supports 4 different BNB wallets on desktop browsers and 64 wallets on mobile browsers – including Ledger Live, Infinity Wallet, Encrypted Ink, and Wallet 3.

4. Safe and Secure 

BNBMatrix is 100% safe. The platform has been audited by Haze Crypto and is declared secure for BNB yield farming in the BSC network. The audit concluded that BNBMatrix has no backdoors, vulnerabilities, or scam scripts.

5. 24/7 Customer Support

24/7customer service is available to assist users via Telegram and other social media channels.

6. Referral Program

BNBMatrix has a referral program for users. After investing, users will receive a referral link to share with friends. BNBMatrix pays an 11.5% referral commission over 5 levels

• Level 1: 5%
• Level 2: 3%
• Level 3: 2%
• Level 4: 1%
• Level 5: 0.5%

1. Reputation

Even though BNBMatrix is still relatively new, it has already made a name for itself. In just the first fifteen days, it attracted deposits of more than 2000 BNB. Moreover, in fifteen days, BNBMatrix already has more than 9000 BNB deposits!

Conclusion

The conception of cryptocurrency led to the development of innovative DeFi services – the most recent and popular being Yield Farming. Despite the recent dip in Bitcoin, yield farming has been the fastest growing crypto investment trend in 2021. Crypto enthusiasts have been inspired to experiment with alternative cryptocurrencies such as Ethereum, Litecoin, and Binance Coin (BNB). Thus, more and more people want to invest in BNB yield farming and, BNBMatrix.io is one of the promising options to do so.

 

Image: Pixabay

TA: Ethereum Could Avoid a Major Drop if it Closes Above One Key Level

TA: Ethereum Could Avoid a Major Drop if it Closes Above One Key Level

fivenewscrypto    novembre 22, 2021   

Ethereum reacted to the downside and retested $4,050 against the US Dollar. ETH must recover above $4,250 and $4,300 to start a steady recovery wave.

• Ethereum started a fresh decline from the $4,350 resistance zone.
• The price is now trading below $4,250 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $4,210 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could extend losses if it fails to stay above the $4,050 support zone.

Ethereum Price Is Facing Hurdles

Ethereum attempted a recovery wave above the $4,300 resistance zone, similar to bitcoin. However, ETH price failed to extend gains above the $4,350 level.

A high was formed near $4,320 and the price started a fresh decline. There was a break below the $4,250 support zone. The decline gained pace below the $4,200 level and the 100 hourly simple moving average. A low was formed near $4,026 and the price is now correcting losses.

Ether price is back above $4,100 and $4,120 levels. It is now trading near the 50% Fib retracement level of the recent decline from the $4,321 swing high to $4,026 low.

An initial resistance on the upside is near the $4,200 level. It is close to the 61.8% Fib retracement level of the recent decline from the $4,321 swing high to $4,026 low. The first major resistance is near the $4,250 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

A close above the $4,200 and $4,250 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,350 level. Any more gains could lift the price towards the next key hurdle at $4,500.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $4,250 level, it could extend losses. An initial support on the downside is near the $4,120 level.

The first key support is now forming near the $4,050 level. A downside break below the $4,050 support might push the price further lower. The next key support is near $4,000, below which there is a risk of heavy losses in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $4,050

Major Resistance Level – $4,250

TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline

TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline

fivenewscrypto    novembre 22, 2021   

Bitcoin retested the $55,500 support zone against the US Dollar. BTC is recovering, but it could face a strong selling interest near $57,500 in the near term.

• Bitcoin settled below the key $58,000 and $57,500 resistance levels.
• The price is now trading below $57,500 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is recovering, but upsides might be limited above the $57,500 resistance zone.

Bitcoin Price Remains At Risk

Bitcoin price started a fresh decline from the $59,500 zone. BTC gained pace below the $58,500 and $57,500 support levels to enter a bearish zone.

The decline gained pace below the $56,500 level and the price retested the $55,500 support zone. A low is formed near $55,633 and the price is now correcting losses. There was a break above the $56,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $59,411 swing high $55,633 low.

However, bitcoin price is now trading below $57,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

An immediate support is near the $56,500 level. The first major support is now forming near the $55,500 level. A downside break below the $55,500 level could spark more losses. In the stated case, the price might decline towards the $55,000 level. Any more losses may perhaps lead the price towards the $52,000 support zone in the near term.

Upside Capped In BTC?

If bitcoin stays above the $56,500 support, it could attempt a fresh recovery wave. On the upside, an initial resistance is near the $57,200 level. The first key resistance is near the $57,500 level.

It is near the 50% Fib retracement level of the downward move from the $59,411 swing high $55,633 low. The next major resistance sits near the $58,000 level and the 100 hourly simple moving average, above which the price might rise towards the $60,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level.

Major Support Levels – $56,500, followed by $55,500.

Major Resistance Levels – $57,500, $58,000 and $60,000.

Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind

Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind

fivenewscrypto    novembre 22, 2021   

Jane Hume, an Australian politician, spoke about Decentralized Finance (DeFi) on Monday at the Australian Financial Review Super & Wealth Summit in Sydney.

In her speech, she referenced the Reserve Bank of Australia (RBA) calling crypto a fad. And she emphasized that it most certainly is not. She further urged policymakers to cautiously embrace blockchain technology like DeFi rather than act fearfully – because it is not going away anytime soon.

Related Reading | Crypto Is Set To Dominate Australian Financial Industry In Less Than 10 Years

The Liberal Party Senator explained that DeFi would present incredible opportunities. And Australia must miss out on these opportunities for fear of the unknown.

DeFi Is Not Going Away

The Senator’s speech comes just days after Tony Richards, the Reserve Bank of Australia’s outgoing head of payments policy, called crypto a fad. In a speech last week, he predicted a future with people being less influenced by these digital currencies with “no issuer, no backing, and highly uncertain value.” Instead, they would lean toward currencies that regulated bodies issue.

Senator Hume, however, called DeFi is an emerging and rapidly evolving area of financial technology with many opportunities. She said that embracing the blockchain technology will drive the country’s economy forward. And also cement Australia as a frontrunner for innovation and economic progress.

While making her point about how crypto is here to stay, she referenced a recent report on financial technology. This report estimated that about 17% of Australians are investing in cryptocurrency. Richards, however, found the estimate unlikely, saying online surveys were not accurate. Hume also mentioned the Commonwealth Bank’s move to allow its customers to hold cryptocurrencies. This move makes it the first Australian bank and one of a few worldwide to offer customers this service.

DeFi market cap at $164.8B | Source: Crypto Total DeFi Market Cap on TradingView.com

Finally, she offered her perspective on the issue. According to her, historically, innovation begins as disruption before it is generally accepted.

“Don’t be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices,” she said. ”Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.”

Australian Regulators On Crypto

Other Australian Senators like Andrew Bragg have also been pushing for crypto regulations. He opined that this would bring credibility and validity to the blockchain sector.

Related Reading | Top Australian Baseball Club To Pay Players In Bitcoin

Matt Comyn, CEO of the Commonwealth Bank of Australia, talked about the risks of not participating in crypto. Last week, he explained that cryptocurrencies are very volatile and speculative. And that banks need to be involved.

Comyn also said that crypto is here to stay, given customers’ demand to trade crypto. Earlier this month, the bank announced a partnership with crypto exchange Gemini to offer crypto services to its customers.

Featured image by Australian Broadcasting Corporation, Chart from TradingView.com