Crypto Lake

2022-01-29 20:00:47 ​​First DEX on Internet Computer launches, others coming soon.

Dfinity Foundation’s Internet Computer blockchain has welcomed its first decentralized exchange named Sonic.

The first decentralized exchange on the Dfinity Foundation’s Internet Computer blockchain went live this week, following up on the release of a new whitepaper. According to information shared with Cointelegraph, there are already two other exchanges in the works.

The first version of the new DEX, called Sonic, launched to mainnet on Sunday. There are initially only three pools for token swaps using its native token Internet Computer Protocol (ICP): InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users can also earn rewards for providing liquidity.

Dfinity head of communications Michael Less told Cointelegraph that Sonic plans to redefine what it means to be an example of decentralized finance (DeFi). Sonic has sub-one second transaction finality and is run entirely on the IC’s public blockchain network without any gas fees.

“It is completely running on a public blockchain, where it cannot be shut down — you can’t shut it down, it runs perpetually,” he said, explaining that its current primary focus is an upcoming integration with Ethereum, which is slated for Q3 this year.

“You’re going to be able to bring your Ethereum assets into Sonic, and it will be like Uniswap but with no gas fees and lightning fast.”
There are already plans for a Sonic v2, which will add a token Launchpad, decentralized autonomous organization (DAO) tools and its own native SONIC governance token. The launch date for Sonic 2 is yet to be confirmed.

According to information shared with Cointelegraph, there are at least two other DEXs that will be joining Sonic on the IC “in the next few weeks,” including InfinitySwap and ICP Swap.

Internet Computer is a public blockchain and protocol aimed at running a truly decentralized internet by allowing developers to install smart contracts and decentralized applications (DApps) directly on the blockchain.

It was incubated and launched in May 2021 after years in development by Dfinity — a nonprofit based in Zurich. Open / Comment

2022-01-26 20:00:43 ​​Etherescan adds new messaging feature for anons: 'Blockscan Chat'.

The Blockscan Chat service enables users to message each other via their Ethereum wallet addresses.

The team behind the popular blockchain explorer and analytics platform Etherscan has launched an Ethereum-based wallet-to-wallet instant messaging service dubbed “Blockscan Chat.”

Blockscan is currently in beta testing mode, and it currently enables users to engage in an instant wallet-to-wallet chat, access chats from multiple devices, block spammy or unwanted addresses and get notified on the block explorer when a message has been received.

While the new feature is a great way to talk to other anons — say to negotiate an anonymous purchase — it might come in particularly handy for dealing with whitehat hackers, who have often left messages embedded in Ethereum transactions to communicate with individuals and exploited crypto platforms.

Last week’s Multichain hack, which saw a supposed whitehat hacker return 322 Ether (but keep a hefty finder’s fee) and the $610 million PolyNetwork from last year both involved anon discussion via Ethereum transactions as part of negotiations between the culprit and victims.

Etherescan subtly unveiled the new feature via a Jan. 26 tweet that read “wonder what this is for…?” with a screenshot depicting messenger notifications on the platform.

Apart from pleading with hackers to return funds for a bounty, such as the service could be helpful in the NFT market.

Twitter user “bdmartino” argued that the feature could be utilized for the negotiations of NFTs purchases between buyers and sellers, adding that if the transaction was conducted by a decentralized exchange both parties could reduce the fees associated with NFT platforms such as OpenSea.

In terms of user privacy and data storage, Blockscan notes that its information is stored via “global hosting providers” with servers across multiple regions, with inactive data deleted after 24 months.

It also states that the information will not be traded to third parties, but will be disclosed or transferred to partnered parties such as data warehouses, IT service providers and data analytics agencies. Open / Comment

2022-01-23 20:15:00 ​​Crypto-loving anti-vax group seeks like-minded talent to live in African 'paradise'.

It's unclear what role crypto may play in the community, given that Tanzania's central bank banned digital assets in November 2019.

A group of people who have claimed they refuse to take any of the COVID-19 vaccines — at a time when the number of cases around the world is at an all-time high — is reportedly looking for a cryptocurrency expert to join them in Africa.

According to a Friday report from Vice, the group of anti-vaxxers is building a “community” off the coast of southeastern Africa and plans to hire private chefs, television presenters and crypto experts. The company behind the group, Liberty Places, is a self-described real estate firm based out of the archipelago of Zanzibar. It has previously posted to social media regarding its plans to use “the latest technologies from blockchain to solar energy” in addition to criticizing the use of masks in fighting the pandemic.

Vice reported the group had praised Zanzibar for not implementing “mask mandates, social distancing measures or lockdowns, nor has it enforced any requirement for mandatory vaccines,” describing the island as “free from meddling bureaucracy.” The comments come at a time when the 7-day average number of new cases of COVID-19 is more than 3 million, and many public health officials and lawmakers continue to call for the use of social distancing, wearing masks and getting vaccinated and boosted when possible.

Many countries around the world are still closed to short-term visitors, with others that aren’t requiring a combination of proof of vaccination, quarantining at a hotel and a negative COVID-19 test. For visitors from the United States, Tanzania stands out as a country that allows tourists to enter with only a negative test — no mandatory quarantine or vaccination requirement. There is inconsistent data on the number of new cases in the country, but the limited size of Zanzibar makes it unlikely to be able to accommodate millions of anti-vaxxers so locals concerned about the virus could still practice social distancing. Open / Comment

2022-01-20 20:15:00 ​​EU securities regulator calls for proof-of-work crypto mining ban.

European regulators are concerned about crypto's risks to climate change goals.

Erik Thedéen, the vice-chair of the European Securities and Markets Authority, has raised concerns over the growing use of renewable energy for Bitcoin mining.

In a recent interview with the Financial Times, Thedéen said that Bitcoin (BTC) mining has become a “national issue” and warned cryptocurrencies could pose a risk to climate change goals.

He called upon European regulators to take special exception to proof-of-work (PoW) mining, which is primarily used by Bitcoin and a few other forked altcoins. He also advocated for proof-of-stake (PoS) as a better, energy-efficient alternative:

“We need to have a discussion about shifting the industry to a more efficient technology.”

Melanion Capital, a Paris-based alternative investment firm, has addressed the growing call for a ban on PoW mining back in November 2021, called it "completely misinformed."

The investment firm said that due to the decentralized nature of Bitcoin, there is no lobby or group to defend its interests, which “should not be taken as an opportunity to implement measures rendering illegal an industry for its lack of defensive powers.”

The Bitcoin network’s energy usage was one of the most controversial topics in 2021 that saw the likes of Elon Musk, Jack Dorsey and Michael Saylor engage in several debates. Tesla even discontinued the Bitcoin payment option, citing the Bitcoin network’s energy usage. However, unlike Thedéen, most of the critics until now had no issue with clean energy usage. Musk has claimed that if 50% of the Bitcoin network’s energy comes from renewable sources, Tesla would rethink adding a Bitcoin payment option.

China’s Bitcoin mining ban in May last year turned out to be a boon for the ecosystem, as it not only disintegrated the highly centralized Bitcoin mining industry, it also helped in moving towards renewable energy usage. According to the Q3 report from Bitcoin Mining Council, renewable energy usage by the Bitcoin network reached 58% by the third quarter of 2021. Open / Comment

2022-01-17 20:00:31 ​​Bitfinex advises Ontario-based users to close accounts before March 1.

The Ontario Securities Commission has been responsible for cracking down on crypto exchanges operating in the region, including Binance, OKEx, Bybit, KuCoin and Polo Digital Assets.

In a Friday announcement, Bitfinex said it would be immediately closing the accounts for Ontario-based customers who have no balances on the platform. In addition, it planned to restrict access to those who do not have open positions in the exchange’s peer-to-peer financing market or open margin positions.

Users who have balances or open positions on Bitfinex and are one of the roughly 15 million residents of Ontario — which includes Toronto and the nation's capital city of Ottawa — “will no longer have access to any services” starting on March 1. The exchange advised customers to withdraw funds before the effective date.

Though Bitfinex did not mention the Ontario Securities Commission, or OSC, the region’s financial watchdog has been responsible for cracking down on crypto exchanges operating in the area, including OKEx, Bybit, KuCoin and Polo Digital Assets. In December, the OSC issued a notice that Binance was not authorized “to offer trading in derivatives or securities to persons or companies located in the province” after the crypto exchange reportedly told its users it would be able to continue offering services in the region. Binance reportedly said there was a miscommunication on the issue.

Bitfinex has also been the target of U.S. regulators. In October, the Commodity Futures Trading Commission fined the crypto exchange and its sister company Tether $42.5 million, with Bitfinex allegedly facilitating “illegal, off-exchange retail commodity transactions in digital assets with U.S persons.” The Office of the New York Attorney General previously ordered the two firms to pay $18.5 million in damages and submit to periodically reporting on their reserves.

Crypto exchange Bitfinex has announced users based in the Canadian province of Ontario will no longer have access to many of its services starting on March 1. Open / Comment

2022-01-14 19:15:00 ​​Tiny Bitcoin miner defies massive odds to solve a valid block.

Despite having a modest hashrate capacity of about 126 TH/s, the lucky miner won the crypto equivalent of the lottery and took home 6.25 BTC worth about $266,000.

A single Bitcoin miner from the Solo CK mining pool has defied the odds after successfully adding a new block on the Bitcoin blockchain, taking home 6.25 BTC ($266,000) for their efforts.

The lucky miner, who may have been mining on just one or two machines, solved a block with their modest hashrate capacity of 126 TH/s. According to a Jan 11 tweet from Solo admin, Dr. Con Kolivas it’s equivalent to about 0.000072% of the total Bitcoin (BTC) network hashrate — which is 175,000,000 TH/s (175 EH/s).

Bitcoin mining expert and member of the Bitcoin Mining Council (BMC) Hass McCook told Cointelegraph that he has never heard of anything like it, adding that “to say this is very rare is an understatement.”

“Usually, having 0.000072% of the hashrate means that, on average, Solo CK will win 0.000072% of the blocks, or, about 1 in 1,400,000,” he explained.

“Everything in Bitcoin is probabilistic, even transaction settlement. The more confirmations you have on your tx, the less likely it will be reversed.”

According to McCook, the miner could’ve been using a single machine. “The Antminer S19 is a 110TH/s machine, so Solo CK could have even been mining with just one overclocked rig! More likely it was 5 or 6 Antminer S9 units. Either way, it could very easily be a home miner,” he said.

A machine’s hashrate refers to how many hashes, or mathematical equations, it can solve per second. On average, a new BTC block is mined every ten minutes. Dr. Con Kolivas estimated the chances weren't quite so high, with a 1 in 10,000 chance of finding a block per day with that hasbut added the miner probably wouldn’t repeat the feat.

“For the miner involved it's a once in a lifetime chance,” Kolivas wrote.

“It's usually larger miners that solve blocks statistically but there is no reason even the smallest miner can't solve one.”

He noted a small miner in his pool had solved a block about one year ago. Open / Comment

2022-01-11 20:00:56 ​​Binance CEO CZ is the richest crypto billionaire at $96B: Bloomberg.

Changpeng Zhao’s net worth overtook Asia’s richest billionaire, Mukesh Ambani, despite Bloomberg excluding his personal crypto holdings.

Changpeng Zhao, CEO of Binance and also known as “CZ,” tops the list of richest crypto billionaires with an estimated net worth of $96 billion.

According to Bloomberg, CZ ranks 11th among the world’s richest people as Binance retains its position as the biggest crypto exchange in terms of trading volume.

CZ, the 44-year-old crypto entrepreneur, overtook Asia’s richest billionaire, Mukesh Ambani, despite Bloomberg excluding his personal crypto holdings, such as Bitcoin (BTC) and the exchange’s in-house Binance Coin (BNB) tokens.

According to Bloomberg’s estimation, CZ stands just behind Oracle co-founder Larry Ellison, whose net worth currently leads by roughly $11 billion. While this was the first time Bloomberg estimated CZ’s fortune, Binance’s growth trajectory signals a possibility of exceeding tech goliaths such as Meta’s Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin.

Currently, Zuckerberg, Page and Brin and rank 5th, 6th and 7th, respectively, while Tesla CEO Elon Musk leads the billionaires’ list with an estimated fortune of $263 billion.

Data from Cointelegraph Markets Pro and TradingView confirm that the price of BNB appreciated over 1,300% in the past year alone. If BNB can maintain such a pace, CZ will become the first crypto entrepreneur to enter the top 10 billionaires list.

The success of Binance can be attributed to CZ’s ongoing efforts to accrue operational licenses across jurisdictions globally. Despite regulatory hurdles, Binance maintains an ongoing partnership and acquisition streak to remain a leader in the crypto trading space.

Most recently, the crypto exchange finalized the acquisition of Swipe, a prominent crypto Visa card provider that operates at over 70 million locations worldwide. In addition, Binance also launched a $1-billion initiative to fast-track the development of the Binance Smart Chain ecosystem and advance mainstream adoption across the financial technology sector. Open / Comment