Blockchain Progress

2021-07-07 20:32:13 https://twitter.com/gemhubcrypto/status/1412821765626028034?s=21 Open / Comment

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2021-07-06 20:00:43 ​​Hope in S Korea as Ruling Party Says ‘Let’s Institutionalize Crypto’

There may be fresh hope for the South Korean crypto sector as the ruling Democratic Party launched a crypto task force – with the new body talking in relatively upbeat terms about the industry and the need to “institutionalize” crypto with potentially groundbreaking legislation.

Despite the regulatory Financial Service Commission (FSC)’s relatively strict and inflexible position on policing the crypto industry – measures that could leave the nation with just four crypto exchanges in September this year – the Democratic Party appears to be having second thoughts.

Earlier this year, senior government ministers began talking about the need to “crack down” on an “overheated” crypto market.

The FSC sparked ire when its Chairman Eun Sang-soo spoke about the need for older, wiser heads to “lead” younger people out of the dangers of crypto investment. Eun’s comments led to a slew of petitions calling for his resignation. And the Democratic Party, which goes to the polls in a general election in spring 2022, has become all too aware that its core support – younger voters – have become increasingly crypto-keen. Some claim that crypto investment is “no longer optional” for the 20-39 age group.


But spiraling real estate prices, a sluggish stock market, and a stagnant, coronavirus pandemic-hit job market have left many railing at the government, accusing it of sidelining and demonizing the crypto sector at a time when all other money-making avenues have been closed off to them.

Opposition politicians have gleefully seized the chance to criticize the government for its policies, with the main opposition party claiming Seoul has “neglected” the crypto industry and investors – and one even claiming that lax security policies have allowed North Korean hackers to raid some USD 310m worth of crypto from South Korean wallets in the past two years.

The Democratic Party has thus apparently responded by creating its own task force – intent on softening the regulator’s stance and proposing progressive legislation.

Per EDaily, as well as News1 and EToday, the task force is comprised of MPs, some of whom worked on South Korea’s first piece of crypto-specific legislation back in 2019.

One of these MPs remarked, at a press conference:

“I know that the Financial Services Commission has a negative view on cryptocurrency, but as the market is growing, the number of participants in the sector is increasing.”

Another claimed that the task force was prepared to “discuss” the issue of delaying the start of crypto taxation rules. The South Korean parliament has already agreed to begin taxing crypto profits at a flat rate of 20% as of January 1 next year. But a private member’s bill is on the table from an opposition MP who wants the measure delayed until 2023. The ruling party’s task force stated that it was ready to assess the value of the bill.

The task force also spoke about introducing a system that would grant crypto-related firms the same kind of business rights that are enjoyed by other companies in the nation. Currently, crypto exchanges and other service providers are legally classified in the lowest rung of enterprises, putting them on a legal par with nightclubs and karaoke venues.

The task force stated:

“There are quite a few laws related to virtual assets in foreign countries, but we believe that there are probably no countries that have independent business rights laws pertaining to crypto operators. If we create a law like this, we will probably be the first.”

Kim Byung-wook, the task force’s secretary, was quoted as stating:

“It’s time we brought the cryptocurrency industry into the institutional system.”

Questions remain, however, as to whether this softening of the government’s hard-line on crypto-related affairs will come in time to save most of South Korea’s crypto exchanges from closure. Open / Comment

2021-07-06 13:06:56 https://twitter.com/wsgtoken/status/1412306013890490371?s=21 Open / Comment

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2021-07-02 19:00:50 ​​Is The Dogefather Losing His Midas Touch?

Elon Musk’s latest attempt to pump Dogecoin value did not go as plan, as his cryptic tweets failed to cause much of a stir in the coin’s price. This could be a sign that the once golden boy of the tech/crypto world has cried wolf one too many times and has lost his credibility.

The billionaire entrepreneur, known to manipulate the crypto market via his tweets, has been at it again. Instead of dragging Bitcoin over their energy consumption, this time, the self-proclaimed Dogefather chose to endorse his favorite meme coin, Dogecoin. On Thursday morning, he tweeted out a Godfather meme that he captioned “Release the Doge” from his personal Twitter handle. Even though the price of DOGE rose from $0.24 to $.261, i.e. over 8% following the tweet, a rapid sell-off dropped it back to $0.24.

After striking out on his first attempt, the Tesla Twitter handle went in for Round Two with a rather incoherent version of the “Baby Shark” song lyrics - “Baby Doge.”

The DOGE/USD trading pair rose by 5.22% to $0.26 on the second tweet. However, once again, the price rise proved volatile and short-lived, as it dropped once traders started selling it off. Thus, despite Musk’s attempts, the coin’s price went back to where it was before these tweets.

Elon Musk has been known to stir up the crypto market through his tweets. For example, his tweets about Dogecoin earlier this year were sufficient to lead to a market-wide buying frenzy, which in turn fueled the market cap of DOGE to hit an all-time high of almost $100 billion.

On the other hand, when he aired his concerns about Bitcoin’s high energy usage and dependence on fossil fuels in May, it crashed the crypto market and caused a 17% drop in Bitcoin’s price (from $54,819 to $45,700). Later in June, tweeting a meme that indicated that he has fallen out of love with Bitcoin also caused further fluctuations in the already volatile market.

Musk has received plenty of flak for his incendiary tweets that can make or break a cryptocurrency. Industry leaders have often called him “irresponsible,” including Binance CEO Changpeng Zhao, who stated,

“Tweets that hurt other people’s finances are not funny, and irresponsible.”

Other industry stalwarts who have a more bullish stance on Bitcoin, did not see favorably to his pro-Dogecoin tweets back in February.

Mike Novogratz, CEO of Galaxy Digital, criticized Musk’s support of Dogecoin, saying,

“Bitcoin has a real purpose, etheruem has a real purpose, lots of the stablecoins have a real purpose. Doge is kind of a meme, kind of a joke.” Open / Comment

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2021-06-29 20:00:38 ​​Unicly Teams Up With SushiSwap To Offer Fractionalized NFT Auctions

Unicly, the AMM for NFTs, has announced a collaboration with SushiSwap to support fractionalized NFT auctions. The partnership will see both parties benefit from harnessing the other’s technology. Unicly has made a name for itself as the preeminent platform for part-owning NFTs by the hottest creators in the space, while SushiSwap’s defi credentials don’t need restated.

In a first-of-its-kind link-up, Unicly will integrate SushiSwap’s auction system, as pioneered on its MISO token launch platform, into Unicly’s own platform. This will result in a more efficient system for participating in NFT launches on Unicly. The move will be of particular benefit to holders of Unicly’s UNIC token, who will be able to participate in uToken launches on MISO in future.

The first test of MISO’s auction system on Unicly will arrive on July 5 when the Genesis Mooncats Collection (uGMC) debuts. As one of the first NFT collections to have been issued on Ethereum, Mooncats are highly coveted and thus the 24 cats poised to be auctioned off at 11am EST on the 5th are sure to sell out fast.

With Unicly, each NFT collection is represented by a corresponding uToken which allows a single NFT to be broken down into parts and freely traded. As a result, investors can enter and exit positions easily – something which has been traditionally hard to achieve with illiquid assets such as NFTs. As part of the collaboration between Unicly and SushiSwap, a fractionalized collection of Sushi NFTs will be created and assigned a uSUSHI ticker on Unicly.

In the space of just five months, NFTs have completed a full market cycle, mooning in January before enduring an accelerated bear market that saw demand for NFTs and their corresponding governance tokens flag. Now, the sense of optimism that was all-pervasive at the dawn of 2021 has returned, fueled by a wave of innovative new projects.

Bored Apes Yacht Club, recently given The Defiant treatment in a 45-minute YouTube special, is credited with kickstarting the second NFT run of the year. The price floor for the 10,000 apes now stands at over 3 ETH and the collection of colorful apes has attracted everyone from Mark Cuban to sports stars and internet celebs. In its wake has followed NFT collections such as Misfit University, Hash Demons, Polymorphs, and Craniums.

Each of these collections has built upon the model popularized by Bored Apes, while introducing unique features of their own. With Polymorphs, for example, owners can pay a fee to “roll” new attributes for their character. SushiSwap’s entry into the NFT game, through its collaboration with Unicly, suggests that there is plenty of life in non-fungible tokens yet.

Much like defi, it has taken time for the market to figure out the possibilities that NFTs offer. With platforms for NFT appraisal, trading, exhibition, and fractionalized ownership now onstream, non-fungible tokens are posed to enjoy a new lease of life. Open / Comment

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2021-06-26 20:00:37 ​​Bitcoin and Ethereum Can Coexist With DeFi Bridging the Two

While some of the most active members of Bitcoin (BTC) and Ethereum (ETH) communities never stop fighting over technology and money, among other things (including memes), these both blockchain-powered networks still can coexist, according to the Bitcoin 2021 conference participants speaking to Cryptonews. And decentralized finance (DeFi) might play a role here.

The conference, held earlier this month in Miami, USA, proved to be a major event, with thousands of people attending, as well as a number of well-known speakers from both within and outside the Cryptosphere.

Among the questions discussed between a few of the industry insiders and Cryptonews was that of the Bitcoin-Ethereum turbulent dynamics.

But the two are not necessarily as intertwined as some may think – rather, they exist parallel to each other.

"Comparing ETH and BTC directly is like comparing apples to oranges," according to Zeeshan Feroz, Chief Growth Officer at crypto payments company MoonPay.

In the opinion of Matthew Gundrum, the marketing director for cryptocurrency payroll service Bitwage, “people don't realize that ETH and BTC are trying to do two separate things and, therefore, can coexist.”


Both of these networks have seen a “dramatic adoption” in 2021 so far, which “will show no slowing in the next decade,” despite occasional hiccups along the way, he said.

Meanwhile, William Zielke, Chief Marketing Officer at crypto payments provider BitPay, said that while BTC remains the most popular crypto used by their consumers for purchases, representing almost 72%, ETH has grown to almost 10%.

“Both have strong perceptions as fast, secure, and modern digital assets. And, both work very well as a payment option,” said Zielke, who also noted that “unfortunately, both have high fees during peak periods.”

Also, bitcoin has certainly been receiving more institutional interest as of late, while interest in ETH is also growing.

MicroStrategy, for example, adopted BTC as their primary treasury reserve because “Bitcoin’s technical characteristics make it an ideal, diversified corporate treasury holding,” according to David Shafrir, co-founder and President of GDA Capital, the capital markets arm of the GDA Group of Companies.

"In the medium term, I think BTC will continue to grow as a treasury asset and solidify its position as the most widely used cryptocurrency. ETH on the other hand, I think, will grow into its boots in the medium term. Use-cases for ETH will continue to expand, driven by the NFT market for one," Feroz added.

And DeFi is changing the game also.

“More recently, institutional investors are increasingly gravitating towards Ethereum, primarily to participate in DeFi applications, such as “yield farming,” and a few whale institutional wallets are now dominating the capital pools of many of these platforms,” Shafrir said.

DeFi leverages smart contracts automatically executing code residing on blockchains, mostly Ethereum. So, while individual wallet metrics continue to improve, new money continues to enter the DeFi market from funds, trading firms, and centralized yield platforms “that are providing the bulk of the liquidity.”

New applications are constantly being built on Ethereum, resulting in traditional financial markets becoming “far more sophisticated in their understanding of the potential of cryptocurrencies as an asset class,” Shafrir said, adding that one only needs to look at the number of bridges being built to Ethereum from other blockchain platforms, such as Corda.

And speaking of bridges, DeFi might become one of those. But some wonder how large of a role BTC will end up playing in DeFi.

Per William Zielke, the rapidly evolving DeFi space “effectively brings bitcoin to the Ethereum network,” thus providing blockchain traders with a bridge to Ethereum while maintaining exposure to BTC.

“As such, the combo poses a strong threat to traditional banking and financial services. We believe decentralized financial services are the future,” Zielke said. Open / Comment