Hong Kong, Hong Kong, 6th September, 2022, Chainwire
Wombat, a multichain stableswap, has broken records for Total Value Locked (TVL) within 24 hours of launching. Users on BNB Chain deposited $217M of stablecoins within the decentralized exchange’s first day of operations, making it the network’s largest stableswap by TVL.
In addition to stablecoins, whose TVL now exceeds that of DEXs such as Ellipsis Finance and MDEX, Wombat has over two million $WOM locked, constituting around 15% of the token’s circulating supply. During its full launch, Wombat’s staking and boosting function went live simultaneously. It is now ranked the third largest decentralized exchange on BNB Chain at $213.4M in total value locked according to Defi Llama.
Wombat is now set to construct its own ecosystem that will see more protocols built on top of the exchange. It will also expand to other EVM networks, making it a multichain stableswap protocol. Notably, Wombat is the first stableswap to adopt a single-sided liquidity pool design on BNB Chain, giving higher flexibility to retail users.
What makes Wombat Exchange Stableswap 2.0
The Wombat team was driven to launch on BNB Chain due to the lack of a sustainable stableswap, something which DeFi traders increasingly rely on. They re-engineered the stableswap experience through an innovative algorithm design, enabling lower slippage and greater capital efficiency.
Wombat is the first protocol to incorporate an ‘equilibrium coverage ratio’ to maintain overall system health and protect users’ funds. Using this method, Wombat can identify risks and manage them before disasters strike. This mechanism is highly efficient and scalable. It provides exact calculations, achieves lower gas fees, and effectively manages liquidity.
In the future, Wombat will have its own thriving ecosystem, which is already under construction. An incubation lab to support projects building on top of Wombat will create tremendous value for DeFi. On a micro level, these projects will generate certain benefits for Wombat’s governance token holders, through the mechanisms built into the $WOM token.
About Wombat Exchange
Wombat Exchange is a multichain stableswap native on BNB Chain. It’s focused on re-engineering the stableswap experience with its innovative algorithm design to deliver a next-generation stableswap 2.0 experience. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability in a multichain world.
In what has already been a very challenging year for cryptocurrency investors, the market has been down across the board, indicating volatility. As cryptocurrency has frequently been associated with the stock market, the drop may possibly be related to the Nasdaq decline this week. Here are three cryptocurrencies that could potentially offer high returns.
What Is PrivaCrip (PRCR) And Will It Take Over?
PrivaCrip (PRCR) is a layer-1 solution created with the Cosmos SDK that utilises Proof-of-Stake (PoS) by using the Byzantine fault-tolerant consensus algorithms of Tendermint. The native token of PrivaCrip is “PRIVATE”.
The network’s nodes each carry out calculations for consensus, security, and verifiability. PrivaCrip’s (PRCR) layer one solution works with several networks that employ the Cosmos InterBlockchain Communication (IBC) protocol, regardless of their chain.
The protocol takes advantage of the Trusted Execution Environments (TEE), key management, and encryption protocols included in the hardware structure for all network validator nodes. TEEs ensure that nodes cannot see calculations in secure environments, ensuring underlying data privacy while the analysis is taking place.
The native token PRIVATE is used for governance, transactions, and gas costs, with the underlying ledger of PrivaCrip being open to the public. Programmable privacy is a protocol feature that allows applications to design arbitrarily complicated data privacy and safeguards. Tokens can be wrapped in their private and fungible equivalents utilising programmable privacy by using a private contract that follows the PrivaCrip Network SNIP-20 standard. Blocks are created and added every six seconds, with a soft limit of about twenty-two transactions per second because of a gas per block restriction. The theoretical maximum with the current architecture and protocol design is 10,000 transactions per second.
How the PRCR Network is used could impact any area where blockchain technology is used. It varies from finances, medical services, banking, administration, media, store networks, voting, personality misrepresentation, key-access controls, trades, IoT and network networks, determining and informational index investigations, music and divertissement, land, protection, good cause, records, crowdfunding, distribution, gaming, and informing. The programmable protection acknowledged standard for contract enhancement for the eventual success of Web 3.0 is the PrivaCrip Network convention using TEEs.
The team acknowledges that PrivaCrip Network is the security sandbox for the future, allowing for a stable development of Secret dApps that will allow users to access and use Web 3.0 to the fullest extent possible. Convenience, supportability, effect, and strengthening are the guiding principles of the community.
Every person matters to the future of the PrivaCrip Network and its security. The most important thing any developer can create is a committed and cooperative group since the Network is where any major change will begin. Developers will continue to strive for security as a matter of course and as a means of unlocking the full potential of a decentralised future.
If you sign through the Ethereum network, you can get a 15% bonus.
What’s New With VeChain (VET)?
The top enterprise blockchain platform, VeChain (VET), has announced the successful addition of VIP-220 to the VeChainThor public test net. The latest version’s new feature, Finality with One Bit (FOB), was described in the latest paper with the foundation noting that all Testnet nodes must now be updated.
The VeChain Foundation’s official Twitter account announced the latest development.
According to the VeChain Foundation, block finality is a crucial characteristic of a modern blockchain system since it offers complete security assurance for blocks that meet certain requirements. The VeChain development team has been striving to fulfill the requirements to enhance the consensus method.
To do this, the development team has decided to create and use a finality device known as the Finality with One Bit (FOB). VeChain chose this option instead of rewriting the Proof-of-Authority (PoA) consensus mechanism, which is what the Ethereum blockchain is poised to do.
The dev team claims that by using FOB, they could run two consensus modes concurrently. VIP-220’s present design has several benefits, including attaining block finality and maintaining the network’s usability and robustness by divorcing finality from the Proof-of-Authority (PoA) procedure. It is claimed that FOB is straightforward and adds less duplication to the already-existing PoA-based Thor protocol compared to alternative finality gadget solutions.
Why Is Chainlink (LINK) Unique?
A decentralised network of oracles, or off-chain sensors, makes up Chainlink (LINK). One of the most crucial innovations is the usage of oracles, which allow blockchains to securely transmit data to and from centralised sources. Any source of data can be registered using Oracle.
Developers may use these sensors to construct more responsive and secure dapps (decentralised apps) easily thanks to Chainlink (LINK). Unlike an order book, an oracle might be used to hold pricing information on a DEX (decentralised exchange).Oracle usage cases are essentially limitless. As a result, Chainlink plays a crucial part in preserving the accuracy of the data that these sensors produce.
The “oracle problem,” known among developers, is the primary issue that LINK was designed to address. The oracle problem results from the fact that most public blockchains have an unchangeable ledger, which is advantageous for security but problematic when the data provided in the initial place is false. As a result, before information from any oracles is recorded in the ledger, it must be verified three times.
Chainlink has a special way of working. To start the process of confirming oracle data and wiring to the blockchain, it uses a service known as the Chainlink Service Level Agreement Contract (SLA). Three subcontracts are unlocked at the start of the procedure. The Chainlink Reputation Contract is the initial step. The validity of each oracle is confirmed using this protocol.
The Requesting Contract is sent to the Chainlink nodes through the Order-Matching Contract. After then, the network nodes will have the chance to submit a bid for the gig. The automated system can choose exactly how many nodes are required to finish a certain task.
The Chainlink Aggregating Contract is the last phase. This system is a final triple-check to make sure the data is accurate.
What makes Chainlink (LINK) so unique is that its market value made up 0.41% of all circulating cryptocurrencies at the beginning of the year. The token had an average of 0.357% domination at the time of writing.
All three coins above are great future possibilities. Although as with any investment, before you become a token holder, ensure the coins above align with your portfolio.
To enter the presale phase and find out more, please click on the links down below:
Cryptocurrency is the digital version of money in coins or virtual tokens. It can be used to sell or buy items from companies or people who accept such payments. Many cryptocurrencies are available, each carrying its own rules and values, but Bitcoin is known worldwide, dominating the crypto market. The world has been taken aback by cryptocurrencies like Bitcoin, Ethereum, and other altcoins. The first big jump happened in 2010 when bitcoin rose to its new high at $0.09 in July, and in 2011 it broke the $1 mark, which everyone called the first “mini bull run.”
Such volatile and unpredictable currency has made economists believe that investing in cryptocurrency is a waste of money. Because as fast as it makes someone rich, it can also take away one’s money just in the blink of an eye. However, some experts believe that cryptocurrency tends to remodel the world financially. Due to the development of blockchain technologies, entrepreneurs have more control and have gotten their hands on financing. So everything helps to increase economic activity.
The current financial system that holds sway in the world today has its drawbacks-the most glaring being the high liquidity cost and the resultant low economic growth. Global economic instability and unpredictable banking systems are other major disadvantages of traditional financial institutions.
An upcoming cryptocurrency, Runfy (RUNF), is poised to take over, gaining wider acceptance because of its many benefits. It might function as a Play-to-Earn earning model substitute for other altcoins. Features like faster transactions and decentralization supported by blockchain technology are expected to make it a successful project like ApeCoin (APE) and TRON (TRX).
TRON (TRX)
TRON (TRX) is a blockchain-based decentralized protocol that aims to decentralize the internet. In this article, we will discuss what TRON is, how it works, and whether or not it’s worth investing in.
In short, TRON is based on the Ethereum network, which provides decentralized applications (dApps) with peer-to-peer networking capabilities like data storage, computing, and payment systems. Its native cryptocurrency TRX can be stored or traded for other currencies using trading platforms like Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), or stablecoin Tethers USDT.
Hallmarks of TRON (TRX)
TRON (TRX) uses the BitTorrent network, which controls the distribution of content and updates through its nodes. Its primary function is to allow users to enjoy content and use dApps with a straightforward transaction between each other and through cloud storage provider BitTorrent.
TRON (TRX) is a non-minable currency, meaning miners are not required to use their computing resources or electricity to produce new TRON coins. This makes it virtually impossible to have inflation through mining because there’s no limit on the supply of the token.
The TRON Foundation also has its independent research institute behind the project, called “TRON Research Center.” One of their main tasks is researching and developing new public chain technology.
According to recent data, more than 1 million users on the TRON blockchain in different industries, including finance, entertainment, gaming, and app development, are collaborating with TRON technical teams.
ApeCoin (APE)
ApeCoin (APE), created by Yuga Labs, launched on 17th, 2022, a digital asset used to power ApeSwap Decentralized Exchange. It can trade various assets, including other cryptocurrencies, commodities, and fiat currencies. The APE Ecosystem uses the ERC20 token known as ApeCoin. A pioneer in Web3, ApeCoin is hosted in the Ethereum Network and relies on Vitalik Buterin’s potential innovations to stay effective. Supported by Yuga Labs, the exceptionally fast-growing startup that created the renowned Bored Ape Yacht Club (BAYC) NFT line.
With apes featuring different properties, varying fur types, clothing, accessories, and facial expressions, to mention a few, NFT enthusiasts continue to bid on these NFTs, and an ape from the BAYC even made it to the cover of Rolling Stone Magazine. Although the security of the airdrop has been the subject of discussion, Yuga Labs’ support for ApeCoin has also contributed to the cryptocurrency’s explosive growth. ApeCoin (APE) aims to make it easier for APE holders to interact via permissionless and open governance mechanisms, thereby facilitating the equitable and inclusive development and maintenance of the APE ecosystem.
Hallmarks of ApeCoin (APE)
ApeCoin (APE) thrives on Yuga Labs’ Bored Ape Yacht Club project. One of the busiest ecosystems for NFTs is found at BAYC.
Its decentralized governance structure distinguishes ApeCoin. The token is based on an ecosystem that token holders control. Additionally, owners of APE tokens will undoubtedly profit from the platform’s community-driven initiatives since the ecosystem obtains more than 60% of the token supply. Bored Ape Yacht Club (BAYC) is the most valuable NFT collection. ApeCoin, in the opinion of many cryptocurrency and blockchain specialists, can alter the perception of non-fungible tokens among millions of individuals (NFTs).
Runfy (RUNF)
Runfy (RUNF) is a presale stage cryptocurrency that Decentralized Protocol DAO governs is prioritized for those who want to stay in good shape. The token is fixated on a motive to empower its members to take responsibility for their health and well-being.
You might have given it an ear that “health is wealth,” Runfy has created a platform with all the accessories with fully equipped artificial intelligence that will help you keep your health intact and make your life comfortable. All users have access to the RunfShop. In addition, every user can browse and purchase goods from businesses that sell workout gear and supplies.
At last, you may earn more with Runfy (RUNF) while achieving your fitness goals as you earn a living off these platforms from the convenience of your own home. You can earn extra RUNF tokens by referring friends and spending a particular amount in fiat currency. Receive $30 in RUNF when your referral spends $1000, for instance, and 45% more tokens when you spend $2500.
Hallmarks of Runfy (RUNF)
This platform offers two different universes in its metaverse world. These universes allow users to participate in different physical activities through their avatars easily. One of its universes is called RunfTR, reserved for fitness trainers that will be able to prepare diet and exercise programs for users and collect fees in $RUNF Tokens.
The preliminary plan was to make health and exercise programs available online, but as the pandemic persisted, consumer demands shifted. It became clear right away that clients wanted a comprehensive answer to their health demands, not just a digital gym workout.
A great feature of Runfy is that it provides fitness plans in a way that fits all users. Whether they belong to different ethnicities, or backgrounds, or have distinctive lifestyles, Runfy aims to reframe and refocus their valuable customers, thus their mentality.
Runfy also aims to develop different extravagant strategies that will help them govern the degrees of fitness gyms. This method emphasizes various theoretical and practical consequences, focusing on, among other things, the distinctly different approaches taken by a leader, challenger, and follower fitness gyms.
Bottom Line
Projects like Runfy (RUNF), ApeCoin (APE), and TRON (TRX) should not be disregarded. The crypto market has already seen immense growth for TRON (TRX) and ApeCoin (APE). Runfy (RUNF), on the other hand, has yet to experience a value and capitalization explosion.
Customers can earn passive income while staying healthy and fit with the help of the RUNF token. So consider purchasing RUNF tokens today to make the best decision for your health, fitness, and investment. Since it is the first initiative of its sort, it will undoubtedly generate longer-term profits than most cryptocurrency projects.
For more information on Runfy (RUNF), you can visit the following links:
London, United Kingdom, 6th September, 2022, Chainwire
The M4TTER incubator will see successful projects awarded a $10,000 grant in funding
Today, Caduceus Foundation announces the launch of M4TTER, an incubator to promote DeFi, NFT, GameFi, and other blockchain projects. The incubator provides access to Caduceus’ unmatched technology and additional start-up resources from an extensive network of Web 3.0 experts.
M4TTER’s mission is to build and scale successful Metaverse applications on Caduceus. Their role in the rapidly growing world of Web 3.0 is to connect developers, investors, and industry experts to fast-track Metaverse ideas. M4TTER will be the first port of call for managing the development of projects and apps being built on the Caduceus blockchain.
Caduceus CEO Tim Bullman commented “Caduceus are delighted to be represented by the M4TTER as we facilitate a new avenue for development projects to be onboarded and incubated. The sustainability of Caduceus relies on successful adoption of our chain; we are confident the M4TTER proposition will engage a suite of exciting new Metaverse concepts into our ecosystem.”
Incubator projects will be guided by the experienced M4TTER team with up to USD $10,000 grant funding as well as access to best-in-class support services. Services include; tech support with access to developers that can guide through the deployment process, listing and liquidity through the Caduceus Network, fundraising connections to a vast network of Venture Capital firms, introductions to legal partners, marketing and promotion across the network, and advisory for a range of project areas.
The M4TTER team will be supported by a range of Web 3.0 advisors including Investment Advisor Midhat Kidwai, Sports partnership advisor BBC sports and Rugby legend Lawrence Dallaglio and Legal Advisor Alan Kitchin and James Slate, early Web3 and NFT investor, now Web 3 founder.
James Slate comments “I am delighted to be a part of this exciting new team as well as the wider Caduceus network. The M4TTER proposition will be a chance for Web 3 and specifically Metaverse concepts gaining access to all the tools they need to scale.”
Caduceus is the first metaverse protocol with decentralised edge rendering dedicated to providing an infrastructure layer of Metaverse development.
Caduceus offers up to 100,000 transactions per second, Easy Cross Chain tech with EVM equivalence and Multichain bridges. Developers can easily migrate, render and stream decentralised projects through Caduceus’s edge rendering network.
The blockchain game Kryptomon, a living-NFT-powered Metaverse project combining Play-and-Earn gaming with nostalgic charm, announced today its official sale on Binance NFT, the NFT marketplace of Binance, the world’s leading blockchain ecosystem, and cryptocurrency infrastructure provider. This launch features one of the world’s first “Physital NFT” collections.
The “physital” concept comes from the merge between physical and digital. The digital items that will be included in the Mystery Box include a variety of Badges (silver, gold, platinum, and diamond) which will grant users an increased chance of obtaining Mystery Boxes in Kryptomon’s monthly Treasure Hunt event along with other unique in-game enhancements, a co-branded in-game “NFT Hunter Club” hoodie that provides in-game utility for both 2D and 3D Kryptomon games, and a single Kryptomon NFT egg which will soon hatch into the buyer’s very own Kryptomon. In addition, one lucky winner will walk away with a Generation 0 Kryptomon, an ultra-rare Kryptomon of which only 100 will ever exist, currently valued at a floor price of almost $5,000!
Meanwhile, the physical asset collection will include a variety of limited-edition exclusive collectibles, each with its unique serial number to prove and verify its authenticity. The physical items that buyers will receive upon purchasing the NFT Mystery Box will include a limited edition “NFT Hunter Club” Kryptomon hoodie with a serial number that matches its digital counterpart. The physical hoodie is made of premium, high-quality materials and includes customization capabilities as buyers can add patches. Other items included in the physical package are a limited edition “NFT Hunter Club” Kryptomon T-shirt, a cap, and a shopper bag.
Leading the charge into “phygital” wearables, Davide Matteazzi, Kryptomon’s Chief Merchandising Officer, brings a wealth of experience from his time at various global fashion brands including Diesel and Calvin Klein Jeans. “Digital wearables have a bright future and show a clear path for NFT longevity,” says Matteazzi.
Event Details
The Mystery Box sale will be conducted on a first-come-first-serve basis over four different rounds and will last until the items run out of stock.
The main sale will take place on the Binance NFT marketplace exclusively on the 9th of September at 10:00 UTC. Meanwhile, the secondary sale will take place on Kryptomon’s own marketplace on the Kryptomon website shortly after, in an exclusive sale that will happen in three rounds. Users will get the chance to earn their place in the sale and whitelist their wallet address to participate in the exclusive sale by participating in the company’s Physital NFT Celebration campaign here: https://krypto.moe/physitalNFT
Exclusive Sale on Binance NFT Marketplace
All Binance users with verified KYC wallets will be eligible to purchase from the first-ever exclusive physical sale.
Details of the exclusive sale:
A total of 2,500 limited-numbered Physital NFTs are available.
Shortly after the exclusive sale on Binance NFT, Kryptomon will launch another exclusive sale on Kryptomon NFT Marketplace in three rounds, for whitelisted wallet addresses only. Users can learn more about the sale and whitelist their wallet addresses on the company’s Physital NFT Campaign page.
About Kryptomon
Kryptomon is a web3 gaming company. Set in the Kryptomon Metaverse, community members play as “Trainers,” taking care of their own NFT pet monsters, which have a unique and mutable genetic code of 38 randomized parameters that determine their physical and behavioral characteristics. They are capable of learning, falling sick, getting hungry, and protecting their trainers when out on an adventure in the physical world. In turn, trainers must care for, feed, and train their Kryptomon partners to grow and prepare for the battles ahead. Kryptomon aims to create the next step in the evolution of crypto and Metaverse gaming by using blockchain, digital genetics, and location-based technologies. To see how Kryptomon is creating its unique gaming universe, please visit https://kryptomon.co/
Binance NFT, the official NFT marketplace of Binance, offers an open market for artists, creators, crypto enthusiasts, NFT collectors, and creative fans worldwide with the best liquidity and minimal fees. Consisting of three product lines: Premium Events, Mystery Box, and a marketplace. Now, Binance NFT aims to build the first and largest GameFi NFT trading platform for gaming projects via IGO (Initial Game Offering) – featuring core in-game assets from top gaming projects.
Ivan’s One Van Films will adopt NFTs & DAO for future productions seeing loyal fans rewarded through utilities such as behind-the-scenes access and more
Ivan Atkinson’s acclaimed film production company One Van Films is partnering with 3D Metaverse Platform Light Cycle on the Caduceus Ecosystem for a pioneering new NFT and DAO project that rewards loyal fans and supporters by creating an eco-economy providing a twist on the traditional challenges within the film industry.
One Van Films is an independent British film production company based in London and founded by celebrated Hollywood story writer and producer Ivan Atkinson. His recent work includes The Gentleman (2019), Wrath of Man (2020), and Aladdin (2019) and he is famed for having worked with some of the most creative talents in the industry including Guy Ritchie, Jason Statham, and Matthew McConaughey.
This new project will allow loyal fans to have an up close and personal relationship with the film industry with totally unprecedented levels of behind-the-scenes access. It comes in the form of Digital NFT ownership and tokenisation of exclusive moments and collectibles. It will also revolutionise how fans can interact while watching the movie, i.e. choosing different endings, purchasing the items they like in the film and etc. The disruptive and pioneering project will be listed on The Light Cycle platform, which is an obvious choice due to its speed, ease, and – unlike so many other platforms in the sector – minimal costs.
Ivan Atkinson says, “This project is one that has taken careful crafting and consideration. I aim to contribute to the film industry by creating a way for an audience member to participate in the movie-making process. Caduceus has been instrumental in helping with that vision, as they are nothing but exceptional at what they do. I am excited to have our audience join in on this project. It’s going to be great to give them unseen access to the world of filmmaking.“
Sara Ezen of Light Cycle says, “The conversations with Ivan naturally evolved from a straight-forward NFT project with incredible utilities through to a full-blown tokenisation project! It makes complete sense as NFT holders will be able to stake their NFT’s against all future One Van Films productions. The disruption to the traditional film market is unprecedented. It’s the start of the Future of filmmaking.”
About Light Cycle
LightCycle Labs is a 3D Metaverse platform tailored for fashion, entertainment, gaming, filming, music, sports, real estate, retail, and NFT. Powered by Caduceus’ unique decentralised edge rendering power, allows Light Cycle to build this amazing platform. As part of the Light Cycle road map, it includes a content management system that enables uploading virtual content and assets, building diverse venue models, and land purchasing. This will allow businesses to engage with their own community and also provides global users to interact with their favourite brands and celebrities in a 3D environment.
Caduceus is a metaverse protocol for decentralised edge-rendering and an infrastructure-level, open blockchain platform specifically built for the metaverse and the decentralised digital world. It’s manufactured with next-level processing power and rendering capabilities and has been formed and developed by prominent investors and blockchain specialists.
Cardano (ADA) has not performed well for investors for most of 2022, with mixed projections for the remainder of the year and into 2023. Crypto investors are trying to find other projects that have potential for massive gains and we think The Hideaways (HDWY) is a great option.
Key Highlights:
The Hideaways (HDWY) is in pre-sale and currently only valued at $0.01, with expected price rises this week to $0.05. Invest today and you could make 500%.
Cardano (ADA) is losing out to utility coins disrupting real-world industries.
Investors love that you can invest in real-world property using cryptocurrency.
Cardano (ADA) vs The Hideaways (HDWY)
Cardano (ADA) has been a great investment for a lot of crypto investors. It’s one of the top cryptocurrencies and its size and success has left investors wondering whether investing in Cardano (ADA) now will lead to significant gains. As such, crypto investors are looking at projects such as The Hideaways the project has only just launch with a small market cap. This gives investors the opportunity to get in at a low price – just $0.01 per HDWY token currently, although this is expected to rise to $0.05 by the end of the week.
Caradano (ADA) may well end up being a crypto investment that provides gains over the next few weeks but investors seem to feel that there are too many hurdles to overcome for the project to achieve this. Instead, Cardano (ADA) investors are looking at projects such as The Hideaways (HDWY) as they can see the potential of a project that lets crypto investors invest in properties using crypto. The project for this potential is huge, if they capture just 0.1% of the global real estate market, you could make 50,000% gains on your investment! This is massively more than you could get from investing in Cardano (ADA) or even Bitcoin (BTC) or Ethereum (ETH) for that matter!
The Hideaways (HDWY) explosive price growth is being driven by several key factors, but it’s the market that The Hideaways is targeting that gives it a brighter outlook than Cardano (ADA).
You should invest in The Hideaways (HDWY rather than Cardano (ADA)
Cardano’sPrice Prediction: Not positive
Cardano (ADA) has limited catalysts and its future price in the current macro economic environment does not look promising. When compared to a small market cap coin that has real world utility and generates multiple revenue streams such as The Hideaways (HDWY), Cardano (ADA) does not look like a good crypto investment at the current price.
The Hideaways (HDWY) Has Truly Massive Potential
The Hideaways (HDWY) is in very early stages and if you invest now, you would be making a fantastic decision by picking up the HDWY token at only $0.01. Token price is set to increase from $0.01 to $0.05, so even a short term investment could see you make 500%!
The District of Columbia’s attorney general says MicroStrategy CEO Michael Saylor evaded paying $25 million worth of taxes
MicroStrategy and Michael Saylor have denied the allegations
District of Columbia Attorney General has filed a lawsuit accusing Bitcoin bull Michael Saylor of evading $25 million worth of taxes in the District and violating the tax code.
The AG is seeking $100 million in due taxes and penalties against the former Microstrategy CEO with claims that he has not paid taxes in the District since 2005.
Part of the court filing claimed that Saylor deliberately avoided taxes by claiming to be a resident of another jurisdiction with lower taxes even though he maintained his residence and domicile in the District and docked several yachts on the Potomac riverfront.
Michael Saylor has claimed to live in Florida, where he has a home and Virginia, where the Microstrategy office is located. But the suit claimed all this was a cover and cited several instances where Saylor claimed his home in DC. It also included his Facebook posts showing he spent a lot of time in the District.
Part of the lawsuit reads:
“Since at least 2012, Saylor has bragged to his confidants about his successful plan to create the illusion of residing in Florida in order to evade the District’s personal income taxes.”
DC has one of the highest income tax rates in the country at 10.72%. Florida, on the other hand, has no individual income tax.
The AG also includes Microstrategy as a defendant in the case and claims the company likely helped Saylor to evade taxes.
MicroStrategy and Saylor deny the allegations
However, Microstrategy denied involvement in the case describing it as a personal tax matter. The company also denied conspiring with him or being involved in the tax liabilities.
Saylor recently left his position as the CEO of the company but currently chairs the board.
Michael Saylor himself had denied all the allegations stating that he is based in Florida, where he has been living since 2012, when he left Virginia. He claimed Florida is at the center of his family life as that is where he votes and also where he has served jury duty.
“I respectfully disagree with the position of the District of Columbia + look forward to a fair resolution in the courts.”
However, a Twitter user said that Saylor had previously claimed that Bitcoin could be used as a tool for evading taxes.
While the Attorney General’s lawsuit did not include any of these claims, they could come to haunt the billionaire when the court eventually entertains the case.
Despite an incredible amount of publicity and being one of the most quintessential upgrades in the history of crypto, the Ethereum Merge is still poorly understood among the general crypto crowd. Many believe that The Merge – a blockchain upgrade that will see Ethereum transition to being an exclusively Proof-of-Stake (PoS) network – will bring forth better scalability, reduce fees, and enhance the Ethereum network in various other ways. The truth is, The Merge won’t do any of these things, at least not initially. Instead, The Merge will lay the groundwork for future Ethereum upgrades that will drastically improve scalability, transaction speeds, and transaction costs.
Before diving further into popular myths surrounding the highly anticipated upgrade, let’s first explain what The Merge is and when we can expect it.
What is the Ethereum Merge?
The Merge is the name of a network upgrade that will see the Ethereum Proof-of-Work (PoW) mainnet merge (hence the name) with the PoS-powered Beacon Chain, a blockchain launched in late 2020 as a stepping stone supporting the mainnet PoS transition. If you want to learn more about The Merge, please check the following video published by the DeFi-focused YouTube channel Finematics.
Once The Merge is fully integrated, Ethereum will cease to rely on a network of miners for network security, transaction validation, and new block production. Instead, the general upkeep of the network will be managed by Ethereum validators who will stake their ETH holdings in exchange for staking rewards.
While the change of the mainnet’s underlying consensus algorithm is a very big deal, that change won’t have much impact on regular users, who might be using the Ethereum network to tap into various decentralized finance (DeFi) products and services, trade non-fungible tokens (NFTs), or engage in a variety of other on-chain activities supported by Ethereum.
When will the Ethereum Merge take place?
The exact date of The Merge is hard to pinpoint due to the varying difficulty of mining new blocks. The Ethereum foundation posted the terminal total difficulty that will trigger The Merge, expected to occur later this month, between September 10-20.
It is worth noting that prominent Ethereum developer Time Beiko recently highlighted September 15 as the most likely Merge date.
.@Ethereum’s transition to proof-of-stake is happening 🎉
Client releases are out – update your node! First part of The Merge, Bellatrix, happens on Sept 6. Full transition ETA: Sept 15. Mark your calendar 📆! https://t.co/X0DKUmcZHJ
With the brief introduction of The Merge out of the way, let’s proceed to the top five myths surrounding Ethereum’s upcoming network upgrade.
1. It’ll reduce gas fees
While network congestion leading to high transaction costs is one of the most pressing issues facing Ethereum, The Merge won’t help alleviate this problem. The gas fee, a cost for using the Ethereum network, will stay the same after the September upgrade. The first major improvement in the network’s throughput will go online during The Surge, the next upgrade phase in Ethereum’s development cycle.
2. It’ll increase transaction speed
Similar to the first misconception on our list, transaction speeds won’t be affected (at least not in any meaningful way) by the change in the platform’s underlying consensus mechanism. Both gas fees and transaction speeds are a product of blockchain’s scalability, which The Merge won’t address directly. However, it is worth noting that after the upgrade, a new Ethereum block will be produced every 12 seconds, down from the current speed of 13.3 seconds, resulting in slightly faster transaction speeds.
3. It’ll make the network less secure
A common jab against The Merge is that it will decrease the platform’s overall security. If anything, the Ethereum network will likely be more resistant to malicious attacks post-Merge. Case in point, after The Merge, Ethereum will, for all intents and purposes, no longer be susceptible to 51% attacks. Anyone wanting to seize control of the Ethereum network and introduce protocol changes would have to control 51% of all ETH in circulation (currently valued at ~$97 billion).
4. Staked ETH will be accessible immediately after The Merge
The fourth myth on our list stems from the fact that many people equate Ethereum 2.0 and The Merge. Initially, Ethereum 2.0 was used as the name for the Ethereum network after the Proof-of-Stake transition. Later, the Ethereum Foundation decided that The Merge would be used for the PoW to PoS transition instead, and Ethereum 2.0 would come to represent a fully upgraded Ethereum, with sharding, Verkle tress, and so on. However, since many people seeThe Merge and Ethereum 2.0 as the same thing, they think that deposited ETH would be unlocked with the Merge upgrade.
That’s not the case. Investors depositing their ETH in the Eth2 smart contract, or via liquidity pools, such as LidoDAO, won’t’ be able to withdraw their ETH for at least a couple of years – more exactly, until the Shangai upgrade (the next major upgrade after The Merge) rolls out.
5. It’ll lead to a miner rebellion
Pehaps the most contentious and final myth on our list is rooted in the fact that the existing mining infrastructure will become obsolete after The Merge goes live. While it is easy to see why ETH miners would have a clear economic incentive to keep the network tethered to Proof-of-Work machinery, they have little leverage in making this happen.
If, for the sake of the argument, a group of miners would successfully pull off a hard fork of the existing PoW chain, the new network would have difficulty attracting users due to the lack of popular decentralized applications (dApps). Last but not least, the move to PoS was planned from the beginning, which means that ETH miners had known that mining operations would become obsolete sooner or later.
Wrapping up
The Merge represents the first out of the five planned Ethereum upgrade phases that will see Ethereum become a network capable of processing up to 100,000 transactions per second (TPS). The next phase, called The Surge, will introduce sharding and tackle the network’s scalability. In the meantime, Laye 2 solutions like Polygon and Optimism, remain the only viable options to increase the speed and lower the cost of Ethereum transactions. Hopefully, this article managed to clear up the most common misconceptions about the Ethereum Merge.
