The leading NFT marketplace saw a 57% reduction in trading volume in the past 30 days
Less than 6 months ago, OpenSea had its best month to date, reaching record high trading volume, fees generated, and user activity on the site
While Ethereum and Polygon NFT trading volumes are down, Solana NFTs saw a major bump in trading activity
Ethereum and Polygon volumes nose dive, Solana NFTs see a 78% monthly increase
The recent cryptocurrency downturn saw Bitcoin – and the rest of the crypto market – lose high double digits in the past month. In addition to the falling prices of crypto coins and tokens, non-fungible token (NFT) sales have also seen a considerable decrease in the same time period.
According to a blockchain analytics firm DappRadar, the world’s largest NFT marketplace OpenSea saw an overall 57% decline in trading volume in the past 30 days.
Trading volume, transaction count, and user number are all down in the past month. Image source: DappRadar
Both Ethereum and Polygon NFT volumes declined by roughly 70%, falling to $760.39 million and $10.53 million, respectively. However, there was a considerable increase in transactional volume taking place on Solana – the trading volume on the high-performance Proof-of-Stake (PoS) chain increased by 78% over the course of the last 30 days and hit $62.99 million.
The drastic drop in NFT trading volume comes roughly 6 months after OpenSea had its best month ever. In January 2022, the collectibles marketplace hit record-breaking figures in terms of the number of NFTs sold, trading volume, and fees generated.
On June 20, ProBit Global will list FAKT, the token for both payment and medical imaging data host/provider verification on the Medifakt network.
The Medifakt blockchain platform seeks to cut the cost of accessing and managing interoperable health and imaging data by decentralizing the transfer, storage, and interpretation of medical imaging data as it services three key stakeholders globally: patients, providers, and AI companies.
Its remote storage eliminates unnecessary third-party hosts such as telemedicine companies which currently perform the medical images storage function and charge both providers and patients for the use of their services.
The increasing prevalence of chronic conditions and rising demand for self-care will see the global telemedicine market reach US$113.1 billion by 2025, according to a report by Grand View Research, Inc. The spread of the internet, the provision of virtual care, and the rising demand for centralization of healthcare, present market opportunities for blockchain healthcare use cases.
Medifakt combines IoT, AI, and blockchain to ensure the real-world data collection of images through medical devices, their interpretation, and solving the transparency issue in healthcare costs regarding drug development, payments, and insurance premiums.
The process entails nodes on the network verifying data storage transactions as well as other rules defined in the protocol. The nodes are rewarded in tokens while FAKT helps incentivize patients to encourage the sharing of personal data.
ProBit Global is a Top 20 crypto exchange worldwide servicing crypto enthusiasts with unlimited access to trade and buy Bitcoin, Ethereum, and 800+ altcoins in 1000+ markets.
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Accumulate is announcing a whitelist for 10,000 Web3 enthusiasts to join in order to gain early access to claim a unique Accumulate Digital Identifier or ADI, which users will be able to use once the Accumulate Mainnet launches.
What are ADIs
ADIs refer to a system for assigning unique digital identities to assets, individuals, or entities on the blockchain. Traditional blockchains are organized based on randomly generated public and private key pairs which are used to store funds and record transactions on a distributed ledger.
Current blockchain key management systems lack simplicity for the average user. The common approach of using the first and last characters of an address can leave users exposed to what is called the ‘man-in-the-middle attack’, which is a form of cyber attack where a bad actor could intercept or manipulate a transaction by injecting wrong information or changing the recipient’s address to their own. This is made easier due to the complex nature of randomly generated addresses.
Additionally, due to these addresses being randomly generated, public & private key management systems make it difficult to store ordered data sets or assign different levels of permissions to specific keys.
Accumulate Digital Identifiers (ADIs) are human-readable addresses similar to website URLs chosen by individuals or organizations to represent their presence on the blockchain.
ADIs enable more flexibility and deployment of complex operations by issuing a hierarchy of keys with different permissions or levels of security.
This allows entities operating on the blockchain to more easily build standardized yet scalable protocols for other entities to interact with and exchange sensitive information with them based on access permissions granted for specific data sets.
Using ADIs, Accumulate can serve as the de-facto communication and audit layer between blockchains, enabling the seamless transfer of tokens or other kinds of digital assets between ADIs across different chains regardless of their consensus mechanism.
Accumulate Digital Identifiers: Creating a Universal Identity Layer
A key advantage of ADIs is the emphasis on multi-chain interoperability with other digital identifier solutions.
One of the biggest challenges that the Web3 space faces today is the lack of connectivity between the dozens of other blockchain-based identity solutions, each of which is vying for the same goal of achieving a universal identity layer.
A decentralized identity solution is only as valuable as the number of individuals or entities it represents. The smaller the number of adopters of a digital identity format, the less useful each ID will be when it comes to accurately represent the online or offline behavior and reputation of its holder.
The ultimate purpose of a digital identity is to serve as a single source of truth and a standardized form of accounting for all on-chain and off-chain activities that the identity holder has participated in and for all digitally native and digitized (or tokenized) assets that they hold.
Under this description, it is essential that a digital ID be integrated into every Dapp or blockchain that a user has adopted in order to represent that user in the most accurate and complete way possible.
To this end, the Accumulate is not just focused on creating its own digital identity layer for users to adopt, it is also focused on partnering with existing digital identity providers in order to consolidate these services under one universal identity layer that can most accurately represent the Web3 space in its entirety.
Creating a Universal Identity Layer
On Accumulate, we aim to enable users who hold an SBT, an ENS domain, or any other form of digital identity to convert them into our ADI format, similar to how BTC can become WBTC by being embedded into a smart contract that converts the token to an ERC-20 token, thereby giving it functionality within the Ethereum ecosystem.
Each uniquely formed identity on a different chain or Dapp could be given an ADI wrapper that would enable it to function as a unique ADI within the Accumulate Network.
Ultimately, enabling interoperability between on-chain digital IDs to create a cross-chain universal identity layer will be one of the defining traits of Accumulate.
Accumulate is a high-performance blockchain for DeFi, integrating blockchains, protocols, oracles, and applications, serving as a bridge for the new digital economy. Accumulate shifts the paradigm for how blockchains manage data, tokens, and users with an identity-based, Proof-of-Stake blockchain offering secure, scalable, and extensible features to power DeFi applications. Learn more at https://accumulatenetwork.io.
Binance CEO Changpeng Zhao sat down for an interview with Fortune
The CEO discussed a number of topics, including the bear market and Binance’s new hirings and investments
Zhao indicated that it could take four years before Bitcoin and the rest of the market reaches a new peak
Zhao sees the crypto downturn as an opportunity for the industry to become “stronger”
In an interview with the US news outlet Fortune, the Chief Executive Officer at Binance, Changpeng “CZ” Zhao, revealed his thoughts about the bear market, Binance’s part in growing the crypto industry, and the role of crypto in sanctions enacted against Russia.
Zhao admitted that the current situation in the crypto market is “bad”. Bitcoin is trading more than 60% removed from its ATH, while the total value of all digital currencies in circulation dropped from $3 trillion in November to below $1 trillion in June. However, the CEO shared an optimistic perspective on the bearish trend, essentially pointing out that when there is a disaster, “there is also opportunity.”
Recall that Binance has been on a spending and hiring spree in the past couple of months. The company announced last week it will expand its workforce by 2,000 personnel by the end of the year, which comes in stark contrast to Coinbase and other companies that have been announcing hiring freezes and cuts.
In addition, Binance has made several considerable investments recently, including allocating $500 million for the Web3-oriented investment fund and making a $500 million commitment to help Tesla CEO Elon Musk in his Twitter takeover bid. The reason for this apparently lies in Binance’s extensive capital reserves. Zhao explained:
“We do not need to raise money. Based on my knowledge, we have a much larger budget than anybody else in the industry.”
The Binance boss added that the downturn, although “painful for a lot of people”, will help make the industry stronger. “Everyone who lasts, who survives, will be stronger,” Zhao said.
Although during the interview Zhao didn’t reveal how long the crypto downturn could last in his opinion (apart from remarking that the crypto market seems to follow 4-year cycles), his Saturday Twitter post did shed some light on the topic. Judging by previous cycles, it will likely take years before enough momentum is garnered for BTC and the rest of the market to rally to new price peaks.
In response to a question about crypto being used as a means of evading sanctions used by Russian oligarchs, Zhao reiterated his previous stance that crypto as a whole is simply too small to have any considerable effect on the global economy and that it most likely represents a minuscule share of the total wealth controlled by the Russian elite. The CEO also remarked that while Binance does adhere to the sanctions list, it would be wrong for the company to “unilaterally” freeze accounts of all Russian citizens.
Businesses or even individuals who regularly earn crypto-related income are often stuck with the challenge of converting all or a portion of the funds into cash in order to pay for expenses. This is rarely convenient, causes unnecessary exposure to volatility risk, and is deterring widespread crypto adoption.
Whether you are a Bitcoin miner, NFT artist, DeFi earner, Metaverse visionary, or just interested in a simple way to convert crypto-to-fiat in a flash, Swapin solutions are the missing link you have been hoping for. Here’s why.
How Swapin Solutions Help Crypto Holders
To truly convey the power of Swapin solutions and the authentic problems they solve for businesses and individuals, we are going to walk you through several scenarios common to crypto holders who, at some point, need to convert funds into cash.
NFT Artists
NFT artists have been making a killing in ETH or other smart-contract platform tokens that support NFTs. Many top NFTs sell for tens to more than one hundred ETH. Creators have sold entire collections at such rates, causing a pile of profits.
NFT artists often focus on art as their primary income stream, so they will need to pay bills, rent, subscriptions, and more. Using Swapin tools, users can make payments to service providers, landlords, and more in crypto, and since it is instantly converted into fiat when it arrives at the associated bank account, they are none-the-wiser.
DeFi Earners
Whether you have earned money from providing tokens as liquidity on decentralized exchanges, are lending them in a borrowing protocol, or are staking the assets for a variable APY, profits are bound to grow over time. The passive investing approach is a tried-and-true formula for steady capital growth.
But what happens when it is time to convert these coins into cash? It typically involves sending coins to an exchange, cashing out, then sending the funds to a bank account. By the time the funds arrive and the fees are taken, you get far less money, defeating crypto’s convenience. With Swapin, crypto is instantly converted and sent to a bank account as fiat, cutting out the extended process in between.
Metaverse Visionaries
Metaverse platforms are businesses with a team behind them. Since the company earns in crypto, yet still faces the challenge of paying employees who – despite crypto adoption increasing – still need cash.
These businesses can set up recurring payments in crypto to employees to cover salaries and daily expenses using Swapin crypto-to-fiat solutions.
Bitcoin Miners
Bitcoin miners must run powerful computer equipment that utilizes a great deal of energy in order to mine each BTC. The entire revenue model is driven by BTC, but to pay for the electricity required to operate the machinery or to cover maintenance costs, miners still need to convert some of their BTC to cash.
Bitcoin price is volatile. By the time miners go to convert their funds into cash, the price per BTC could have dropped significantly, causing the cash to fall short of covering the intended business expenses. With Swapin, businesses can simply send BTC to a connected wallet, which instantly converts the BTC into euros when it reaches the specified bank account.
About Swapin Solutions
Swapin is so well equipped to address the challenges crypto users face on a regular basis because Swapin CEO Evald Hannes-Kree has experienced these same issues during his extensive career in the cryptocurrency industry. Kree began as a Bitcoin miner, running into the same problems his business now fixes for B2C and B2B customers.
The company is licensed and regulated and has an ambitious company roadmap ahead. The company recently released a refreshed app. Swapin B2C tools include InstaPay, InstaFill, and soon InstaBuy. B2B tools include CoinCollector and the E-Com widget for merchants. Visit the official Swapin website to learn more about these products and how they can benefit crypto holders and businesses.
Minima becomes 1 of 11 global startups invited to work with Mobilityxlabs to create innovative mobility solutions
Mobilityxlabs, a collaborative platform formed by seven automotive industry leaders, works with several global partners to create innovative solutions for the changing industry
Starting from August, Minima will create vehicle-2-vehicle solutions with advanced features, including loyalty programs.
Minima’s communication solutions are expected to be cost-effective and efficient to meet the rising needs of the changing car/mobility industry
Decentralized blockchain protocol, Minima, has announced that it has been selected as part of Mobilityxlab’s collaborative program. Minima is 1 of 11 global start-ups selected to create innovative mobility solutions with industry leaders in vehicle and mobile communication through MobilityXlab.
Mobilityxlab’s Mission to Improve the Automotive Industry
The Mobilityxlab team is drawn from the industry partners, and its representatives are involved in every aspect of the process, including screening new applicants and leading the collaboration program.
MobilityXlab is a collaboration hub that was founded in 2017 by global companies to create and champion new innovations within the mobility industry. The companies collaborate with each other and with startups. As of the moment, it boasts seven founding partners: CEVT, Ericsson, Polestar, Veoneer, Volvo Cars, Volvo Group & Zenseact.
Mobilityxlab is strictly committed to high standards and chooses its partners carefully. To be invited into the partnership program, a startup must be nominated by, at least, two of its industry insiders. This is necessary to reinforce knowledge sharing and improve the outcomes for Proof-Of-Concept (PoC) and validation of projects.
Minima as an Integral Part of the Program
Minima is a decentralized blockchain and peer-to-peer network designed to be accessible to as many people as possible by making it compact enough to run on mobile and IoT devices. It is complete, quantum resistant, and secured by every single one of its users.
Minima will start contributing to the collaborative program in August 2022. It will kickstart the Vehicle-2-Vehicle communication solution by demonstrating a decentralized network of connected cars/devices. These connected cars will individually benefit from the security of the Layer1 solution, distributed across all participating nodes. Minima’s communication solutions will ensure rapid and cost-effective vehicle-to-vehicle solutions, meeting the rising needs of the fast-changing car/mobility industry.
The solution from Minima will guarantee data security for connected cars while allowing them to be autonomous economic units. As a Peer-to-Peer network of connected nodes, it will support chat and communication features to allow users to share messages and information. The network will pave way for rewards and loyalty programs.
The Journey So Far
Although Mobilityxlab is a relatively new company, it has attracted at least 80 startups. Within six months of its launch, the program sealed 12 commercial contracts/partnerships. Surely, it can only get better from here.
Speaking about the exploits and vision of the company, Mobilityxlab director, Katrina Bud, said:
“To keep up with the rapid pace of innovation and technology development, companies can’t rely on doing it on their own anymore. Our role is to foster access to a productive collaboration network for all parties involved.
Considering that the car/mobility industry is drifting away from the era of people owning their own cars to a renting economy, there is a need to provide solutions that boost value. People need to derive maximum value from such aspects of the industry as car rental, ride-sharing, and car charging.
Minima is not just providing Vehicle-2-Vehicle communication. Its technology will meet the rising need for immutable and censorship-resistant transfer of mission-critical data. It will also ensure rapid and cost-effective Vehicle-to-Vehicle communication.
Speaking about the new partnership, Minima’s CEO, Hugo Feiler, said:
“We’re thrilled to be part of the mobilityxlab program and can’t wait to demonstrate the benefits of a truly decentralized network for mobility more broadly, and vehicle-to-vehicle communication in particular. When each car is a fully sovereign, functional node on the network, communication between them becomes more secure and resilient which we believe to be crucial for any future that involves autonomous vehicles.”
For the many out there, blockchain and space are two very different areas and seemingly have no connection. Yet, both are more intertwined than we can imagine. Human endeavor in both areas is cutting edge, full of exploration and wonders.
No wonder today blockchain, cryptos and space are fast becoming one. Thanks to one very ambitious Space Coin Project, it is leveraging blockchain and its properties to make space travel cheaper and more affordable than ever.
The Blockchain and Space Connection
The unexplored realms, space and blockchain provide vast areas (physical, digital and financial) that remain untouched. Today, several projects combine these two to offer various innovative services.
Take Blockstream for example. The Bitcoin satellite project uses an array of transceivers thousands of kilometers above the earth that are continually syncing the Bitcoin chain. These satellites also beam down to earth and communicate with each other to stay updated. In case of a black swan event that can cripple most of the miners and nodes ground side, the satellites can keep the network running.
Another innovative approach that connects cryptos and space is DOGE-1, a collaboration between GEC and SpaceX to put a research satellite in the moon’s orbit. What’s so special about it? The whole project is funded through Dogecoin.
Now the Space Coin Project wants to take a different approach.
Space Coin Project: Let’s Put Men in Space
All space and blockchain endeavors have one thing in common. They either leverage space for blockchain or leverage blockchain for space. Space Coin Project is innovative in the approach that it takes to the private space tourism industry. It wants crypto to power tourists into space.
The project isn’t only going to leverage the financial power of cryptos, but also use the complete blockchain aspects, including DeFi and DAO to ensure that it is viable and economical.
The Space Coin Project is going to use its ERC20 compatible SPJ token as the underlying asset that will power the whole system and economy. All token holders will be eligible to take part to become tourists in space. Using the SpaceDAO, token holders can decide on which tourism service to use, how to pool the finances and how to decide who gets to go. Using blockchain means that all decisions are transparent and viewable to all.
At the same time, using blockchain means that the financial decisions are also transparent, giving a fair price mechanism and making space travel affordable.
Token holders can also tap into the DeFi nature of SPJ. Simply holding SPJ tokens in wallets automatically qualifies for staking, giving people not only an increased voting power but potential profits as their SPJ holdings also increase.
Why Space Coin Project?
Today, private space travel is a reality. There are already three private space firms that have put people in the upper regions of the earth’s atmosphere, albeit at a heavy ticket price.
SpaceX recently let people spend three days in space through its Inspiration4 mission. The company has kept the cost per ticket private, but many estimate that it can be as high as $50 million. Virgin’s Spaceplane is considered the cheapest but still carries a whopping $450,000 tag.
With less than 1% of the population who can afford it, the dream of visiting space is still out of the range of ordinary people. The Space Coin Project is making this dream a reality as anyone who takes part in the project, no matter how many SPJ they hold, has a chance to go into space.
Thanks to the Space Coin Project, space is becoming affordable for all.
While most people have genuinely not seen sense in early investment, a reward comes with a good investment in the long term. If you start to invest early enough, you have a great future set up for you as soon as you retire.
But, how do you begin making a good investment? What are the essential basics you must know? The first thing to ensure is in order is ensuring your high-interest debt is in control.
It is even essential to ensure that you are debt-free because most of the money you will make in your investments will repay your debts.
Secondly, you must ensure you have an emergency cash fund. Emergency does not knock on anyone’s door, so ensuring there is some money to help you in dire situations is necessary.
Historically, you can see significant investments coming in handy when there is ongoing inflation. The best thing you should know to get through tough times like these is to spread your risks with suitable methods so that your money will move towards an upward trajectory.
Here are the two best categories of investments you can indulge in today for the greatest return. However, it is also essential to know that the stakes could be high and that you are getting into a risky adventure. There is a high chance you may make it big and an equally high opportunity you may lose. Always have the basics before investing.
1. Cryptocurrency
Cryptocurrency is an electronic-only currency whose intention is to trade. Many individuals have preferred Crypto in the last few years, and individuals who have followed this path have made vast amounts of money.
Of all used cryptocurrencies to make investments, Bitcoin happens to be the most widely used. It attracts many traders mainly because of its fluctuating price, which happens occasionally. At the start of 2020, the Bitcoin starting point was $10,000, which was already at $30,000 in 2021.
2022, however, is proving to be a challenging year for cryptocurrency. The prices of most have made tremendous declines. But should this be a reason to ditch Crypto as an investment? No. It should not because cryptocurrencies like Bitcoin still have their all-time highs.
FDIC or any government money-generating agencies do not back the cryptocurrency, so determine what traders are already paying for it before taking it as an investment.
What are the risks of cryptocurrency?
Like any investment, Crypto has its significant share of risks. The greatest known risk is Crypto turning any individual currency into nothingness. There are also risks of being hacked, resulting in you losing high amounts of money you have invested.
2. Forex Exchange
Investing in Forex exchange via hubblebit sounds very exciting. However, it is not something for everyone. One downside about Forex is that there is no proven formula that acts as a guide to helping you make money once your invest. You either gain or lose. Those are the two stakes at hand.
If Forex exchange is something you want to take up, the secret is approaching it as a business. It is imperative to note that it comes in a few days or months. It may take a very long time. If patience does not go well with you, you should check on the advantages of investing in Forex before leaping.
One notable advantage of the Forex exchange is how well it welcomes investors due to its low commissions and fees. Understand what Forex means and learn wise ways of going about it.
There is an advantage to making this investment all the same. You can diversify your portfolio, and it can help you build your forex strategy through news releases, elections, and other current events.
3. Value Stocks
The market has been running up and down in the last couple of years. There has been an evident stretch witnessed in the stock variations. Many investors turn to value stocks against these very heavy market tides as defensive mechanisms.
Why are value stocks an attractive investment point in 2022? When interest rates go up, value stocks tend to do better. The Federal Reserve has also confirmed a rise in rates within the year.
The value stocks have minimal risks. If there is a decline in the market, there is not such a significant negative impact on them. There is a chance of remaining above average, which covers you in case of risks.
4. Real Estate
The absolute truth about real estate is that it has been there long enough and is an excellent long-term investment. To get started, you must be willing to part with an immense amount of money.
If you are well versed in this area, you can be sure of a significant investment. The secret to making vast amounts of money is holding an asset for a substantial time.
Another advantage of real estate is that to start, you can get in touch with your bank if you can show commitment to pay up without fail over time. If you want to be your boss, then real estate is the investment you should consider.
What is the most significant risk? When you borrow a considerable amount of money to venture into real estate, you are in a gambling state. This is because of the uncertainty of how well you will do with this decision.
5. Dividend Stocks
Dividend stocks are proven to be an investment that brings excellent results. A dividend stock pays dividends. These investments are more prevalent among older investors because of their regular income.
The highest risk with dividend stocks is assuming that they won’t fall as much as they rise. However, even with this great challenge, a company focusing on dividend stocks is considered more established and mature than a growth company.
Conclusion
If you must invest in either Crypto or Forex exchange, do it with an open and ready mind that sets you up for the risks and the advantages that come with them.
Bitcoin bounced back from the $17.6K weekend low today and reclaimed $20K
Ethereum followed in the footsteps of BTC and surged by nearly 10% in the last 24 hours
Synthetix was today’s big gainer, surging into the cryptocurrency top 100 on the tailwind of 75% 24-hour gains
Bitcoin reclaims $20K, Ethereum $1K as the bearish trend is put on hold
During the weekend, the price of Bitcoin dropped below the $18,000 mark and hit a 19-month low of $17,700. Much like Bitcoin, Ethereum and other digital assets also plunged to their respective multi-month lows as the cryptocurrency market cap shrunk to $852 billion.
Bitcoin’s drop below $20K represented a noteworthy juncture as the world’s largest crypto fell below its 2017’s ATH price range of roughly $20K, meaning that whoever bought BTC after December 2020 was in the red on their spot investment.
BTC/USD hit the 19-month low of $17,697 on Sunday.
However, the bottom was quickly rejected and Bitcoin recuperated most of the losses accrued during the weekend’s action on Monday. Bitcoin is trading at $20,800 at press time, up 5.4% for the day. To see how BTC could perform going forward, check our automatically generated Bitcoin price predictions.
Like Bitcoin, Ethereum lost double digits on the weekend and dropped to its lowest point in more than a year. It wasn’t for long though, as the world’s second largest crypto surged back above $1,000 and hit $1,158 at press time, showing a 24-hour change of 9.3%. To see how ETH could perform going forward, check our automatically generated Ethereum price predictions.
Today’s run saw several major tokens surge by double digits – Aave gained roughly 18%, Avalanche 15%, Polygon 13%, and Solana 11%. However, arguably the most successful coin today was Synthetix’s SNX.
Synthetix becomes top 100 market cap asset
Synthetix gained roughly more than 70% today, which pushed it into the group of the 100 largest market cap tokens. SNX hit a cycle high of $3.12 earlier today but retraced to $2.80 by press time.
SNX/USD more than doubled in value in the past 48 hours.
Synthetix is a DeFi network based on Ethereum that lets users access highly liquid synthetic assets called “synths”. Synths are derivatives products that can provide market exposure to a variety of assets. For instance, sBTC tracks the price of Bitcoin, sETH the price of Ethereum, and so on.
Today’s impressive price surge of SNX can be attributed to the overall growth of the platform, which averages $100 million in daily trading volume via Atomic Swap on 1inch and Curve Finance, and high usage on a variety of decentralized futures and options platforms.
It will be interesting to observe whether SNX will manage to retain its market momentum in the coming days. In the meantime, take a look at our Synthetix price predictions for more information.