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HEX is a smart contract on the Ethereum platform marketed as a blockchain-based certificate of deposit. The HEX project is attempting to create an alternative version for traditional CDs that instead uses decentralized technology and cryptocurrency.
HEX uses the Ethereum network for its transaction layer while containing features designed to stimulate behavior that encourages price appreciation and disincentivizes practices harmful towards it.
HEX is the world's first blockchain Certificate of Deposit that allows users to stake their tokens in return for interest.
To trade HEX, or any other coin or token listed on ATAIX, join today and start trading.
It has been revealed that the Central Bank of Iran's (CBI) "national cryptocurrency" would soon begin a test phase. Salehabadi, who has been in charge of the CBI since Oct. 6, declined to provide any more information on the digital currency issued by Iran's central bank. After his first meeting with legislators, the senior official spoke to the media and stated that the regulator is now looking into the potential dangers and benefits of the initiative. To paraphrase him, as reported by the IRIB News and Financial Tribune: "Once the Money and Credit Council has approved it, we will begin the pilot experiment immediately." The initiative's next phase is expected to follow previous intentions to create national crypto, as suggested by the English-language business every day.
The Islamic Republic's national currency, the Rial, was being created on a private blockchain, as it turned out. The Iranian state-issued currency will not be mined, unlike cryptocurrencies based mostly on public blockchains such as Bitcoin.
According to the article, CBI subsidiary Informatics Services Corporation was entrusted three years ago with developing a nation's banking automation and cost businesses community's sovereign digital foreign currency. Later comments by CBDC officials indicated that the Hyperledger Fabric technology was used to build a prototype of the CBDC.
The general public had no idea how far this prototype effort had progressed until later bulletins announced that a "crypto rial" scheme was in the works. According to the news source, Iran's cyber currency will be a digital foreign currency issued by the Central Bank of Iran (CBI), not a decentralized cryptocurrency for small cashless transactions.
While Tehran's administration is cracking down on crypto investments and trading, only allowing banks and licensed money changers to use Iranian-issued currency to pay for imports, legislators have criticized the country's insurance regulations that limit access to the crypto market. Some believe that more lenient regulations would let Iran get through US-led sanctions while strengthening its banking system. A special working committee to clarify the views of the financial institution and the federal government on cryptocurrency, according to Governor Salehabadi, has already been formed.
Iranian Central Bank Law to be Amended by New Commission
Iranian media has also revealed that the new management of the central financial institution and Majlis members have agreed to set up a joint fee charged with reforming the CBI regulations. We expect its members to complete a long-delayed replacement for the rule that controls central bank operations soon.
The mining industry is the only part of the crypto industry that has gotten additional attention from regulators. Iranian authorities recognized the extraction of digital currency in 2019 as a legal, economic activity and set up a licensing system for anyone involved in the industry to operate under. After being criticized for electricity shortages over the unusually hot summer, mining farms have had their limitations removed for authorized crypto miners with a capacity of above 50, according to the state-run energy company Tavanir.
He refused to say if bitcoin was undervalued or overvalued, but he did say that blockchain is "definitely underestimated" as a category. A New York Times weekly DealBook interviewee made the comments on Saturday.
When it comes to bitcoin, Dell was a trailblazer. In 2014, his business, which offers everything from hardware to cloud computing services, started taking bitcoin payments. As a result of "poor demand," it ceased accepting bitcoin payments in 2017.
Elon Musk, the CEO of Tesla, stopped the company's bitcoin transactions in May due to environmental concerns. Cryptocurrency mining uses more energy in a year than certain nations. In addition, some institutions are cautious about cryptocurrency in general after a recent string of high-profile trading mistakes that placed millions of dollars in investors' hands at risk.
Dell's interest in blockchain technology stems from its infrastructure business, which brought in $8.4 billion in sales from providing data storage and other services in the second quarter. The company's 56-year-old billionaire founder recently named blockchain technology a potential income generator alongside self-driving cars and AI-driven medicine.
A massive quantity of data, he said to Yahoo Finance, "is at the heart of the increasingly linked intelligent world." "To keep track of all that data, you'll need infrastructure and technology. As a result, we're the world's top supplier of everything mentioned above."
In 2021, the price of bitcoin fluctuated wildly. A widespread market sell-off in May pushed the value of the digital currency all the way down to $30,000 before it finally crashed. After China declared an outright ban on cryptocurrencies, the price of bitcoin continued to rise and fall in recent weeks, dropping to about $42,000 last month. Since George Soros' investment company revealed that it trades bitcoin, its price has risen to almost $55,000.
In Hungary, a bronze monument honoring Bitcoin's mysterious inventor has been erected.
According to the statue's designers, it is the first in the world to honor Satoshi Nakamoto, an alias for the Bitcoin inventor or inventors, whose individuality is unknown.
The statue was presented at a technological park in Budapest, Hungary's capital, which also has an Apple founder Steve Jobs memorial.
Andras Gyorfi, a Bitcoin columnist and the project's founder, described Satoshi as "the founding father of the whole cryptocurrency business." "He has been the deity of our market since he invented Bitcoin and blockchain technology."
The statue of Nakamoto has a simple face and is dressed in a bronze sweatshirt with the Bitcoin logo on it. It is also highly polished, giving it the appearance of a mirror in which spectators may see themselves.
Its designers, sculptors Reka Gergely and Tamas Gilly sought to depict a human figure while maintaining Nakamoto's anonymity.
"It was a big challenge. It is challenging to make a portrait sculpture of a person that we don't know exactly what they look like," Gilly reported The Associated Press. "I hope that through the language of sculpture, I have managed to convey the basic idea of Bitcoin, that it belongs to everyone and no one at the same time."
In the aftermath of the global financial crisis, Bitcoin was developed in 2008 to circumvent conventional financial institutions by creating safe technology for peer-to-peer internet transactions without the need of middlemen such as banks.
Nakamoto - a pseudonym that may allude to a person or group of individuals of unknown gender, age, or country origin - wrote the company's first white paper released that year.
According to Gyorfi, the organizers of the monument project invited Nakamoto to the unveiling in the hopes of finally discovering the Bitcoin inventor's real identity.
Even though the event drew hundreds of people, no one claimed credit for creating the cryptocurrency that has drawn tens of millions of investors.
Bloomberg reported Monday that Morgan Stanley is establishing a dedicated cryptocurrency research team, citing an internal memo to workers viewed by the news organization.
The team, led by Sheena Shah, the firm's chief cryptocurrency analyst, will carry global research on the influence of cryptocurrencies on equities and fixed income.
The company stated,
"The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets."
Shah will be based in London and report to Adam Wood, the European head of Morgan Stanley's fintech and payments research division. Additionally, she will report to James Faucette, responsible for the firm's fintech and payments research in the United States.
Morgan Stanley was one of the first significant investment firms to accept bitcoin as a payment method. The business launched three bitcoin ETFs for its clients in March. The company introduced bitcoin to the investing strategy of 12 mutual funds in April.
Like Bank of America (BofA), several other large financial institutions, which launched a cryptocurrency research group in July, have also founded specialized cryptocurrency teams. Last Monday, asset management firm Franklin Templeton advertised a position for a bitcoin "investment research analyst."
An increasing number of investment banks have begun to offer cryptocurrency services to their clients or are in the prospect of doing so. Goldman Sachs, Citigroup, Standard Chartered, Wells Fargo, and DBS are among them.
The successful introduction of bitcoin as legal money in El Salvador on Tuesday was hit by several issues, including the appearance of furious individuals distrusting the technology, technological malfunctions, and a decrease in the cryptocurrency's value.
President Nayib Bukele, the president of El Salvador, had some issues right out of the gate when he discovered that the government-backed bitcoin software was not accessible on the Apple App Store or Huawei.
According to President Nayib Bukele, food and drink businesses, including Starbucks Corp. and Pizza Hut Inc., accepted cryptocurrency payments from El Salvador after the country began using Bitcoin. The Starbucks franchise in El Salvador is taking bitcoin as payment for food and beverages at its locations, including drive-through and to-go options.
An initial $30 of bitcoin for each user was promised by Bukele, who encouraged its acceptance in the country by declaring that it could save Salvadorans $400 million annually in commission fees for remittances, in addition to allowing those without bank accounts to have access to financial services.
El Salvador's official currency has been the U.S. dollar since 2001, and the currency will remain legal tender. However, companies will also be allowed to accept bitcoin payments.
The consequences for firms who refuse to take bitcoin are yet unknown.
The government built ATMs that allow Chivo users to change bitcoin into dollars and withdraw the money without charge to avoid additional fees.
On Tuesday, anyone could pay for breakfast at McDonald's using Bitcoin in the Central American nation, the first day it was recognized as legal money.
The law requires businesses to take Bitcoin in return for their goods and services; however, it exempts those that lack the technology to receive the e-currency.
What looks like an ambitious mass adoption experiment like no other is yet to prove if it is sustainable for this nation in the future which is riddled with a 50% population living below the poverty range and limited access to technology and the internet.
Visa is the most recent large corporation to join the NFT bandwagon.
The payments processor said it paid roughly $150,000 in Ethereum for a "CryptoPunk," one of the thousands of NFT-based digital avatars.
An NFT (non-fungible token) is a one-of-a-kind digital asset used to indicate ownership of a virtual item. NFTs cannot be exchanged like-for-like with other NFTs, unlike bitcoin and other cryptocurrencies.
Proponents argue that this increases the scarcity of NFTs, hence increasing their value. Physical collectibles such as rare trade cards and works of art have been used to compare NFTs.
Cuy Sheffield, Visa's head of crypto, stated in a blog post on Monday." "We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce,"
"With our CryptoPunk purchase, we're jumping in feet first," he said. "This is just the beginning of our work in this space."
The purchase was made possible by Anchorage, a federally chartered digital asset bank, according to Visa.
The NFT frenzy has enticed large corporations. Several large corporations have recently begun experimenting with NFTs.
Several NFTs, some valued millions of dollars, have been auctioned off by Christie's. In March, the auction house made history when a digital artist's image, Beeple, sold for $69 million.
Meanwhile, several news organizations, including CNN, The New York Times, and Fortune magazine, have sold their own NFTs.
However, some skeptics are wary of NFTs. While such tokens serve as a digital certificate of ownership, purchasers do not own the underlying object, and internet users can still access the related media. Some people have even stolen the work of other artists and sold it as NFTs.
On August 4th, a CryptoPunk worth more than $69,000 was sold for less than a cent in what looks to be an expensive error.
The CryptoPunks are a set of 10,000 NFTs with a pixelated human, ape, zombie, and extraterrestrial faces. Punk 3860, a male Punk with a cigarette, huge shades, a shadow beard, and a mohawk, was the CryptoPunk in question. On July 29, it was last sold for $69,369.
The owner meant to sell the Punk in a safelist transaction for under a cent, as opinionated by Jonathan Clark, co-founder of DeFi platform Float Capital but instead made it accessible on the general market.
This means that anyone keeping a close eye on the market could have spotted the listing going public and snapped up Punk.
In this case, however, someone made sure that they beat everyone to the punch. According to blockchain data, the buyer spent 22 ETH ($57,000) to bribe an Ethereum miner to prioritize their transaction in a block. They did so using the communication protocol Flashbots, which is commonly used to extract MEV.
There have been a few other bids for the NFT, although some of them may have been competing bids trying to buy it before it was sold. The max offer so far is 35 ETH ($91,000).
The buyer has put the NFT for sale for 52 ETH ($131,000). If somebody chooses to buy it at that price, the original buyer will end up with a profit of $74,000.
India is one of the first countries to deploy an e-governance system for higher education, thanks to a new cooperation with LegitDoc.
Maharashtra's government recently announced a cooperation with Indian blockchain company LegitDoc to build an Ethereum-based credentialing system that will offer tamper-proof diploma records.
The Maharashtra State Board of Skill Development (MSBSD) opposes India's crypto ban story of adopting Ethereum-based public blockchains to combat the growth in document falsification. This is the same blockchain used to create non-fungible tokens (NFTs), which are considered collectibles and require confirmation of validity.
Because there is no single authority in control of Ethereum, goods minted on the platform are considered tamper-proof. A network of computers verifies the online ledger or blockchain.
Nobody can tamper with a record on the blockchain, not even the owner – at least not without pouring a significant amount of work, money, and energy into it.
While certificates are currently confirmed using traditional manual methods, MSBSD will begin recommending the digital verification approach exclusively for all manual verification requests starting next year, according to LegitDoc CEO Neil Martis in an exclusive statement to Cointelegraph.
Anil Jadhao, chairman of MSBSD, highlighted blockchain's ability to combat fraud connected to document forgery:
"... in the last ten years, there has been a rampant increase in forgery of government-issued documents which have caused enormous financial and reputational losses to the stakeholders involved."
In the latest news on the NFT front, Opensea revealed this week that it had raised $100 million in a Series B round, making it the latest non-fungible token (NFT)-focused company to raise financing this year. Andreessen Horowitz, a venture capital firm, spearheaded the Opensea financing round, including Kevin Durant, Ashton Kutcher, and Tobi Lutke.
Opensea, one of the most significant non-fungible token (NFT) exchanges on the market today, has announced a $100 million Series B fundraising round. Additionally, the project claimed that it will be adding "cross-blockchain support" to its capabilities and that Opensea would begin supporting the Polygon blockchain. After the Series B fundraising round headed by Andreessen Horowitz (a16z), Opensea has reached unicorn status among blockchain businesses, with a valuation of $1.5 billion.
According to 30-day data from Dune Analytics, Opensea's sales volume for the month of July was the largest ever, topping the previous month's record-breaking numbers. The total volume in July was $174.6 million, but the daily volume was $4.4 million, which is lower than typical.
According to daily figures from Dune Analytics, Opensea received $23.1 million on May 4 in the first week of May. Users can try out Polygon Opensea support right now by going to Opensea's Matic website. "When conducting trades on Opensea, buyers no longer have to pay blockchain fees, and creators may fully earn their way into crypto for the first time," the business stated.
Opensea's Series B follows a slew of NFT-focused exchanges that have raised millions of dollars to help the industry grow. In a token sale for the Efinity NFT marketplace, which supports the Polkadot blockchain, Enjin raised $20 million. Rarible, a new NFT market, just raised over $14 million and expects to launch on the Flow blockchain. During the first week of July, the Mark Cuban-backed non-fungible token (NFT) marketplace Mintable raised $13 million in a Series A fundraising round.
Investors and venture capital organizations appear to expect that the NFT craze will last for a long time, as seen by Opensea's newest funding.