Autor Cointelegraph By Arijit Sarkar

Pro sports league Karate Combat to launch DAO for fan, athlete governance

Pro sports league Karate Combat to launch DAO for fan, athlete governance

Uverejnil používateľ | sep 28, 2022 |

Karate Combat, a prominent full-contact martial arts league, announced the decision to form a decentralized autonomous organization (DAO) to transition its governance to fans and athletes.Karate Combat’s DAO will be launched as part of a three-year sponsorship deal with Hedera’s HBAR Foundation, expected to go live in December 2022. Holders of Karate Combat’s in-house governance token, KARATE, will get to vote on various decisions, which include determining the league’s budget, resource allocation, supplier selection, marketing strategy and rule changes. In addition, the DAO will enable fans to vote on athlete-related decisions such as fighter contracts and fight match-up selections based on predetermined boundaries of influence. Karate Combat plans to distribute 50% of its in-house tokens to the community for free, to be used for participation in the DAO and a gaming application.Participation in Karate Combat’s DAO is expected to span globally as the league broadcasts in more than 100 countries through mainstream and online channels, including CBS Sports, Eurosport, YouTube and TikTok. Adam Kovacs, Karate Combat President highlighted the need for improving fan engagement, stating: “The sporting world must evolve to increase engagement with a new generation of fans who have grown up on social media and digital gaming. They expect to be active participants in the action, rather than passive viewers.”According to Karate Combat, the league hosts an online community of over 3.5 million fans who could potentially help steer future decisions. Shayne Higdon, the co-founder and CEO of HBAR Foundation, envisions the upcoming DAO to attract more users to the Hedera Network, which in turn, will help bestow “tangible, real-world impact for end-users.”Related: Tribe DAO votes in favor of repaying victims of $80M Rari hackUnlike most crypto sub ecosystems that currently explore avenues for recovery, the GameFi industry lacks the involvement of blockbuster titles, according to Kevin Shao, Executive President of the Asia Blockchain Gaming Alliance (ABGA).Speaking to Cointelegraph, Shao highlighted the lack of attention to “game performance” and users’ enjoyment. Rather, he believed that the current GameFi titles focus solely on nonfungible tokens (NFTs) and play-to-earn (P2E) features. While stressing the importance of accommodating different users’ tastes, he stated that the introduction of several “triple-A” titles in GameFi would be essential for the ecosystem’s comeback.

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FTX reportedly considers bailing out Celsius via asset bid

FTX reportedly considers bailing out Celsius via asset bid

Uverejnil používateľ | sep 28, 2022 |

Crypto exchange FTX, led by crypto billionaire Sam Bankman-Fried (SBF), is reportedly considering bailing out Celsius Network by bidding on the bankrupt lender’s assets. Coincidently, the information came out the same day Alex Mashinsky resigned as the CEO of Celsius. “I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing,” said Mashinsky while explaining his decision. For FTX, acquiring the assets of Celsius would imply the exchange’s intent to save the lending firm, similar to what FTX US did for Voyager by securing the winning bid of approximately $1.4 billion.Bloomberg reported on FTX’s interest in Celsius Network based on insights from a person familiar with SBF’s deal-making. However, an official statement from either party is pending at the time of writing.On Sept. 22, FTX was reportedly found to be in talks with investors to raise $1 billion, which, if bagged, would help the exchange hold its $32 billion valuation amid a bear market. Celsius filed for bankruptcy after disclosing about $1.2 billion in deficit in mid-2022. In August, Reuters reported on Ripple’s interest in purchasing Celsius’ assets, which has since gone cold.FTX has not yet responded to Cointelegraph’s request for comment.Related: British regulator lists FTX crypto exchange as ‘unauthorized’ firmIn what seems like a massive restructuring drive, Brett Harrison stepped down from FTX US president to move into an advisory role in the next few months.1/ An announcement: I’m stepping down as President of @FTX_Official. Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company.— Brett Harrison (@BrettHarrison88) September 27, 2022“Until then, I’ll be assisting Sam [Bankman-Fried] and the team with this transition to ensure FTX ends the year with all its characteristic momentum,” said Harrison.

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Robinhood Web3 wallet enters beta, taps Polygon as first blockchain

Robinhood Web3 wallet enters beta, taps Polygon as first blockchain

Uverejnil používateľ | sep 27, 2022 |

Crypto and stock trading platform Robinhood announced the launch of Robinhood Wallet, a self-custody, Web3 wallet, with Polygon (MATIC) as its first supported blockchain.Robinhood launched the beta version of its Web3 wallet on iOS and is being made available to the first 10,000 users that joined the waitlist on May 2022. Hosted first over the Polygon blockchain, Robinhood Wallet allows users to trade and swap cryptocurrencies with no network fees. Sharing his thoughts on the crypto wallet’s launch, Johann Kerbrat, CTO of Robinhood Crypto – Robinhood’s crypto trading platform said:“Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 and DeFi to make crypto more accessible to everyone.”For Robinhood, Polygon, as a blockchain network of choice, additionally offers scalability, speed, low network fees and a robust developer ecosystem. Robinhood’s symbiotic relationship with Polygon dates back to August 2022, when the platform added support for MATIC withdrawals and deposits on the Polygon proof-of-stake (PoS) chain. However, Robinhood Wallet’s roadmap includes extending compatibility with other blockchains as well. The beta release will allow users to perform common tasks such as trading, rewards, storage and dApp-based yield farming of cryptocurrencies.Future iterations of the wallet will include support for the nonfungible token (NFT) marketplace. Robinhood revealed that over 1 million users have signed up for the waitlist.Related: Polygon CSO blames Web2 security gaps for recent spate of hacksA report from June 2022 suggested that cryptocurrency derivatives exchange FTX is eyeing the acquisition of Robinhood. Although the decision about an official takeover is not finalized, Bloomberg’s contact clarified that the discussion was purely internal and that the exchange has not yet approached Robinhood with a buyout proposal.“We are excited about Robinhood’s business prospects and potential ways we could partner with them. […] That being said, there are no active M&A conversations with Robinhood,” confirmed FTX CEO Sam Bankman-Fried.

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Australian pilot CBDC test for eAUD to commence mid-2023: RBA White Paper

Australian pilot CBDC test for eAUD to commence mid-2023: RBA White Paper

Uverejnil používateľ | sep 26, 2022 |

Making it to the list of countries that intend to launch an in-house central bank digital currency (CBDC), the Reserve Bank of Australia (RBA) released a white paper outlining an elaborate plan for conducting a pilot project for eAUD.On Aug. 9, 2022, the RBA announced a collaboration with the Digital Finance Cooperative Research Centre (DFCRC) to explore CBDC use cases for Australia. The joint research resulted in the launch of a project to test a general-purpose pilot CBDC. As outlined in the ‘Australian CBDC Pilot for Digital Finance Innovation’ white paper:“The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia.”The report on Australia’s CBDC pilot project is expected to be released in mid-2023 based on indicative project timelines, as shown below.Australia’s CBDC pilot project timeline. Source: rba.gov.auAs a central bank, the RBA will be responsible for the issuance of eAUD, while the DFCRC will oversee the development and installation of the eAUD platform. Industry participants can join the pilot as use case providers once approved for implementation. Tasks assigned for all the parties involved in developing eAUD. Source: rba.gov.auThe white paper suggests the use of Ethereum (ETH)-based private, permissioned instance. “Pilot participants will bear their own costs for the conception, design, development, implementation and piloting of use cases, if selected,” clarifies RBA.Related: 1M Aussies will enter crypto over the next 12 months — Swyftx surveyOn Sept 6, 2022, Australia’s ministerial department of Treasury approached the general public for their opinion on taxing cryptocurrencies. Assistant Treasurer Stephen Jones revealed the intention to exclude crypto assets from being taxed as a foreign currency. Australian investors were provided with a window of 25 days to share their opinion on this decision, which expires on Sept. 30 — in the next four days. The legislation, if signed into law, will amend the existing definition of digital currency in the Goods and Services Tax (GST) Act to exclude it as a foreign asset.

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California Gov. Newsom vetoes crypto licensing and regulatory framework

California Gov. Newsom vetoes crypto licensing and regulatory framework

Uverejnil používateľ | sep 25, 2022 |

Adding to the existing regulatory hurdles for the crypto ecosystems, California Governor Gavin Newsom refused to sign a bill that would establish a licensing and regulatory framework for digital assets.Assembly Bill 2269 sought to allow the issuance of operational licenses for crypto companies in California. On Sept. 1, California State Assembly passed the bill with no opposition from the assembly floor and went on to the governor’s office for approval.Letter of rejection from Gov. Mewsom. Source: leginfo.legislature.ca.govOpposing the notion, Newsom recommended a “more flexible approach” that would evolve over time while considering the safety of consumers and related costs, adding:“It is premature to lock a licensing structure in statute without considering both this work (in-house efforts to create a transparent regulatory environment) and forthcoming federal actions.”The governor stated that the bill, in its current form, would require loaning “tens of millions of dollars” from the state’s general fund:“Such a significant commitment of general fund resources should be considered and accounted for in the annual budget process.” Newsom highlighted that he waits for federal regulations to “come into sharper focus for digital financial assets” before working with the Legislature to establish crypto licensing initiatives.Related: Biden’s anemic crypto framework offered us nothing newThe Office of Science and Technology Policy (OSTP) submitted an analysis to the White House regarding design choices for 18 central bank digital currency (CBDC) systems for the United States.The technical evaluation for a U.S. CBDC system highlighted OSTP’s inclination toward building an off-ledger, hardware-protected system while considering the various trade-offs inherited by each design choice.

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