Autor Cointelegraph By Arijit Sarkar

F1 Monaco GP: Bybit’s Red Bull Racing NFTs, crypto-F1 partnerships, more

F1 Monaco GP: Bybit’s Red Bull Racing NFTs, crypto-F1 partnerships, more

Uverejnil používateľ | máj 29, 2022 |

Crypto has taken over the world, and Formula One was no exception to the disruption. From NFTs and fan tokens to multi-year partnerships, the crypto community continues to support the F1 landscape in numerous ways.Monaco Grand Prix 2022 saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partner with crypto exchange Bybit to launch ORBR’s 2022 NFT collection — minted over the Tezos blockchain. The limited-edition NFT collection is made available via an auction, wherein bidders get to collect digital collectibles representing various aspects of Red Bull’s past, present and future.Speaking to Cointelegraph editor-in-chief Kristina Cornèr, Bybit co-founder and CEO Ben Zhou said that F1 has a symbiotic relationship with crypto as the partnerships between the two industry pulls in young investors into the F1 fan base:”Formula 1 is the challenger of the norm, and that really goes well with crypto. […] It’s a really huge synergy we see.”Max Verstappen’s F1 car sporting the Bybit logo. Source: CointelegraphParallelly, Bybit premiered “The Search for the Next Level,” a film starring Red Bull drivers Max Verstappen and Sergio “Checo” Pérez — (spoiler alert) circled around the launch of the new RB18 car. Something big is on its way …Find out more about this next level partnership with @redbullracing!Catch the full film — out now on the Bybit Race Insider Page: https://t.co/wKhQa6uIqQ #TheSearchForTheNextLevel pic.twitter.com/l5aWurtkbL— BYBIT (@Bybit_Official) May 24, 2022Aston Martin F1, too, signed a multi-year partnership deal with crypto exchange Crypto.com for exploring fan engagement and investment initiatives. Crypto.com NFT marketplace continues to be the go-to place for Aston Martin NFT airdrops and limited-edition collectibles.On-track action is about to kick off in Monaco. Don’t miss a moment of the #MonacoGP weekend.#F1 | @cryptocom— Aston Martin Aramco Cognizant F1 Team (@AstonMartinF1) May 27, 2022

This year crypto giant Binance partnered with Alpine F1 Team to issue NFT airdrops and collectibles. Taking fan engagement to the next level, Binance conducted an event on May 20, allowing one fan to experience the life of an Alpine F1 mechanic.Looking forward to spotting #Binance at the #MiamiGP this weekend on the @AlpineF1Team cars. pic.twitter.com/BBEp1HBAYk— CZ Binance (@cz_binance) May 7, 2022

Cointelegraph previously reported on the overall crypto-F1 partnerships as of March 2022. A few prominent collaborations active during the Monaco Grand Prix 2022 are Ferrari and blockchain firm Velas, Mercedes and crypto exchange FTX, and Alfa Romeo and Shiba Inu (SHIB) inspired meme token Floki.Related: Blockchain, crypto set to take sports industry beyond NFT collectiblesA recent study conducted by fintech giant Deloitte concluded uncovered the potential of blockchain and cryptocurrencies to open up new markets and revenue opportunities for the sports industry:“A nexus will form around sports collectibles, ticketing, betting, and gaming. We are just beginning to see its [cryptocurrency’s] potential, as well as the new markets it could lead to.”The study also highlighted the possibility of new markets that allow “fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”

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SpaceX to follow Tesla in accepting DOGE payments for merch: Elon Musk

SpaceX to follow Tesla in accepting DOGE payments for merch: Elon Musk

Uverejnil používateľ | máj 29, 2022 |

Just four months after EV manufacturer Tesla started accepting Dogecoin (DOGE) for merchandise purchases, Elon Musk announced his plan to extend the payment option for his space exploration company, SpaceX. Musk, the CEO of SpaceX and Tesla, has been a staunch supporter of the DOGE ecosystem since 2019 and has since publicly revealed interest in accepting meme coin payments across his multibillion-dollar enterprises.Tesla merch can be bought with Doge, soon SpaceX merch too— Elon Musk (@elonmusk) May 27, 2022Historically, Musk’s pro-Dogecoin tweets have had an immediate and positive impact on DOGE’s market prices as investors try to cash in on the hype. However, the recent revelation about SpaceX’s plan to accept DOGE payments for merchandise had no significant effect on the price amid a bearish crypto market.Moreover, data from Cointelegraph Markets Pro and TradingView show that DOGE lost over 55% in value between the 8th and 12th of May and trades at $0.08077 at the time of writing.Dogecoin price 1-day chart. Source: TradingViewIn December 2021, DOGE gained 25% after Musk confirmed that Tesla will accept DOGE for merchandise. Along similar timelines, the entrepreneur revealed his belief about DOGE being a better everyday payment option as compared to Bitcoin (BTC).Maybe one day— Elon Musk (@elonmusk) May 27, 2022

If things work out just as planned by the world’s richest man, Musk might eventually start allowing DOGE payments for Starlink subscriptions. Related: ‘Yikes!’ Elon Musk warns users against latest deepfake crypto scamMusk recently issued a public warning against an ongoing scam wherein attackers have been found to use deepfake technology to impersonate the entrepreneur and promote fabricated crypto-shilling videos.Yikes. Def not me.— Elon Musk (@elonmusk) May 25, 2022

Originally shared on Twitter, the deepfake video of Musk promoted a cryptocurrency platform boasting 30% returns on crypto deposits.

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Terra (LUNA) 2.0 relaunches according to Do Kwon's revival plan

Terra (LUNA) 2.0 relaunches according to Do Kwon's revival plan

Uverejnil používateľ | máj 28, 2022 |

Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem. Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors.Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX— Do Kwon (@stablekwon) May 28, 2022Dubbed Phoenix-1, the Terra 2.0 mainnet went live today, May 28,  as per the original timeline set by Terra developers and started producing blocks. Kwon also informed that public node services, wallets and explorers would follow the mainnet to go live soon after. Following the plan from the original proposal, which recommended issuing the new LUNA tokens to existing investors, Kown stated that users should now be able to see the newly issued LUNA tokens balances:“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page.”Moreover, investors that are migrating over the inter‐blockchain communication protocol (IBC) are required to create a station wallet with the same ledger and follow the instructions provided upon wallet creation.Kown also shared an official portal link wherein users can view their Terra wallet balances. As Cointelegraph previously reported, numerous crypto exchanges have joined Terra’s relaunch by helping with airdrops. According to the revival plan, users previously holding Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) are eligible to receive new tokens.Related: BNB Chain offers another lifeline to Terra ecosystem projectsAmong the numerous crypto ecosystems that stood up to help Terra projects come back to life, Binance’s BNB Chain (BNB) committed to providing investment and support to projects that are considering migrating from the Terra ecosystem.Speaking to Cointelegraph, Gwendolyn Regina, BNB Chain’s investment director confirmed the company’s intent to onboard prominent builders from the Terra ecosystem:“The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential.”

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Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months

Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months

Uverejnil používateľ | máj 28, 2022 |

The Bitcoin network witnessed a historic event on May 12 when the network difficulty attained its all-time high of 31.251 trillion as miners mined nearly 50,000 BTC of the remaining 2 million tokens.While the Bitcoin community rejoiced the added resilience to the network owing to the rising difficulty in mining a Bitcoin block, the network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26. As Cointelegraph reported on several occasions, Bitcoin’s network difficulty consistently achieved all-time highs over the past ten months as it recovered from a massive drop of 45.4% — from 25.046 trillion on May 29, 2021, to 13.673 trillion on July 22, 2021. Ever since then, Bitcoin’s network difficulty witnessed a total growth of 128.56% as it surged to its all-time high. However, despite the momentary decline of over 4%, the BTC ecosystem is still guarded by the most secure blockchain network.Higher network difficulty demands higher computational power to validate and confirm transactions over the BTC blockchain. As a result, this prevents bad actors from taking over the network by contributing to over 50% of the hash rate and carrying out double-spending attacks.Related: Falling Bitcoin price doesn’t affect El Salvador: ‘Now it’s time to buy more,’ reveals Deputy Dania GonzalezCointelegraph recently interviewed Dania Gonzalez, Deputy of the Republic of El Salvador, to better understand the social impact of adopting BTC as legal tender.According to Gonzalez, El Salvador made profits via strategic BTC investments and repurposed the fresh funds to build infrastructures like a veterinary hospital and a public school. “What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment,” she said.The Bitcoin (BTC) network broke its 10-month-long streak as the network difficulty recorded a drop of 4.33%, standing at 29.897 trillion at the time of writing.

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India to roll out CBDC using a graded approach: RBI Annual Report

India to roll out CBDC using a graded approach: RBI Annual Report

Uverejnil používateľ | máj 28, 2022 |

Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system.In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a CBDC.In the report, RBI stressed the need for India’s CBDC to conform to India’s objectives related to “monetary policy, financial stability and efficient operations of currency and payment systems.”Based on this need, RBI is currently examining the various design elements of a CBDC that can co-exist within the existing fiat system without causing disruptions. The Indian Finance Bill 2022, which enforced the introduction of a 30% crypto tax on unrealized gains, also provides a legal framework for the launch of a digital rupee:“The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch.”Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.Related: RBI warns of crypto ‘dollarization’ of Indian economyEarlier this month, on May 17, RBI officials reportedly warned against crypto adoption citing the risks of “dollarization” of the Indian economy.As Cointelegraph reported based on the Economic Times’ findings, key RBI officials including governor Shaktikanta Das raised concerns regarding the U.S. dollar-dominated world of cryptocurrencies. An unnamed official stated:“Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.”“It [crypto] will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” they added.

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