Autor Cointelegraph By Brian Newar

No Bitcoin: Mozilla will only accept Proof of Stake crypto donations

The company behind the Firefox internet browser Mozilla is attempting to appease its environmentally-conscious community by accepting only Proof-of-Stake (PoS) crypto donations.The company initially halted all crypto donations in January, but has now opened them back up after a review period to assess community sentiments and to conduct research on crypto energy usage.An update to our policy on accepting cryptocurrency donations. We got it wrong, we heard you, and we’ve evolved. https://t.co/0bSThVJsCC— Mozilla (@mozilla) April 7, 2022PoS blockchains consume less than 1% as much electricity as Bitcoin, although they vary among themselves in efficiency as demonstrated by a February report. Mozilla announced in a blog that after a review, it was changing its donations policies to come in line with its “climate commitments”. It said that: “Mozilla will no longer accept ‘Proof-of-Work’ cryptocurrencies, which are more energy intensive.“Proof-of-Work cryptocurrencies can significantly increase our GHG [greenhouse gas] footprint due to their energy intensive nature.”The company also said that the move was made based on its self-imposed Jan. 2021 climate commitments which aim for it to “significantly reduce our greenhouse gas footprint year over year” until it becomes carbon-neutral. “Mozilla’s decision not to accept Proof-of-Work donations ensures that our fundraising activities remain aligned with our emissions commitment.”By rejecting all non-PoS crypto, Mozilla is blocking both Bitcoin (BTC), the largest cryptocurrency by market cap, and Ether (ETH) — at least until the Merge occurs in the coming months and that blockchain adopts PoS.Mozilla stated that it would release a list of accepted cryptocurrencies by the end of Q2, 2022. Some native coins from the most popular PoS chains include BNB Chain (BNB), Solana (SOL), and Avalanche (AVAX).Among the mosvocal detractors of Mozilla’s new crypto donations policy was Mozilla’s own founder, Jamie Zawinski. He tweeted on Jan. 4 that those at Mozilla who are complicit with accepting Bitcoin “should be witheringly ashamed” to partner with the “planet-incinerating ponzi grifters.” Zawinski stopped working at Mozilla in 1999.Director of Digital Strategy at American investment firm VanEck Gabor Gurbacs had harsh criticism for Mozilla’s decision to block Bitcoin donations. In an Apr 12 tweet, he called the move “misguided and virtue signaling in nature,” adding that “Bitcoin is one of the greenest industries out there.”While Bitcoin annually consumes about 204.5 Terawatt hours (TWh) of energy according to data from blockchain researchers at Digiconomist, the actual effect on the climate is much more contested. Proponents contest that miners that secure the network are helping to strengthen energy grids and improve carbon efficiency while operations themselves are increasingly switching to renewable energy.As reported by Cointelegraph last month, flexible data centers can be used for Bitcoin mining. Flexible data centers can switch between self-generated green energy and tapping into the public grid to reduce the overall environmental impact and stress on the public energy grid.Related: Marathon Digital moves Montana BTC mine to pursue carbon neutralityCrypto storage company Blockstream and Jack Dorsey’s Bitcoin development firm Block Inc announced on Apr 8 that they would work with Elon Musk’s Tesla to build a solar-powered BTC mining facility in Texas, the new hotbed of clean energy mining operations.

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White Star Capital raises $120M for Ubisoft backed Web3 investment fund

Tech venture capital firm White Star Capital has secured $120 million in funding for its second Digital Asset Fund (DAF II) to invest in crypto networks and early-stage blockchain and Web3 businesses.The fund is primarily backed by game publishing giant Ubisoft and will take a particular focus on decentralized finance (DeFi) and gaming. It will invest as much as $7 million in each of 20-25 companies in North America, Europe, and Asia. The firm’s increased attention to DeFi, Web3, and blockchain-based technology suggests that it will begin to support companies that utilize or develop Metaverse solutions as well. This would bring it into the space in which Animoca Brands has carved out a neat corner for itself. White Star’s previous investments from its first DAF in 2020 include Stacks-based DeFi protocol ALEX, and decentralized exchange (DEX) Paraswap, among others. It also helped back the Bitcoin Odyssey on March 10, an initiative for investment firms to invest $165 million in solutions designed to drive Bitcoin adoption.Metaverse and NFT gaming investments are on the rise early this week as traders look for distractions from negative price action in the crypto markets. Bitcoin (BTC) is down 5.62% over the past 24 hours trading at just below $40,000.On April 11, Fortnite creator Epic Games announced it had raised $2 billion from Sony Group Corporation and LEGO Group holding company KIRKBI. Investors were intrigued by Epic’s new commitment to developing virtual games for the Metaverse.Related: Near Protocol eyes a Terra-like price rally after new $350M funding raiseAnimoca recently announced it had acquired racing game publisher Eden Games for $15.3 million in order to bolster its REVV Motorsport NFT game ecosystem and build out more Metaverse games.

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Animoca Drives into Crypto Racing Games With Latest Acquisition

Gaming and venture capital firm Animoca Brands has completed its landmark acquisition of Eden Games, publishers of the Gear.Club, Test Drive series, and other popular racing games.Eden Games is a France-based firm that was founded in 1998. Engine Gaming and Media sold its 96% stake in the company to Animoca for $15.3 million on April 7.With the acquisition, Animoca plans to enhance its REVV Motorsport (REVV) ecosystem by taking a “Metaverse first approach” to new and existing gaming titles, as tweeted by Animoca chairman Yat Siu on April 12.It also hopes to introduce new blockchain-based racing games. Eden Games has partnerships within the automotive industry with the likes of BMW, Bugatti, Porsche, and others which should help Animoca build out a more robust suite of games for racing game aficionados. 1/ Motorsports @REVV_Token $revv in the Metaverse just got a turbocharge with the extremely talented studio behind @needforspeed @F1MobileRacing and classics like Test Drive any many more @EdenGames has joined the @animocabrands family. #NFTGames https://t.co/LTTN7H3CY6— Yat Siu (@ysiu) April 11, 2022The REVV Motorsport ecosystem includes the eponymous racing games on the Ethereum scaling solution Polygon, MotoGP: Ignition, Formula E: High Voltage, and Torque Drift. All the games are blockchain-based and integrate nonfungible tokens (NFTs).By inserting its NFT products into sports, Animoca will be able to capitalize on Deloitte’s estimated $2 billion in sports NFT transactions in 2022.Co-founder and chairman of Animoca Brands Yat Siu said in an April 11 statement that the acquisition would “add value to the REVV community and the racing metaverse” by way of its many assets in the racing world.Animoca has been busy building out its own racing game ecosystem and is looking to fill the void created by its F1 Delta Time game shutting down on March 15 after losing its license with the Formula 1 racing brand. There is no word yet on what new titles may be under development as a result of the new acquisition.Related: Blue Chip and Metaverse NFTs propel growth of NFT Market, says Nansen reportF1 racing is a popular sport in the crypto industry with at least eight crypto companies, including exchange Binance, Crypto.com, and the Ethereum scaling solution Fantom, currently sponsoring teams. From a business perspective, its popularity makes perfect sense considering about one billion global fans are expected to view races throughout the 2022 season.Animoca Brands is one of the most active investors in the NFT and Metaverse spaces. Its other holdings include The Sandbox (SAND) and Axie Infinity (AXS).

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Coinbase to increase transparency on potential 2022 listings

America’s largest crypto exchange, Coinbase, announced a long list of tokens it could potentially list in the second quarter of 2022 in an effort to increase transparency.An April 12 blog post from the exchange includes a list of tokens under consideration, but notes that other tokens may be under consideration but not specifically mentioned. Among those on their radar are 45 ERC-20 tokens on the Ethereum (ETH) network, and five SPL tokens on the Solana (SOL) network.Some of the tokens with a relatively large market cap are Binance USD (BUSD), which is the third-largest stablecoin on the market, and one of the largest DAO projects BitDAO (BIT) which boats a market cap of just over $1 billion at the time of writing according to CoinGecko data. The exchange stated that its new approach toward token listings will also provide “as much information symmetry as possible.” Information symmetry promotes efficiency and fairness within a market.It also reduces the chances for a pump and dump scenario on listing day as the retail trading frenzy can be mitigated by advanced knowledge of a listing. While it is far more common on other centralized and decentralized exchanges, Coinbase has had its share of such price action on coins it lists. In 2020, OMG Network (OMG) pumped 200% within 15 minutes of being listed on Coinbase and crashed moments later.Crypto projects are aware of the attention a Coinbase listing, or even just the potential one can bring. The relatively small decentralized finance (DeFi) data tokenizer Big Data Protocol (BDP) with a $3.3 million market cap according to CoinGecko tweeted delight today that Coinbase was giving it looks at potentially being listed.However, while the increased transparency may be a boon for investors and projects, the seasoned crypto trader from Twitter account @12yearoldwithcc believes the potential listings are lackluster. The account tweeted today that “Coinbase is in their flop era.”Coinbase is in their flop era pic.twitter.com/4T6SFehSFG— 12 year old with a credit card (@12yearoldwithcc) April 11, 2022Related: Coinbase to invest in Indian crypto and Web3 amid tax regulation clarityOther investors may not even have noticed Coinbase’s new transparency efforts yet as many are focused on the exchange’s intention to produce a series of three films about the Bored Ape Yacht Club (BAYC) nonfungible token (NFT) collection.Some in the crypto community are perplexed by the $10,000 deal Coinbase has offered BAYC holders for the rights to use their ape in the films, with some even warning that they should not accept it. In all, it has already been a turbulent week for the exchange as it launched trading services in India for the first time on April 8 but abruptly suspended buy order services under pressure from local payment service regulators on April 11.

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Cathie Wood’s Ark Invest dumps PayPal favoring Bitcoin-friendly Cash App

Crypto investment company Ark Invest founder, Cathie Wood, has dumped all of the firm’s holdings of PayPal and showed greater confidence in the long-term growth of the Cash App payment system which uses the Bitcoin Lightning Network.Wood explained her firm’s move at the Miami Bitcoin 2022 conference which wrapped up on April 9. The Lightning Network (LN) is a layer-2 solution for Bitcoin meant to facilitate faster and cheaper transactions. Financial technology company PayPal operates the payment app Venmo as a direct competitor with Block’s (formerly Square) Cash App. “@ARKInvest has sold, completely got out of Paypal, whose Venmo is a big competitor to Cash App.(Cash App has) much more conviction – especially when it comes to bitcoin.” pic.twitter.com/mUGkdWGMFX— Miles Suter (@milessuter) April 10, 2022Wood said in an interview with CNBC on April 8 that she made the decision to drop PayPal for Cash App due to its more comprehensive approach toward digital asset wallet integration. She said that although Venmo has begun to accommodate Bitcoin (BTC), “it’s more of a follower of Cash App.”“We tend to put our bets with who we believe will be the winners… As we consolidated our portfolios during a risk-off period, we chose Block over PayPal.”Wood continued that her firm’s conviction in Cash App stems from what she perceives to be the organically-driven growth in users “as opposed to more of a top-down approach” from Venmo. In general, Wood believes retail investors have driven the crypto market up to this point as she stated:“I don’t think most institutional investors are positioned the way they ultimately will be. Retail has really led the charge here.”Venmo currently boasts 70 million users and $850 million in profit compared to Cash App’s 44 million and $2.03 billion in profit in 2021 according to data from app tracker Business of Apps. The stark contrast in their ability to net profits could be another motivating factor for Ark’s assessment of the two brands.Related: Bitcoin plumbs April lows as US dollar strength hits highest since May 2020As Ark Invest has taken a bullish stance on Cash App, its Bitcoin product lead Miles Suter announced on April 7 that American users would be able to automatically invest a portion of their direct deposits into Bitcoin.Wood is a big Bitcoin believer who repeated her prediction in the interview that BTC would hit $1 million by 2030.

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