Autor Cointelegraph By Ezra Reguerra

DeFi may turn to DAO governance to reduce regulatory risks in 2022: Report

DeFi may turn to DAO governance to reduce regulatory risks in 2022: Report

Uverejnil používateľ | feb 18, 2022 |

KuCoin Labs, the investment and research arm of crypto exchange KuCoin, has released its annual report, predictin that decentralized finance (DeFi) will still be a significant trend in the crypto industry in 2022 and governance will be run through decentralized autonomous organizations (DAOs).With the DeFi ecosystem continuing to be plagued by criminal whales, the risks of financial loss within the sector are becoming more apparent. Because of this, calls to regulate decentralized finance began taking flight in 2021, and the sector has started to face enforcement actions over the past year.As regulators close in on DeFi, KuCoin Labs has predicted that the industry may turn to DAO governance to reduce regulatory risks:“If DeFi aims to reduce regulatory risk, the form of DeFi governance will gradually become a DAO.”According to KuCoin Labs, a DAO that puts community interest first can carry out “true governance decentralization.” This is why the exchange has forecasted that the industry will see a shift in DeFi governance being coordinated using different mechanisms.KuCoin Labs also suggested that the fundamental operational principles of DAOs are reasonable enough to be employed as foundations for the creation of legal entities. While the industry may not witness a DAO expansion breakthrough in the coming year, the report notes that refining their mechanisms may set the stage for their adoption by companies and corporations as well.Related: How should DeFi be regulated? A European approach to decentralizationMeanwhile, blockchain-based protocol Syndicate recently announced that 450 new DAOs were created within its platform in a span of three weeks. It claims this accounts for 10% of all DAOs in existence.Apart from this, the Marshall Islands recently recognized DAOs as legal entities, meaning that they can register and operate legally within the Pacific island nation’s jurisdiction. Collectively, this represents proof that the DAO governance structure is indeed starting to become more prevalent in the blockchain world.

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Fake alert! New projects pose as prominent brands to lure crypto investors

Fake alert! New projects pose as prominent brands to lure crypto investors

Uverejnil používateľ | feb 17, 2022 |

Creating a new crypto project is dangerously easy: One needs to generate a token, pick a ticker, market it to the crypto community through coin information websites such as CoinMarketCap or CoinGecko, and then get it listed on decentralized exchanges or the thousands of new centralized crypto exchanges that will do almost anything for money.Malicious entities can simply think of a catchy brand name or, better yet, grab a prominent brand, and sauce it with additional keywords that could make crypto beginners think it’s related to its legitimate counterpart. Because of this, the crypto market is full of tokens that have nothing to do with the name or brand they bring to mind. We created a quick list of crypto projects that are unaffiliated with the prominent brands they resemble.Mini TeslaThis project starts off its website with a Tesla car bouncing up and down carrying the Mini Tesla logo. Aiming at visitors who may be “tired of rug pulls and scam projects,” the Mini Tesla brand encourages people to buy its token on PancakeSwap. However, community members are frustrated with it and are calling it a scam.%100scam because mgass=minitesla telegram page— niyazi kabakçı (@KabakciNiyazi) January 24, 2022Several Twitter users, including JaferiMo and KabakciNiyazi, are accusing the project of being a scam.Moreover, while it aims to look similar to the legit electric vehicle manufacturer, there are no official announcements from Tesla’s official channels about being affiliated with this project.Jurassic TokenMany people grew up loving the Jurassic Park movie series and the more recent Jurassic World movies. However, dinosaurs are not as fantastic when used by unaffiliated teams pretending to be a part of the franchise to score quick bucks.With a website filled with dinosaurs and the same font as the famous films, Jurassic Token tries to lure users into buying its native digital asset. However, like with other projects within this list, there’s no indication that the project has ties with the original Jurassic Park and Jurassic World movie franchises.MetaNFT MarketplaceThe newly launched MetaNFT Marketplace project caught the crypto community’s attention by being featured on CoinMarketCap’s biggest 24-hour gainers. Using an infinity-sign logo and a website that captures tech conglomerate Meta’s branding, the project markets itself as a cross-chain nonfungible token (NFT) marketplace. However, apart from not having an announcement from Meta’s official platforms, it seems that some users are not convinced with the project.In a Reddit thread created by MetaNFT that argues how its platform is “all about security,” user u/Pronoobing thinks otherwise. Source: RedditRelated: Hodlers beware! New malware targets MetaMask and 40 other crypto walletsAnimoca Brands Metaverse tokenOne of the most significant recent cases of using prominent brands to offer unaffiliated scam tokens was when an ERC-20 token called Animoca Brands Metaverse was registered and pretended to be affiliated with the Hong Kong-based venture capitalist.However, the official Animoca Brands firm responded swiftly and announced that it is not associated with the Ethereum-based token using its brand name.SCAM ALERT! ‼️‼️‼️It came to our attention that there is ongoing scam using our name. We are not associated with this new ERC-20 token “Animoca Brands Metaverse”. More information at: https://t.co/mblbAMhSpm— Animoca Brands (@animocabrands) February 17, 2022

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Red Bull Racing scores $150M sponsorship with Bybit

Red Bull Racing scores $150M sponsorship with Bybit

Uverejnil používateľ | feb 16, 2022 |

Following Red Bull Racing’s most recent wins at Formula One (F1), the racing team scores a three-year partnership with Singapore-based crypto trading platform Bybit for $50 million per year. According to the announcement, the fee will be paid in a combination of fiat and BitDAO (BIT) tokens.The company announced that the partnership aims to broaden the F1 team’s fan engagement through its capabilities as a crypto exchange. Bybit will act as an issuer of fan tokens and as a tech incubator for Red Bull Racing as part of the deal. This means that the exchange will help the team distribute its digital asset collections and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes. A new chapter begins.Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!A next level partnership #RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY— BYBIT (@Bybit_Official) February 16, 2022Red Bull Racing’s CEO Christian Horner expressed his excitement for the partnership. According to Horner, Bybit shares the team’s “passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo.” He is also very delighted with Bybit’s commitment to enhancing the experience of F1 fans through innovations in the digital space.Following this, Bybit’s cofounder and CEO also commented that their crypto exchange team connects with the core values of Red Bull Racing and how they changed the F1 game similarly to how digital assets are disrupting finance. Zhou says that Bybit has found our kindred spirit and the perfect harmony of speed, safety and reliability is everything our users are looking for on our platform.”Related: Man United onboards Tezos as its official Web3 and training kit partnerA week ago, Bybit partnered with ramp service Cabital to offer crypto purchases using Euro (EUR) and British pound sterling (GBP). With this ramp infrastructure, Bybit’s users can purchase crypto within their exchange platform with lower gas fees.

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Climate-focused Hyphen aims to hold companies accountable for eco-data reporting

Climate-focused Hyphen aims to hold companies accountable for eco-data reporting

Uverejnil používateľ | feb 15, 2022 |

As concerns for environmental impact rose, the market started to require a framework that allows projects to showcase their ecological implications accurately. Because of this, climate-focused data tracking project Hyphen has found a market gap that it’s very eager to fill.  With the support of a Chainlink grant back in 2021, the project is now launching a decentralized oracle network (DON) that allows smart contracts to have access to a verified resource, providing greenhouse gas data starting with nitrous oxide (N2O). This sparks the creation of a reporting ecosystem that holds corporations accountable for their emissions and allows climate disclosures for compliance with regulations. Miles Austin, the CEO of Hyphen, told Cointelegraph that the project provides “timely data flows of climate emissions information from global sources to both the private sector and public sector.” With this, capital markets are able to use “real-world climate data” as they strategically plan for sustainability. “Corporations need the ability to accurately track and report their scope 1, 2 and 3 emissions in order to establish baselines to work from in order to reach climate commitments.” Hyphen CTO Thierry Gilgen says the platform gives out “validated and trustworthy data streams” to emerging financial ecosystems built on blockchain or distributed ledger technology. With the Chainlink DON, data reported by companies will also go through a decentralized and independent verification process. It eliminates fraudulent and inaccurate reporting. “We use Chainlink nodes to validate and make available data from scientific organizations for smart contract use, in order to build comprehensive climate tracking and regulatory services for governmental organizations, financial institutions and enterprises that are bound to the new green finance/climate regulations emerging worldwide.”Related: Are we misguided about Bitcoin mining’s environmental impacts? Slush Pool’s CMO Kristian Csepcsar explainsThe initial launch features N2O data from the Integrated Carbon Observation System using the Montreal Protocol framework, a global treaty protecting the ozone layer.While the debate on the environmental impact of crypto continues to live on, recent reports show that Bitcoin (BTC) mining uses only 0.08% of the world’s carbon dioxide emissions. The network emitted 42 megatons (Mts) of CO2 while the total emissions amounted to 49,360 Mts.

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Mastercard expands consulting with crypto-dedicated practices

Mastercard expands consulting with crypto-dedicated practices

Uverejnil používateľ | feb 15, 2022 |

Continuing its goal to pursue a spot within the crypto industry, Mastercard recently announced that the firm is expanding its consulting business with practices that are dedicated to crypto.In the announcement, Mastercard’s data & services president Raj Seshadri says that the financial institution will continue to help clients navigate the ever-changing world of finance, and help them identify challenges and anticipate what is coming next.“Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel and other sectors, helping them understand and navigate every challenge and opportunity thrown their way.”The firm’s consulting efforts target banks and merchants that need assistance when adopting crypto. This includes helping create crypto-enabled loyalty programs and developing strategies for crypto and NFT integration. Apart from this, Mastercard will use its partnerships with “digitally native firms” to offer crypto solutions and help businesses enter new markets. Additionally, the global financial institution is also focusing on assisting central banks as they explore the creation of central bank digital currencies (CBDCs). According to Mastercard, its testing platform allows central banks to perform research, testing and consultation with experts in payment systems, regulation and governance before launching their CBDCs. Related: ConsenSys launches Rollups for privacy-enabled transactions on Ethereum blockchain with support of MastercardIn December 2021, Mastercard’s Liza Oakes, executive vice president of market development, had a chat with Cointelegraph’s editor-in-chief Kristina Cornèr at Global Impact Week. According to Oakes, aside from CBDCs, the firm is also looking into “stablecoins and how to support their developments.” Oakes also recognized that there are security challenges in the realm of NFTs and mentioned that the company is developing solutions for this. Last month, Mastercard partnered with Coinbase to allow non-crypto users to be able to purchase NFTs with their credit cards, without setting up a wallet and buying Ethereum (ETH). With this, purchasing NFTs in the Coinbase NFT marketplace is simplified for crypto beginners who want to use their fiat.

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