Autor Cointelegraph By Ezra Reguerra

Ethereum Name Service registrations surge by 200% amid lower gas fees

Ethereum Name Service registrations surge by 200% amid lower gas fees

Uverejnil používateľ | júl 6, 2022 |

Ethereum domains showed an increase in demand as Ethereum Name Service (ENS) registration totaled 126,141 registrations in just one week. The ENS Dashboard, a data tracker created by developer Nick Johnson, shows that registrations went from 11,042 to 29,727, increasing over 200% during the weekend. This happened amid the second-largest .eth domain sale when “000.eth” was bought on Sunday at 300 Ether (ETH), which was worth around $320,000 at the time of sale. Because of the purchase, ENS’s daily revenue jumped up to $684,174 when the sale was completed. Following this, the registrations for .eth domains peaked at 34,357 on Monday as hype over the sale reached its climax. This pushed ENS to the top of the seven-day nonfungible token (NFT) collection sales chart at information tracker Dapp Radar. Social media activity surrounding ENS has also reached new highs. According to crypto social tracking platform Lunar Crush, engagements with the keyword increased by 108.4% within seven days. Ethereum Name Service 1-week activity: Social mentions: 41.71K +69.8%Social dominance: 2.94% +294.1%Social engagements: 101.58M +108.4%More @ensdomains insights: https://t.co/bKTNrlixbm pic.twitter.com/Wa3ZfI1MT6— LunarCrush (@LunarCrush) July 6, 2022The surge in demand for ENS domains also happened as Ethereum’s average gas fees fell to $1.57, a number that has not been seen since 2020. Related: The concept and future of decentralized Web3 domain namesOn July 1, the Gray Glacier hard fork, which delays the difficulty bomb on Ethereum, went live last Thursday. According to Ethereum Foundation’s Tim Beiko, the fork was a success, and all nodes were in sync. Following this, the Sepolia testnet will also be undergoing a merge trial in the coming days as the Ethereum network prepares to move to a proof-of-stake consensus. On the same day as the fork, Ether’s price fell by 5%, putting 1 ETH at $1,044. This follows a four-day losing streak for the asset as Ether-focused investment products showed almost $140 million in outflows in the month of June.

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85% of merchants see crypto payments as a way to reach new customers: Survey

85% of merchants see crypto payments as a way to reach new customers: Survey

Uverejnil používateľ | júl 6, 2022 |

While the market goes steady, the crypto ecosystem continues to grow as merchants innovate and adopt cryptocurrency payments in their quest to gain new customers. Data platform PYMNTS collaborated with Bitpay to survey merchants, in an attempt to understand the trends on what the participants expect from digital currencies and their effect on payments and businesses. In the report titled “Paying With Cryptocurrency,” the researchers found that among businesses with an annual income of $1 billion, 85% are adopting crypto payments to find and gain new customers. On the other hand, 82% of all the merchants who participated in the survey cited crypto’s elimination of middlemen as their reason for accepting it as a payment method. Apart from these, the results also showed that 77% of the surveyed merchants are also drawn to accepting crypto because of lower transaction fees. According to the report, the fees for processing crypto transactions are around 1%. This is much lower than the usual fees from 1.5% to 3.5% charged by other payment options like credit cards. While most of the report shows positive perspectives on crypto, some merchants report that technical barriers and challenges still get in their way of adopting crypto payments. Of the merchants that do not accept crypto yet, 68% said that this is because of the challenges that they face in the implementation of the technology at the checkout. Related: Crypto more popular than mutual funds among millennials, survey showsDespite the crypto winter, a report published by Cointelegraph Research in June showed that a wide range of companies coming from various industries has already integrated crypto payment options. From entertainment platforms like to travel booking platforms, the crypto ecosystem continues to expand as global adoption progresses. In the same month, Ben Caselin, an executive at trading firm AAX, told Cointelegraph that despite the bearish market, Bitcoin (BTC) adoption and Metaverse development continues to advance. According to Caselin, this is a good opportunity for businesses who are looking to tap into the crypto ecosystem.

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Lamborghini-backed GT racing team to authenticate car parts using NFTs

Lamborghini-backed GT racing team to authenticate car parts using NFTs

Uverejnil používateľ | júl 5, 2022 |

Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini’s motorsport department, has announced its partnership with nonfungible token (NFT) platform Go2NFT to launch a program that certifies racing car parts.In an announcement sent to Cointelegraph, former racing champion Vincenzo Sospiri from the VSR mentioned that their team will build NFT certification for their race cars with Go2NFT and blockchain platform Skey Network. This will allow them to monitor and ensure the quality of the car parts. He explained that: “This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”Apart from the car parts, VSR is also looking to expand the NFT certification program to official merchandise and its other products as well. According to the team, this will give fans peace of mind when purchasing branded goods. Related: Animoca drives into crypto racing games with latest acquisitionBoris Ejsymont, an executive at Go2NFT, mentioned that their team understands the challenges that brands face when it comes to protecting their intellectual property, and they believe that NFTs can provide a solution. Ejsymont said that: “We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.”The world of racing and crypto has been colliding well in 2022. Back in February, Formula 1 racing team Red Bull Racing scored a $150 million partnership with the crypto exchange platform Bybit. In a Cointelegraph interview, Bybit founder Ben Zhou said that the partnership allowed its team to reach people who are new to the crypto space.In March, Crypto.com partnered with car manufacturer Aston Martin’s Formula 1 team. With the deal, the brand’s F1 cars will showcase advertisements of the exchange. Jefferson Slack, an executive at Aston Martin, noted that the move allows the car manufacturer to understand the crypto space more.

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Experts weigh in on European Union’s MiCa crypto regulation

Experts weigh in on European Union’s MiCa crypto regulation

Uverejnil používateľ | júl 1, 2022 |

European Union officials recently agreed on a landmark law called the Markets in Crypto-Assets (MiCa) framework that provides guidance for crypto asset service providers (CASPs) to operate within the Europe region. Following this, experts reacted with varying opinions, from supporting the decision to explaining how it would have adverse effects. According to Richard Gardner, CEO of trading technology firm Modulus, the new development provides a clearer picture for CASPs as to what is expected by the authorities. Gardner explained that: “Not everything contained in it is going to appeal to all the players, but, at this point, the industry just needs to understand what’s expected of it. It is well past time for a guidebook so that operators can act with intention.”Gardner also added that this may end the digital asset downturn and bring a way for the industry to expand and innovate. The executive believes that the laws were “built to guard against abuse and manipulation.”Commenting on the topic, Petr Kozyakov, the CEO of payment infrastructure firm Mercuryo also praised the move and believes that it’s a “welcome step in the right direction.” Kozyakov noted that this may weed out bad actors. He said: “There is a real desire for a clear set of rules to protect individuals and businesses who have adopted cryptocurrencies already, to weed out bad actors, and to encourage others to adopt crypto as a result.”Kozyakov added that the new development may “unleash the potential” of the sector and push it towards mainstream adoption. Related: Coinbase seeking aggressive European expansion amid crypto winterMeanwhile, not everyone believes that the new development in EU regulation will bring positive effects within the region. Seth Hertlein, the global head of policy at wallet firm Ledger, noted that the European Union missed an opportunity to regain the market share that it lost in Web2 through developments in Web3. Hertlein also highlighted that the rules would be in violation of the fundamental rights of Europeans.

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Coinbase denies reports of selling customer data to the US government

Coinbase denies reports of selling customer data to the US government

Uverejnil používateľ | júl 1, 2022 |

Crypto exchange platform Coinbase denied reports alleging that the company is selling its customer information to the United States Immigration and Customs Enforcement (ICE), an agency that works under the country’s Department of Homeland Security. On Thursday, news that Coinbase has been providing geolocation data to the ICE has circulated online. Because of this, Twitter users like Solobase Mac were shocked and noted that they “didn’t sign up for that.” They tweeted: Now why would they be doing that? So basically invasion of privacy. Sells with out knowledge? They will be owing me 10 million for that one. I didn’t sign up for that. What the hell could this be real or false. Man so much running through my head right now.— Solobase Mac (@Blacktalizman) June 30, 2022In a statement on Twitter, Coinbase clarified that the firm “does not sell proprietary customer data.” The exchange highlighted that its foremost priority is giving a safe and secure experience to the users of the platform. Additionally, the crypto platform has also explained that its Coinbase Tracer tools are created to comply with government requirements. Coinbase noted that this is used to investigate finance-related crimes such as terrorist financing and money laundering. According to the exchange, the information they provide to the government comes only from public sources and not from Coinbase user data. Back in September 2021, Coinbase inked a deal with the ICE for developing software for the government agency. The agreement compels the exchange to provide “application development software as a service” to the ICE in exchange for $1.36 million. Related: Coinbase to track off-exchange transactions from Dutch customersDespite the setbacks caused by the current crypto winter, Coinbase is looking to expand its operations in Europe. The exchange has begun hiring staff in Switzerland and is licensed to operate in countries like Germany, Ireland and the United Kingdom. Last week, credit rating firm Moody’s downgraded Coinbase’s Corporate Family Rating (CFR), which is the firm’s opinion on Coinbase’s capability to pay its financial obligations. The rating agency also downgraded the exchanges’ guaranteed senior unsecured notes, which is debt that is not backed by any collateral assets.

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