Autor Cointelegraph By Ezra Reguerra

ETH/USD trading pair attracts more traders in the first quarter of 2022: report

ETH/USD trading pair attracts more traders in the first quarter of 2022: report

Uverejnil používateľ | jún 1, 2022 |

The Ether (ETH) to U.S. dollar (USD) pair has pulled the biggest number of traders from January to March 2022, according to trading platform Capital.com. In its quarterly report, Capital.com noted that in 2021, the most significant number of traders was held by the Dogecoin (DOGE) to USD pair. However, the ETH/USD pair has taken the spot for most traders within the trading platform for the first time. The quarterly report noted that crypto turnover has gone up by 93% percent in the quarter. Despite the positive statistic, the report admits that the increase in revenue does not reflect the broader market trends because the number was reached because of a few single-day spikes in volume. Capital.com has also highlighted that the broader market is currently in a state of disinterest. According to Capital.com’s chief analyst David Jones, the Bitcoin (BTC) downtrend from November to January has influenced retail traders’ interest in crypto. Additionally, the analyst mentioned that crypto traders are “herd creatures” driven by momentum. After high investor participation in the month of January, the following months showed a decline. In February, digital asset traders on the platform went down by 16%. In the next month, the number dropped by another 10%.Related: The more you know about Bitcoin, the more optimistic you are: Block surveyOn May 30, ETH’s price moved closer to the $2,000 mark as BTC climbed above $30,900. However, analysts noted that despite the bounce, the prices’ uptrend may end up weaker than the 2021’s mid-year performance. On the other hand, some analysts also noted that there’s a possibility to bounce up to $2,700 over the summer. Meanwhile, the Ropsten testnet on Ethereum is moving to the proof-of-stake (PoS) consensus. Ethereum’s developer Tim Beiko shared the news that on June 8, the Ropsten testnet will merge with a new Ropsten Beacon Chain that was launched on May 30. After the transition, two more testnets called Goerli and Spolia will move to PoS before the migration for the Ethereum mainnet begins.

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Philippines to explore blockchain use cases, launches training program

Philippines to explore blockchain use cases, launches training program

Uverejnil používateľ | máj 31, 2022 |

The Philippine government has started its exploration of blockchain technology use cases, launching a training program for researchers in the government’s Department of Science and Technology (DOST). Enrico Paringit, a DOST official, reportedly said that the goal of the training is to see how blockchain can play a role in areas like healthcare, financial support and emergency aid. Apart from these, Paringit noted that the department is also taking a look at how blockchain can be used in the issuance of passports and visas, trademark registration and in government records. While cryptos are a prominent application for blockchain, the DOST official highlighted that the department’s intention is to “build non-cryptocurrency applications.” Paringit said that the aim is to produce blockchain development specialists that could support the government in various applications of the technology. The program received funding that could cover the expenses for training information technology specialists and researchers. However, Paringit highlighted that the lack of local blockchain experts has given the department difficulties.Fortunato dela Peña, the country’s secretary of science and technology also weighed in, saying that blockchain is “an important emerging technology” that the country needs to develop.Related: The Philippines to launch pilot CBDC implementationBack in April, PayMaya, a digital payment provider based in the Philippines, launched a crypto trading feature within its application. The app, often used by Filipinos for online shopping or transferring money locally, has listed Bitcoin (BTC), Ether (ETH) and other prominent cryptos for trading with the Philippine pesos. In the same month, the firm behind PayMaya, Voyager Innovations, surpassed $1 billion in valuation after receiving funds to develop the recently-added crypto offerings of its digital payments app. The company recognizes that there are opportunities in serving the local population in the Philipinnes when it comes to digital finance.

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BSV president urges Meta to store data for its metaverse on a public blockchain

BSV president urges Meta to store data for its metaverse on a public blockchain

Uverejnil používateľ | máj 27, 2022 |

While Meta has not yet launched its metaverse project, Bitcoin SV (BSV) Association President Jimmy Nguyen thinks that it would be better for the firm to store user data on a public blockchain. In a Cointelegraph interview, Nguyen shared that a global and interoperable metaverse ecosystem would mean that individual data will be stored within a public blockchain. If Meta takes this method, Nguyen noted that Meta could become an interface that connects a blockchain to companies’ metaverse apps. This will allow other metaverses to access user data once users give their consent. The BSV president said that: “I hope Facebook/Meta take an approach of creating a Metaverse where they build the environment but do not uniquely store your identity and data on their own servers.”Additionally, the BSV president underscored that this type of vision requires a scalable blockchain that can handle large amounts of transactions and data. According to Nguyen, the BSV blockchain is capable of this. “A successful metaverse requires a lot of data. Therefore, metaverse projects can benefit from integration with a blockchain with massive scale, data capacity and low fees.”Because of this, Nguyen also shared his belief that the BSV blockchain may play a role in the metaverse in terms of payments and as a base ledger for all the data files necessary for projects that wish to build metaverses. Related: Singapore venture firm launches $100M Web3 and metaverse fundIn a panel discussion at the World Economic Forum (WEF), an executive at Lego Group said that metaverses must be developed with children’s perspectives in mind. Edward Lewin, a vice president at the company said that given that kids are the future users of metaverses, people should focus on “building from kids’ perspective.”Meanwhile, a recent survey conducted for the WEF showed that developing countries are more eager for the metaverse compared to developed countries. Among the 21,000 adults surveyed across 29 countries, those from high-income countries showed less interest in the metaverse.

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Terra to burn 1B UST from the community pool as holders vote for it

Terra to burn 1B UST from the community pool as holders vote for it

Uverejnil používateľ | máj 27, 2022 |

In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool. Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD (UST) that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives. According to the proposal, the burn will help “reduce the outstanding bad debt of the Terra economy.” Apart from this, it’s also expected to play a significant part in restoring the UST dollar peg by eliminating a big chunk of excess supply. The proposal was submitted on May 12 and was expected to be finalized after seven days. However, it failed to execute due to a mismatch in the amount of UST in the community pool and the proposal. This is because of another proposal that was executed, resulting in the removal of some funds from the pool. Despite this, the community created another proposal on May 20, to proceed with the burn. After seven days, the proposal has finally passed with 153,644,852 voting in favor of burning the UST supply. Related: Exchanges show initial support to Terra revival by listing new LUNA tokenApart from community burning efforts to support the project, crypto exchange MEXC Global also committed to a month-long buyback and burn for LUNA. The exchange platform pledged to use the trading fees earned from the new LUNA/USDT spot trading pair to buy LUNA and send it to the burning wallet address. Despite sharing a burn address with the Terra community, Kwon is not in favor of burning. The infamous Terra founder warned the “LUNAtics” about sending LUNA to the burning address. According to Kwon, burning will not do anything. He told users that “nothing happens except that you lose your tokens.”

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Tether launches stablecoin pegged to pesos on Ethereum, Tron and Polygon

Tether launches stablecoin pegged to pesos on Ethereum, Tron and Polygon

Uverejnil používateľ | máj 26, 2022 |

Amid market issues surrounding stablecoins, Tether (USDT) launched a new digital asset that will be pegged to the Mexican peso on Ethereum, Tron and Polygon networks. In an announcement sent to Cointelegraph on Thursday, Tether mentioned that the token will have the MXNT ticker and will join Tether’s roster of fiat-pegged stablecoins that includes dollar-pegged USDT, Euro-pegged EURT and Chinese Yuan-pegged CNHT. Citing data that reports blockchain and crypto demand among Mexican companies, the stablecoin issuer believes that there’s a unique opportunity to provide a cheaper option for asset transfer within the region. According to Tether’s chief technology officer, Paolo Ardoino said that the rise in crypto usage in the Latin America region pushed their decision to “expand.” He explained that the introduction of a stablecoin pegged to the Peso will give those in Mexico a way to store value. Apart from this Ardoino believes that: “MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.”The team also highlighted that the move will provide value to the emerging market by providing a testing ground for onboarding new crypto users in the region. Additionally, they noted that this may also set a precedent for the launch of more Peso-pegged stablecoins. Related: Cryptopedia: Learn the concepts behind stablecoins and how they workEarlier in May, USDT showed some signs of stress as it traded below $0.99 on some of the major crypto exchanges. However, the Tether CTO assured the community that they are able to withstand the redemption of 300 million USDT tokens in a day “without a sweat drop.” On the same day, the firm also announced the transfer of 1 billion USDT from Tron’s blockchain into Ethereum and Avalanche. The chain swap was announced amid market panic because of the recent collapse of TerraUSD (UST).

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