Autor Cointelegraph By Luke Huigsloot

Cardano hard fork ‘ever closer’ as upgraded SPOs account for 42% of blocks

Cardano hard fork ‘ever closer’ as upgraded SPOs account for 42% of blocks

Uverejnil používateľ | aug 26, 2022 |

Input Output Hong Kong (IOHK), the blockchain company behind the Cardano network says the much anticipated Vasil hard fork is “ever closer” after revealing the state of three critical indicators that will trigger the mainnet update. In a Twitter thread posted on Aug. 25, IOHK shared its latest “rollout status” of the Vasil upgrade to its 265,800 followers, with updates on “three critical mass indicators” which will determine when the mainnet update will go ahead.This includes having 75% of mainnet blocks produced by nodes running 1.35.3, around 25 exchanges upgraded (representing 80% of liquidity) as well as the top ten key mainnet Dapps also having upgraded. on Thursday, the blockchain company noted that Stake Pool Operators (SPOs) running the latest node 1.35.3 now account for 42% of mainnet block production in the current epoch, which is now more than halfway to the 75% required.Mainnet nodes status:↗️SPOs/nodes: SPOs running node 1.35.3 (the #Vasil release candidate) now account for 40% plus of mainnet block production in the current epoch. The metric we’re chasing is 75%. Data courtesy: @cexplorer_io @PooltoolI 5/13 pic.twitter.com/4jf62zlqQQ— Input Output (@InputOutputHK) August 25, 2022IOHK also noted that one of the world’s largest exchanges, Binance, has reportedly upgraded their Cardano nodes to the latest version. The firm has been targeting roughly 25 exchanges to upgrade their nodes, as it would account for approximately 80% of its native token’s total liquidity. Regarding its mainnet decentralized applications (DApps), IOHK confirmed that they’ll continue to stay close to many of the DApp teams on Cardano, with four out of 10 already confirming they are actively testing against node 1.35.3 on the pre-production testnet. IOHK also shared that no new bugs have been identified, leaving nine minor bugs still to be dealt with — none of which will cause an unintended hard fork. Related: What’s going on with Cardano’s testnet and Vasil hard fork?The long-awaited Vasil upgrade is aimed at reducing transaction size and allowing for more network activity while lowering costs. After a roadmap was released by IOHK on May 19 which planned for a hard fork on Jun. 29, the Vasil upgrade has been plagued by delays while developers ensure the network transition proceeds smoothly.Charles Hoskinson, co-founder of Cardano, recently responded to criticism about the upgrade being rushed. He suggested that they could delay the launch for months to retest the code which has already been tested and running, but the DApp developers would not see this as worthwhile given they have waited so long already.

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Eminem and Snoop Dogg to perform Bored Apes track at MTV music awards

Eminem and Snoop Dogg to perform Bored Apes track at MTV music awards

Uverejnil používateľ | aug 26, 2022 |

NFT friendly rap icons Eminem and Snoop Dogg will be performing at MTV’s Video Music Awards (VMAs) together on Sunday, in a performance inspired by the Otherside metaverse and Bored Ape Yacht Club (BAYC) NFTs.The Otherside is a collaboration project between Yuga Labs’ BAYC and NFT investment and gaming giant Animoca Brands.Partnering with Otherside creator Yuga Labs, the global rap icons will be giving some major mainstream exposure to Otherside by transforming the VMAs stage into its style for their latest collaborative single ‘From the D 2 the LBC’. Specific details of the performance are sparse at this stage however. In what appears to be a signal to the music industry that Metaverse performances deserve more recognition, the VMAs have also added a ‘Best Metaverse Performance’ category to its annual awards. Nominees for the award include Justin Bieber, Rift Tour (featuring Ariana Grande), and Twenty One Pilots.From the D to the LBC… to Jersey @vmas here we come @Eminem @MTV @OthersideMeta pic.twitter.com/XLwcdOeIJN— Snoop Dogg (@SnoopDogg) August 25, 2022The VMAs may be hoping that in embracing the Metaverse they will be able to reinflate their flagging viewership numbers. After peaking at 12.4 million viewers in 2011, the awards have seen a steady decline in viewers, with the 900,000 that tuned in live to watch the awards on MTV representing the 8th year in a row that viewership has decreased.The single marks the first collaboration between the two artists in 20 years, with the duo up for the “Best Hip Hop” award. Both Eminen and Snoop dogg are hodlers of BAYC NFTs, and the song’s music video heavily features content from the NFT collection. Snoop Dogg has also recently featured in an EDM single called BAYC by Esther Anaya, in an animated video of Bored Apes and other NFTs.Eminem had purchased a hip hop clothed Bored Ape on Dec. 31 for 123.45 ETH, and also has a collection of 28 other NFTs under the name Shady_Holdings. Snoop Dog is a much more avid participant within the NFT space, with a partnership between him and The Sandbox leading to ‘The Doggies’ collection of NFTs and buying a Bored Ape on Dec. 22.The Otherside and its VoyagersThe Otherside is a gamified interoperable Metaverse currently in beta development. The platform offers Otherdeed NFTs to represent digital ownership of land plots in the BAYC affiliated virtual world, with Otherdeed owners being referred to as ‘Voyagers’.According to the litepaper, “Otherside will support interoperability in the future, giving Voyagers a chance to bring their own outside collections and NFTs to life within our metaverse.”Related: Yuga Labs ‘inappropriately induced’ BAYC investors: Class actionAccording to data from CryptoSlam, sales of Otherdeed NFTs have topped $1 billion to date, with $23.5 million of volume coming over the past 30 days. Demand is also quite high for the top tier NFTs in the collection, with one plot having sold for as much as 333.33 ETH (currently valued at $565,289) four months ago. The Otherside allowed users into its metaverse for the first time on Jul. 16, with 4500 users able to jump in and experience the virtual world. Only Voyagers and selected third-party developers were able to participate, and the trip seems to have been a great success based on tweets from its supporters.Reminiscing over the incredible @OthersideMeta First Trip experience #Otherside pic.twitter.com/yJA17vqgkH— chicken-nugget.eth (@CHICCEN_NUGGET) July 17, 2022

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Vitalik: People still 'underrate' the superiority of crypto payments

Vitalik: People still 'underrate' the superiority of crypto payments

Uverejnil používateľ | aug 25, 2022 |

Ethereum co-founder Vitalik Buterin suggests the superiority of cryptocurrency for payments is often “underrated” compared to fiat, pointing to the convenience of international payments and payments to charities as key examples. Buterin made the comments in a Twitter thread on Aug. 24, explaining that it’s not just resistance to censorship, but also convenience that makes cryptocurrencies “superior” when it comes to international business, charity, and even payments within countries. People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they’re so much more convenient.Big boost to international business and charity, and sometimes even payments within countries.— vitalik.eth (@VitalikButerin) August 24, 2022Cryptocurrency adoption in payments has been growing globally. A report from data platform PYMNTS titled “Paying With Cryptocurrency” in July found that among businesses surveyed with annual income exceeding $1 billion, 85% said they are adopting crypto payments to find and gain new customers. The availability of crypto debit cards has also been growing quickly, with Binance recently partnering with Mastercard to announce a prepaid card for Argentinians. Many of these cards, such as Wirex’s, even reward users with crypto cashback for paying through the card and facilitate spending of several major cryptocurrencies, fiat currencies, as well as the withdrawal of cash from ATMs. As pointed out by Vitalik, cryptocurrencies are also particularly useful when transferring money internationally and for charitable donations. Traditionally when done using fiat currency, international payments can take a long time to process and results in large fees. The war in Ukraine is one great example of its usefulness in this regard, with Vice Prime Minister Mykhailo Fedorov having tweeted on Aug. 18 that $54 million has been raised by nonprofit and activist group Aid For Ukraine alone. However, not everyone has been as bullish about crypto’s use as means of payment, with common objections including price volatility, ease of use, and regulatory risk, as well as high-transaction fees and long processing times for certain cryptocurrencies, such as Bitcoin and Ethereum. While it can vary, the Bitcoin blockchain handles approximately five transactions per second (TPS), and averages fees of $0.819 as of Aug 24, while Ethereum is currently handling around 29.3 TPS with average fees of $1.57. Visa on the other hand claims to be able to handle 24,000 transactions per second and charges between 1.4 and 2.5% per transaction. Related: Ukraine has shown the value cryptocurrency offers to real peopleThe development of the lightning network, a layer-2 solution built on top of Bitcoin’s blockchain, could be a solution for Bitcoin’s lagging TPS, while Ethereum has been looking to layer-2 roll-up technology, such as ZK-rollups to vastly reduce fees and processing times.Stablecoins, cryptocurrencies designed to be pegged to another asset (such as the United States dollar), have also become a popular medium of exchange, particularly in emerging economies.

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Crypto trader doubles portfolio in a month betting against Jim Cramer

Crypto trader doubles portfolio in a month betting against Jim Cramer

Uverejnil používateľ | aug 23, 2022 |

Twitter-famous crypto trader AIgod has brought a smile to the community after announcing he’s doubled his “Inverse Cramer” portfolio in just a month by “simply” inverse trading against CNBC’s Mad Money host Jim Cramer. In his latest tweet on Aug. 22, the trader, who became famous on Twitter for pre-empting the fall of Terra Luna’s collapse earlier this year, said he has just flipped to a long position on his inverse Jim Cramer account following a bearish tweet from Cramer about the state of the Nasdaq.Was a bit late but flipped long on the Cramer account, Jim bearish on Nasdaq is good indicator for cryptoTrade on decentralized derivatives here: https://t.co/z7XBNybcRr (if you use leverage do it responsibly) https://t.co/yr1iDSzROf pic.twitter.com/u9QdlbIFcb— Algod (@AlgodTrading) August 23, 2022Earlier in the same day, Algod announced the inverse Cramer account had “officially doubled” for the first time, reaching a net value of $101,440.71, up from a starting amount of $51,470.56 on July 19 when he used 35 ETH as collateral. According to his latest Tweet, AIgod’s inverse account shows $97,007.62 in net value, representing a whopping 88.47% return on his initial investment.Jim Cramer is a former hedge fund manager who hosts CNBC’s Mad Money. He is well-known in the finance world, but some in the crypto community believe it may be wiser to bet against his crypto and stock picks.The “Inverse Cramer” has become something of a meme after a movement started on Reddit and Twitter pushing a simple idea. If Cramer says to sell a stock — buy. If he recommends buying a stock — sell.There is also an Inverse Cramer ETF Twitter account with over 84,900 followers, which is “tracking the stock recommendations of Jim Cramer so you can do the opposite”. Some people work a 9-5 job, i simply just countertrade Cramer it’s not much but honest work— Algod (@AlgodTrading) August 22, 2022

AIgod has become well-known within the crypto space following a $1 million bet between him and Terraform Labs CEO Do Kwon, in which AIgod claimed that in one year the price of Terra’s LUNA token would fall below its current price of $88 starting from Mar. 14, 2022. Less than two months later, Luna fell from its all-time high of over $120 to just $0.84.

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Bitcoin won't hedge inflation until it hits 1B wallets: Scaramucci

Bitcoin won't hedge inflation until it hits 1B wallets: Scaramucci

Uverejnil používateľ | aug 23, 2022 |

Skybridge Capital CEO Anthony Scaramucci believes that while Bitcoin continues to be an attractive asset, it has not reached the “wallet bandwidth” that is required for it to be considered an inflation hedge. Speaking on CNBC’s Squawk Box on Aug 22. the global investment management CEO said Bitcoin was still too much of “an early adopting technical asset” which would need to be held in around a billion wallets before it would begin to act as a hedge against inflation.“Until you get into the billion, billion-plus zone, I don’t think you’re going to see Bitcoin as an inflation [hedge] as it’s still an early adopting technical asset.”While the exact number of Bitcoin wallets in the world is unknown, estimates place this number at approximately 200 million.In its earlier years, some touted Bitcoin as a potential hedge against inflation, given its fixed supply of 21 million coins. This narrative has changed over time, however, as Bitcoin has been observed as being increasingly correlated to the stock market, according to a new IMF report. “#Bitcoin is still not a mature enough asset to be regarded as a potential inflation hedge,” says @scaramucci on $BTC. “You just don’t have the wallet bandwidth with Bitcoin. It’s still an early adopting technical asset.” pic.twitter.com/YTsy6W3HGU— Squawk Box (@SquawkCNBC) August 22, 2022Scaramucci said he was still bullish on Bitcoin and the overall crypto market pointing to recent moves from BlackRock to launch a new private spot Bitcoin trust with Coinbase as the custodian — a sign that there is strong institutionalized demand for the leading cryptocurrency.Scaramucci believes that the markets are currently filled with a ton of short positions, which could result in people getting “their faces ripped off when they least expect it.In a recent interview with Cointelegraph, Steven Lubka, managing director of private clients at Swan Bitcoin argued that Bitcoin should still be considered an inflation hedge.While Lubka agreed that Bitcoin has failed to act as an inflationary hedge during the global inflation events this year, he believes that this inflation has been predominantly caused by supply shocks rather than monetary expansion — where Bitcoin is able to hedge against inflation more effectively. Related: UK hits double-digit inflation for the first time in 40 yearsAs of the time of writing, Bitcoin’s price is currently $21,406, down 69.01% from its all-time high of $69,045 on November 11 last year.Also speaking on ‘Squawk Box’ on Monday, Coinshare’s chief strategy officer Meltem Demirors said she expects Bitcoin prices will continue to remain flat throughout the third quarter as the price correlation between tech equities and cryptocurrencies continues.”With #Bitcoin we’ve seen a lot of buying on dips,” says @Melt_Dem. “While internally there’s a lot of enthusiasm within the #crypto community around the merge… I don’t think there’s a lot of new capital coming in to buy #Etherium on these changed fundamentals.” pic.twitter.com/8KBiRHfT1f— Squawk Box (@SquawkCNBC) August 22, 2022

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