Autor Cointelegraph By Prashant Jha

WEF 2022: Bitcoin should be seen from an innovation perspective, says Miami mayor

Miami mayor Francis Suarez believes that Bitcoin (BTC) should be seen from an innovation perspective rather than just as an investment asset.Suarez’s comments came during his discussion on “The Future of Crypto” on the third day of the ongoing World Economic Forum (WEF) 2022 at Davos. He said:“We live in a world where investors only look at things from a return perspective, but Bitcoin should be seen from an innovative and technology perspective.”When asked about his views on the volatility debate in the crypto market, Suarez said that the phenomenon is a part of the crypto ecosystem and has been common among evolving and nascent tech.  He reminded people that although the volatility debate seems to be prevalent only during a bear market, it plays a key role when the market is going up as well. He also claimed that the Bitcoin price would become stable over time when it would shift from being an asset class to a form of “currency.” He explained:“I will talk from the Bitcoin perspective since it’s the original cryptocurrency. Currently, it is behaving like an asset class, but over time it would move towards being a currency. Once its currency aspect takes center stage, I think the price will stabilize as well.”When enquired about the reason behind his support for BTC, Suarez said:“Who can we trust today? Politicians? The bankers or policymakers? This is where the likes of Bitcoin are making a mark, even though invented by a human it has been designed to follow a set of codes that cannot be altered.”Suarez was joined by Crypto Council for Innovation CEO Sheila Warren, who agreed with the Miami mayor on the Bitcoin debate and said “[Bitcoin] has proved its mettle by sustaining through several price cycles and its current price speaks volumes of its cycle.”

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WEF 2022, May 24: Latest updates from the Cointelegraph Davos team

Disclaimer: This article is being updated all day long. All timestamps are in the UTC time zone, with updates in reverse order (the latest update is placed at the top).WEF 2022, the first in-person World Economic Forum event since the pandemic started, continues to bridge traditional finance with the future of money on its third day. The Cointelegraph ground team, including editor-in-chief Kristina L. Corner, head of video Jackson DuMont and news reporter Joseph Hall, is deployed in Davos, where the event is held, to get the most recent developments from WEF 2022. Check out all the important details from May 23 in one easy-to-read page!The third day of WEF 2022 will see the OECD secretary-general Mathias Cormann share his thoughts on a reimagined global tax system and industry experts discussing decentralized finance (DeFi) as the future of decentralized governance.Crypto’s Carbon Footprint, one of the most anticipated sessions of the event, will see chief executives from FTX, Stellar Development Foundation, SkyBridge Capital, DataKing and Cambridge Centre for Alternative Finance talk about the environmental sustainability goals of crypto mining operations.Don’t forget to check this article regularly to get notified about the most recent announcements from the event.9:00 am UTCThe panel discussion shifted towards quantum computers, their progress, and how they would impact various fields —be it centralized or decentralized. IBM chief Krishna noted that the progress has been significant in the field and when enquired about the world’s first functional quantum computer, Krishna responded: “I think it can be a reality by 2025.”The expert panel went on to discuss the role of quantum computers in the metaverse and how it would change computing in augmented reality. Antonio Neri, CEO at Hewlett Packard Enterprise while answering a question on digital and decentralized transformation among traditional enterprises said that web3 and blockchain are definitely one of the key topics of discussion among executives, but it’s more about which would be a more efficient way of data processing and storage.08.30 am UTCThe ‘Strategic Outlook on the Digital Economy’ panel discussed building socially inclusive and environmentally sustainable economic growth. The panel included the likes of Nicholas Thompson, publisher and CEO of The Atlantic, Arvind Krishna, chairman and CEO of IBM Corporation, and Julie Sweet, CEO of Accenture.The primary discussion revolved around the evolution of metaverse and its potential at the industrial level. Accenture CEO talked about numerous use cases of the virtual reality world and their future plans of integrating employees into the Accenture metaverse.“Metaverse has a ton of potential and it could prove to be beneficial in many domains. 100,000 Accenture employees would be integrated into the Accenture metaverse over time.”She went on to cite the example of the pandemic and how metaverse helped them connect and complete meetings in three dimensions.IBM CEO Arvind Krishna talked about the role of artificial intelligence and augmented reality (metaverse) in handling tasks that are dangerous for the humans, citing the example of nuclear powerplants, which could be inaccessible in case of a tragedy, and this is where metaverse and AI could be of great help.

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WEF 2022, May 23: Latest updates from the Cointelegraph Davos team

Disclaimer: This article is updated all day long. All time codes are in the UTC time zone, updates in reverse order (the latest update is placed at the top).This year’s World Economic Forum marks the first in-person event since the start of the pandemic. The last WEF with physical attendance was in Jan 2020.Cointelegraph established a unit, including editor-in-chief Kristina L. Corner, head of video Jackson DuMont and news reporter Joseph Hall, in Davos to bring in the latest updates from one of the most significant global events of the year.The second day of the global event is packed with key blockchain and crypto events attended by the likes of the International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Bank of Thailand governor Sethaput Suthiwartnarueput, Bank of France governor François Villeroy de Galhau, Mastercard CEO Michael Miebach, a senior economist from Bank of International Settlement Jon Frost and many more.The major topics of discussion among world leaders, central bank governors and executives revolve around blockchain, the role of central bank digital currencies (CBDCs), Web3 and nonfungible tokens (NFTs).Don’t forget to check this article regularly to get notified about the most recent announcements from the event.Cointelegraph editor-in-chief Kristina Lucrezia Corner got in touch with PayPal vice president Richard Nash to get an insight into the leading payment processor’s blockchain and crypto plans. Nash told Cointelegraph:“We are already doing a lot in the blockchain space… and just working slowly in the crypto space and looking to work with others to embrace everything we can .. be it digital wallets or CBDC in future”

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Finance Redefined: Lifeline for Terra projects, proposed Terra hard fork and more

The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra’s collapse and its aftermath on various ecosystems it was connected. Now BNB chain has come to the rescue of several stranded projects on Terra by offering financial and technical assistance.After its spiral collapse, Terra co-founder Do Kown proposed a revival plan and a hard fork to revive the blockchain. Chainalysis introduced new tools to monitor and track stolen funds across multiple blockchains. Swiss asset manager Julias Baer is eyeing crypto and DeFi potential.Top DeFi tokens saw another week of bleeding, with the majority of these tokens trading in red over the past week. Do Kwon proposes Terra hard fork to save the ecosystemDo Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs proposed a new governance model on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA). However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27. Continue readingBNB Chain offers another lifeline to Terra ecosystem projectsBinance will welcome migration and provide support to projects from the Terra ecosystem following this month’s unraveling of the DeFi platform and its algorithmic stablecoin.BNB Chain (BNB) has committed to providing investment and support to projects considering migrating from the Terra ecosystem in the wake of the biggest black swan event to hit the cryptocurrency space in recent years.Continue readingDeFi-ing exploits: New Chainalysis tool tracks stolen crypto across multiple chainsChainalysis launched a beta version of its Storyline software on Wednesday. Touted as a “Web3-native blockchain analysis tool,” Storyline aims to track and visualize smart contract transactions with a focus on nonfungible tokens (NFTs) and DeFi platforms. This is in line with the growing popularity and prevalence of NFTs and DeFi in the cryptocurrency space over the past year.Chainalysis provides blockchain analysis and annual reports on cryptocurrency crime trends and other analytics. The ever-changing landscape has seen DeFi and NFTs become important cogs in the ecosystem, with Chainalysis estimating the two sectors account for more than half of global cryptocurrency transactions.Continue readingSwiss asset manager Julius Baer eyes crypto and DeFi potentialThe 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance for its high net-worth clients. The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total value locked remained under the $100 billion mark, falling to $84.2 billion. Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization registered a week filled with volatile price action and constant bearish pressure.Majority of the DeFi tokens in the top-100 ranking by market cap traded in red, barring a few. Kyber Network Crystal v2 (KNC) was the biggest gainer with a 74% rise over the past week, followed by Kava (KAVA) at 25% and PancakeSwap (CAKE) at 5%.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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WEF 2022: Blockchain and digitization to take center stage at Davos

The annual meeting of the World Economic Forum (WEF) is scheduled to take place from May 22–26,  marking the first in-person WEF global leadership event since the pandemic began. The annual meeting was first scheduled for January but was later turned into a virtual event in light of growing COVID-19 infections during the winter.The Davos Agenda 2022 virtual event took place from January 17–21, 2022, which saw major world leaders appeal for cooperation in tackling major global socioeconomic issues. Discussions during the virtual event revolved around global economic recovery, climate action, technological innovation and global collaboration.A total of 300 world leaders are expected to attend the meeting along with hundreds of businesses and policymakers. Among the 300 governmental representatives, more than 50 leaders of state and government are expected to convey their vision for the globe. Over 1,250 private sector leaders, as well as nearly 100 Global Innovators and Technology Pioneers — the world’s most promising tech and business start-ups — will be in attendance.The emphasis is on developing impact tactics, establishing new frontiers, predicting plausible future economic scenarios and delivering ambitious answers to the world’s most pressing problems. The World Economic Forum has stepped up its impact activities in the last two years, addressing everything from COVID-19 and climate change to education, technology, and energy governanceWEF 2022: A watershed moment in historyThe theme of the in-person global summit will be “Working Together, Restoring Trust” which promises to bring world leaders to a single platform and help them shape partnerships and policies. The focus of the meeting is “History at a Crossroads: Government Policies and Business Strategies.” It takes place amid the most pivotal geopolitical and geoeconomic crossroads in the last three decades, against the backdrop of a once-in-a-generation pandemic and open war in Eastern Europe. Some of the key items of the agenda include:Pandemic recoveryTackling climate changeBuilding a better future for workAccelerating stakeholder capitalismBlockchain and digitization and their subsequent impact on various global sectors will also be featured topics during the annual meeting, with discussions ranging from the emerging role of the decentralized finance market to how blockchain can be applied to eradicating world poverty. The Cointelegraph team will be on the ground to bring the latest updates from Davos.WEF agenda focuses on the role of nascent tech in a socio-economic environmentThe annual event would see Female Quotient launch their headquarters in the metaverse. The team would also host an in-person Equality Lounge along with a twin Lounge in Decentraland to accommodate live as well as virtual guests.Crypto industry leaders like Sam Bankman-Fried will present the environmental sustainability goals of Bitcoin to world leaders. The industry leaders will touch upon some of the most controversial and sensitive ESG topics during their discussion. The session is scheduled for Tuesday 24 May between 17:3018:15.The role of decentralized finance in the future of governance will be another key event to watch out for. The session will see discussions around the need for centralization in the decision-making process and whether DeFi protocols can do without regulation. The topic discussion will be held on 24 May from 11.00–12.00 UTC.Which technology would be key to the fourth industrial revolution? The Fourth Industrial Evolution Lunch will see experts and thinkers from various fields share long-term perspectives on emerging technologies. The lunch will be hosted between 10.30–12.00 UTC on 24 May.Davos blockchainIn addition to the WEF, the alpine city of Davos will also host the 5th Annual Blockchain Central Davos sponsored by GBBC, a premier gathering of leaders across blockchain, digital assets, technology and government. The event will bring together some of the key industry leaders and coming-of-age projects and creators to discuss ideas and the future of decentralized tech.Casper Labs and CV labs will host the Blockchain Hub Davos 2022 between May 23-25. The event will act as a venue for global stakeholders to convene, examine the impact of blockchain, connecting expert knowledge, and activate change in how the world interacts and transacts.The RollApp.store will host a nonfungible token (NFT) store between May 22-26 along with numerous events to raise awareness around physically-backed NFTs. At the Davos blockchain event, individuals will be able to gather, learn, discuss and demonstrate how blockchain is a crucial driver of the Fourth Industrial Revolution. The program’s goal is to provide attendees with a better understanding of what’s going on in the blockchain field while also expanding their personal network.Cointelegraph is one of the key media partners at Davos 2022, providing exclusive coverage as well as moderating several discussions during the event.  Cointelegraph’s editor-in-chief Kristina Lucrezia will moderate the GBBC-hosted Blockchain Central while Joe Hall will be one of the key speakers at the RollApp-hosted NFT shop. Stay tuned for our live coverage.

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