Autor Cointelegraph By Stephen Katte

Largest Ether mining pool Ethermine opens new ETH staking service

Largest Ether mining pool Ethermine opens new ETH staking service

Uverejnil používateľ | aug 31, 2022 |

Ahead of the rapidly approaching Ethereum (ETH) Merge on Sept. 15, Ethermine, the world’s largest Ethereum mining pool has unveiled a new staking pool for users. Notably however, it is not available to U.S. miners The new service offers Ethermine members a chance to collectively stake their ETH and earn interest on top of their deposits. As little as 0.1 ETH ($159) required to enter. However the smaller the holding, the greater the fee. The platform is currently offering stakers an annual ETH interest rate of 4.43%. At the time of writing, 393 Ether worth roughly $626,000 at current prices has been invested into Ethermine’s new pool. Staking pools such as these hold significance as they offer competitive interest rates and a lower barriers of entry than solo staking as node operators, which requires at least 32 ETH ($51,000) to operate a node. In comparison, to Ethermine’s interest rate, staking on Ethpool as a node operator garners an annual interest rate of 4.6%. The switch to offer staking is something of a pivot for Ethermine which currently operates as a multi-currency mining pool, allowing users to mine ETH, Zcash, Ethereum Classic (ETC), Beam (BEAM), Ravencoin (RVN) and Ergo (ERGO).After the merge, ETH mining will be phased out as the network changes from a proof of work (PoW) mining model to proof-of-stake (PoS) staking model. At time of writing there are 222,657 active miners on Ethermine that account for a combined hash rate of 261.1 terra hashes per second (TH/s). After Sept. 15 the pool will only continue to support the PoW mining of Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM). End of the Mining EraMiner dashboards will have a Merge countdown clock and minerscan keep mining ETH up until the timer hits zero. ETH miners will soon be replaced with PoS validators, which could help cut the ETH network consumption by 99%. However, some in the ETH miner community have pushed to keep the current PoW consensus mechanism because the shift will make their high powered and costly mining rigs redundant.Other high profile members of the crypto community have also been critical, arguing the changes will cause negative impacts beyond the loss of mining. Related: The Merge Q&A: A triumph for Ethereum — or a disaster waiting to happen?The current PoW system is an energy intensive process where miners harness large amounts of computer power to solve complex puzzles, validate transactions and earn ETH rewards. Under the PoS model, participants or validators lock up set amounts of cryptocurrency in a smart contract on the blockchain; their stake helps secure and decentralize the network.

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Argentina's Mendoza province now accepting crypto for taxes and fees

Argentina's Mendoza province now accepting crypto for taxes and fees

Uverejnil používateľ | aug 30, 2022 |

In another shift toward widespread crypto adoption in Argentina, citizens from the Mendoza Province can now pay government fees and taxes using cryptocurrencies.  In an Aug. 27 statement, the Mendoza Tax Administration (ATM) described the new crypto payment service as fulfilling “the strategic objective of modernization and innovation,” giving “taxpayers different means to comply with their tax obligations.” The service officially began operation on Aug 24., but at this stage, it will only accept stablecoins such as Tether (USDT) for tax payments. Citizens can pay through the portal on the ATM website using any crypto wallets like Binance, Bybit, and Ripio. Once the user chooses cryptocurrencies as their payment option, the system sends a QR code, with the equivalent amount of stablecoins converted to pesos by an undisclosed online payment service provider. When ATM receives the payment, a receipt is sent to the taxpayer. Another step toward crypto adoptionThe announcement by the ATM is just the latest in a long line of crypto-related adoptions across Argentina.Mastercard announced earlier this month it would launch a card supporting 14 coins including USDT in Argentina ahead of a wider rollout supporting 90 million online and physical stores.In April, the country’s capital Buenos Aires unveiled plans to start accepting public financial transactions in crypto.An unstable economy has seen major adoption of cryptocurrencies, especially stablecoins, which escalated in price after the resignation of Argentina’s economy minister in July. In emailed statements to Cointelegraph last month, Tether noted that the country has “battled high levels of inflation throughout its history.” Due to the instability of the Argentinian Peso, there is high demand for US dollars, noting: “Tether has provided a real tool for users facing economic crises in Argentina.”Since 2016, the country has been in a one sided battle against inflation, as a lack of trust in the central bank and government spending hit new highs.Related: Argentines turn to Bitcoin amid inflation worries: ReportCombined with the Argentinean peso’s depreciation, it’s a perfect storm of events that have forced many into the arms of Bitcoin (BTC) and crypto to hedge against inflation.”USDT allows Argentinians to access a market that is truly global and liberates them from local black markets with highly constrained liquidity resulting in high premiums. It also empowers them to hold Tether in ways that cannot be confiscated by the government, unlike local bank accounts,” added Tether.Despite the market still being deep in the throes of a crypto winter and the central bank stepping in to block coin offerings in May, the country’s citizens continue to turn to stablecoins to help store the value of their savings in the United States Dollar (USD). 

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FBI issues alert over cybercriminal exploits targeting DeFi

FBI issues alert over cybercriminal exploits targeting DeFi

Uverejnil používateľ | aug 30, 2022 |

The U.S Federal Bureau of Investigation (FBI) has issued a fresh warning for investors in decentralized finance (DeFi) platforms, which have been targeted with $1.6 billion in exploits in 2022. In an Aug. 29 public service announcement on the FBI’s Internet Crime Complaint Center, the agency said the exploits have caused investors to lose money — advising investors to conduct diligent research about Defi platforms before using them, while also urging platforms to improve monitoring and conduct m rigorous code testing. The law enforcement agency warned that cybercriminals are out in force to take advantage of “investors’ increased interest in cryptocurrencies,” and “the complexity of cross-chain functionality and open source nature of Defi platforms.”The #FBI warns that cyber criminals are increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal investors cryptocurrency. If you think you are the victim of this, contact your local FBI field office or IC3. Learn more: https://t.co/fboL1N17JN pic.twitter.com/VKdbpbmEU1— FBI (@FBI) August 29, 2022The FBI observed cybercriminals exploiting vulnerabilities in smart contracts that govern DeFi platforms in order to steal investors’ cryptocurrency. In a specific example, the FBI mentioned cases where hackers used a “signature verification vulnerability” to plunder $321 million from the Wormhole token bridge back in February. It also mentioned a flash loan attack that was used to trigger an exploit in the Solana DeFi protocol Nirvana in July. However, that’s just a drop in a vast ocean; according to an analysis from blockchain security firm CertiK in M, since the start of the year, over $1.6 billion has been exploited from the DeFi space, surpassing the total amount stolen in 2020 and 2021 combined.FBI recommends due diligence, testingWhile the FBI admitted that “all investment involves some risk,” the agency has recommended that investors research DeFi platforms extensively before use, and when in doubt, seek advice from a licensed financial adviser.The agency said it was also very important that the platform’s protocols are sound, and to ensure they have had one or more code audits performed by independent auditors.Typically, a code audit involves a review of the platforms underlying code to identify vulnerabilities or weaknesses which could be exploited. According to the FBI, any DeFi investment pools with an “extremely limited timeframe to join” or “rapid deployment of smart contracts” should also be approached with extreme caution, especially if they have not conducted a code audit. Crowdsourced solutions, generating ideas or content by soliciting contributions from a large group of people, were also flagged by the law enforcement agency. “Open source code repositories allow unfettered access to all individuals, to include those with nefarious intentions.”The FBI said DeFi platforms can also do their part to increase security by testing their code regularly to identify vulnerabilities, along with real-time analytics and monitoring. An incident response plan and informing users about possible platform vulnerabilities, hacks, exploits, or other suspicious activity are also among the recommendations. However, failing all that, the FBI urges American investors targeted by hackers to contact them through the Internet Crime Complaint Center or their local FBI field office.Related: FBI issues public warning over fake crypto appsEarlier this year, U.S. Deputy Attorney General Lisa Monaco announced the FBI was stepping up its efforts to address crime in the digital asset space with the formation of the Virtual Asset Exploitation Unit. The specialized team is dedicated to cryptocurrency and includes experts to help with blockchain analysis as part of a shift in focus toward disruption of international criminal networks, rather than just their prosecution.

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Nifty News: Taco Bell wants you hitched in the Metaverse, Animoca Japan raises $45M and more

Nifty News: Taco Bell wants you hitched in the Metaverse, Animoca Japan raises $45M and more

Uverejnil používateľ | aug 29, 2022 |

American fast-food chain Taco Bell and Metaverse platform Decentraland are teaming up to offer United States-based couples a chance to get married in the Metaverse.The chain has called for engaged couples to enter a competition to win the brand’s first legally-recognized Metaverse wedding package, with a ceremony and reception to take place in the virtual world of Decentraland. According to Taco Bell, the ceremony and reception will include NFT invitations and custom-designed wedding attire. The couple will be able to bring virtual guests, who can partake in all the traditional wedding day celebrations like musical entertainment, dancing, and eating (virtual) food. Engaged couples can enter the competition between Aug. 25 to Sept. 6. to win the brand’s first Metaverse wedding package. Taco Bell will live stream the whole event, and afterward, the couple will receive a marriage certificate memento NFT, according to the press release, the union will be legal and overseen by a licensed wedding officiant. Your dreams, our reality. We’re looking for one lucky couple to say “I do”. Enter our #TacoBellMetaverseWeddingContest now at https://t.co/JON7yHFRed. pic.twitter.com/9aXOPaESIQ— Taco Bell (@tacobell) August 25, 2022This isn’t the first time Taco Bell has shown up in the virtual world; in 2017, the company launched its Las Vegas Cantina’s Wedding Package, their take on virtual Las Vegas weddings. Launched in 2020, Decentraland is a virtual social world powered by the Ethereum blockchain.Animoca Japan unit raises $45M for Web3 bizAnimoca Brands Japan, the Japanese subsidiary of video gaming and Web3 investment powerhouse Animoca Brands has raised $45 million in financing aimed a developing its Web3 business. In a dual partnership, parent firm Animoca Brands and MUFG Bank both shelled out $22.5 million each, bringing the company’s value before public investments and external funding, or pre-money valuation to $500 million. Animoca Brands Japan stated it will use the funds “to secure licenses for popular intellectual properties, develop internal capabilities, and promote adoption of Web3 to multiple partners.”Overall, the company hopes to increase the value and utility of its branded content while fostering the development of the NFT ecosystem in Japan.Yumon NFT Fantasy World GameBlockchain tech Yumon has launched their Creator Fantasy League, a NFT trading card game the company describes as the first player-owned creator fantasy world.The Play to Earn game will feature digital collectibles that will turn Twitch streamers and YouTubers into in-game fantasy heroes.Related: Nifty: M&M’s jump into BAYC mania, a Pudgy Penguin sells for 400 ETH and moreThe collectibles can be played in tournaments offered by the game, with the possibility of profiting weekly performances or can be traded by fans.Proud to reveal my @YUMONworld cards! ✨ Available soon ✨ https://t.co/pzmBYXY6plEquipped with 4head & the forbidden VTuber toes Thanks for including me in the Creator Fantasy League ⚡ pic.twitter.com/f4qFE4kzVY— ✨Skulls Nightshade✨ 【ENVTuber】 (@KawaiiSkulls) August 28, 2022

X2Y2 intros opt-in royaltiesNFT marketplace X2Y2 announced on Aug. 26 that they are introducing an option that allows buyers to set the royalty fee when buying an NFT. With the new update, buyers on the platform will be given the liberty of setting the amount of royalties they want to contribute to an NFT project. This means that some creators may not receive royalties when their artworks are sold. The decision has however been met with split opinions on Twitter, with some arguing it would help reduce the number of fraudulent NFT projects, while others said it would lead to 0% royalties. The X2Y2 team responded to the controversy with a tweet on Aug.27 saying “While the debate is raging, pls note this is far from finished product, and updates are already in the works.” 0% royalties is most definitely NOT the way forward! We agree!We will be working w/ market participants from all sides to ensure it doesn’t become the norm as it is up to us, collectively as an industry, to set the right standards & pave the way for the future of the NFT space— X2Y2 (@the_x2y2) August 27, 2022

More Nifty News:OpenSea is facing Competition From SudoSwap, a new NFT marketplace with a daily trading volume that has just touched 10% of OpenSea. The decentralized NFT marketplace was launched in early July and framed itself as highly flexible and fully on-chain.

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18 'uncomfortable' truths about nonfungible tokens

18 'uncomfortable' truths about nonfungible tokens

Uverejnil používateľ | aug 29, 2022 |

Nonfungible token (NFT) analyst and blockchain detective “OKHotshot” has highlighted his picks for 18 of the most “uncomfortable truths” about the NFT industry.In a lengthy 20-part thread to his 45,000 followers on Twitter on Aug. 27, OKHotshot laid bare many of the issues currently plaguing the NFT industry, including irresponsible celebrity endorsements, hacking, and the kinds of projects that are almost always destined to fail. The analyst made his name in the industry as a full-time on-chain analyst specializing in NFT audits and Discord security operating under as @NFTheder on Twitter. Most NFT investors will lose moneyOne of the most sobering “uncomfortable truths” shared by the NFT analyst is that most people will lose money investing in NFTs.OKHotshot said there are “no reliable stable investments in NFTs” warning that if an investor hears the term “blue chip NFT” to “run away.” He also warned that “diamond handing” isn’t the best way to make money, instead, investors should be taking profits when they can. “We are NOT all going to make it. Most NFT traders trade at a loss.”Previously, Cointelegraph reported on a poll that found that while 64.3% of respondents said they bought NFTs to make money, 58.3% claimed they have lost money in their NFT journey. The analyst advised anyone interested in NFTs must stay on top of announcements because as “by the time you hear about a new project on Twitter spaces, you are late.”He also warned that volume and liquidity are often more important metrics than floor price, and time is more valuable than any asset, so planning ahead is essential. “If there are no buyers you can’t take profits,” he explained. 6. You are responsible for your own security. Understand most projects don’t audit their code or have Discord security.— OKHotshot (@NFTherder) August 27, 2022Majority of NFT projects failThe NFT analyst also cautions anyone interested in getting in early in a particular NFT project as tokens often fail to stay above the mint price, adding also that “derivatives rarely outperform the original NFT collections.” NFT project Pixelmon stirred up controversy in March this year after revealing the finalized art for its much-anticipated project — the quality of which turned out to be far below expectations. The project raised roughly $70 million, with each NFT minted for three Ether (ETH) each. However, the floor price on the OpenSea NFT marketplace has plummeted to only 0.26 ETH, worth roughly $370 at the time of writing.Phantabear, another NFT project, originally minted for 6.36 ETH and drove record trading volumes on OpenSea when it was first released in January but has also seen a major drop in value since then, with the floor price at only 0.32 ETH ($463) at the time of writing. A March study by blockchain analytics firm Nansen found that most NFT collections either make no money or end up netting less than they cost to create.Celebrities and influencers cluelessSeveral of the shared “uncomfortable truths” are scathing of celebrities and influencers.OKHotshot said that despite what famous influencers may claim or imply through social media posts, noting that “celebrity NFT projects are notoriously bad investments.” He also added that “Web2 marketing is exceedingly ineffective in the NFT market.”17. Celebrity NFT projects are notoriously bad investments.— OKHotshot (@NFTherder) August 27, 2022

Recently, Cointelegraph reported on warning letters posted by a consumer watchdog group to nearly 20 celebrities for their role in shilling NFTs. Related: Justin Bieber, Paris Hilton among 19 celebs called out for shilling NFTsOKHotshot’s final points revolve around the idea that most NFTs don’t have any intrinsic value. The analyst warned that NFT projects without sale terms aren’t worth anything and that NFT benefits don’t travel to downstream purchasers unless specified in the terms.”NFT projects without sale terms are selling you a token ID with a hyperlink to an off-chain asset. Without terms, nothing is defined. You can’t own a hyperlink so in all likelihood you bought nothing.” That being said, he believes that  the price of NFTs continues to be controlled by hype and market speculation, though noted that savvy investors could “use this to your advantage.”

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