Autor Cointelegraph By Zhiyuan Sun

Do Kwon proposes Terra hard fork to save ecosystem

Do Kwon proposes Terra hard fork to save ecosystem

Uverejnil používateľ | máj 16, 2022 |

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of 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 will put forth a new governance proposal 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 will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27. Under the proposal, new LUNA tokens will be airdropped to LUNC holders, UST holders and essential developers of the Terra Classic blockchain. In addition, Terraform Labs’ wallet with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 will be removed from the whitelist for the airdrop, thereby making Terra a fully community-owned chain. The proposed supply of LUNC is capped at 1 billion, with 25% going to the community pool, 5% to essential developers and 70% going to LUNC and UST holders at various snapshots of events in May, subject to vesting conditions. Earlier today, the Luna Foundation Guard, the ecosystems’ steward, disclosed that it used up an overwhelming portion of its cryptocurrency reserves trying to defend UST’s peg during market sell-off. As a result, it is unlikely that the Terra ecosystem can salvage itself without the help of external capital. Changpeng Zhao, CEO of Binance, said that he would support Terra’s community but would like to see more transparency from the entity as to recent events.2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLhA thread on our reasoning:— Do Kwon (@stablekwon) May 16, 2022

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Royal Museum of Fine Arts Antwerp tokenizes million-euro classic masterpiece

Royal Museum of Fine Arts Antwerp tokenizes million-euro classic masterpiece

Uverejnil používateľ | máj 9, 2022 |

According to blockchain digitization provider Tokeny, on Monday, the Royal Museum of Fine Arts Antwerp (KMSKA) became the first European museum to tokenize investment in fine art, starting with Belgian painter James Ensor’s (1860–1949) painting, “Carnaval de Binche.” Investors can obtain fractional ownership of the work starting from 150 euros (or about $158). The venture is a joint effort between KMSKA, Tokeny and blockchain art entity Rubey, with the tokens, themselves, being ERC-3643 compliant and launching on the Polygon (MATIC) blockchain. As told by the parties, the ultimate goal of the collaboration is to lower the investment barriers to entry and enable everyday users to become co-owners of expensive fine art pieces that are typically only accessible by affluent individuals. Via an innovative fundraising method, an Art Security Token Offering, individuals were able to collectively purchase and ensure that KMSKA receives it on a long-term loan.Unlike nonfungible tokens, the Art Security Tokens in the transactions are backed by debt instruments. Therefore, Rubey selected Tokeny’s tokenization APIs to issue and manage securitized tokens in a regulatory-compliant manner. Regarding the development, Luc Falempin, CEO of Tokeny, commented:”We share the same vision as our partners KMSKA and Rubey that security tokens will have a real impact on the art industry by allowing smaller investors to invest and engage in artworks that already have existing value.”Meanwhile, Luk Lemmens, President of KMSKA, added:”KMSKA already had the largest Ensor collection in the world. The addition of Carnaval de Binche puts our museum on the international map as an Ensor center of excellence even more.”

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Compound Treasury receives B- credit rating from S&P Global Ratings

Compound Treasury receives B- credit rating from S&P Global Ratings

Uverejnil používateľ | máj 9, 2022 |

On Monday, decentralized finance, or DeFi, protocol Compound Treasury announced that it received a credit rating of B- from S&P Global Ratings. As told by the team at Compound, this represents the first time a major credit agency has issued a rating for an institutionalized DeFi protocol. The S&P Global Ratings’ investment suitability scale ranges from AAA (extremely strong) to D (in default). A score of B- indicates the issuer can meet financial commitments, though vulnerabilities to business, financial and economic conditions persist. Regarding Compound’s rating specifically, S&P Global cites the uncertain regulatory regime for stablecoins such as USD Coin (USDC), stablecoin-to-fiat convertibility risks and the Treasury’s “limited capital base” along with a 4.00% per annum return obligation for the decision. However, the rating agency says that the Compound protocol’s record of zero losses measured in USDC partially mitigates the risks of the offering.With regards to the development, Compound Treasury’s general manager Reid Cuming commented “S&P’s rating helps our institutional clients more easily understand the opportunity and risks of crypto-powered cash management.” As part of ongoing discussions with S&P Global, Compound Treasury’s ratings could be upgraded in the event of greater regulatory clarity for digital assets or a longer track record of solid performance.The Compound Treasury and its yield is supported by its underlying DeFi lending Compound protocol. At the time of publication, 301,650 suppliers have injected $6.94 billion worth of digital assets into the protocol, while 9,275 borrowers have taken out $1.83 billion worth of loans. While above the savings rates of major U.S. banks, the yield from Compound Treasury is only accessible to accredited investors or those meeting significant income and net worth thresholds. 

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Square Enix to sell Tomb Raider franchise and invest in new initiatives such as blockchain

Square Enix to sell Tomb Raider franchise and invest in new initiatives such as blockchain

Uverejnil používateľ | máj 3, 2022 |

In a statement published on Monday, Japanese video game publisher Square Enix announced that it would be divesting its popular Tomb Raider franchise for $300 million and investing the proceeds into blockchain, artificial intelligence (AI) and cloud computing technologies. The principal developer of Tomb Raider is Square Enix’s subsidiary Crystal Dynamics, which generated $92 million in revenue in its fiscal year ending March 2021. Aside from Tomb Raider, Crystal Dynamics and Eidos Interactive, another subsidiary to be divested, hold intellectual properties for titles such as Deus Ex, Thief and Legacy of Kain. Shares of both companies, as well as Square Enix Montreal, will be transferred to Sweden-based Embracer Group AB. The agreement is expected to conclude between July and September of this year. Since its inception in 1996, the Tomb Raider franchise has sold more than 88 million units. About 40% of the sales came from the franchise’s rebooted trilogy consisting of Tomb Raider, Rise of the Tomb Raider and Shadows of the Tomb Raider, while the rest came from sales of the original game. Additionally, the franchise saw over 53 million paid mobile downloads from games such as Lara Croft: Relic Run.Related: Blockchain games take on the mainstream: Here’s how they can winCointelegraph previously reported that Yosuke Matsuda, CEO of Square Enix, revealed plans for blockchain, metaverse and nonfungible tokens integration at the beginning of the year. Specifically, the CEO sees the development of play-to-earn blockchain games as a key pillar of growth for the industry and expects 2022 to be a year with growing hype for the metaverse.

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Mark Cuban proposes using Dogecoin to solve Twitter's crypto ad problem

Mark Cuban proposes using Dogecoin to solve Twitter's crypto ad problem

Uverejnil používateľ | máj 2, 2022 |

On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what appears to be a Twitter user impersonating his name to promote a “free crypto” giveaway. “What algorithm could possibly catch this type of content?” asked Andreessen. To which Tesla’s CEO Elon Musk replied, “Humans,” sparking a discussion on how to best curate the high number of cryptocurrency scams and spam ads on the platform.But, it was billionaire investor Mark Cuban who then suggested a rather unconventional solution. As told by Cuban, the problem can be solved by first adding an “optimistic roll-up,” or layer-2 solution, to Dogecoin (DOGE). To post on Twitter on an unlimited basis, everyone would need to put up one DOGE ($0.13 per coin at the time of writing) as collateral. Then, if anyone contests a post and humans confirm that it is spam, those who flagged the post would receive and share the spammer’s DOGE. Consequently, spammers would then need to put up 100 DOGE as collateral for the right to create further posts. If, however, the post turns out to not be spam, the contesters would lose their DOGE.In other words, it is a prediction system that creates monetary consequences, albeit minor, to deter spamming. Though, users were quick to point out the possibility that scammers may be well-funded and could simply “out-contest” posts marked as spam in such a pay-to-win system. Nevertheless, Shibetoshi Nakamoto, creator of Dogecoin, praised such a system: i like iti like it a lot— Shibetoshi Nakamoto (@BillyM2k) May 1, 2022Related: Dogecoin Jesus? Roger Ver resurfaces on Twitter, backs DOGE over BTCLast week, Elon Musk tendered his offer to purchase Twitter for $44 billion. As told by Musk, one of his top priorities for the platform includes cutting down the number of cryptocurrency scam tweets. 

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