Značka: blockchain

Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism

In its latest financial stability report published on Thursday, the Reserve Bank of India, or RBI, reiterated its skepticism of digital assets, writing: “We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.”The report alleged that decentralized cryptocurrencies “are designed to bypass the financial system and all its controls,” including Anti-Money Laundering, Combatting Financial Terrorism, and Know Your Customer mechanisms. In a tone similar to the previous report, the RBI says that private currencies often result in instability over time and undermine sovereign control over the money supply. However, despite all the harsh words, cryptocurrencies, perhaps ironically, rank at the nadir of the RBI’s risk agenda. Based on a systemic risk survey, factors such as global growth headwinds, rising commodity prices and geopolitical tensions were regarded as high-impact events that could threaten the integrity of the global financial system.Related: RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might thinkOn the other hand, digital asset risks were at the bottom of the risk-weighted scale, being tied to sovereign rating downgrades and just slightly above political uncertainty and the threat of terrorism. In part, the RBI attributes such risk limitations to the relatively tiny foothold digital assets have on the global scale as well as their lack of integration within traditional finance.Cryptocurrencies currently account for anywhere between 0.4% to 1% of the world’s estimated $469 trillion in total financial assets. RBI has traditionally been one of the most skeptical central banks on crypto adoption, claiming that central bank digital currencies could “kill” private crypto. 

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Can Cardano's July hard fork prevent ADA price from plunging 60%?

Cardano (ADA) has started painting a bearish continuation pattern on its longer-timeframe charts, raising its likelihood of undergoing a major price crash by August.ADA price in danger of a 60% plungeDubbed the “bear pennant,” the pattern forms when the price consolidates inside a range defined by a falling trendline resistance and rising trendline support after a strong move downside. Additionally, the consolidation moves accompany a decrease in trading volumes. Bear pennants typically resolve after the price breaks below their trendline support and, as a rule, could fall by as much as the height of the previous big downtrend, called a “flagpole,” as illustrated in the chart below. ADA/USD three-day price chart featuring “bear pennant'”setup. Source: TradingViewAs a result, a decisive breakdown below ADA’s bear pennant structure could mean extended declines to the level at length equal to the flagpole. In other words, the target for Cardano’s price will be $0.20, down over 60% from June 28’s price.In the meantime, ADA shows signs of consolidating inside the pennant’s range with its imminent bias looking skewed toward bulls. This opens the door for ADA/USD to rebound from the pennant’s rising trendline support near $0.46 to rally toward its falling trendline resistance around $0.60 by July. Cardano’s Vasil hard forkDespite the interim bearish outlook, Cardano could get a boost from its upcoming “Vasil” hard fork.The upgrade, originally scheduled for June end, will now go live sometime in July and aims to improve the Cardano network’s speed and scalability. Related: Institutional crypto asset products saw record weekly outflows of $423MIn addition, Vasil is expected to make Cardano more developer-friendly, which proponents argue could even attract projects from rivaling layer-one blockchains, leading to a higher demand for ADA.ADA’s price has a history of rising in the days leading up to Cardano hard forks, which should boost its chances at a rally alongside favorable technicals, as shown below.ADA/USD three-day price chart featuring ‘bear pennant’ setup. Source: TradingViewWhat’s more, ADA also has a history of plunging hard after its hard forks in a sell-the-news fashion. Thus, Cardano could be setting up to resume its downtrend after Vasil goes live in July, which would fall in line with the bear pennant discussed above.ADA/USD and Nasdaq’s weekly correlation coefficient. Source: TradingViewAt the same time, Cardano’s price remains almost in lockstep with U.S. equities amid the Federal Reserve’s interest rate hiking, which should continue to put downward pressure on its price in the short to medium term. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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SOL price eyes 75% rally as Solana paints a bullish reversal pattern

Solana (SOL) continued its recovery trend on June 28 while inching closer to triggering a classic bullish reversal setup.SOL’s price gained 2.42%, reaching an intraday high of $39.40/ The SOL/USD pair is now up 50% as a part of a broader retracement move that began on June 14 after falling to lows of $26. SOL/USD daily price chart. Source: TradingViewSolana price eyes 75% rallyThe latest buying period in the Solana market has been painting what appears to be an “inverse head and shoulders pattern (IH&S)” pattern.The bullish reversal setup appears when the price forms three troughs in a row below a common support trendline called “neckline.” The middle trough, known as “head,” is always deeper than the other two troughs, called shoulders.An IH&S setup resolves after the price breaks above the neckline level. Also, as a rule of technical analysis, the pattern’s profit target comes to be at length equal to the maximum distance between the head’s lowest tip and the neckline.SOL/USD daily price chart featuring IH&S pattern. Source: TradingViewSuppose SOL breaks above its neckline resistance of $41.50. Then, the chances of continuing the bullish retracement stand around 83.5%, with its upside target sitting at over $68, about 75% above today’s price.Interim resistance levelsSolana’s road to $68 could face hurdles in a confluence of technical resistance levels, including its 50-day exponential moving average (50-day EMA; the red wave) and a support-turned-resistance line. Both resistance levels are around $47.SOL remains at risk of exhausting its IH&S breakout, which, in turn, could trigger a “bear flag” setup. A pullback from the $47-resistance-level, coinciding with the flag’s upper trendline, could lead to a breakdown, as shown in the chart below.SOL/USD daily price chart featuring ‘bear flag’ pattern. Source: TradingViewAs a result, SOL’s downside target comes to be approximately inside the $23-$30 range, depending on its breakdown point. In a similar setup, independent market analyst PostyXBT anticipated SOL’s price to reach $47. $SOL idea- Higher low & S/R flip- $BTC still hasn’t pushed higher to $23k- Play the short term trend until invalidated- Declining volume a concernNot rushing into an entry at current price. If I don’t get filled slightly lower, so be it. pic.twitter.com/IgZbeBAq40— Posty (@PostyXBT) June 28, 2022Nonetheless, declining volumes remain a concern, so traders should play the short-term trend until further bullish confirmation, he added. In other words, SOL’s likelihood of returning lower is high after reaching $47.Solana also down 85% from peLike most crypto assets, Solana has lost a significant chunk of its valuation compared to its November 2021 peak, down over 85% now. Related: Institutional crypto asset products saw record weekly outflows of $423MAdditionally, Solana’s “decentralization” has also faced increasing scrutiny amid repeated network outages and a recent attempt to take control of a whale’s wallet via community voting to force liquidation.Absolute comedy. @solendprotocol, a supposed “decentralized” lending protocol built on Solana has “voted” to take over a whales account with emergency powers to eliminate the chance of forced liquidation. “Decentralized” in name only. pic.twitter.com/Vrua3dFoES— Dylan LeClair (@DylanLeClair_) June 19, 2022

On the other hand, some anticipate Solana’s ecosystem to grow just like its top rival Ethereum did after the 2018 bear market. That includes Spencer Noon, the co-founder of crypto-focused Variant Fund, who said:”Solana has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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'Crypto is just like the end of the 90s with the internet bubble,' says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.”It’s just like the end of the 90s with the internet bubble, so you’re still early in the space,” said Mureau. “A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that’s all arranged by the blockchain.” He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can’t print more of the digital currency. “So that, for me, makes for a very safe hedge. Thirty percent volatility in asset prices can be bad, but not if you lose 70% on your local currency’s purchasing power each year.”When asked about his advice to new crypto investors, Mureau explained for institutional investors, who are typically risk-averse about protecting their capital, that anywhere between 1% to 5% would be an ideal exposure target. However, he suggested that retail investors, especially those who are young, can easily go beyond that target as there will be ample future income to supplement the portfolio. Currently, digital assets represent as little as 0.12% of all financial assets outstanding. “So if it goes from 2% to 4%, which is more than 10x from now, that means you’ve got a bit of a mature model. If you times the original number by 12, you’re at the level of gold.”Of course, institutional investors typically have access to much more in-depth sources of information. But when asked about what retail investors can do to hone in their research, Mureau said:”First, on-chain analysis is very important, because you can see who actually owns the coins. Suppose you see that 90% of the coins are owned by three individuals who are tied to the project, then you know it’s a bit scammy.”He went on: “There are also loads of companies like ours, where they just write reports and put them on the website. Other elements Mureau recommended investors research are use cases, such as staking opportunity, social media presence and inquiring about its community. “This might be a challenge, but it’s similar to the internet’s early days. Ultimately, the market will shake out those without meaningful traction and are just using crypto as a bandwagon.”

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Can you earn passive income running a Lightning node?

The prerequisites to run a Bitcoin Lightning node include an amount of Bitcoin to fund your Lightning channel, fiat money to buy the hardware equipment(s), and a Lightning-compatible wallet. Remember that Lightning nodes are non-mining nodes, which means you aren’t mining Bitcoin but are vital to validating Bitcoin blocks. Validation Nodes are the most common name for these. MyNode and Umbrel are two of the most popular specialized hardware options for validation nodes. In just a few simple steps, you can set up a new myNode device. To begin, download the myNode image for your device type and follow the instructions on the download page to flash it to an SD card. After that, turn on the device and connect an external SSD. You’ll be asked to type in your product key. You can select that option if you’re using the Community Edition. Otherwise, enter the product key that was emailed to you or that you can find on the bottom of your device. The device will then start synchronizing the Bitcoin Blockchain! Depending on your device and network capacity, this process could take several days. The web interface of the myNode device will show you the current synchronization status. The device will automatically keep connected with the Bitcoin network and display the main application page once the initial sync is completed. The primary myNode home page will appear once your myNode device is ready. If you are comfortable with Linux, you can connect to your myNode device through SSH. You can connect to the gadget using its IP address or hostname. Use the default credentials as Username: admin and Password: bolt (it is recommended to change your password) to start using all the features myNode has to offer. The next step is to create a Lightning wallet on your myNode. Go to the main myNode page and click the “Lightning Wallet” button to create the wallet. After that, click “Create Wallet” to get a seed phrase. This phrase is crucial, and anyone who knows it can access your money. Make a note of this sentence as a backup, and don’t tell anyone! After you’ve written down your seed phrase, click “Continue.” Re-enter your seed phrase on the next page to ensure your backup was generated correctly. To make your wallet, click “Create.” If your phrase is correct, you will be redirected to the main Lightning page, where your Lightning wallet will begin syncing and setting itself up. The Lightning wallet should be ready in a few minutes, and you should see a page similar to this:

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Can Metaverse technology enhance human-AI efficiency?

Conversational AI systems in the metaverse resemble human-to-human communication. Voice assistant AI has found its way to the metaverses of the new era, powering use cases like lifestyle assistance and personalized recommendations. For instance, rather than driving to a travel agency’s office or talking to their overburdened customer service, users can hop on the metaverse and take a tour of multiple awe-inspiring locations with the assistance of an AI-powered bot. An AI concierge in a metaverse is a personified machine that delivers unique recommendations based on the avatar’s preferences. Take into account the amount of data available on every person and you know the potential of this use case. Natural language processing in the metaverse makes it more personal than the real world. Voice AI can interpret avatar requests in a language that is more human and natural while factoring in individual tastes and preferences.  Speech technology has become more contextual and personalized, making the metaverse interface smarter in the process. For instance, Kai, the first AI concierge on Meetkai, has made voice assistance as easy as talking with a friend. Request a recipe for “steak” by saying, “Hey Kai, can you find me a nice recipe?” And you’ll receive the most delectable beef steak recipe in the world in seconds.

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This is what's standing in the way of DeFi's 'NFTification'

Ask someone what an NFT is, and they’ll instinctively think of digital art — the CryptoPunks, Bored Apes and Ether Rocks that have sold for eye-watering sums.In some circles, nonfungible tokens have been dismissed as a vehicle for speculation, with critics lamenting that demand for such assets is fueled by greed.But this argument doesn’t give us the full picture. We’re barely scratching the surface of what these one-of-a-kind tokens can achieve — and new use cases are continually emerging.The music industry is tentatively exploring what NFTs have to offer. Live Nation, one of the world’s biggest entertainment companies, has started offering digital versions of ticket stubs — giving fans a virtual memento of the gigs they’ve attended. Other platforms are allowing consumers to invest in new music and receive a share of the royalties. TV shows and films are being funded through NFTs too — and despite a backlash from players, gaming brands are also dabbling in this technology.NFTs also have the potential to improve existing crypto services, with DeFi being one of them. What if this technology could be used to unlock access to specific permissioned services… and could we see popular crypto collectibles be widely used as collateral? While the “NFTification” of the decentralized sector is seen as inevitable in some crypto circles, there are some hurdles that need to be overcome. Let’s explain why.NFTs cost a mintInevitably, any discussion of what’s holding NFTs from playing a bigger role in the DeFi ecosystem needs to begin with the cost of minting such tokens.Even on a robust Layer 2 network, transaction fees mean it’s often uneconomical to create, distribute and trade NFTs. This particularly explains why these crypto collectibles are so exorbitantly priced — not to mention why new use cases for nonfungible tokens are only being explored at a glacial pace.As traders impatiently wait for Ethereum’s Proof-of-Stake network to launch, this blockchain has become unaffordable for many everyday users. While faster, cheaper and more scalable rivals have emerged in recent years, some have been blighted by repeated outages — bringing their reliability into question.But what if users could be offered a completely gas-free experience while transacting? Could this be the silver bullet that attracts tens or hundreds of millions of users to the space — people who would be drawn in by the development this would encourage?Such an approach would be beneficial for NFTs and the DeFi sector alike, giving crypto enthusiasts the freedom to transact how they wish without worrying about the cost. But from an infrastructure perspective, there are other issues that need to be taken into account.Innovating in DeFiRight now, high gas fees mean trading and farming is financially impractical for smaller users — while slow bridges that connect the Ethereum mainnet to Layer 2s cause frustration. A lack of stickiness has also emerged in the DeFi space — with users frequently moving from platform to platform in search of the best short-term opportunities.Of course, an even bigger barrier involves getting people to see what decentralized protocols and automated market makers (AMMs) have to offer. A poor user experience — and more sophisticated features on centralized platforms — often give investors little incentive to make the jump into DeFi. The downside here is consumers end up relinquishing control over their own crypto as a result.But it doesn’t have to be this way — and one team says it has built the first NFT-powered AMM that has been designed “from the ground up to solve a series of critical problems for DeFi.” A gem of a productRuby.Exchange is building its infrastructure on SKALE, which is described as a powerful, multi-chain solution for Ethereum. SKALE’s chains have zero gas costs — and boast a fast, decentralized and secure bridge to the mainnet where transfers in either direction can take minutes, rather than hours or even days.And while the value of NFTs can be uncertain, with limited ways they can be used, Ruby offers gemstones — “beautiful, generative artworks that drive loyalty by embodying real utility as well as artistic value.” These assets have a starring role within its AMM. This exchange says it delivers a feature rich and gamified user experience where NFTs are minted for user profiles, as vouchers for trading fee rebates, and to ensure customers can access the premium features they’ve come to expect — native charting and advanced analytics among them. Yield farming boosts are another use case.What’s more, a gamified trading and farming experience delivers that elusive “stickiness” that DeFi protocols currently lack — rewarding long-term engagement and benefitting all users by helping prevent capital from migrating elsewhere, which affects liquidity.Looking ahead, new classes of NFT gemstones are going to be created — and as Ruby’s analytics and liquidity provider management dashboard is established, ownership of nonfungible tokens will be key to unlocking access.NFTs and DeFi have shown so much promise in their early days, transforming the worlds of art and finance. Ruby.Exchange is now determined to show how powerful the “NFTification” of decentralized finance can be.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Why cross-chain interoperability matters for DeFi

The modern DEX is designed to take advantage of the benefits of both CEX and DEXs by leveraging innovative technologies to enable more efficient transactions. Since limitations are presented for both the modern CEX and DEX, many propose that for widespread asset adoption, a non-custodial platform that supports assets across many networks is needed. In theory, this experience would enable users to control their funds at all times without giving up the flexibility of a promising user experience. Polkadex has proposed this next exchange iteration as a decentralized peer-to-peer order book-based cryptocurrency exchange. The project aims to become the trading engine of Web3 by combining the advantages of CEXs and DEXs while eliminating the disadvantages of both. To achieve this, Polkadex has tailored a solution based on cutting-edge trusted execution environment technology. This solution allows Polkadex to take custody out of the equation for exchange operators, therefore creating a non-custodial exchange that performs just as fast as, if not faster, than centralized exchanges. Much like centralized exchanges, Polkadex aims to support assets from across chains, albeit in a decentralized manner. For this purpose, Polkadex is  not only developing THEA, a decentralized liquidity bridge that will first connect Ethereum (and other chains later on) to Polkadex, but it also recently won a Polkadot parachain slot which will allow it to connect to the wider Polkadot ecosystem. Thanks to a community-driven campaign, Polkadex secured a win in auction 16 with a batch 3 record of 973,000 DOT loaned to its crowd loan. As a Substrate-based parachain, Polkadex will support assets from the whole Polkadot ecosystem, including its fellow parachains, while thanks to THEA, Polkadex will support assets from Ethereum first and other popular networks at a later date. This combination of interoperability layers will unite Ethereum, Polkadot, and, later, other blockchains under one decentralized trading roof. By leveraging a model combining a layer-2 trusted execution environment, a parachain, and a cutting-edge decentralized liquidity bridge, Polkadex is making it possible to exchange assets from different blockchains while guaranteeing users themselves retain their own funds and smart contract keys. The exchange further provides supplementary offerings, including PolkaIDO, a fully decentralized and on-chain IDO launchpad, which will be seamlessly integrated with Polkadex Orderbook, Parachains and THEAs cross-chain bridges. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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BIS: 90% of Central Banks are researching the utility of CBDCs

In a new annual economic report published by the Bank of International Settlements (BIS), the financial institution revealed that approximately 90% of central banks worldwide are investigating the feasibility of adopting central bank digital currencies, or CBDCs.The BIS report highlighted the ability of current sovereign fiat money to provide (relative) price stability and public oversight while criticizing crypto’s inability to perform “basic fundamental functions of money” and their opacity with regards to accountability to the general public. However, the report did highlight crypto’s programmable nature as well as the borderless elements of decentralized finance (DeFi) as potential benefits that would make a case for integration into CBDCs. There are currently three live retail CBDCs with 28 pilots. The digital yuan issued by the People’s Bank of China currently holds the dominant position with 261 million users. In addition, over 60 jurisdictions have fast retail payment systems.In making a case for the use of centralized digital assets, BIS cited recent adverse developments in the DeFi sector. One such example in the report is the implosion of Terra (LUNA) — now renamed Terra Classic (LUNC) — and Terra USD algorithmic stablecoin. Next, BIS went on to highlight the limited scalability of certain blockchains, such as Ethereum (ETH), causing network congestion and thereby sharp increases in transaction fees.It also raised the question of the feasibility of layer-1 solutions due to the significant fragmentation of such blockchains to address such drawbacks. Finally, the report pointed to a record amount of cryptocurrency hacks in the past year as part of digital assets’ inherent safety risks.

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How a DAO for a bank or financial institution will look like

DAOs can provide several services for banks, including asset management, compliance and lending. Banks today are already using blockchain technology for things like payment, clearing and settlement, trade finance, identity and syndicated loans, according to The Financial Times. However, there are still many unexplored areas in banking where a DAO-based model might be useful: Fundraising In the crypto world, initial coin offerings (ICOs) are breaking down the barrier between access to capital and traditional services like capital-raising firms. Likewise, banks can use DAOs to raise capital from a wider pool of investors via ICOs. Loans and Credit Using decentralized technology in banking can eliminate the need for gatekeepers in the lending industry. DAOs provide more secure ways for people to borrow money, not to mention lower interest rates and better terms. Trade Finance DAOs could also streamline trade finance by digitizing paper-based processes and automating manual tasks. This would make it easier for banks to keep track of their transactions, thereby reducing the risk of fraud and establishing trust among global trade parties. Securities A DAO can help banks issue, manage and trade securities, both digital and traditional. Through tokenization of traditional securities such as bonds, stocks, and other assets and placing them on blockchains, banks can facilitate the creation of capital markets that are interoperable, efficient and accessible to the greater public. Customer KYC and Fraud Prevention Since DAOs are transparent and decentralized, they offer a way for banks to verify the identity of their customers while preventing fraud. Using smart contracts, banks can automate customer onboarding and KYC processes. Blockchain technology also offers financial institutions an efficient and secure platform for sharing information with other firms.

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