Table of Contents
Bitcoin News: 09th October 2021
- Tired of providing your personal information by signing up for any service? Ethereum sign-ups are the answer!
- Chingari, an Indian competitor to TikTok, has raised $19 million to build a social token.
- Google and Bakkt have teamed up to bring Google Pay to cryptocurrency users.
- Identity fraud is rampant in El Salvador’s Chivo Bitcoin (BTC) wallet.
- BEP-20 Tokens Are Now Accepted on Crypto.com
- Republic is offering ‘security NFTs’ for fans who want to invest in songs and albums
- Binance Launchpad Lottery Ticket for Axie Infinity (AXS) Sold for $200 Now Worth $250,000
- XRP Lawsuit: Regardless of the SEC’s perspective on “privileged materials,” the court demands a camera review.
Ethereum sign-ups are here
Even if you don’t use Facebook.com, if you’ve ever used your Facebook account to log into another site online, you’ve been helping the social network make your internet experience more poisonous. Alternatively, you might use Google or Apple’s identity services to accomplish the same goal. All of them come with significant trade-offs, such as the possibility of your data being shared with US intelligence.
An Ethereum wallet that you own can be used as an identifier across numerous services in a standard fashion. You might think “My identity isn’t even tied to my ETH wallet”. That’s exactly the point: When a cryptographic marker is used as an identity, the user, not the identity provider, has complete authority over the data linked with it. You’ll eventually be able to choose whether a service requires your name, proof of age, or a peek at your ETH balance, for example. You won’t need to provide all of that data to each service you use.
Quoting, Spruce co-founder and CEO Wayne Chang,
“We’re starting with a not as serious, not as strong identity. Because we want to be battle-tested. In the short to medium term it’s more like social media credentials that tie their Twitter handles to a blockchain … We don’t want to provide [know your customer] credentials for buying millions of dollars of financial securities right yet,”
Chingari, a competitor to TikTok, raises $19 M
Chingari, an Indian short-form video sharing platform, raised $19 million in a token sale on Friday. In addition, the company intends to use the Solana blockchain to establish its own social token, $GARI.
The sale was attended by Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, CSP DAO, and about 15 others.
The funds will be used to expand the infrastructure for the Indian startup’s $GARI token, which allows producers on the platform to set up an e-commerce storefront for their physical items, non-fungible tokens (NFTs), or direct payments from fans.
According to Chingari CEO Sumit Ghosh, users would receive $GARI tokens for watching or uploading videos on the site. These tokens can then be used to unlock exclusive material from a creator or to purchase a voice or video call with them. Individuals can also buy and sell videos on the platform using $GARI, which will all be converted into NFTs on the Solana blockchain.
Google Pay to bring Crypto Payments
Users will soon be able to spend Bakkt Card crypto funds directly via Google Pay, according to a news release from BusinessWire. Customers will be able to make purchases using digital assets everywhere Google Pay is accepted, after the release of Bakkt’s Visa Debit Card earlier this year.
Before landing in the recipient’s account, the process will effortlessly convert cryptocurrency into fiat dollars. Digital assets can be used to pay for ordinary items both online and in-store in this way.
Bakkt will also promote its services to prominent US retailers and merchants using Google Cloud as its preferred cloud provider.
Bakkt will also use cloud-based tools to integrate additional analytics, AI, and machine learning capabilities onto its platform. These insights can be used by Bakkt customers as a loyalty redemption option. Company partners can utilise them to uncover crucial customer behaviour patterns at the same time.
Gavin Michael, CEO of Bakkt, sees the current agreement as a sign of his company’s success:
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner. Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
Identity fraud is rampant in El Salvador’s Chivo wallet
Identity fraudsters have targeted the Chivo wallet, according to El Mundo, raising further concerns about Bitcoin acceptance in El Salvador.
President Bukele promoted Bitcoin as legal cash by claiming that it would “bank the unbanked” and reduce international transfer expenses. Payments from Salvadorans living and working abroad to friends and family account for 22% of the country’s GDP.
However, public outrage and international pressure against the move are growing. With reports of inadequate wallet security, keeping that line is becoming increasingly difficult.
Do crypto supporters, on the other hand, have unrealistic expectations?
El Salvador’s Bitcoin experiment is in its fourth week, and things aren’t going as planned.
Not only have increasingly violent public protests tarnished the process, but the administration has also encountered foreign opposition, led by the World Bank and the International Monetary Fund.
To top it off, numerous Salvadorians found this week that scammers had enabled their accounts without their permission.
A Unique Identity Document (DUI), a phone number, a date of birth, and a photo upload are all required for wallet registration.
However, social media is replete with claims that people’s DUIs have already been triggered, and their Bitcoin bonus has been withdrawn.
BEP-20 Tokens Are Now Accepted on Crypto.com
On Oct. 8, Crypto.com announced its entry into the Binance Smart Chain (BSC) ecosystem, declaring support for BEP-20 tokens, the Binance Smart Chain (BSC) token standard.
Various crypto tokens of the BEP-20 standard, which is an extension of ERC-20, the most popular Ethereum token standard, have been adopted by the exchange. Leading crypto assets including Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), Cosmos (ATOM), Bitcoin Cash (BCH), and Avalanche are among these tokens (AVAX).
“BNB will also have additional utility as it is now supported by Crypto Earn, allowing eligible Crypto.com App users to enjoy up to 3% p.a. on their BNB deposits, paid in BNB,” mentioned Crypto.com’s official blog about their BNB crypto Earn product.“
Crypto.com is also a top official sponsor of one of the most prestigious athletic events in history, the Formula One championship, which will take place in 2021. They’re also minting NFTs in collaboration with the Aston Martin F1 Racing team. The platform’s banners are frequently seen on numerous race courses throughout the world. The platform’s acceptance of BEP-20 tokens boosts the Binance Smart Chain’s (BSC) visibility to new heights.
Republic is offering ‘security NFTs’ for fans
Republic, an investment platform, is now providing “Security NFTs,” which are intended at allowing music lovers to share the rights to artists’ earnings.
Fans’ investments in artists’ songs and albums, as well as the eventual returns such music assets create through plays, streaming, and licencing, are referred to as “S-NFTs.”
One of Republic’s primary goals is to return control of artists’ music to them while simultaneously involve fans. According to the company’s website, this type of investment often entails purchasing music rights through “membership units” of the LLC that owns a song or album.
“The identical membership units that would normally be represented by an LLC Membership Certificate will be represented by the S-NFT,” Republic’s Chief Strategy Officer Pialy Aditya told The Block.
Initially, fans will be able to purchase Lil Pump’s new single Mona Lisa, which features Soulja Boy, as well as an unnamed tune by electronic musician KSHMR. Artists may ultimately use Republic to sell tickets, merchandise, and “non-security” NFT drops to investors.
For its music-related investments, Republic is employing the decentralised peer-to-peer financing platform Opulous. Opulous, which is based on the Algorand blockchain, focuses on DeFi loans for musicians and NFTs, which allow music fans to own a piece of an artist’s copyright.
Republic is providing S-NFTs through the Regulation Crowdfunding programme in the United States (CF). “Republic is a registered crowdfunding platform, allowing it to conduct Reg CF offerings,” Aditya explained. “These offers, like other Reg CF securities offerings, have not been authorised or qualified by the SEC.”
Lottery Ticket for Axie Infinity Sold for $200
According to current market values, the 2,000 Axie Infinity tokens assigned to each AXS Binance Launchpad lottery ticket, which cost $200 at the time, are now worth more than $250,000, marking a gain of almost 124,900 percent in just over a year.
Binance stated in October 2020 that the Axie Infinity public auction would take place on its Launchpad. As the 17th project to go live on the Launchpad, Axie Infinity, a popular play-to-earn non-fungible token (NFT) game initiative, made its debut.
The AXS token sale was held in the manner of a lottery, with a total of 14,850 tickets up for grabs at the time.
The Launchpad received 29,700,000 AXS, or 11 percent of the entire supply of the tokens, according to Binance.
Since each unit of AXS was valued at $0.10, each lottery ticket received 2,000 units of AXS currency and $200 worth of BNB was removed from the winners’ Binance spot balance.
Axie Infinity presently has over 1.5 million active users trading the cryptocurrency across major exchanges like as Coinbase Pro, Binance, and KuCoin, among others, in addition to the growing number of AXS active holders.
NFTs have recently sparked a lot of attention, with a number of celebrities from the sports and entertainment worlds becoming involved.
Blockchain gaming is a hot topic among retail investors in the NFT industry. The enormous interest in NFT gaming may be linked to a great degree to the spectacular surge in AXS’ value.
This market was valued at approximately $180 billion in August 2021, with the value projected to exceed $200 billion in the next months.
XRP Lawsuit: Court demands a camera review
According to recent interactions, The Court recently granted Ripple’s September 24 appeal, which sought the inclusion of three documents by the SEC for in-camera review, which the plaintiff had either redacted or withheld by classifying them as “privileged.” The two documents linked to the SEC’s meetings with law firms, as well as the email trail regarding conversations with a third party who got direction from the SEC to assess its digital asset within the framework laid forth in Hinman’s June 14, 2018, address, are among the materials.
Judge Netburn has directed the SEC to explain its privilege arguments for all of those papers by October 15, 2021, at the latest. On the public docket, the SEC must also submit a redacted version of its submission. Ripple’s answer to the matter is likewise expected by October 22, 2021 at the latest.
Ripple filed a letter to the court last month requesting that three documents be included to the in-camera review based on a privilege log given by the SEC after the August 31, 2021, telephone call. The SEC, on the other hand, protested, claiming that these records aren’t relevant to the Court’s previous orders.
Furthermore, the SEC stated that the documents in question were placed on the privilege list due to their “seemingly useless” character, which might lead to needless litigation. The SEC also claimed that the papers are subject to the DPP, as well as duplication of discussions with previously submitted exhibits for in-camera examination.
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