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What to Expect from the Blockchain Technology in the Near Future

Based on blockchain technology, a new wave of the Internet known as “web 3.0” is already upon us. By promoting decentralization, data security, and internet freedom, it attracts followers from all over the world. It should come as no surprise that the blockchain market is expanding at an extraordinary rate-from $7 billion in 2022 to $164 billion in 2029.

Blockchain is currently used in more than just cryptocurrencies, although this is how most people think about it. Ecommerce, healthcare, transportation, supply chains, and finance are just a few industries where blockchain has already found use.

This article will also help you increase your understanding of the numerous industries in which blockchain technology is being used.

Blockchain Technology Market

In 2021, the total amount spent on blockchain solutions worldwide was $6.6 billion. Hundreds of billions of dollars more need to be invested in this technology. From 2022 to 2029, the blockchain market is expected to increase at an average annual pace of 56%.

Blockchain technology is actively used by businesses across a wide range of industries, with the banking, financial services, and insurance sectors setting the pace. Two additional significant areas of tech interest are the entertainment industry and the healthcare sector. The blockchain is typically used by financial firms to launch digital currencies, but it is also used for secure data transfer and digital identity.

Growing Trends in the Blockchain Technology

Blockchain is more than the foundation for cryptocurrencies. This innovation can also be used for other things. So let’s examine the key developments in blockchain technology for 2022.

NFT Boom

NFTs, also known as non-fungible tokens, began to gain popularity in 2021. These tokens will continue to be useful in the future. They have developed a way for artists to sell their digital works of art in return for enormous sums of money at auctions.

The gaming and fashion industries have responded to this new trend, among other places. Consider the $6 million record that the Dolce & Gabbana brand achieved when nine items from their limited-edition NFT collection were sold.

Security Token Offering 

The most recent method of funding employed by entrepreneurs in the digital industry is the security token offering (STO). The fact that investors receive security tokens rather than utility tokens is one of the main advantages of STO market investments. One needs to be familiar with security tokens to comprehend the advantages of STO.

Both fresh startups and well-established businesses have conducted numerous profitable STOs in recent years. The interest in the STO space has significantly expanded over the past year or so.

A security token offering platform will outperform both conventional security offerings and ICOs in terms of features and security. The most significant benefits of STOs over other fundraising mechanisms are high transparency, faster execution, credibility, increased liquidity, access to global investors, etc. 

Hashgraph

When thinking about blockchain vs hashgraph, it’s important to know that hashgraph uses a consensus technique known as “gossip about gossip,” whereas blockchain primarily uses either proof-of-stake or proof-of-work. This is the main distinction between hashgraph and Blockchain. Hashgraph is a faster and more effective protocol than blockchain because it takes advantage of “gossip about gossip.”

Distributed ledger systems used to store transactional data include blockchain and hashgraph. Hashgraph and blockchain both use distributed ledger systems to record and store data from transactions, even though they differ in many ways.

Metaverse

Metaverse should develop into a virtual environment that offers its users extraordinary online experiences. Of course, blockchain technology is essential for this world to function. Therefore, blockchain technology will continue to be useful the more well-known the metaverse becomes.

Blockchain-as-a-Service

One of the top developments in blockchain technology for 2022 is BaaS. When used as a cloud service, BaaS will let customers build digital products based on the principles of the technology.

One such BaaS project is Hyperledger Cello, which is a platform made up of tools and programs that make it easier to build blockchain-based digital products.

Blockchain in FinTech

The industry most affected by blockchain technology is the financial one. The tokenization of assets and the introduction of digital currency are contemporary phenomena. The usage of smart contracts and data security are two more common uses.

Blockchain has a great opportunity of transforming the current financial system. Due to peer-to-peer networks, transactions won’t need any middlemen, transfers will go much faster, and the blockchain will guarantee the transparency of financial transactions.

Initial Coin Offerings

Initial Coin Offerings (ICO) are mostly utilized by businesses that work on blockchain-related projects and can offer their investors a digital good in exchange for their cash in the form of a token. Blockchain technology, a distributed, public ledger of digital records, is the foundation upon which tokens are formed. 

In exchange for investor investment, the majority of ICO blockchain platforms use utility tokens. Investors were expected to have access to the platform or product that the aforementioned company was developing through these utility tokens.

Blockchain in Ecommerce

Blockchain technology has seen active adoption in the eCommerce sector. These developments safeguard client data and help to improve supply chain management. Digital user identification is another trend in blockchain technology in eCommerce.

The Fluz app is an example of a blockchain use case in eCommerce. It is a platform that lets customers get cash back for purchases made at their preferred retailers. This business uses blockchain to track the use of gift cards and the expansion of its social networks.

Blockchain in Real Estate

Applications for blockchain technology in real estate range from tenant and investor identification to asset and property management. With this invention, businesses may make data more accessible and transparent while also increasing the productivity of labor processes through automation.

According to Forbes, blockchain technology will lead to future advancements in real estate transactions. This is relevant, in particular, to the application of real estate smart contracts and transaction automation. In our post, we discuss more use cases for blockchain in real estate.

Conclusion

The blockchain sector is developing rapidly. Long before cryptocurrency, it was used for other purposes. The healthcare, FinTech, eCommerce, supply chain, and real estate industries can all benefit from this technology.

Businesses like how the blockchain guarantees data reliability, offers irrefutable protection and can improve internal procedures. The expansion of green initiatives, the rise of NFTs, the creation of the metaverse, the rise of BaaS, and other developments are some of the main trends in blockchain technology.


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How This Blockchain Network Is Taking Its Power Back

Many know EOS as the blockchain that raised $4.1 billion in its Initial Coin Offering CO back in 2018 and disappeared into the shadows. After the EOS community fought a fierce battle to take its power back, the community formed the EOS Network Foundation led by community-voted CEO Yves La Rosa. He sat down with Jessica Abo to talk about how the EOS Network Foundation is building a new future.

Jessica Abo: Yves, before we get into what you’re building, I want to go back in time. Your blockchain network was on the sidelines for more than four years and has made a dramatic comeback. How did you get to this point?

Yves La Rosa:

After four years of essential stagnation, the community got together and essentially elected and reached a consensus on creating a centralized entity called the ENF, the EOS Network Foundation, as a steward of the network in order to be able to efficiently deploy capital and move the network forward.

ENF is an example of a decentralized, autonomous organization (DAO) fulfilling its promise as a management and governance structure being controlled by the community and not by a single person or a few executives. Can you explain the main advantages of a DAO over traditional management structures?

In traditional management structures, typically it’s a top-down approach. One of the advantages of that is that things can be extremely efficient, they can be centralized, decisions can be made quickly and the organizations typically can move very rapidly because the time that it takes to make decisions can be quite fast.

In the DAO, a lot of the decision-making process is spread out to those within the organization that are better positioned to make decisions. EOS as arguably one of the largest DAOs on the planet, is structured in a way to be able to on-chain leverage the functionalities of the blockchain, but in a very efficient manner to come together, reach consensus, and move the network along. It actually gives power back into the hands of the people or of the community on the network. As such, they’re able to participate in governance, they’re able to direct where the network will go as a whole and move more efficiently in that manner.

It sounds like you really believe that a commercial entity can be managed in a democratic way by a community, but what do you want to say to the skeptics?

One of the disadvantages of a DAO is that it can be incredibly chaotic, and that was one of the issues as you mentioned for the last couple of years with EOS, is that when you’re too decentralized, it can effectively paralyze an organization where the network itself or the entity itself is in such a state that it can’t move forward because of that far-reaching decentralization. In our case, reintroducing a little bit of centralization within that process, but within an accountable framework to ensure that the DAO itself essentially remains at the forefront of the entity, is something that we strive to do and we’re still striving to do daily.

Do you think it’s a contradiction for a DAO to have a CEO?

In a way it kind of is. I’m the CEO of the centralized entity that is the EOS Network Foundation. But we are at a point where we’re essentially stewards of the network and through on-chain accountability, we can be removed at any given time. Essentially the incentives are aligned so that the entity that represents the network has to actually do the bidding, let’s say, of the network as a whole. And if it doesn’t do so, if those incentives become disaligned, then there’s a very easy on-chain process for either the entity to be removed or for myself, for example, to be removed.

Looking ahead, what do you hope the foundation achieves?

In the last year that the EOS Network Foundation has been in place, we’ve essentially stabilized the ecosystem. We’ve come and taken care of the things that have been lacking over the last couple of years, predominantly developer outreach, developer funding, community funding, community outreach, a lot of the marketing, the branding around the EOS network.

In year two, what we’re doing right now is really focusing on that growth side of things. We’re expanding very much around the world in terms of employees, in terms of location, in terms of on-the-ground presence. And we’re definitely deploying a lot of capital and being able to leverage the tool that we have, the backend tool that’s been powering the network for the last couple of years, really amplifying that through that business development side of things.

What advice do you have for the crypto beginners out there? Where does one begin?

If it’s something that interests you, just start reading up on it and you’ll find that within this blockchain space, there’s a lot of different flavors that can appeal to different people in terms of what attracts you, what about this technology or about this space might be right for you and just really dive in.

One of the things is that it’s really easy to fall into that rabbit hole of information because there’s so much out there. One of the great things about this space is that it’s so nascent, in the grand scheme of things, there are very few people here. Being able to deploy time and energy, and if you actually focus within a relatively short amount of time, you can have a niche in this space. Essentially create something for yourself that very few or nobody has either that has been created before.

And what is one way people can take their participation to the next level?

Get involved in a space. Join the circuit. The space is so new, there’s room to grow, there’s room for everybody.


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GBR Coin Plans on Launching Its ICO at the End of September

(The Magazine Plus Editorial):- Dubai, United Arab Emirates Sep 13, 2022 (Issuewire.com) – GBR Coin‘s website highlights the strategic roadmap for 2022, and as for the Q4 arm of the map, the platform is set to launch its Initial Coin Offering (ICO) sometime in September, alongside onboarding new Web3.0 experts and sponsoring the World Blockchain Summit 2022.

GBR Coin is a Real Estate and Investment Firm based in Dubai, delivering many real estate-centered services like home sales, 1031 tax-deferred exchanges, full-service property management, and marketing and buying of investment properties. 

Being 25 years in the real estate business, GBR offers a unique edge by being a self-regulated Decentralized Finance (DeFi) platform enabling lightning-speed and secure transactions. 

While anyone can use GBR Coin and is free to inspect a product’s data and its working, the DeFi platform provides complete control of funds and their movements to the user. All transactions are pseudonymous and processed in a matter of a few minutes due to the underlying blockchain technology.

GBR Coin uses a Polygon network-based transactional framework that facilitates fast transfers and low transaction fees. Built on complex mathematical numbers and strings, GBR Coin harnesses blockchain technology to protect itself from hacking and false information. 

Hence, pushing the real estate market in a new direction by becoming a go-to payment gateway for the industry. Currently, the real estate sector faces its biggest challenge in non-transparent contracts between third-party entities, leading to potential fraud, money laundering, and corruption.

Moreover, unsecured titles and data management, as well as, slow unsafe transactions, is hampering the growth and user experience in the real estate industry. However, GBR Coin is battling these problems by developing a community-driven project to create a platform where challenges in real estate are being solved by a range of blockchain and cryptocurrency facilities present in one ecosystem.

With increased scalability, flexibility, transaction speed, and low fees, GBR Coin allows high levels of liquidity to ensure fair asset prices, market stability, higher technical analysis accuracy, and faster transactions.

Follow GBR Coin’s social media channels to stay up to date with the latest news:

Twitter –  https://twitter.com/gbr_coin

Facebook – https://www.facebook.com/gbrcoin/

Instagram – https://www.instagram.com/gbr_coin/

LinkedIn – https://www.linkedin.com/company/gbr-coin/

Telegram – https://t.me/gbr_coin

 




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GBR Coin Plans on Launching Its ICO at the End of September

(Spin Digit Editorial):- Dubai, United Arab Emirates Sep 12, 2022 (Issuewire.com) –  GBR Coin Plans on Launching Its ICO at the End of September

The ICO for GBR Will Launch Towards the End of This Month

Meta Description: Te.

GBR Coin (GBR), a blockchain technology newcomer that has the potential to revolutionize multiple industries, is planning to launch its Initial Coin Offering (ICO) around the third week of September this year. Early-stage investors will be able to get in on this opportunity and participate in the ICO through the company’s website.

The elite GBR team intends on becoming the de facto blockchain-powered payment gateway for the real estate industry. To achieve this, the team will build on its 25-year market dominance in the real estate industry through the use of blockchain and distributed ledger technology.

Initially, the GBR ecosystem will have a real estate and investment focus, but will later expand into other sectors such as agriculture and gaming. There are also plans in the pipeline to grow the platform to include non-fungible tokens (NFTs) and various gaming technologies.

GBR Coin has also recently become a premium sponsor at the upcoming Trescon World Blockchain Summit that will be hosted in Dubai later this year. This is a prestigious event that connects companies and major tech players in the blockchain industry from across the globe.

Launched on the Polygon (MATIC) blockchain, the GBR token enables high-speed transactions with ultra-low network fees. The decentralization that the GBR platform enables in the real estate sector will also significantly reduce, and potentially eliminate, all middleman costs traditionally included in the transfer and sale of properties.

More details regarding the ICO will be released on the project’s website in the days leading up to the ICO launch.

Follow GBR Coin’s social media channels to stay up to date with the latest news:

Twitter –  https://twitter.com/gbr_coin

Facebook – https://www.facebook.com/gbrcoin/

Instagram – https://www.instagram.com/gbr_coin/




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Huge Cloud Over Binance, the World’s Biggest Crypto Platform

It’s a big fish that is now in the sights of regulators looking to oversee the young crypto industry. 

And it’s a safe bet that the subtle message that the market police want to send — no actor is immune — will be heard loud and clear. Binance, the world’s largest cryptocurrency exchange by volume is under investigation by the Department of Justice (DoJ).

The federal agency is investigating whether Binance.com violated US money laundering sanctions. At the end of 2020, the DoJ asked Binance to submit internal documents relating to how the firm ensures that users of its platform do not launder money, reports Reuters




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Film producer pleads guilty in fraud investment scams | Associated Press

ATLANTA (AP) — A movie producer has pleaded guilty to several counts of fraud and money laundering arising from his fraudulent promotion of two cryptocurrency investment schemes, federal prosecutors said.

Ryan Felton, 48, entered the plea on the fourth day of his jury trial in his hometown of Atlanta on Thursday.

“The defendant used 21st century technology to perpetrate an age-old fraud: lying to investors to steal their money and fund his own lavish lifestyle,” U.S. Attorney Ryan K. Buchanan said in a news release. “Felton’s conviction should serve as a warning to anyone who seeks to capitalize on emerging technology to victimize others.”

Investigators said Felton, in 2017, promoted an initial coin offering, or ICO, for an entertainment streaming platform promising to surpass Netflix. Prosecutors said he falsely promoted that Atlanta rapper T.I. was co-owner of the FLiK platform, the U.S. military had agreed to distribute the platform to service members, and FLiK was finalizing licensing deals with major film and television studios.

Instead of using investor funds to develop the platform, Felton used around $2.4 million from investors to fund an extravagant lifestyle. He bought a $1.5 million home, a Ferrari, a Chevy Tahoe, and about $30,000 in diamond jewelry, the U.S. Attorney’s Office for the Northern District of Georgia said.

Felton promoted a second ICO for a new company in 2018. Investigators say he raised more than $200,000 for CoinSpark and again diverted money to his personal bank account.

“The technology has advanced, but the crime remains the same, and those who invest in cryptocurrency must be wary of opportunities that appear too good to be true,” said Keri Farley, Special Agent in Charge of FBI Atlanta. “The FBI is committed to protecting investors from sophisticated cryptocurrency scammers that seek to capitalize on the novelty of digital currency.”

Felton pleaded guilty to 12 counts of wire fraud, 10 counts of money laundering, and two counts of securities fraud.

Sentencing will be scheduled at a later date before U.S. District Judge J.P. Boulee.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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Film producer pleads guilty in fraud investment scams | National

ATLANTA (AP) — Federal prosecutors say a movie producer has pleaded guilty to several counts of fraud and money laundering arising from his fraudulent promotion of two cryptocurrency investment schemes. Ryan Felton entered the plea on the fourth day of his jury trial in Atlanta on Thursday. Prosecutors say the defendant used 21st century technology to perpetrate an age-old fraud: lying to investors to steal their money and fund his own lavish lifestyle. Investigators said Felton promoted an initial coin offering in 2017 for an entertainment streaming platform called FLiK, and diverted about $2.4 million from investors. They say he also raised more than $200,000 in 2018 while promoting a second company.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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Bitcoin (BTC) climbs above $23,000

The world’s largest cryptocurrency is down roughly 50% since the start of 2021.

CFOTO | Future Publishing | Getty Images

Bitcoin broke the $24,000 threshold for the first time in more than a month, as hopes of a rate hike less aggressive than feared from the Federal Reserve triggered a relief rally in cryptocurrencies.

The world’s biggest cryptocurrency surged as high as $24,047 Wednesday, up more than 8% in 24 hours and trading at levels not seen since mid-June, according to Coin Metrics data.

Traders took comfort from the prospect of softer policy action from the Fed at its next rate-setting meeting.

The effects of tighter monetary policy from the U.S. central bank have weighed heavily on risky assets like stocks and crypto.

Bitcoin is still down roughly 50% since the start of 2021.

“This isn’t necessarily the end of the crypto bear market, but a relief rally for Bitcoin is long overdue,” said Antoni Trenchev, CEO of crypto lender Nexo.

“Bitcoin is beginning to find its feet after a shaky month, and the next week will be telling,” he added.

The U.S. central bank is expected to hike rates again at its next policy meeting, but economists are forecasting a less aggressive increase this time of 75 basis points rather than 100.

Cryptocurrencies were touted as a source of value uncorrelated with traditional financial markets. But as institutional capital poured into digital assets, that thesis failed to materialize once the Fed began hiking interest rates and traders fled equities.

A rally beyond $22,700 means the cryptocurrency has now recovered its 200-week moving average, laying the technical groundwork for a “trend reversal,” according to Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank.

“The market needs a little more assurance for deceleration in the pace of rate hike by the Fed,” he said. “Nevertheless, a short-term outlook for bitcoin is bullish and it could go as high as around $29k this week.”

Meanwhile, traders are betting that the worst of an intense market contagion caused by liquidity issues at some large crypto firms has likely subsided.

Digital currencies have been under immense selling pressure in the past couple of months, as the collapse of some notable ventures caused ripple effects in the market. Terra, a so-called algorithmic stablecoin, plunged to near-zero in May, setting off a chain of events that ultimately led to the bankruptcies of crypto firms Celsius, Three Arrows Capital and Voyager.

Ethereum ‘Merge’

Elsewhere in crypto, ether climbed nearly 5% to $1,609.06, while other so-called “altcoins” were also higher.

The second-largest token is up more than 50% in the past seven days, fueled by optimism over a highly anticipated upgrade to its network known as the “Merge.”

Developers now expect the update, which would move ethereum away from environmentally dubious crypto mining to a more energy-efficient system, to be completed by Sept. 19.

“Crypto mining has been highly criticised for contributing to climate change due to its energy intensive nature and as wildfires rage across Europe and the United States, the promise that Ether transactions could be less damaging to the environment has caused a wave of interest,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.


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What’s next for cryptocurrency and blockchain?

While the cryptocurrency market took a downturn through the first five months of 2022 and continues to do so, financial services software entrepreneur Christopher Beltran predicts “there will be a lot of building happening” in cryptocurrency and blockchain applications in the next few years.

John Best, Best Innovation Group co-founder/CEO, agrees, adding “we’re not seeing a bunch of people dump out” of their cryptocurrency investments.

He compares crypto to the dot-com bubble in the early 2000s, recalling how after the bubble burst, companies like Google became among the world’s largest. Some of these companies are eyeing cryptocurrency.

“Amazon hired a load of really impressive crypto people,” says Best, who hosted a recent discussion on crypto and the metaverse. “Why would they do that unless they had a good business case?”

He asked session attendees what would happen if Amazon made its own digital coin and gave a significant discount to people who used it to purchase Amazon products.

“Anybody who is price conscious would leap at that because savings is savings,” Beltran says. “I don’t know if they’d necessarily perceive it as, ‘Wow, this is the most valuable coin on earth.’ It would be seen more as just another coupon play. I’d probably use it. Why not? You’re going to get savings.”

Best believes trust will be a key to the success of such a coin because trust brings prices down and service up.

“I also think they see an opportunity to make money,” Best says. “There are too many middlemen in the payments process, and they’re only there because they’re using previous technology that isn’t necessarily useful today.”

‘It’s time to build.’

Christopher Beltran

If Amazon or another company creates a coin, what impact would it have on credit unions? Best says credit unions could be disintermediated, and that deposits could be lower if money filters out of traditional financial institutions and into new digital coins and blockchain applications.

Blockchain technology could also lead to smart contracts. Historically, if a contract is violated today, a judge or jury mandates what happens next, and law enforcement enforces the handover of the asset.

Conversely, Best suggests the auto market is moving toward smart contracts. “We give a loan to a person and the contract says if you pay your loan, you get to drive this car. If you do not pay your loan after X amount of time, the car is ours. If you stop paying your loan, not only does your car cease to work, it drives itself back to the credit union branch.”

CUNA Technology Council

Beltran says smart contracts would be easier to enforce and could be settled directly by the lender.

“A smart contract code—by virtue of the assets being talked about in the contract having some sort of digital representation and being in a wallet that’s accessible and open—can have a handle or a grip, almost like a mini escrow piece, on that asset,” he says. “Having a contract physically able to act on the asset when conditions are met is an interesting form of enforcement because you almost don’t need a justice system or legal framework to guide transactions and liabilities enforcement.”

The ability to digitally track ownership is a key aspect of blockchain, and one that will be crucial for future applications for cryptocurrency. Beltran says now is the time to develop those applications regardless of the market’s downturn.

“I don’t see anything fundamentally being questioned about blockchain,” he says. “It’s fairly predictable it was going to go down just because the whole world is going down. At the basic high level, nothing really worries me right now. It’s almost like it’s bargain time. It’s time to build.”


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