DeFi industry draws in commercial banks? Siam bets with $110M fund

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If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

A St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations.

Officials From Town of Massena Don’t Like the Look of Bitcoin Miners Operating Alongside Route 42

The town of Massena, with a population of around 13K, has attracted bitcoin miners according to a report from Reuters. The New York town’s officials have taken issue with bitcoin miners and the authorities plan to impose a 90-day moratorium on any new bitcoin miners looking to tap into the town’s energy sources.

According to Massena Town Supervisor Steve O’Shaughnessy, the town doesn’t want Massena’s roadsides to be filled with shipping containers that house mining rigs.

“We don’t want it littered with these trailers that are pumping out bitcoin,” O’Shaughnessy told WWNY-TV. “We just want to make sure if they’re going to come here, that it’s a nice presentable building,” he added.

New York Town Bemoans Roadsides ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium
Photograph of the alleged mining operations via the regional news station WWNY-TV.

The report notes that there’s been a surge of cryptocurrency miners setting up shop in Massena. The electrical company Massena Electric is currently in the midst of negotiations with three prospective operations.

“The key components for the developers is low-cost electricity and reliability, which are two things we’ve always had,” Andrew McMahon, Massena Electric’s superintendent said. Reports say Route 42 in Massena near Fort Covington has numerous mobile bitcoin mining units that are housed in shipping containers.

Massena Electric told WWNY-TV that the deals with bitcoin miners always come second to current customers but “customers could even benefit from the increased sales.”

New York Continues to Have Tussles With the Bitcoin Mining Industry, Route 42 Mining Facility Advertised for Sale

The crypto mining operation Petawatt Group is located in Massena, as the firm was able to purchase 140 acres of land two years ago. Petawatt Group and its co-founder Jason Rappaport say bitcoin mining operations can potentially bring jobs to Massena locals.

“We’re not like some new operation that decamped from somewhere else and coming in and trying to find power, you know, relatively inexpensively, and not being part of the community,” Rappaport stressed to the local news station.

New York Town Bemoans Roadsides ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium
Interestingly, around the same time the Massena town officials started to complain, an advertisement for a cryptocurrency mining facility located on Route 42 was listed for sale. The property offers “power and location” for $299,000 and claims the owner can get energy at rates as low as $0.03 per kWh. “The facility has approved 2 MW power available underneath three-phase power lines owned by Massena Electric Department,” the ad details. “The electrical service can potentially be upgraded to 10MW and even above.”

New York and bitcoin miners have seemed to go hand-in-hand because of the state’s abundant access to cheap hydropower. However, residents and officials from a few New York communities have taken issue with bitcoin miners in a similar fashion.

For instance, residents who live alongside Seneca Lake blamed bitcoin mining for heating up the water. The lake was “so warm you feel like you’re in a hot tub,” a report by NBC News noted at the time.

Democrat senator Kevin Parker also introduced a bill that seeks to establish a three-year moratorium on any bitcoin mining operations in the state. The Committee on Environmental Conservation reviewed the bill on May 3.

The bill declared that cryptocurrency miners should be responsible for the environmental impacts the industry might cause the state. Senator Parker insists cryptocurrency mining has a negative environmental impact and mining businesses would have to pass state greenhouse gas emission targets in order to continue.

What do you think about the issues bitcoin miners are having in Massena, New York? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Karura Swap Debuts Decentralized Exchange on Kusama

Karura Swap Debuts Decentralized Exchange on Kusama

Acala’s Karura swap has become the first decentralized exchange (DEX) on the Polkadot and Kusama ecosystem, along with launching the first trustless trading pair.

Karura Swap Goes Live With $3.4 Million in TVL

The announcement was made by decentralized financial hub Acala Foundation in a Medium blog post on Friday (July 23, 2021). According to the publication, the trading pair KSM/KAR is already available on the decentralized exchange. 

Acala also revealed that the DEX was launched with the trustless trading pair having more than $3.4 in total value locked (TVL). This was achieved through the application of the “Bootstrap mechanism”, a new feature from Karura, which enables a pool to achieve enough liquidity while preventing market manipulation and frontrunning. 

For Karura, trading is temporarily halted during the bootstrap mode, until the necessary liquidity requirements are met. During the process, liquidity providers can decide to provide liquidity for one or both tokens in the trading pair.

When the bootstrap mode is complete, trading commences on the Karura Swap and the exchange rate is made public. The announcement noted that the KSM/KAR trading pair was the first to use the bootstrap mechanism, and it was successful in reaching its liquidity goal, with the exchange rate determined by the market.

Furthermore, there were more than 1,000 contributions from unique liquidity providers, with the opening exchange rate for the trading pair set at 1KAR : 0.0225KSM. 

Speaking on the benefits of utilizing the Bootstrap mechanism, the blog post said:

With “Bootstrap,” Karura aims to empower trustless trading at fair market rate to reflect the tenets of equitable and open finance for all.”

Meanwhile, the project’s launch road map would also see a later release of the kUSD stablecoin, KAR liquidity mining, and Liquid KSM Lite. These added features are set to come into motion within the 48-week network lease secured after winning a parachain auction slot. 

As previously reported by BTCManager in June, the Karura project won the first Kusama parachain auction after the community Staked 501,000 KSM in its crowdloan. Over 15,000 participants were involved in the staking process. 

After Karura, other projects have won the first phase of Kusama’s parachain slot auction. They include Moonriver, Shiden, Khala, and Bifrost

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Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners

Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners

The government of Abkhazia is negotiating with Russia to solve a problem that led to a ban on cryptocurrency mining. The partially recognized republic in the South Caucasus is now planning to legalize the industry and source sufficient power supplies from its energy-rich northern neighbor.

Abkhazia Wants to Create Conditions for Cryptocurrency Mining

The autonomous Republic of Abkhazia in northwestern Georgia is holding talks with the Russian Federation on the supply of electricity to satisfy its needs. Those of the energy-hungry crypto mining sector are also covered by the negotiations, Forklog reported.

Despite a temporary mining ban introduced in 2018, the activity allegedly took the country to the brink of an energy crisis last year, forcing regulators to extend the restrictions to March 2022. Fines and criminal liability were introduced for illegal use of electrical power to mint digital currencies and a number of mining operations were shut down.

Abkhazia Holds Talks With Russia to Ensure Electricity Supply for Crypto Miners

Officials in Sokhumi are now trying to create conditions for cryptocurrency miners to operate legally, Abkhazia’s Minister of Economy and Deputy Prime Minister Christina Ozgan revealed at a press conference this week. Quoted by Apsnypress, she said that authorities plan to organize the supply of electricity from Russia and set up facilities where miners can install their equipment.

Russian representatives have already visited the republic to clarify the technical side of the deal and the Abkhaz government has received a draft agreement, Ozgan told reporters. She emphasized that electricity shortages were the main reason for the crypto mining crackdown.

According to estimates by the local power distribution company, Chernomorenergo, the total capacity of the mining equipment operating in the republic was at least 40 to 45 megawatts in 2020. When fully loaded, the hardware can burn around 400 million kilowatt hours of electricity annually, which forms a large portion of the country’s deficit.

Christina Ozgan also announced that more than 66,000 mining devices had been delivered to Abkhazia before the imports of mining equipment were halted. She added that authorities are now going to approve a new electricity tariff for cryptocurrency miners and encourage them to pay their bills.

Abkhazia wants crypto mining farms to be legally connected to the electrical grid. The government also intends to regulate the interaction between mining entities and the state-run power utility.

Do you think Abkhazia can turn into a friendly destination for cryptocurrency miners? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Investing In Bitcoin Mining Businesses Is Also A Sign Of Institutional Acceptance

Last quarter, the New Jersey Pension Fund invested heavily in two Bitcoin mining giants. A small step for institutional investors, the move might represent something much bigger. There’s a hunger for Bitcoin exposure at the highest levels, but just owning the asset might be too risky or inconvenient for some of those big players. And, until the US government approves the long-awaited Bitcoin ETF, miners provide a much safer target. 

Related Reading | Marathon Digital Holdings Reported A 17% Spike In Bitcoin Mining

According to Coindesk:

The state-managed pension ended June with $3.66 million in Riot Blockchain (NASDAQ: RIOT) and $3.39 million in Marathon Digital Holdings (NASDAQ: MARA), according to disclosure documents.

New Jersey’s Common Pension Fund D has $30 billion in total assets for state employees.

The New Jersey Pension Fund’s intent is clear, and they put their money where their mouth is. However, is there a reason that explains why they don’t want to hold the asset? A legal reason, perhaps? The polemic Michael Saylor explains their rationale in this tweet

Many institutional investors find publicly traded Bitcoin miners to be attractive investments because they want BTC exposure but prefer to hold securities rather than property due to tax, accounting, & business considerations.

So, there are several reasons besides Bitcoin’s volatility. Nevertheless, there’s a hunger.

RIOT price chart - TradingView

RIOT price chart on Nasdaq | Source: RIOT on TradingView.com

Is Bitcoin Feasible As An Institutional Investment?

Bitcoin is maturing and spreading. The title phrase is the same NewsBTC used three years ago in an article that came to the conclusion that the asset wasn’t ready. We said:

In its current state, the market is highly speculative, with a majority of investors looking to make a quick buck. Institutional investors have seen that, and have mostly shied away from opening their wallets for the industry. These investors are looking for long-term returns, securing the trust of consumers over time rather than making a quick buck.

The tables turned. The situation changed. At the present, we are in an era in which some of the more innovative institutions already invested and drove the price to insane all-time highs… only to take their earnings and let it drop again. In any case, Bitcoin is proving its worth as institutional investment. About this situation, NewsBTC said:

These high wealth players with decades of market experience and all kinds of tactics on their side were paramount to driving prices up to $60,000 per coin. Unfortunately, the data above suggests they were also instrumental to the selloff that left retail traders with a bloody aftermath.

Related Reading | Brazil approves Bitcoin ETF – SkyBridge files for its own

What About a Bitcoin ETF? Is That In The Cards?

The only factor left unexplored is the possibility of a Bitcoin ETF in the US. As you should know, every financial institution and their mothers applied, and some of them have already been rejected. NewsBTC quoted Hester Pierce, Securities and Exchange Commission (SEC) Commissioner, who said about the situation:

(Institutions) want access to crypto through a regulated market. It makes sense for us to consider how to do that (…). We’ve dug ourselves into a little bit of a hole. A lot of people are looking for a way to access the asset class. We waited a long time to approve this kind of product.

Sadly for us, we’re still waiting.

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Central Bank of Colombia Announces First Blockchain Bond Pilot Program

Central Bank of Colombia Announces First Blockchain Bond Pilot Program

The Central Bank of Colombia has announced its involvement in the first blockchain bond pilot program in the country, with the participation of the Interamerican Development Bank (IDB) and Davivienda, a private commercial bank. The proof of concept will use the Lacchain blockchain platform developed by the IDB, which will handle the operative part of the issuance.

Central Bank of Colombia Joins Blockchain Bond Pilot Program

The Central Bank of Colombia has announced its participation in the first blockchain bond program in the country. Issued by Davivienda, one of the most important commercial banks in Colombia, and with counseling from the Interamerican Development Bank (IDB), this pilot program seeks to explore the benefits of the new technology and study its application for the next bond issuances.

According to the official announcement from the Central Bank of Colombia, these benefits would include the potential reduction of operational costs, the optimization of process times, greater efficiencies in the traceability and security of operations, the elimination of information asymmetries, and better management of financial risks.

The bonds will be issued and managed using Lacchain, IDB’s blockchain platform that is designed to support this kind of application. The role of the central bank will be to run an observing node in the blockchain and support the issuance in its high-value payments system.


Colombians Reaching for Blockchain

While Colombia has not been known for its adoption of cryptocurrencies or blockchain, the country is slowly introducing its financial system to the idea of these new technologies. Earlier this year, in February, the financial watchdog of the country, the SFC, authorized the establishment of a regulatory sandbox that allowed some banks to establish alliances with exchanges to process cryptocurrency purchases in a joint effort. Davivienda, the bank involved in this blockchain bond trial, was also included in this batch of banks.

The objective of the establishment of this sandbox is to better understand how cryptocurrency systems can work in tandem with traditional banking systems to issue laws that adapt to this new paradigm. This indicates that Colombian regulators are considering cryptocurrencies as potentially influential factors in the country in the years to come. However, the retail cryptocurrency business in Colombia is small and it doesn’t reach the importance it has in other countries of the region like Venezuela or Argentina.

What do you think about the first blockchain-issued bond pilot program in Colombia? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin Holders Among Young US Investors More Than Quadrupled, Gallup Poll Says

There’s still a long way to go, but analytics firm Gallup asked US investors about Bitcoin and got increasingly positive results. Slowly but surely, Bitcoin is reaching mainstream status. Gallup made a similar survey in 2018, and the compared data from both tells an interesting and bullish story. People with investable income are slowly waking up to the fact that there’s a new game in town. 

Related Reading | Bitcoin Falls to $53,000 as Wall Street Gains Hurt Appeal; What’s Next?

In 2018, the article’s title was “U.S. Investors Not Biting on Bitcoin, but Many Intrigued.” This year, it’s “Bitcoin Making Inroads With Younger U.S. Investors.” The tide is shifting. Indicators abound. However, we’re still very early in the game. It’s as Gallup says: 

Six percent of U.S. investors — defined as adults with $10,000 or more invested in stocks, bonds or mutual funds — say they own bitcoin. This is up from 2% in 2018. But ownership is up a more impressive 10 percentage points, to 13%, among investors aged 18 to 49. It remains minimal among investors aged 50 and older; just 3% now say they own it, versus 1% three years ago.

To put those numbers in perspective, we need to compare. But, who can compete with Bitcoin? What is it usually compared to? That’s right, gold is the only similar asset. Gallup goes one step further and compares it with every financial instrument under the sun:

Bitcoin ownership can be contrasted with the more mainstream investments U.S. investors rely on. For instance, 84% of investors report having money invested in stock index funds or mutual funds, 67% say they own individual stocks, and 50% have bonds. At 6%, bitcoin ownership is more akin to gold, which 11% of investors say they own.

Sex And Risk In Bitcoin Investment

Just as there’s an age gap, there’s a sex gap. As it happened with the Internet, women are taking longer to adopt Bitcoin. And, as it happened with the Internet, they’ll surpass men sooner than later. Just give them time. For now, Gallup informs:

Gallup finds male investors are over three times as active as female investors in the bitcoin market, with 11% of male investors and 3% of female investors now owners.

The perception of Bitcoin is also changing. As volatility settles down, so does the perceived risk factor the newer asset commands. And considering Bitcoin is an ongoing experiment with no guaranteed results, it’s only logical that most investors still see a level of risk inherent to the asset. 

Nearly all investors perceive bitcoin to be a risky investment to some degree — but the percentage calling it “very risky” has declined to 60%, from 75% in 2018. Most of the rest, now 35%, consider it “somewhat risky,” while just 5% think it is “not too risky” or “not risky at all.”

Those “not risky at all” people may be too optimistic, but, who are we to judge?

BTCUSD price chart - TradingView

BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

What Does The 2021 Gallup Survey Ultimately Show?

We know more about the will of employees, customers, students and citizens than anyone in the world.” According to Gallup ’s “About” page, their company knows what’s up. “We know what matters most to them at work and in life and how those priorities change over time.” And what does that company thinks about Bitcoin? Well…

Bitcoin is inching closer to general acceptance among U.S. investors, particularly with those under age 50. Not only do 13% of these relatively young investors own it, but their familiarity with it and willingness to buy it have risen to majority levels. 

Related Reading | Are The Tables Turning? Litecoin Transactions Compared To Bitcoin Are 75% And Growing

What’s taking so long? Well, it isn’t. Bitcoin’s adoption curve is beating that of the Internet, and we know how important that little technology turned out to be. In fact, it’s also beating mobile phones and any virtual banking tool:

When compared to the Internet, PayPal, technologies such as mobile phones and other virtual banking tools, Bitcoin’s adoption rate is much faster. Levin said:

Despite the fear mongering, Bitcoin, like all innovative technologies before it, is following a predictable and transparent adoption curve, albeit, at an accelerated rate.

In only 12 years, Levin estimates that BTC reached 135 million users today with projections to have 1 billion users by 2025.

Slow and steady wins the race.

Gradually, then suddenly.

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64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report

64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report

As central bank digital currencies (CBDCs) advance in testing, a number of countries have taken the lead in an effort to create a CBDC. The enterprise blockchain firm Guardtime recently conducted a survey that shows adults from ten different countries would likely use a CBDC. Nearly two out of three respondents said they would likely use a CBDC after launch and most of the study’s participants believe a major CBDC will be launched within three years.

63% of Survey Respondents Would Leverage a CBDC if Launched, 33% Would Be ‘Very Likely’ to Use a CBDC

The enterprise blockchain firm founded by Christopher Leiter and Mike Gault, Guardtime has recently conducted a survey throughout ten major economic regions throughout Europe, United Arab Emirates, Asia, and North America. The study has found that out of all the surveyed participants, 64% said they would “likely” leverage a CBDC if their country happened to launch one. 33% of respondents said they were “very likely” to utilize a CBDC if a major one was launched.

Guardtime’s study says the company is working with “several central banks around the world” and it believes “the introduction of central bank digital currencies could upend the global economic order.” Only 10% of the study’s respondents said that they would “never” use a CBDC. Furthermore, Guardtime says that the company found “strong support” from participants who would convert their current savings into a CBDC. Support for CBDC paid salaries also saw “strong support” in the Guardtime survey.

“Around one in three adults (33%) would be willing to convert their savings into a CBDC within a month,” the Guardtime research report notes. “Another 26% would do so within one to six months. Just 11% say they would never convert savings into a CBDC,” the company’s study adds. Guardtime’s researchers continued by stating:

Up to 30% would be happy to have their salary paid in a CBDC within a month with another 27% following within one to six months. Around 12% would never accept being paid in a CBDC.

Study: ‘Consumers Ranked Privacy on Transactions as the Most Important Attribute of a CBDC’

As far as predictions are concerned, Guardtime’s study suggests that because of things like the Coronavirus crisis. The increased digitization of our modern world will likely bolster the first major CBDC “within three years,” the study says. The head of strategy at Guardtime, Luukas Ilves, believes the survey’s findings are fascinating. “People worldwide have embraced rapid digitisation during the Coronavirus crisis and that appears to be reflected in the relative enthusiasm for the launch of digital currencies from central banks,” Ilves said. The Guardtime executive further added:

It is fascinating to see that 64% of people would be willing to use CBDCs – even though they have not been launched yet – and are happy to support and trust central banks to ensure digital currencies are delivered.

Guardtime’s research details that respondents said they would not necessarily want to stop using cash. Although, 31% of participants detailed that they would substitute more than half of their financial transactions via a CBDC within one month after it launched. 28% said they would want to wait more than a month and up to six months in order to carry out financial transactions with a CBDC. There were three very important features respondents wanted to see which were privacy, ease-of-use, and the ability to leverage a CBDC without an internet connection.

What do you think about Guardtime’s recent survey? Would you leverage a major CBDC if one was introduced in the near future? Let us know what you think about this CBDC survey in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Chinese Miners Pivot to Alternative Currencies to Keep Operating

Chinese Miners Pivot to Alternative Currencies to Keep Operating

The Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from government oversight.

Chinese Miners Pivoting to Other Crypto Activities

The recent mining and trading crackdown in China affected the lives of thousands of miners that had to stop their operations due to new policies established by the government. While a lot of them are seeking to relocate to other countries, there is also a group seeking to pivot to new alternatives to keep operating in the country.

The new wave of storage-based tokens is one of the biggest focuses of this group. Bloomberg confirmed this, present at the Web 3.0 Blockchain Application Cum Computing Power Overseas and Distributed Storage Conference in Chengdu — one of the first crypto-related events to happen after the crackdown. Some of the miners present were interested in Filecoin, mentioning it could be a safer bet due to its less energy-intensive mining process. Another miner stated Filecoin was a “grey area business that hasn’t yet caught regulators’ attention,” explaining the interest behind it.

Another storage-based token that is getting the interest of these miners is Swarm, a currency that shares the same proposal as Filecoin and Chia.

Miners Still Hesitant to Act

However, these miners are the bravest of the bunch, as these new cryptocurrencies could also be targeted by the Chinese government in the near future. According to experts, some miners are still in a wait-and-see phase, expecting further action from the government. But the signs aren’t favorable. Last week, Anhui, another Chinese province, announced it would crack down on bitcoin mining operators in the region due to power shortages.

According to Tan Weizhe, managing partner of Zhizhen Capital, there is still a large number of miners waiting to relocate to other countries and most of them will relocate next October. Weizhe runs mining power migration services and is in charge of operating several crypto complexes in the U.S., Australia, and Canada.

As the crackdown on mining and trading operations increases, the Chinese government increases the scope of the test phase of its central bank digital currency, the digital yuan.

What do you think of this new pivot of Chinese miners to more obscure cryptocurrencies? Tell us in the comment section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Cardano ($ADA) to Become Compatible with with Browsers via New Upgrade

The Cardano (ADA) network is set to become browser and mobile-compatible in the near future thanks to a new upgrade being worked on by the team behind the project. The upgrade will allow running the Plutus application backend in Javascript, the most widely-used programming language on the web.

In a brief update published by Cardano creator Charles Hoskinson, first reported on by Cryptobriefing, Hoskinson noted that Cardano will support add support for web browsers and mobile devices through the application’s backend running in JavaScript, which allows Cardano’s smart contracts to be compatible with web browsers.

Hoskinson described this as a major update that’s part of the network’s progress to roll out smart contracts and compete with networks such as Ethereum and the Binance Smart Chain. He added the team will keep optimizing the application to improve Plutus smart contracts’ compatibility with web browsers.

The team behind the project is also looking to implement the Mithril protocol, which is critical to launching lightweight clients of Cardano. These lightweight clients will allow users to verify transactions on a device without downloading the entire blockchain.

As reported one of the companies behind the Cardano blockchain, Input Output Hong Kong (IOHK), has announced the launch of Alonzo Blue 2.0’s testnet for the cryptocurrency’s blockchain last month.

Alonzo Blue is part of a series of upgrades that will bring smart contracts to the Cardano network and allow developers to create decentralized applications on it, bringing the decentralized finance ecosystem to ADA.

The Alonzo hard fork is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.

Alonzo will roll out in three phases: blue, white, and purple. Each opens up more to the public until the upgrade’s full integration is complete, with the process taking 90 days. It’s expected to be completed by the end of August. It will include a converter to allow ERC20 tokens from the Ethereum blockchain to run on Cardano.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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