The Aspiring Answers to Bitcoin’s Enormous Energy Footprint

The Aspiring Answers to Bitcoin’s Enormous Energy Footprint

Following a tweet from Elon Musk highlighting Tesla’s suspension of bitcoin payment acceptance due to sky-high energy needs, the industry quickly responded by highlighting the capable solutions that already address this drawback.

Musk’s Comments Conveniently Ignore Reality of Blockchain Innovation

Ever the commentator on all things crypto, Elon Musk took to Twitter on May 13th to explain that Tesla would suspend customer purchases of cars with bitcoin (BTC), pinning the decision on the network’s power consumption as the catalyst.

Although he has been one of crypto’s biggest advocates over the last few months, Musk’s latest comments sent bitcoin prices into a tailspin, quickly sparking a steep selloff that has erased nearly 13% of its value over the last 24 hours at the time of writing. Yet, his comments overlook one of the most critical arguments for cryptocurrency’s actual usage: the veritable pantheon of suitable solutions and alternatives that address precisely this point.

The Layer 2 Scaling Response

Despite his energy consumption comments, there are viable solutions already designed to address his point. Although aimed at resolving transaction throughput, the Lightning Network was amongst the first to address the scalability problems of Bitcoin, and since then, others have joined the fray.

Among the projects focused on energy consumption is Polygon, which has built an eco-friendly layer 2 solution for Ethereum. In terms of powering the network, the platform’s plasma and sidechains purportedly require several orders of magnitude less power than both Ethereum or Bitcoin, making it a viable answer to Musk’s search for a cryptocurrency that requires less than 1% of the comparable power per transaction.

PoS to the Rescue

Proof-of-stake (PoS) has emerged as the clear challenger to the proof-of-work (PoW) blockchains that initially dominated the arena. The idea behind PoS is that coin holders stake nodes responsible for validating transactions, reducing the need for the enormous power consumption and computational resources required by existing PoW blockchains.

The Twitter hivemind was quick to point this out, and among the respondents was Elrond CEO Beniamin Mincu. Elrond operates on a Secure-Proof-of-Stake (SPoS) blockchain that involves adaptive state sharding to keep the network operating at an optimal level.

Tezos, which runs a Delegated-Proof-of-Stake (DPoS) consensus model was also quick to prepare a sharp response to Musk, again highlighting a network with power consumption many orders of magnitude lower than competing blockchains like Bitcoin and Ethereum.

Not to be left out of the conversation, Jelurida CEO Lior Yaffe, the creator of Nxt, the original PoS-based open-source blockchain, opined on the matter, highlighting that the networks he maintains already address the very issue Musk raised. Yaffe explains,

As one of the core developers of the first pure PoS coin Nxt, and its multichain spinoff Ardor, I’m happy to see that Elon has finally realized that there is no need to burn fossil fuels in order to maintain a decentralized token of value.

Putting Musk’s Comments in Perspective

So why the sudden focus on Bitcoin’s energy consumption? Perhaps Musk is leveraging his enormous platform to catalyze meaningful change and raise the bar. Moreover, his use of the word “suspended” possibly indicates that he isn’t letting go of the idea of Bitcoin altogether but rather pushing for a more desirable outcome.

However, for all his posturing on the lack of Bitcoin’s green-ness, Musk should take heed of the fact that Tesla doesn’t always reach the bar he set for Bitcoin. Consider for one that most Tesla’s are still powered by fossil fuels underpinning the grid. And don’t get us started on the pollution caused by lithium batteries. To counter his point even further, data compiled by Coinshares estimates that renewable sources generated nearly 74.1% of the energy used to mine Bitcoin.

What’s most surprising is that given Musk’s resources and stature, why isn’t he more familiar with the existing innovations already advancing significant changes in the blockchain universe?

What do you think is Musk’s play here? Does he have an ulterior motive? Let us know 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.

Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged

Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged

According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich country.

Migrants Shunned Official Channels

As shown by the data, Nigeria has only previously recorded a yearly total remittance inflow of below $20 billion just once since 2011. This occurred in 2016 when a total of $19.7 billion in official remittances flowed into the Nigerian economy. The latest drop, however, makes it only the second time in the past decade when money transfers by Nigerians abroad have declined.

Meanwhile, also coinciding with this latest remittances plunge was the naira depreciation and the ensuing shortages of foreign exchange during that year. This depreciation, in turn, forced many within Nigeria’s expatriate community to shun official remittances channels.

Although the Central Bank of Nigeria (CBN) did eventually devalue the naira to its current exchange of 1:420. The exchange rate, however, remains below the parallel market exchange rate of 1:480 according to Abokifx data. In addition to directly devaluing the naira, the CBN also directed Nigerian financial institutions to stop servicing the crypto industry. Nevertheless, this CBN’s plan to curtail the use of cryptocurrencies appears to have failed as evidenced by reports of growing peer-to-peer trade volumes.

CBN Strategy to Halt Decline in Remittances

In the meantime, during the same period, the CBN would introduce an incentive scheme to encourage Nigerians abroad to use official channels when sending money home. As previously reported by the Bitcoin.com News, under this scheme Nigerian migrants remitting funds via official corridors would be entitled to an equivalent payment of $0.012 for every dollar sent.

Although Nigerian financial authorities have now declared the incentive scheme a success, it remains to be seen if its extension will help return the value of remittances to levels above $20 billion.

What do you think caused the value of remittances to fall? You can share your thoughts 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.

Argentinean Tax Body Asks Domestic Cryptocurrency Exchanges to Report Monthly Transactions and Wallet Balances

Argentinean Tax Body Asks Domestic Cryptocurrency Exchanges to Report Monthly Transactions and Wallet Balances

The local tax authority could soon hunt tax evaders who trade cryptocurrencies in Argentina following a notice sent to domestic crypto exchanges. The Federal Administration of Public Revenue (AFIP) ordered them to report all virtual currency-related transactions every month.

Payment Gateways Are Also Subject to the Ruling

According to Bae Negocios, the watchdog issued a “Form 8126” and forwarded it to every single digital asset exchange operating in the country to comply with the new ruling. Companies will have until the 15th of the month following the month reported to fill out the form.

The report states that exchanges should report “the list of accounts with which they identify each of the clients; registrations, cancellations, and modifications that occur; total amounts of income, expenses and final monthly balance” of the wallets.

Interestingly, Mercado Pago, a domestic payment gateway that users can use to buy cryptos such as bitcoin (BTC) via peer-to-peer (P2P) platforms, will be subject to the scrutiny of the AFIP.

Is a Crypto Regulation Coming to Argentina Soon?

The measure is announced after the Central Bank of Argentina (BCRA) asked in April 2021 domestic banks to forward them information about its customers who deal with bitcoin and perform any other kind of digital asset transactions.

Such request aims to evaluate whether the crypto market “should be required for an even bigger regulation or not,” suggesting that Argentinean authorities are assessing ways to regulate the local virtual currency sphere.

Despite forthcoming rulings on scrutiny among the virtual asset companies in Argentina, the country keeps showing an increased interest in such a market.

Bitcoin.com News reported recently that most Argentineans buy BTC, but also USD-pegged stablecoins, such as dai (DAI), usd coin (USDC), and tether (USDT).

The cited report pointed out that stablecoin preference in Argentina started to gather momentum in 2019 due to the US dollar’s buying cap imposed in the country.

What do you think about the measure announced by the Argentinean tax body? Let us know in the comments section below.

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Convenience Powered by Security: A New Browser Wallet Connects dApps to Free TON

Convenience Powered by Security: A New Browser Wallet Connects dApps to Free TON

A highly scalable, decentralized blockchain platform gets a convenient browser wallet to facilitate dApps development.

Crystal Wallet

Metamask. Anyone who has worked with Ethereum for more than a week is familiar with this browser wallet. It lets countless decentralized applications (dApps) connect to Ethereum, send transactions, and interact with smart contracts.

Metamask has become an industry standard and benchmark for users, who expect at least the same convenience from any new retail blockchain.

It is with that level of convenience in mind that the Broxus team, developer of the bridge between Free TON and Ethereum networks and one of Free TON’s core validators and maintainers, has created a new, thorough browser wallet.

Having deep expertise in the development of dApps for Free TON, Bitcoin, and Ethereum, Broxus has remastered its Crystal Wallet, a fork of the original Gram Wallet created by the Telegram team. The new wallet has retained the name of Crystal Wallet, warmly recognized by the community.

Wallet users will enjoy its neat and convenient interface and its support for all different kinds of popular Free TON wallet contracts. They will be able to restore their wallet from the desktop application or create new accounts. In addition, the team plans to add support for TIP-3 tokens to facilitate interaction with the other Broxus products, TON Bridge and TON Swap.

The team stresses that all sensitive information (seed phrases and private keys) will stay encrypted in local storage and will never be transferred outside of the user’s device. Users should create passwords that they will need to provide each time they want to spend some funds or confirm requests from dApps.

On the decentralized application’s side, the Crystal Wallet extension provides a web3-like Free TON API that it uses to call locally in order to interact with the blockchain. This opens up a huge window of opportunity for dApp developers, from multisignature custodies similar to Gnosis Safe, to various DEXes, gaming projects, and NFTs.

Users will be able to strictly control all operations that are performed by the dApp and involve their funds.

“We are strongly focused on user funds security, that’s why we have published the sources of the wallet on Github and plan to undertake a security audit of the solution once it matures out of the beta version.” – says Vladislav Ponomarev, CEO of Broxus.

The team has a detailed roadmap for the wallet’s development that includes mobile and desktop versions, multi-accounts and further UI improvements. Follow the Free TON Community to stay informed of the latest news tied to the project.


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Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

The Los Angeles-based company Big Time Studios has announced the company is set to raise $21 million in two funding rounds backed by a number of investors. The company’s founder Ari Meilich was the CEO and co-creator of the Ethereum metaverse Decentraland. Big Time Studios aims to bring non-fungible token (NFT) assets to the billion-dollar gaming industry.

Multiplayer NFT Game Maker Big Time Studios to Raise $21M in Funding

A Decentraland founder who started the firm Big Time Studios wants to bring NFT solutions to the popular gaming universe. This week, Ari Meilich’s company revealed it is set to raise $21 million in funding in two parts. Investors that participated in an initial $10.3 million round include FBG Capital, Alameda Research, Sound Ventures, Circle Financial, North Island Ventures, and Digital Currency Group.

The NFT economy has exploded and members of the Big Time Studios team stem from major gaming firms like Blizzard, Epic Games, Riot Games, and Electronic Arts. In order to get things rolling the company is constructing a multiplayer action role-playing game (RPG) with a wide variety of NFT collectibles.

“Big Time is a multiplayer action RPG where you team up with friends to adventure across time and space,” the website says. “Explore ancient mysteries and futuristic civilizations as you battle your way through history. Collect rare and legendary NFT items to decorate your avatar and personal time machine where you can hang out with your friends.”

Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

Big Time Studios aims to provide game players with world-class NFT-based virtual items and Meilich wants it to be easy for major games companies to adopt.

“We are creating all the technology to make it very easy for gaming companies to do this,” Meilich explained in an interview. “The way the game is designed, people with zero blockchain experience are going to start collecting NFTs that have real-world value without having to have any previous knowledge about what blockchain technology is about,” the Big Time Studios executive further remarked.

Reaching a Broader Audience With NFT Collectibles

Currently, the game Big Time is not yet available and interested parties can leave their email address for further information. Meilich hopes Big Time Studios can take “blockchain gaming to a mass-market audience.” By previously working as the co-founder and CEO at Decentraland, Meilich says the team has learned a lot of things about NFTs over the years.

One thing Meilich learned was that NFTs had a small “technical audience” and Big Time Studios plans to see the project used by millions of individuals. “We learned there was no way we could do that with the current user experience that required setting up wallets, having people customize their assets, and perhaps lose them forever if they misplaced their private keys.” At press time there is no scheduled launch date for the multiplayer action RPG.

“Over the coming weeks, we’ll be revealing a lot more about our game and the team making it,” Big Time Studios’ introductory blog post explains.

What do you think about Big Time Studios? Let us know what you think about this subject in the comments section below.

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Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

Cuba has been actively discussing the possibility of adopting cryptocurrencies over the last few months during high-political summits. This time, the president of the Caribbean island discussed crypto assets once again during a virtual currencies topic on the summit agenda, talking about the possibility to consider it for future economic plans.

Discussions Underway Despite Domestic Crypto-Related Scams

According to Periodico Cubano, Miguel Díaz-Canel told regional governors and politicians during a virtual summit about a possible upcoming crypto adoption phase for “the convenience” of the national economy.

He wants to assess the feasibility of implementing such decentralized technologies and their impact on the country. Interestingly, Díaz-Canel is an electronic engineer.

Although he declined to provide further insights on the matter, the Cuban president promised to inform citizens of the latest developments about his virtual currencies’ assessment.

However, during the meeting, Díaz-Canel further talked about an alleged crypto-related Ponzi scheme, even though he declined to name the shady company. The president also commented on the dangers that digital asset scams bring to the Cubans:

In recent times, there have been monetary operations executed by transnational companies that with the use of cryptocurrencies develop speculative schemes and seek to maximize profits through procedures that could be the cause of fraud.

For example, a Trust Investing representative in Cuba, Ruslan Concepción, was arrested by the Cuban authorities on illicit economic activities charges and remains under custody awaiting a trial, said EFE via Deutsche Welle. There is no major information on the origins of the bogus company, as most of its operations targeted Cubans.

Cuban State Political Party and Cryptos

Overall, the state political party, the Communist Party of Cuba (PCC), has been flirting with the crypto industry, but with no close approach yet.

As Bitcoin.com News reported in April 2020, some members of the PCC suggested that the country should make its inception into the virtual currency sphere as “an alternative to face the current economic crisis” that the island is living.

What are your thoughts on the Cuban president’s words? Let us know 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.

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

The banking subsidiary of the national postal service of Switzerland, Postfinance, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more. The software allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.

Swiss Post’s Bank Offers Clients Access to Crypto Assets and Stocks

The new application called Yuh is the product of a partnership between Postfinance and the online trading platform Swissquote. The collaboration was established late last year and the software was unveiled at a virtual launch event on May 11, the bank said in a press release. Anyone who wants to test it is welcome to download and install the app on either an iOS or an Android device. Postfinance emphasized:

With the Yuh app, you can not only execute payments and save for future projects or goals, but also make small or large investments, all from your smartphone.

Users can invest in over 100 of the most popular stocks like those of Apple, Nike, Tesla, or Coca-Cola, as well as exchange-traded funds (ETFs). The two financial companies also revealed that their customers will be able to buy and sell 13 cryptocurrencies from the app, including bitcoin (BTC) and ethereum (ETH).

“With Yuh we place the entire financial world in the palm of their hands. Everyone should be free to decide when, where and how they manage their money,” commented Yuh CEO Markus Schwab.

The platform launches with a promise to maintain “low to no fees” and provide “full transparency at all times” regarding applicable charges. Payments and peer-to-peer transfers are free of charge, for example. However, fees apply to the purchase or sale of equities, 0.5%, and crypto assets, 1%. The costs for these transactions will be clearly displayed within the app. Furthermore, Yuh account holders who deposit 500 Swiss francs or more will receive 500 swissqoins, the app’s cryptocurrency, which Yuh users will be able to trade.

Yuh to Help Postfinance Attract Needed Customers

Postfinance embarked on implementing a new digital banking strategy after registering a serious decline in some of its key indicators last year. Its profit fell from 246 million to 131 million Swiss francs ($145 million), while operating costs increased by 18 million francs (close to $19.9 million) in 2020, Swissinfo detailed in an article reporting on the announcement of Yuh.

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

In the midst of a global pandemic limiting international travel and spending, Postfinance’s banking clients fell to 2.69 million, from 2.74 million in 2019. Switzerland’s negative interest rates contributed to the trend. Besides, the bank is majority-owned by the Swiss state and as such, it’s not allowed to offer mortgages or corporate loans to compete with private Swiss banks.

The partnership with the online financial services provider Swissquote, which led to the launch of the new mobile app, is part of efforts to adapt to the rapidly changing environment in the country’s banking sector. Digital banking is closing more and more physical branches in Switzerland. With attractive features, such as the option to buy even fractions of company shares and trade a variety of cryptocurrencies at relatively low fees, Yuh is likely to attract new and different customers.

Do you think Postfinance will succeed in expanding its customer base with its new banking app supporting cryptocurrencies? Tell us in the comments section below.

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Stablecoin Demand in 2021 Skyrockets, Fiat-Pegged Token Economy Nears $100 Billion

Stablecoin Demand in 2021 Skyrockets, Fiat-Pegged Token Economy Nears $100 Billion

While most cryptocurrency markets are down today in value, dollar-pegged stablecoins have seen significant demand during the last 24 hours. Currently, the entire market valuation of all the stablecoins in existence is roughly $96 billion.

The Rise of Fiat-Pegged Stablecoins

Crypto assets like bitcoin (BTC) and ethereum (ETH) can be volatile and this has caused demand for stablecoins in recent years. Since July 2017, the stablecoin market has swelled considerably but after April 2020, it skyrocketed. One of the main use cases for stablecoins is so people can hedge their funds when crypto prices become extremely volatile.

Stablecoin Demand in 2021 Skyrockets, Fiat-Pegged Token Economy Nears $100 Billion
Top ten stablecoins by market capitalization on May 13, 2021.

Since the recent market downturn, demand for stablecoins increased dramatically. As most people know, tether (USDT) is by far the largest stablecoin in existence and today it commands a $58 billion market valuation. Tether also captures the most volume, in terms of all the trade volume across the entire crypto economy.

Besides the colossal tether market capitalization, the second-largest stablecoin market valuation in the crypto economy is held by usd coin (USDC). The stablecoin USDC commands a $15 billion market capitalization and has seen $5.4 billion in global trade volume during the course of the last day.

Stablecoin Issued by Binance Gains Traction, Other Crypto-Based Fiat Tokens Swell in Volume and Capitalization

The stablecoin issued by Binance called BUSD or binance usd, has a lower market cap than USDC, and is the third-largest stablecoin by overall valuation. Although, BUSD beats USDC in global trade volume with $14.3 billion in swaps during the last 24 hours.

$14.3 billion in global trades is quite large, but tether (USDT) has seen $265 billion in 24 hours as far as reported volume, according to Coingecko’s “Top Stablecoins by Market Capitalization” aggregator. Stats from messari.io show a similar metric for tether’s reported volume, but “real volume” data from Messari Research shows it may be only $78 billion worth of global USDT trades on Thursday.

Other lesser-known stablecoins have seen volume increases and market caps swell as well. Coins like dai (DAI), terrausd (UST), liquidity usd (LUSD) and paxos standard (PAX) have all seen growth in terms of market caps and trade volume during the last year.

With the entire market valuation of all the stablecoins in existence (48) nearing the $100 billion zone and digital currency prices being as volatile as they are, crypto-based fiat tokens will remain in demand.

What do you think about the stablecoin market cap nearing $100 billion? Let us know what you think about this subject in the comments section below.

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Floyd ‘Money’ Mayweather to Launch Legacy NFTs Ahead of Fight With Logan Paul

Floyd ‘Money’ Mayweather to Launch Legacy NFTs Ahead of Fight With Logan Paul

Boxing legend Floyd Mayweather will release his own NFTs before the upcoming bout with Youtuber Logan Paul. The exclusive collection celebrates Mayweather’s legacy in life and sport with unique items. Floyd remained undefeated throughout his professional career after winning major titles in multiple weight classes.

NFT Collection to Feature Rare Mayweather Memorabilia

The NFTs will represent а digital collection of artwork, animations, and rare memorabilia offered to boxing fans and non-fungible token (NFT) collectors around the world. The exclusive pieces will be released later this month, ahead of Mayweather’s exhibition match with famous Youtuber and now boxer Logan Paul in early June. Speaking about the initiative, the boxing icon stated:

I started from nothing and beat all the odds to achieve what I did in my career and I think that’s the American dream… These digital collectibles give everyone a chance to be part of the Mayweather legacy.

The items in the NFT collection will be secured using blockchain technology. Non-fungible tokens (NFTs) provide a reliable means to prove ownership of various digital artifacts such as images and videos using distributed ledgers. They have enjoyed a growing popularity and Mayweather Jr. now joins an expanding club of artists, athletes, and other celebrities who have issued NFTs. Logan Paul launched his own tokens in February, reportedly making millions from their sale.

3 Crypto Companies to Facilitate Floyd’s NFT Release

The pieces in the unique collection are being designed by Reality Gaming Group, a publisher of blockchain-based digital entertainment, which works in partnership with Ironbend, provider of turnkey digital NFT solutions and NFT production company Zytara Labs.

The NFT drop is scheduled for May 26, ahead of Mayweather’s fight with Paul on June 6. Floyd “Money” Mayweather is coming out of his retirement with 50 wins in his professional record to face the young Youtube influencer who has over 20 million subscribers but only one professional boxing match that he lost to British Youtuber and rapper KSI.

“As anticipation of the event builds, this NFT drop will offer rare, must-have digital collectibles for both NFT collectors as well as die-hard Floyd Mayweather fans from around the world,” a press release detailed. “The officially licensed content will be of the highest quality and fans can start collecting the limited-edition items secure in the knowledge that they will own a unique piece of Floyd Mayweather’s legacy,” said Reality Gaming CEO Morten Rongaard.

Mayweather’s NFT endeavor is not his first foray into the cryptocurrency world. Four years ago, the boxing icon began promoting token sales in initial coin offerings (ICOs). Then in late 2018, the U.S. Securities and Exchange Commission fined the boxer for his involvement in unlawful ICO promotion and he agreed to pay over $600,000 to settle the charges. The SEC found that Mayweather had failed to disclose promotional payments he received from three ICO issuers.

What are your thoughts on the NFT collection celebrating Floyd Mayweather’s legacy? Tell us in the comments section below.

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Why Dvision Network Migration to Binance Smart Chain Is a Game Changer

Why Dvision Network Migration to Binance Smart Chain Is a Game Changer

The leading blockchain Virtual Reality (VR) Metaverse platform Dvision Network is set to migrate to the Binance Smart Chain network through the cross-chain bridge. Dvision Network has changed the blockchain space by offering users an ecosystem that encompasses NFTs and virtual reality. The migration to Binance Smart Chain could prove to be a masterstroke by the cutting-edge NFT Metaverse platform.

Binance Smart Chain Offers Wide Range of Possibilities

Dvision has already announced their readiness to launch on BSC in their blog post and also started a countdown in their website, which pinpoints to the official launch of the bridge on 20th May.

Currently, Dvision Network is based on the Ethereum network, and despite the popularity of Ethereum, it has been plagued by significant problems. Ethereum current architecture is not readily scalable, which has led to congestion on its network leading to high transaction fees.

This problem is quite crucial for Dvision Network, set to launch an NFT marketplace in 2021. Binance Smart Chain has emerged as an alternative to Ethereum and has attracted the crypto community since its launch in the second half of 2020.

Binance Smart Chain is designed to be scalable and crucially offers low transaction fees with the same efficiency as Ethereum. BSC has overtaken Ethereum to become the largest ecosystem in the blockchain industry and outpaces its rival transaction volume. Also, BSC is compatible with the popular Ethereum Virtual Machine, making it easy to migrate projects from Ethereum to Binance.

Several ethereum projects have begun to migrate to BSC. Dvision Network is seeking to expand its ecosystem with the migration to Binance Smart Chain.

Dvision Network to Offer BEP-20 DVI Token

One of the major ways that Dvision Network wants to leverage the Binance Smart Chain is by launching a BEP-20 version of DVI Token. The token will have similar functionality to the current ERC20 token and allow users to access features within the BSC ecosystem. DVI holders will be able to stake the BEP-20 tokens to earn yields and make swaps on popular BSC exchange PancakeSwap.

The highly scalable nature of BSC means that Dvision can build Dapps and other products within a blockchain that has quick confirmation times and low transaction fees. BSC community will also be able to access a decentralized virtual reality world and enjoy the benefits of purchasing virtual space using the DVI BEP-20 Tokens.

To further ensure interoperability between the two blockchain networks, Dvision Network has built a cross-chain bridge in cooperation with Curvegrid. The Bridge is built on Cuvergrid’s MultiBaas blockchain allowing smooth and convenient swaps of DVI from BEP20 to ERC20 and vice-versa.

With this Bridge, it will be easy for DVI holders to swap their tokens between the blockchains to take advantage of features. The cross-chain Bridge is intuitive and allows anyone to swap between the two tokens within a few steps.

More Developments for Dvision Network

Dvision Network team is still working on a number of products that are expected to be launched during the Q2-Q3 2021. One of these products is the highly anticipated NFT exchange system expected to herald the development of NFTs on its platform.

Dvision is regarded as one of the innovative blockchain platforms and recently auctioned a limited release of NFT characters. Its native token DVI has also been listed on top platforms like Bithumb and Coinone in recent months.

The migration to the BSC ecosystem could prove to be a major game-changer for the platform in its quest for adoption. To learn more about Dvision Network visit the website.


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