Thailand SEC Allays Fears Over Controversial Crypto Proposal

Thailand SEC Allays Fears Over Controversial Crypto Proposal

Thailand Securities and Exchange Commission (SEC) has allayed concerns regarding some of the requirements in its crypto proposal draft plan. This was in response to the uproar from crypto stakeholders about certain aspects of the proposed crypto framework. 

Thai SEC Responds to Crypto Regulatory Controversy

The crypto proposal draft released in February had suggested that new crypto investors must possess a minimum of 1 million baht annual income, a minimum age limit, and proven trading experience. The proposal had drawn criticism due to the excessively high standards for crypto trading, limiting low and middle-income earners from investing in cryptocurrencies. 

However, according to a report from the local news outlet, the Bangkok Post, the Thai SEC is backing its draft plan. According to the regulator, the draft was designed to test public sentiments from industry stakeholders. 

This was revealed by the SEC’s secretary-general, Ruenvadee Suwanmongkol, who stated that it was a standard protocol from the regulator.

“I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented,” she said.

The Facebook live hearing scheduled for March 24 has been brought forward to March 3 as the regulatory body looks to address stakeholders’ growing concerns. 

Thailand Seeking to Regulate Cryptocurrencies

Thailand is regarded as one of the crypto-friendly nations, becoming one of the first to acknowledge cryptocurrencies with its Digital Assets Decree in 2018. The rise in bitcoin since the end of 2020 has led to increased awareness of cryptocurrencies in the Asian nation. This has led to a foray of retail investors into the market, causing concerns for regulators. 

The volatile nature of cryptocurrencies means that inexperienced investors can quickly lose their money within a short period. This is one of the SEC’s main focuses, which says that most of the new investors in crypto are not well informed and may not be ready to invest in high-risk crypto-assets. 

Ruenvadee Suwanmongkol echoed this point when addressing concerns on the proposals.”If the SEC just stands by and does nothing, it would be totally our responsibility if investors lose on cryptocurrency. She added. 

The SEC is expected to conclude its three-week-long consultation with industry stakeholders in March as it looks to roll out new regulations for crypto service providers.

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Monero (XMR) Plans for the Second Audit of Bulletproofs+ Code

Monero (XMR) Plans for the Second Audit of Bulletproofs+ Code

The Monero development team is now crowdfunding to raise $13.5k in XMR for the second audit of the Bulletproofs+code. The review will be executed by JP Aumasson, a proposal published on Mar 2 shows.

Bulletproofs+ for better Transaction Efficiency in Monero

According to the proposal, Bulletproofs+ will be a drop-in replacement for Bulletproofs that Dr. Sarang Noether is implementing in the C++ programming language. It shall form the base of future improvements in Monero like Triptych.

This will be the second audit after the first was concluded successfully by ZenGo X in February. The second third-party audit by JP Aumasson is to point out weak–if present, and whether further improvements will be required.

What are Bulletproofs+

Bulletproofs+ is new construction of a zero-knowledge proofing system that makes transactions faster, making it faster for wallets to generate, and even quicker for network participants to verify.

Notably, it is an improvement from the various forms of ring signatures adopted by Monero that made the network bloated, subsequently slowing down node synchronization.

Zero-knowledge proofing is core to Monero, making its transactions confidential and giving it an edge over competing platforms. The code is permissively licensed with developers hoping it will find widespread adoption in other privacy-focusing networks.

Privacy in the Age of Mass Surveillance

Monero is powered by a web of distributed developers and nodes, ensuring transactions are obfuscated, maintaining privacy, a sacrosanct right in the age of massive and intrusive surveillance.

Towards that end, and coming amid determination, especially by U.S. tax authorities, developers are further refining and tempering the steel wall that separates Monero from other public chains like Bitcoin and Ethereum.

The immediate goal is to ensure there are no vulnerabilities in the current Bulletproof+ code. If it works as designed, the subsequent upgrade will ensure Monero transactions are secure, lighter, and faster while being efficient.

Oxygen Orion Improvements

In February, the CLI & GUI v0.17.1.9 “Oxygen Orion” was released to fix bugs and enhance performances. Specifically, the release fixed the possibility of attackers exploiting a memory exhaustion vector to compromise the network.

The Monero GUI 0.17.1.7 “Oxygen Orion” was activated in Dec 2020, less than a month after the network upgraded.

Oxygen Orion upgrade introduced a new ring signature construction CLSAG feature, as BTCManager reported.

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‘Chain-Agnostic’ Orion Protocol Set to Expand to Binance Smart Chain

‘Chain-Agnostic’ Orion Protocol Set to Expand to Binance Smart Chain

March 2, 2021 — Orion Protocol, the liquidity aggregator building a decentralized gateway to the entire crypto market, has revealed Binance Smart Chain (BSC) as the latest chain to be integrated into the protocol, with more chains to be announced in the coming weeks.

Phase One of Orion Terminal launched on Ethereum on Dec 15, granting users access to the liquidity of major centralized exchanges such as Binance, KuCoin, and BitMax without the need for an account on those platforms. With a full public launch slated for the end of March, incorporating Binance Smart Chain will benefit Terminal users principally through reduced costs and increased transaction speeds.

“As a decentralized gateway to the entire digital asset market, we have always been chain-agnostic,” said Orion Protocol CEO Alexey Koloskov. “Expanding to Binance Smart Chain and other blockchains is a natural move for Orion Protocol, as it gives our users more freedom to transact across the crypto sphere.

“Binance Smart Chain has attracted huge interest since launching last September, from projects and from end-users. With transaction fees a fraction of what you’d expect to pay on Ethereum, and a familiar user experience, BSC is making life easier for cryptocurrency traders. At Orion Protocol, we have plans to become a validator on the BSC network to take a more active role in its advancement.”

The implementation of the Binance Smart Chain into the Orion Terminal is already underway, with the latest updates to the Terminal set to be live imminently. Orion’s expansion to BSC promises to halve wait times for off-chain order execution and on-chain order settlement.

Orion Protocol will provide decentralized access to all major digital asset exchanges on the market, including centralized exchanges such as Binance and decentralized alternatives like Uniswap. Through Orion Protocol, users can access thousands of trading pairs at the best possible price, with near-zero slippage. They also get to trade across the entire market from the safety of their own wallet.

The Orion Protocol team is continuing to work on the implementation of the Elrond blockchain and smart contracts, with a number of other chains to be announced in the coming weeks. While many multi-chain aggregators require end-users to select the separate chains and trade on the tokens available on that chain, the multiple chains integrated into Orion Terminal remain in the back-end for a seamless user experience more akin to that of a CEX – but without surrendering your assets.

About Orion Protocol

Orion Protocol aggregates the liquidity of the entire crypto market into one decentralized platform and represents a non-custodial gateway to crypto for traders throughout the world. In addition, the Protocol will offer private banks, wealth managers, and funds a compliant and non-custodial point of access to the digital asset crypto market. With the ORN token at its core, Orion has developed 17 different revenue streams across its stack of solutions.

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CoinFlip Lists Dogecoin; Users Can Buy DOGE Using Cash in Over 1,800 ATMs

CoinFlip Lists Dogecoin; Users Can Buy DOGE Using Cash in Over 1,800 ATMs

CoinFlip is now listing Dogecoin (DOGE), allowing retailers to purchase the coin using cash in any of their 1,800 ATMs spread across the United States, as per a tweet on Mar 2.

CoinFlip Supports Dogecoin; DOGE is a Symbol of Small League Investors

CoinFlip has one of the largest networks of crypto ATMs in the United States.

One version has the “buy only” functionality, while the other supports the buying and selling of supported cryptocurrencies.

DOGE now joins other mainstream digital assets like Bitcoin, Litecoin, and Ethereum backed by the ATM provider.

A company representative told CoinDesk that Doge is “a symbol of the small league investors” and is more than just a meme coin:

“CoinFlip has always been about the small business and retail customers, and with recent events, Dogecoin has paradigm’ shifted itself into more than just a meme coin, it has become a symbol of the small league investors.”

It is a step in the right direction, especially in driving DOGE towards mainstream adoption. Following the announcement, DOGE fans can now buy the digital asset using cash.

According to CoinFlip, registration is fast–takes less than five minutes. Most importantly, users need not have a bank account to access its services.

Users who wish to buy and sell supported cryptocurrencies from their banks are free to proceed since wire transfers are settled on the same day.

They have also partnered with Simplex, enabling the buying and selling of cryptocurrencies using debit and credit cards.

DOGE is Amongst the Older Crypto Projects

Dogecoin is among the first cryptocurrency projects, launching in 2018 as a joke digital asset.

However, it has since grown to commandeer a multi-billion market capitalization with support from celebrities including Elon Musk and Snoop Dogg.

Frequent tweets from Elon Musk at the thick of a secular crypto bull market have seen the coin outperform established projects like IOTA and Tron.

As of writing on Mar 2, DOGE has a market capitalization of $6.5 billion, rallying 21X year-to-date, perched at 10th in the crypto leader-board.

Nonetheless, there are centralization concerns around Dogecoin despite its popularity. According to a BTCManager report, Elon Musk is willing to fix it by paying cash to DOGE whales who liquidate their holdings.

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IOTA and Horizen Partner to Maximize IOTA Oracles Adoption by New Blockchains

IOTA and Horizen Partner to Maximize IOTA Oracles Adoption by New Blockchains

Horizen, a technology platform that enables businesses and developers to create their public or private blockchains, announced a partnership with IOTA. The partnership will see the newly launched IOTA Oracles’ functionality and introduce oracle capabilities to the Horizen sidechain and scaling protocol, Zendoo. 

IOTA Partnership Plans

IOTA is a cryptocurrency built to operate as the anchor of the Internet of Things economy. It is specially designed to offer a solution to this problem by creating a fee-free cryptocurrency that can run on the most humble devices.

IOTA Oracles were built to bring off-chain data to decentralized applications and smart contracts on the IOTA network. They securely bridge both the digital world and the physical world in a feeless and decentralized way. 

The partnership’s initial goal was to introduce IOTA Oracles functionality into Zendoo, Horizen’s fully decentralized and customizable sidechain protocol. In detail, the integration takes place in two stages: First, Zendoo will add the power of IOTA Oracles to its POC side chain. Second, the IOTA oracle submission is integrated directly into the Zendoo SDK

Horizen’s Zendoo makes the IOTA oracle available to any blockchain or Horizen-based decentralized program. It allows businesses and developers to spin-up their customizable blockchain.

With the successful changes to Chrysalis, an intermediate step before Coordicide, the IOTA network is preparing digital tokens at some point in the first half of 2021. IOTA is now focused on connecting different ecosystems with unique valuable offerings and practical applications.

Chrysalis is the most significant improvement in IOTA’s history and covers all aspects of the protocol, library, portfolio, and software implementation developed by the IOTA Foundation. It is truly a significant step for IOTA as it is ready for production and the foundation for upcoming features such as smart contracts and tokenization.

Tokenization Centers IOTA’s Plans

The increasing demand for DLT solutions led IOTA to develop solutions that further boost acceptance. Consequently, they published various tools, libraries, and frames for the ecosystem to thrive when they get the most out of their knitting.

The detail of a digital asset framework is the first step in a larger scheme. Tokenization connects many parts of a mobile network, including smart contracts. The free and easy tokenization of the scalable machine platform opens up new possibilities in NFT and others that the user can explore.

Instead of a blockchain, IOTA is supported by a DAG called Tangle. The IOTA team chose to use DAG over blockchain because they felt it would help solve many of the scalability and cost issues associated with blockchain. With Tangle, each transaction can be processed individually rather than concurrently, and it can even be processed asynchronously.

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Grayscale Invests in 35 Million XLM Amid Rising Institutional Interest in Stellar

Grayscale Invests in 35 Million XLM Amid Rising Institutional Interest in Stellar

Grayscale has been among the top institutions that have adopted cryptocurrencies over the past year to diversify their portfolio. In the last 30 days, Grayscale Investments hedge fund has acquired 35,855,625 XLM.

Grayscale Investment in Cryptocurrencies

The company also made purchases of 243,519 ETH, 174,939 LTC, and other altcoins in the past month. The total of  LTC coins bought by Grayscale in that month add up to 80 percent of the total Litecoin mined in January. Last month, miners created 201,600 LTC overall. 

In its latest purchase over the past 24 hours, Grayscale purchased 6,568,516 XLM worth $2,799,760. The investments put its net total crypto assets under management now at $30.4 billion.

Last year, Grayscale started with just $2 billion in assets under management and ended the year with more than $20 billion, representing a 900% increase.

In its Q4 2020 report, the company wrote that “Institutions are here,” adding that in the fourth quarter, institutions accounted for 93% of all the capital inflows during the period, or approximately $3 billion. Grayscale detailed that the average commitment among institutions is also growing at a significant pace, standing at $6.8 million, up from an average of $2.9 million in 3Q20, as they said.

The firm, which currently offers accredited investors eight single-asset investment trusts and one diversified fund, seeks ways to meet better-growing investor demand for digital assets exposure through familiar, secure, and regulated investment products.

Grayscale currently offers Horizen Trust, Grayscale’s Bitcoin Trust, Stellar Lumens Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Trust, Litecoin Trust, Zcash Trust, and the large-cap digital fund.

Institutional Interest in Stellar is Growing

Stellar set out in 2014, founded by Jed McCaleb to fill in the cracks between the crypto and the financial universe. Stellar started a series of partnerships in the fintech world from that point forward. The organizations incorporate IBM, Stripe, and Deloitte, and some other major institutions across continents.

Institutions like Grayscale have stepped up to invest in cryptocurrency. With its new development, Horizon 2.0’s release of its API server that is up and running, it is bound to receive more attention. 

The update eliminates the need to roll out the Stellar validator to interact with the blockchain. Adding to that, with Horizon 2.0, its API instrument can be activated separately instead of running a fully-fledged validator.

As the client runs a validator, they get to contribute to the decentralization of Stellar (XLM) protocol or take part in crucial referendums (on fees, inflation rates, and so on). The customer can also keep track of events in-network, explore the blockchain’s current state, and submit new transactions.

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Russian Oil and Gas Giant Completes Trial Blockchain-Based Smart Fueling System

Russian Oil and Gas Giant Completes Trial Blockchain-Based Smart Fueling System

Gazpromneft Aero, the aviation fuel of Russian oil and gas giant Gazprom Neft, has revealed its blockchain-based smart fueling system’s successful testing. The tests are part of its plans to ramp up the distribution of the solution globally. 

Smart Fuel Blockchain Solution Based on Hyperleder Fabric Blockchain

The development was revealed by Gazpromneft Aero in a press release today. According to the report, the smart fueling system is built on the enterprise blockchain Hyperledger fabric. The solution was tested in more than 100 scheduled flights and involved partner groups, including airline Smartavia, VT Bank, and Raiffeisenbank. 

Gazpromneft anticipates that the smart fueling system will reduce payment processing times from four or five days to 15 seconds. This reduction in transaction time is essential since refueling an aircraft is challenging due to the constant oil price changes. The blockchain smart payments solution saves the airline the need for advanced payment or a bank guarantee. This is because it ensures that airlines know how much fuel they require down to any last-minute price changes. 

The blockchain solution saves GazpromNeft costs of dedicating entire offices to refueling invoices and tracking costs and paperwork. All the necessary information is inputted into the app solution, and this is saved on the blockchain. The pilot accesses the data using a tablet-based app, and there is a module on the refueling truck with everything digital.

Anatoly Cermer, Deputy CEO, believes that the smart fuel system can scale the entire airline industry.

“Our new digital Smart Fuel system has facilitated our partners processes and increased the financial security of mutual settlements, which is extremely important in the current macroeconomic conditions.” 

Sergey Savostin, CEO of Smartavia, echoed similar sentiments stating that it was a revolutionary approach:

“This revolutionary approach to aircraft refueling is particularly important for our airline.”

Blockchain and Airline Industry

The airline industry has been adopting blockchain-based solutions for a few years now. Several platforms like Travala enable the purchase of airline tickets using cryptocurrencies, and airlines have been open to expanding to other solutions. 

The impact of covid 19 has shown the necessity of having tamper-proof systems in place that do not require constant human interference. Several airports have integrated blockchain-based solutions to scan travelers’ covid 19 certificates. The latest development from Gazpromneft shows how blockchain technology can be used to improve airlines’ operations. 

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Next Battlefield in Blockchain | ATTA Unveils its NFT-powered Fan Economy Solution

Next Battlefield in Blockchain | ATTA Unveils its NFT-powered Fan Economy Solution

Amid the Bitcoin bull market, DeFi became the most eye-catching segment in the crypto world in the year of 2020, with a $40 billion increase in total locked-up value and a total market value of $85 billion. It even went beyond Ethereum, spreading the concept of decentralization in a variety of ecosystems.

At the same time, NFT has gradually come under the spotlight, attracting more attention than ever. According to CryptoArt.io, as of February 2021, the monthly volume of NFT-based artworks has reached a record high of $55 million, over five times the volume in January. The NFT market is small in terms of size, but it scored a nearly 50% growth in market capitalization from $200 million in 2019 to $300 million in 2020. Experts believe that in 2021, this number will rise over $1 billion. This pattern reminds us of DeFi’s early stage.

Inspired by the significant growth of Defi and NFT, JF, a 30-year veteran in China’s entertainment industry, aims to establish a decentralized fan economy by creating ATTA, a blockchain-based platform for culture, arts, and entertainment.

What is Fan Economy?

The fan economy plays a significant role in arts and entertainment, which is dominated by online traffic. According to a report on the business models and trends in China’s influencer economy, fan-related industries and markets have reached a volume of over $634 billion in 2020, probably exceeding $928 billion in 2023. Despite the rapid growth, the high level of centralization in the fan economy put limits on its growth – neither fans nor their idols are the biggest beneficiaries in the ecosystem, while the fan economy is centered on capital, which incubates agencies, manipulates fan communities, and harvests from all types of revenues as well as online traffic.

Here are some tangible problems that are preventing sustainable growth and hindering diversity in this ecosystem:

  1. Idols are unable to benefit directly from their fans’ economic support. Take the music industry as an example, where most money goes to investors and platforms, while the majority of creators only earn little for their works. According to a report by Communication University of China, about 30% of Chinese musicians have never earned anything from their works; 70% of them have to work part-time to make a living. According to Digital Music News, over 90% of musicians make little money from their creation, while the most successful ones are only able to earn 12% of the total revenue in the entire music industry. The remaining 88% goes to centralized giants like Youtube and Tiktok.
  1. The interaction between idols and fans is usually one-way, where the latter are always passively receiving information from the former. Feedback from the fans is isolated and fragmented, which makes it hard for idols to fully perceive – there’s no democracy within a traditional fan economy.

ATTA – A Decentralized Solution to the Fan Economy

ATTA is a platform and community targeting the fan economy. It will be launched on Ethereum based on ERC1155. Through ATTA and its partner platforms, fans can purchase digital and physical NFT merchandise, collect NFT idol cards, vote and interact with idols. Idols can release their exclusive NFT cards and communicate with their fans on the chain. In the future, ATTA will be launched on more chains to form a large ecosystem that provides various functions.

For example, after a user purchases a physical merchandise, the item will be delivered with a unique NFC chip. When the user scans the chip using the ATTA app, the corresponding NFT asset will be sent to this user’s wallet. As ATTA continues to develop new functions, more items will become available – movie tickets, albums, idol-endorsed products, even comments and likes on ATTA’s idol homepages. Blockchain’s transparency feature will make it impossible to cheat on traffic, and also enable idols to notice the most active fans.

Idols can release their own NFT idol cards on ATTA at a customized quantity. In order to obtain these cards, fans may participate in NFT mining. With idol cards, fans are eligible to vote on various topics, such as what to feature at the next concert, where will the next event be held, etc. Idol cards can also be redeemed for exclusive discounts or listed on ATTA’s marketplace for trading.

“The highly centralized fan economy calls for a practical solution, which can be provided by NFT. ATTA is a decentralized, tamper-proof and transparent platform powered by blockchain, where fans and idols truly dominate their own economy in a healthy, sustainable way,” said JF.

A Unique Combination of NBA Top Shot + Chiliz in Entertainment

It’s inevitable to mention NBA Top Shot when talking about trends in NFT. According to CryptoSlam, NBA Top Shot has reached a total revenue of over $227 million by February 2021, surpassing CryptoKitties and topping the list of all NFT collectibles. Dapper Labs, the team that developed several renowned NFT projects including NBA Top Shot and CryptoKitties, has also successfully raised $250 million in its latest round, led by Coatue Management. Currently, the valuation of Dapper Labs has reached $2 billion. Meanwhile Chilliz, a blockchain-based sports platform is also targeting sports fans. It has been building its own kingdom in collaboration with famous clubs around the world.

Compared to NBA Top Shot and Chiliz, ATTA is like a combination of both in terms of functions, as it’s not only a platform for NFT purchase and collection, but also a space for fans to establish their communities, interact with stars, and participate in voting as well as governance. As compared to NBA Top Shot, ATTA is more decentralized and allows any celebrity or influencer to release their own NFT card on the platform. This also reveals ATTA’s ultimate goal: to embrace Web 3.0 and to build an entirely decentralized, self-operated platform for NFT release and fan governance.

“On the eve of launching the platform, we are thrilled by the significant interest from celebrities, fans, investors and potential users. We will be announcing major partnerships and our first batch of NFT merchandise in the coming weeks, and we look forward to accelerating our development and becoming a world-leading blockchain-based platform for culture, arts and entertainment,” JF commented.

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Rakuten Extends Crypto Services for Users in Japan

Rakuten Extends Crypto Services for Users in Japan

Japan’s e-commerce giant Rakuten has extended its crypto payment services to merchants across the country. This development is set to expand the use of cryptocurrencies within the Rakuten ecosystem. 

Crypto Payments Extended to All Rakuten Services

Rakuten revealed this change in policy in a recent announcement on its website. The e-commerce firm added that its Rakuten wallet service would utilize its virtual currency Rakuten Cash to transfer crypto-assets like bitcoins. 

The report also revealed that Rakuten users would be able to shop using cryptocurrencies on the Rakuten pay app and stores that accept atm cards across Japan. The e-commerce firm stated that it would charge no fee from users that use cryptocurrencies for payments to introduce the service further. 

Cryptocurrency transactions were previously handled by the Rakuten wallet, I, and could only be withdrawn to a bank account after paying a transaction fee of 300 yen. With the latest development, users will be able to use cryptocurrencies in different Rakuten groups’ services. 

This is massive since Rakuten is the largest e-commerce firm in Japan with more than 80 million users. Users can now use crypto-assets to pay for utilities in supermarkets, drug stores, and other stores. The press release also notes that there is a minimum charge amount of 1,000 yen ($10) and a one-time upper limit at around 100,000 yen ($1,000) per month.

Rakuten concluded in the report that it intends to synergize the different financial services it offers to offer proper crypto asset management.

“The company will utilize the synergies of the Rakuten Group to provide convenient and profitable cryptocurrency asset management and new usage methods to improve customer satisfaction.”

Rakuten Has Long History With Cryptocurrencies

For a while, Rakuten has been into crypto and was one of the first financial groups to integrate crypto payments into its services. In 2018, it acquired a crypto exchange project for $2.3 million and fully launched its crypto exchange in August 2019. 

At the moment, Rakuten’s crypto service supports three cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). The firm also revealed that integrating the Rakuten wallet app on the Rakuten pay app offers more features to crypto holders. This is a significant development from Rakuten and further increases adoption in Japan.

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IOST (IOST) Now a Member of Japan’s HashPalette Blockchain Network

IOST (IOST) Now a Member of Japan’s HashPalette Blockchain Network

IOST (IOST) is now the latest member of the HashPalette blockchain network. HashPalette aims to revolutionize the world of crypto-collectibles by making value transfer as seamless as possible via non-fungible tokens (NFTs), according to a blog post on March 2, 2021.

IOST (IOST) Joins HashPalette 

The world is going entirely digital and distributed ledger technology (DLT), the building blocks of bitcoin (BTC) and other cryptocurrencies is rapidly revolutionizing art as we know it, via non-fungible tokens (NFTs). 

In 2020, the NFT market grew by a massive 705 percent to hit $338 million from a meager $42 million three years ago and the future of these crypto-collectibles looks quite bright as more and more investors are beginning to catch the NFT fever.

HashPalette Inc., a Tokyo-based blockchain project established in 2020, is looking to put Japan at the frontline of the NFT movement just as China is leading the central bank digital currency (CBDC) revolution.

However, the team is not embarking on this huge mission alone. Hashpalette has joined forces with several leading blockchain projects including NEO, Ontology, Icon, and now, IOST (IOST), among others, to form a formidable consortium, whose primary mission is to make the distribution of content through NFTs much easier.

The Palette Consortium

Notably, HashPalette has revealed that its ecosystem is powered by the Palette blockchain, a decentralized network operated by consensus nodes through a staking mechanism. And IOST (IOST) has now been chosen as one of the projects that will govern the Palette Consortium. 

Commenting on the exciting development, Terrence Wang, Co-founder, and CTO of the IOST Foundation said:

“Palette aims to update content distribution in the entertainment industry through blockchain technology. It is also very important to note that Palette is a project originating from Japan, a nation that has long positioned the entertainment and related industries as a very important area of its soft power in the world. The IOST team will work closely with Palette to provide the best NFT experience for users around the world!”

It’s no news that Ethereum is yet to find a permanent solution to the issue of crazy fees and network congestion that has plagued it for years now. And IOST’s Wang firmly believes that HashPalette has all it takes to function as a better alternative to Ethereum.

He added:

“Palette is a unique private blockchain platform dedicated to NFTs. It addresses many of the issues hindering the mainstream adoption of Ethereum-based NFT, and we believe it is an excellent alternative to Ethereum.”

Indeed, great things have been happening in the IOST ecosystem since its launch in 2016 and the team remains determined to keep pushing the project to greater heights by forging solid alliances with highly-reputable projects.

As reported by BTCManager earlier in January 2021, Binance (BNB), the world’s number one crypto exchange became a partner node in the IOST ecosystem, staking a massive 800 million IOST on the network.

At press time, the price of IOST is up by 8.55 percent in the 24-hour timeframe, trading at $0.04129, with a market cap of $674.10 million, as seen on CoinMarketCap.

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