ENGIE, Energy Web Access to Electrify Sub-Saharan Africa with DeFi

ENGIE, Energy Web Access to Electrify Sub-Saharan Africa with DeFi 

ENGIE Energy Access and Energy Web have inked a partnership deal aimed at electrifying Sub-Saharan Africa with green solar energy. The team plans to create what it calls decentralized finance (DeFi) crowdfunding platform that will enable investors to provide microloans that will support renewable energy deployment, according to a press release on June 17, 2021.

Bringing Clean Energy to Africa with DeFi

According to research findings by the International Energy Agency (IEA), as of 2019, an estimated 580 million people living in South Saharan Africa are without any form of electricity, representing three-quarters of the global population without power.

Now, ENGIE and Energy Web are aiming to tackle the electricity shortage problem in Africa through decentralized finance, to provide residents in the region with an abundance of clean energy in the form of solar home systems (SHSs) and green energy mini-grids.

For starters, the team says it will integrate the Energy Web software tech stack with ENGIE’s platform, before moving on to launch the crowdfunding platform that will enable investors to stake their Energy Web Tokens (EWT), the native altcoin of Energy Web Chain, for the deployment of solar power infrastructure to homes in the region.

Accelerating Renewable Energy Deployment 

Stefan Zelazny, Head of Software and IT at ENGIE Energy Access, who previously functioned as the CIO at ENGIE Mobisol said:

“We believe this can accelerate much-needed clean energy deployment throughout the region by connecting impact-oriented investors with unbanked rural customers. Combining the technology that remotely connects and controls our Solar-Home-Systems with the Energy Web Chain will result in the first smart asset-backed NFT where asset use can be controlled via the chain.”

The initiative aims to provide a win-win scenario for all parties: EWT stakers will enjoy a fixed interest rate on their staked tokens, ENGIE and Energie Web will have access to capital from the global crypto markets to deploy clean energy, while residents will enjoy cheap renewable electricity.

Just like every other profitable venture, the team has made it clear that the project is not without risks. However, the Energy Web Community Fund will back the first phase of the project, to mitigate the risk for all parties.

In the second phase of the project, the team says it would give a unique decentralized identifier (DID) to each of the homes having its solar installations, to make it easier for credits to be directly added to the solar appliances of users.

In related news, BTCManager informed earlier in March 2021, that automobile manufacturer, Volkswagen now uses Energy Web’s blockchain solution for renewable energy storage.

At press time, the price of EWT is hovering around $7.29, with a market cap of $218.89 million, as seen on CoinMarkeCap.

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Three Innovative Ways Player-Powered Decentralized NFT Games Are Revolutionizing the Gaming Industry

Three Innovative Ways Player-Powered Decentralized NFT Games Are Revolutionizing the Gaming Industry

From in-game earnings to democratic game design, Illuvium and other decentralized gaming platforms are changing the very fundamentals of online multiplayer games. Here we discuss three innovations through which this new breed of games is changing gaming industry dynamics.

Blockchains, Decentralization, and the Gaming Revolution

The unprecedented success of blockchain-based decentralization has brought security, autonomy, low costs, transparency, and tamper-resistance to a wide range of solutions and applications. From decentralized finance (DeFi), healthcare, and governance, to education, entertainment, and manufacturing, blockchain and decentralization have changed the way the world works.

The same can be said of the decentralized gaming space, a rapidly growing market that is changing publisher-player dynamics, game earnings, revenue generation, democratized game decision-making, and more.

To understand the implications of these changes we can look at Illuvium, an open-world RPG built on the Ethereum blockchain. Illuvium’s unique governance model, tokenomics, incentivization structure, and gaming protocols are empowering players, unlocking untapped potential and changing the entire online gaming landscape.

Here are three noteworthy developments that centralized game development studios and players alike should watch out for.

Player Earnings

To understand how groundbreaking decentralized gaming platforms are, we need to understand the basic revenue fundamentals of centralized gaming platforms. On these platforms all game-related proceeds – from the initial purchase price of the game to in-game purchases of all sorts – go to the owner of the game. Decentralized games, however, have flipped the paradigm to create democratic player-focused games that shift this balance of power.

With Illuvium, for example, game economics is set up so that 90% of funds coming from all game-related purchases go back to the players. One of the biggest obstacles to in-app or in-game purchases is that such purchases tend to be sunk costs and involve a one-directional flow of funds. In other words, once a purchase is made, the funds go to the game owner alone, and the items or powerups purchased typically cannot be used for anything other than the initial purpose for which they were purchased. Tokens, coins, diamonds, or other in-game items, once used, have been consumed. Even with other types of in-game purchases, if they cannot be traded, they represent sunk costs to the purchaser.

While traditional game developers may shun the idea of keeping only 10% of game revenues and redistributing 90% to the players, they would do well to realize how much more willing players would be to spend on games if they knew they could recover funds/resell items after-the-fact. 10% of a much larger pie will – we believe – eventually dwarf revenues that can be generated by sticking to centralized models.

Such lucrative income streams can suffice the average gamer as a source of livelihood, and as games and ecosystems become more and more detailed, intertwined and mature, we expect many new income, trade, and investment synergies to open up for players in this space.

Empowerment of True Ownership

The second revolutionary new change that decentralization is bringing to online gaming is the concept of true ownership of game items, whether tokens, collectibles, or NFTs.

In most games, players do not truly own the items that they purchase, find, or unlock in-game. For example, if you purchase gems in a game, you can only use them for specific purposes, but you cannot trade them with other players, nor can you sell them outside the game for fiat or crypto income. Furthermore, the game owner can unilaterally remove those in-game items from your inventory. This does not reflect true ownership.

Because of this, it is no surprise that black markets have sprung up in which players attempt to game the system by doing exactly what centralized game owners try to prevent, i.e. trade with other players and sell their game items wherever they can.

With decentralized games such as Illuvium, players own their in-game items the same way they own tokens or assets in wallets that they control. Those items can be sold and traded in-game and/or on third-party exchanges. This does away with illicit activity and can even lower operational costs by obviating supervisory/fraud-prevention expenses.

The interesting thing here is that centralized game developers disallow true ownership of game items to maintain control over the earning potential of those items. However, they overlook the fact that by providing players with true ownership over their own game assets, players are more likely to spend more on games rather than avoid the sunk cost of making a one-off in-game purchase in a centralized game in which the purchased item has very limited utility and cannot be used elsewhere, traded, or redeemed for crypto or fiat.

Decentralized games such as Illuvium take things even a step further by combining true ownership with functionalities not seen with the typical in-game item or collectible. We discuss functionality next.

Functional NFTs, Items, and Collectibles

New technologies typically embark on a predictable trajectory between inception and mass adoption. During this time, as the technology and markets for it develop, people innovate and the entire ecosystem grows. For example, DeFi investments, layer-2 blockchains, off-chain oracles, and similar developments were only possible once the groundwork of developing highly performant blockchains was achieved.

In gaming, the trajectory we see has been from the creation of decentralized blockchains to the creation of unique, collectible, and tradable items and NFTs. Games that are built in this manner around tradable assets that are owned by players means players must be incentivized to not just collect something and sit on those items hoping that they appreciate in value; rather, those same items have intrinsic functions and can be utilized in different ways to earn even more, such as by staking tokens in liquidity pools or trading unique items on exchanges or selling them for crypto or fiat.

By adding these functionalities to game items, game developers can create entirely new ecosystems where players, publishers, gaming partners, exchange platforms, aggregators, liquidity pools, and other participants can come together to grow the ecosystem and add new services that add further depth and value to the space as a whole.

Final Thoughts

We are still in the early innings of the decentralized gaming space, but change is occurring at a rapid pace. While decentralized games still only represent a small fraction of the overall value of the gaming industry, the value propositions of player-centric, blockchain-powered games such as Illuvium are undisputable. While the world clamors for change (for example, in finance via DeFi), for transparency and democracy, and against censorship and centralization, the moment is now to seize the opportunity for people to regain their independence and generate new, self-owned and controlled income streams via groundbreaking games such as Illuvium and others.

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Miami Mayor Reveals Plans to Attract Chinese Bitcoin Miners Looking for Crypto-Friendly Pastures

Miami Mayor Reveals Plans to Attract Chinese Bitcoin Miners Looking for Crypto-Friendly Pastures

Bitcoin miners who have been evicted from China as a result of the new crackdown could soon be able to find a home in Miami, Florida. Francis Suarez, the city’s mayor, recently revealed that he is working to reduce electricity costs in order to draw in more crypto miners to the region.

Attracting Bitcoin Miners to Miami

Speaking at an interview with CNBC, Suarez announced his plans to leverage the china crackdown to boost Miami’s economy. While Suarez told CNBC he has not personally received any calls from Chinese miners, the mayor is attempting to reintroduce the city to this mining diaspora by touting the city’s virtually limitless supply of inexpensive nuclear energy.

“We want to make sure that our city has an opportunity to compete,” he said. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.”

Given that miners are primarily concerned with reasonable electricity and regulatory compliance, Mayor Suarez, one of the most crypto-friendly mayors in the United States, is making these bold claims about the cost of doing business in Miami.

Suarez has been a cryptocurrency advocate for years, but he decided to invest in Bitcoin and Ethereum after the federal government passed a $1.9 trillion American rescue plan, because he “realized that what was inevitable – and already happening – is inflation.”

He underlined the city’s reliance on nuclear energy as a clean, affordable source of energy. Nuclear energy is the state of Florida’s second-largest source of electricity, behind natural gas. Suarez is already in discussions with Florida Power & Light Company about how to significantly reduce energy prices.

“We understand how important this is…miners want to get to a certain kilowatt price per hour. And so we’re working with them on that,” Suarez told CNBC.

Additionally, the mayor is exploring a variety of other initiatives, such as enterprise zones dedicated to crypto mining. Enterprise zones are locations where businesses are granted tax rebates, infrastructure advantages, and streamlined regulations in the belief that these incentives will drive investment and create new jobs.

Why Chinese Miners?

For years, the majority of the Bitcoin hash rate came from the world’s most populous nation. China has dominated the market due to its low-cost energy, accounting for more than 60% of mining. However, the country has also demonstrated a strident anti-industry stance, which has intensified in recent months.

Bitcoin has been formally prohibited in China for nearly a decade; however, officials took it a step further in May. Certain regions began prohibiting Bitcoin mining, prompting miners to seek alternatives.

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Kyber Network Set to Deploy on Polygon – $30 Million in Incentives to Be Distributed

Kyber Network Set to Deploy on Polygon – $30 Million in Incentives to Be Distributed

The decentralized finance space has continued to reach new heights as a result of constant innovation. The latest development comes from Kyber Network, a decentralized finance (DeFi) exchange that has partnered with Layer 2 aggregator Polygon to improve liquidity via a new rewards program.

Kyber Network announced its deployment on the Polygon network on June 30 in a blog post on June 16. Additionally, the network announced that it would launch its first liquidity mining campaign on Polygon and Ethereum, with an estimated $30 million in incentives.

The program, dubbed “Rainmaker,” is scheduled to begin on June 30 and will distribute incentives to eligible Kyber liquidity providers over a three-month period. The announcement states:

“The aim is to incentivize liquidity providers and developers to use Kyber DMM by providing high yield on eligible token pairs, and in the process enhance liquidity for both the Polygon and Ethereum DeFi ecosystems.”

Benefits for Both the Projects

The move will enable Polygon’s high-speed Layer 2 solution on Kyber’s dynamic market maker (DMM). The goal is to enhance liquidity for both platforms and increase overall exposure for the Polygon ecosystem.

“Liquidity is a crucial element in any DeFi ecosystem and we’re glad to work with Kyber Network to help enhance liquidity on Polygon through the Kyber DMM protocol,” Sandeep Nailwal, co-founder and COO at Polygon commented.

$30 million in Kyber Network Crystal (KNC) tokens and MATIC tokens will be put aside for liquidity providers, who will be compensated with LP tokens representing their part of the pool. These can then be staked in order to earn extra tokens and a share of trading fees.

Kyber and Polygon will allocate 2.5 million KNC tokens ($5 million) and 500,000 MATIC tokens, respectively, to six eligible Polygon amplification pools. Additionally, 12.6 million KNC tokens will be dispersed across selected Ethereum-based pools worth a total of $26 million based on current prices.

Kyber Network’s co-founder, Loi Luu, commented on this partnership:

“Through this partnership, Polygon’s vibrant ecosystem will gain access to the highly capital efficient and flexible Kyber DMM protocol, and we believe this will empower more liquidity providers, traders, and developers to effectively engage in the world of decentralized finance.”

Kyber now joins Curve Finance, Aave, mStable, RenVM, and 0x as some of Polygon’s recent deployments.

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Popular Chinese Investor Dismisses Warren Buffet’s Stance on Bitcoin, Says his Knowledge Is “Too Old”

Popular Chinese Investor Dismisses Warren Buffet’s Stance on Bitcoin, Says his Knowledge Is “Too Old”

Yan Yan, a Chinese investor with ties to the SoftBank Asia Investment, thinks Bitcoin is better than gold, and Warren Buffett’s knowledge of the currency is “too old.”

Bitcoin is Better than Gold

As per sources, Yan said he has been accumulating Bitcoin since 2015, banking on a global network suitable for the “rich and knowledgeable.”

His comments come when Bitcoin finds itself in a storm, being bombarded on several fronts by critics and governments. Nonetheless, Bitcoin remains resilient, absorbing the selling pressure as the ship steadies, waving around the $40k zone.

Still, it should be noted that Warren’s Berkshire Hathaway recently invested $500 million in a Brazilian digital bank, Nubank. This was part of the Series G funding that began in January 2021.

Nubank has over 40 million customers and is the largest digital bank by client count.

It acquired Easynvest and now offers Bitcoin investment via a Bitcoin ETF approved by Brazil’s regulator.

Bitcoin and Cryptocurrencies are Internet Native, Face Resistance

Cryptocurrencies like Bitcoin are private currencies presented as alternatives to the traditional finance system.

Existing purely in the digital realm, proponents think the coin is internet native. As such, they argue that it suits their digital needs of trustless operations, ultra-low fees, and instantaneous confirmation.

Besides, the ability to store value and safeguard against censorship appeals to most supports.

However, authorities and environmentalists are concerned about Bitcoin’s energy use. Their carbon footprint and energy inefficiency have forced officials to intervene, switching off rigs in China.

At the same time, cryptocurrency trading of any form is banned.

The same wave seems to be expanding to South Korea. Following confirmation of new laws, the country’s regulator is enforcing more stringent rules in a shifting crypto regime.

It is a dispensation that regulators—unlike in China—make trading safer.

PBoC Advancing the Digital Yuan

Amid this crackdown, especially in China, the PBoC is accelerating their CBDC development, the digital yuan. The legal currency will be operated in two tiers.

Reports indicate that Xi’an Bank and Hainan Bank—two second-tier commercial banks without direct access to the digital yuan–are the latest to participate in trials.

As BTCManager reported, the PBoC is expanding the scope of the digital yuan that’s currently in test. Following a partnership between the Hebei Xiong’an branch of the Bank of China and the China Xiong’an Group Digital City Technology, workers in the Xiong’an New Area received their salaries in digital yuan.

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US Republican Party’s House Campaign Arm Set to Adopt Crypto Donations

US Republican Party’s House Campaign Arm Set to Adopt Crypto Donations

The unit responsible for coordinating all Republican campaign activities for elections into the House is now reportedly accepting crypto donations. The news comes amid talks of more stringent regulatory measures for cryptocurrencies in America.

NRCC Accepts Crypto Donations

According to a report by Axios, the National Republican Congressional Committee (NRCC) is set to begin accepting crypto donations. The NRCC becomes the first national party committee in the United States to adopt cryptocurrencies.

BitPay, a major payment gateway platform will serve as the NRCC’s partner to collect crypto contributions from donors. To avoid price volatility, BitPay will automatically convert cryptocurrency donations received before being sent to NRCC bank accounts.

By not handling crypto donations directly, the NRCC could reportedly take advantage of certain loopholes in cryptocurrency-denominated campaign financing. Thus, the Republican Party committee could effectively receive up to $10,000 in campaign donations from interested individuals rather than the $100 limit set for actual virtual currency political donations.

Thus, the NRCC’s partnership with BitPay could place the Republican Party at the cusp of not only embracing novel financing technologies like crypto but could also circumvent restrictive campaign finance laws.

Commenting on the NRCC’s crypto adoption agenda, Representative Tom Emmer (R-Minn) remarked:

“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed.”

Rep. Emmer is a known crypto advocate in the U.S. Congress, sponsoring bi-partisan legislative agendas to boost cryptocurrency adoption in America.

The NRCC now joins a handful of other political entities in America that have adopted crypto donations. As previously reported by BTCManager, Phillip Anderson, a libertarian candidate for the state senate in Wisconsin in 2020 adopted cryptocurrency donations during his campaign.

Republicans More Likely to be Crypto-Friendly?

While crypto might not have universal appeal within the Republican Party judging by comments from former U.S. President Donald Trump, members on the right side of the political divide in America are more likely to be pro-crypto.

Indeed, the current Biden Administration appears to be pursuing a more stringent approach to crypto regulation albeit some of the provisions are Trump-era mandates, especially from the Treasury Department.

However, the Democratic Party is not without its crypto-friendly members with Andrew Yang calling for clearer regulations during his 2020 Presidential campaign.

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Crypto.com Join Hands with the Fireblocks Networks, Enabling Access to Over 400 Crypto-focused Institutions

Crypto.com Join Hands with the Fireblocks Networks, Enabling Access to Over 400 Crypto-focused Institutions

Crypto.com, which serves over 10 million customers and boasts of an ultra-fast matching engine processing 2.7 million transactions per second, is now part of the Fireblocks Network. They have already transitioned their internal treasury management system, contributing towards a secure institutional infrastructure, a press release on June 17 reveals.

Over 400 institutions Form the Fireblocks Network

The Fireblocks Network has a unique insurance policy, so far facilitating the transfer of over $700 billion of digital assets. 

The platform also improves the operational efficiency of members, tokens, and other appendages that form part of the platform. 

The enterprise-grade portal provides the necessary base allowing partners to scale their operations using their layer.

They deliver secure infrastructure through which institutions, including lending desks, custodians, exchanges, hedge funds, and more, can securely transfer, custody, and issue digital assets.

There are over 400 participants actively moving assets in and between some of the leading cryptocurrency exchanges like Binance and Coinbase. 

Crypto.com Access to Institutional Players

Following this integration, Crypto.com would expand and reach more than 400 institutions, including established banks and liquidity providers currently under the Fireblocks Network. 

This way, Crypto.com would increase its global reach, boosting institutional trading volumes.

Meanwhile, members of the Fireblocks Network enjoy instant transaction settlement and secure connectivity with Crypto.com in the picture.

In his words, Eric Anziani, Chief Operating Officer of Crypto.com, said:

“Being onboard the Fireblocks Network will allow Crypto.com to increase the company’s institutional trading volume and overall presence at a global level. We have already transitioned to Fireblocks for our internal treasury management system, and the Crypto.com Exchange integration with the Fireblocks Network is another step in creating a secure infrastructure for institutions to enter the digital asset space.”

Michael Shaulov, Chief Executive Officer of Fireblocks, appreciated Crypto.com’s gesture of noting the immense value Fireblocks Network brings into the crypto and institutional ecosystem. In his view, Crypto.com will use the network as a “discovery venue” for the most active institutional participants in crypto using their rails.

“We are excited that exchanges like Crypto.com are seeing real value in our institutional network and understand the pivotal role that it can play in strategic growth and expansion plans. The Fireblocks Network not only allows for a more secure and seamless way to transfer assets but also serves as a discovery venue for the most active institutional participants in the digital asset space.”

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Breaking: NBU Token Gets Listed on PancakeSwap

Breaking: NBU Token Gets Listed on PancakeSwap

Nimbus – an automated DeFi platform that offers 16 earning strategies for users based on IPO participation, Lending, Crypto-Trading, and more – announces a new token listing. On June 17, 2021, its NBU token of BEP-20 standard gets listed on PancakeSwap, the most popular DEX on Binance Smart Chain (BSC). Ultimately, the listing allows users to enjoy all the benefits of the platform without suffering from the high gas fees of the Ethereum network.

This move comes after Nimbus’s integration with Binance Smart Chain with a goal to lower the gas costs for users by 15 times and make the ecosystem more accessible worldwide. As it’s not possible to use the existing ERC-20 standard native tokens, NBU & GNBU, on both blockchains, Nimbus had to replicate NBU and GNBU in the BEP-20 standard that’s accepted on BSC. 

The BEP-20 versions of the new tokens encompass the same tokenomics and use-cases as explained in the Nimbus website. At the same time, they are likely to have higher potential than the ERC-20 version as Nimbus development on BSC becomes the top #1 priority for the team for the coming months. 

As for NBU (BEP-20), besides being the platform’s utility token, it provides access to 16 earning strategies and can be used to receive extra benefits when using the Nimbus dApps. Finally, only until June 25, users can stake it at up to 80% APY on the Nimbus platform – which is one more reason to partake in the upcoming PancakeSwap listing.

“The BSC integration enhances interoperability and accessibility of the Nimbus ecosystem. Our listing on PancakeSwap, on the other hand, allows Nimbus to activate its massive Chinese community and expand to new markets. Now Nimbus solutions are truly accessible to anyone – all you need to have is an internet connection.” – Jorge Sebastiao, CEO of Nimbus.

The listing of the NBU BEP-20 token on Pancake Swap will enhance the growth of the Nimbus community in one of the most important regions for the crypto industry – China. As more and more users execute swaps, the entire community benefits. Finally, this is a perfect time for NBU to be featured on a new DEX as the market is once again in a bullish phase. 

About Nimbus Platform

Nimbus is a DAO-governed ecosystem of dApps that offers 16 earning strategies for users based on IPO participation, Lending, Crypto-Trading, and more. With its integration into the Binance Smar Chain, Nimbus is looking forward to becoming a cross-chain platform. In the meantime, users can enjoy 6 staking options, liquidity providing, LP token staking at 100% APY, and so on. The ultimate goal of Nimbus is to merge the best of Traditional Finance with the best of DeFi in one spot and make it more user-friendly.

For details on the BSC integration: https://nimbusplatform.medium.com/tired-of-high-gas-fees-nimbus-expansion-to-binance-smart-chain-will-resolve-that-7ebaada9cc75

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World Bank Turns Down El Salvador’s Request to Help Execute Bitcoin Plans

World Bank Turns Down El Salvador’s Request to Help Execute Bitcoin Plans

The World Bank has said that it would not be able to assist the El Salvadoran government with its plans to officially make bitcoin the country’s second legal tender. 

World Bank Not in Support of El Salvador’s Bitcoin Ambitions

According to Reuters on Wednesday (June 16, 2021), the World Bank turned down El Salvador’s request to help with the implementation of bitcoin. The reason for the refusal, as stated by the international financial institution, was that Central American’s bitcoin plans had environmental and transparency issues. 

A statement from a spokesperson of the World Bank, reads:

While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Earlier on June 16, El Salvador’s Minister of Finance, Alejandro Zelaya requested technical assistance from the World Bank, to assist the country with implementing bitcoin as a legal tender. The Central American Bank of Economic Integration (CABEI) previously said that it would offer technical assistance El Salvador to help the country in legalizing bitcoin. 

Although the World Bank has turned down the country’s request, it said that it was “committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes.” 

As reported by BTCManager earlier in June, the supermajority of El Salvador’s Congress voted in support of President Nayib Bukele’s bitcoin plans. Ever since adopting bitcoin as a legal tender, the government has been moving forward with more BTC plans. 

While the cryptocurrency community applauded Bukele’s move, there are some others who have questioned the El Salvadoran President’s decision. The International Monetary Fund (IMF) said that the Central American country’s decision to adopt bitcoin raised legal and financial concerns, though the international organization said it would monitor developments.

There were also speculations that El Salvador’s bitcoin move could jeopardize its negotiations with the IMF. Meanwhile, Zelaya said that the government informed the IMF that it was not planning to replace the U.S. dollar with bitcoin. The Bank for International Settlements also commented on the matter, with an official calling El Salvador’s bitcoin legalization an “interesting experiment

However, President Bukele continues to push forward with bitcoin ambitions, despite criticisms. The government said it was planning to use geothermal energy from El Salvador’s for BTC mining.

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KuCoin Launches KCC Mainnet to Improve Overall Community Experience

KuCoin Launches KCC Mainnet to Improve Overall Community Experience

Major cryptocurrency exchange KuCoin launched the KuCoin Community Chain (KCC) mainnet, with the goal of providing the community with a more efficient and cost-effective experience. 

KuCoin Unveils Community Mainnet

KuCoin announced the official launch of the KCC mainnet on Wednesday (June 16, 2021). According to the announcement, the mainnet was created by fans of KCC and KCS. 

The cryptocurrency exchange, as a member of the KCC community and an angel investor, will offer financial and technical support towards the early development of the mainnet. Meanwhile, KCC is both ERC20 and Ethereum compatible, which makes bridging easier and cheaper. This also means that decentralized application (dApp) development is easier since it’s similar to smart contract logic. 

The introduction of decentralized finance (DeFi) and non-fungible tokens (NFT) to the cryptocurrency space has put a strain on the current public chain technology, which struggles to support high-level and large-scale applications. Consequently, transactions are slow, performance is low, and the high cost of unlicensed chain adoption has hindered more mainstream applications of blockchain technology for different use cases. 

However, the mainnet uses the Proof of Staked Authority (PoSA) consensus mechanism, which makes transactions faster, thereby boosting the performance and processing power of the public chain. Also, KCC uses KuCoin’s native token, KCS, for lower gas fees. High gas fees have been an issue on the Ethereum network, causing developers to seek alternative chains.

Commenting on the latest development was KuCoin Global CEO, Johnny Lyu, who said:

We believe that blockchain technology will accelerate the flow of value around the globe. We take it as our mission and will make great efforts to achieve it for the future. KCC also represents a key step towards decentralization beyond the integration of open-source blockchain communities. We welcome the community members and enthusiasts of the blockchain world to hold hands and promote the development of KCC and blockchain technology.”

The launching of the KCC mainnet is another major development for KuCoin. As previously reported by BTCManager back in April, the cryptocurrency exchange launched its incubator and research arm called KuCoin Labs. Back in January, KuCoin also introduced a Trading Bot Feature guaranteed to generate a steady passive income for its users. In April, KuCoin was reportedly among the three exchanges eying a move to India.

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