Ethereum co-founder and the CEO of Consensys, Joseph Lubin, has hit out at the Securities and Exchange Commission (SEC) for intentionally stifling innovation in the cryptocurrency industry. 

Lubin stated the SEC is engaging in strategic enforcement action instead of meaningful discussions with the crypto industry. 

SEC Intentionally Stifling Innovation 

Lubin made the comments while speaking at FT Live’s Crypto and Digital Asset summit, held in London, and also elaborated on Consensys’s decision to sue the Securities and Exchange Commission after receiving a Wells Notice from the regulator. Lubin stated that the SEC also appeared to have reclassified Ethereum as a security without communicating the change to the public at large and also alleged the regulator was pursuing strategic enforcement actions instead of engaging in discussions with stakeholders and establishing clear rules. 

“The SEC appears to have reclassified Ether as a security without telling anybody that that’s the case. They are going about a strategic series of enforcement actions rather than open discourse and clear rulemaking.”

A Climate Of Fear 

Lubin said the SEC intends to create fear, uncertainty, and doubt for the crypto industry as it attempts to force the company offshore. The Consensys CEO also stated that the firm’s counter against the SEC is an attempt to get more clarity from US courts, given that the Commodity Futures Trading Commission (CFTC) had previously classified ETH as a commodity. Lubin also talked about the upcoming deadline for the SEC to decide on the approval of spot Ethereum ETFs, adding it was a contributing factor behind the regulator’s latest enforcement action against Ethereum. 

“We believe that there’s a flurry of activity designed to enable them to say that their action wasn’t capricious in the very likely event that they deny the Ether spot ETFs.”

He also said the SEC had noticed how much capital had flowed into the system following the approval of spot Bitcoin ETFs and speculated that the prospect of bank customers moving their assets into digital form could significantly impact banks and other financial institutions and transform the financial landscape. 

“I think they’re concerned that so much attention and capital will flow to our ecosystem, considering it is improving enormously in terms of scalability and usability. The SEC probably doesn’t want to see a wave of innovation that will really transform the landscape.”

Far-Reaching Implications 

If Consensys gets a positive outcome against the Securities and Exchange Commission, it could have significant implications for the cryptocurrency and technology landscape in the United States. Lubin called the SEC’s claims that Coinbase and MetaMask wallets are acting as broker-dealers a “dangerous precedent,” adding that the mere thought of a piece of software acting as a broker-dealer was preposterous. 

“We’re at odds over whether we should register MetaMask as a broker-dealer. Should every MetaMask user have to register their wallet as a broker-dealer, it’s chilling.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Polkadot (DOT) price is back above $7 after a volatile day on Thursday when the price dropped to as low as $6.79 before recovering. 

DOT is currently oscillating between a crucial support level at $7 and considerable resistance at the $7.30 mark, thanks to the 200-day SMA. 

Polkadot (DOT) Moving Sideways 

The Polkadot (DOT) price has been moving sideways over the past few days, a far cry from its strong showing at the beginning of the month. Polkadot (DOT) had dropped to $6.42 by the end of April, a crucial support level. It was able to make an extremely strong recovery from this level, starting May with an increase of 7.48%, testing the resistance at $7 and settling at $6.90. DOT broke past the 20-day and 200-day SMAs the following day, registering an increase of 5.51% and settling at $7.28. 

However, the price lost momentum on a volatile Friday, eventually registering a drop of 0.41%. Saturday saw DOT drop further, slipping below the 200-day SMA to $7.13 before recovering on Sunday and rising to $7.31, back above the 200-day SMA. Monday saw DOT back in the red as sellers pushed the price down to $7.13 and then to $7 on Tuesday. At this level, the 20-day SMA was acting as support, allowing DOT to stay at $6.98 after a fairly volatile session. Since then, the DOT price has consolidated around the $7 mark, rising to $7.05 on Thursday. The current session sees DOT at $7.08, with buyers currently in control. 

Current Scenario For Polkadot (DOT)

As seen in the price chart below, DOT has been stuck between the support at $7 and the resistance at $7.30 for the past couple of days, with the price not making any substantial gains or losses. Any substantial price movements in either direction depend on DOT moving above or below the respective resistance and support levels. Should bullish sentiment prevail, DOT could test the resistance at $7.30, and if it moves past this level, it could climb to $7.50. However, there is little movement in the DOT price at the moment.

Should bearish sentiment prevail, DOT could drop to its support level of $7 or $6.40. The MACD is currently bullish, indicating that the DOT price could go on an upward trajectory. 

Important Developments 

Meanwhile, Polkadot has achieved another significant milestone with the implementation of Asynchronous Backing, helping improve blockspace allocation and overall network performance. Asynchronous Backing enables a highly optimized approach to validating parachain blocks by Polkadot’s Relay Chain. According to the network, Asynchronous Backing would lead to a two-fold acceleration in block production and a 3x-5x increase in extrinsic per block. It would also result in the heightened utilization of parachain blocks and lead to an increase in blockspace availability. 

“Async Backing boosts throughput by 8x, without sacrificing security, paving the way for supporting Web3 applications across verticals such as gaming and DeFi. It brings Web2 scale into the reach of Web3, which is crucial for large-scale platforms like Mythical Games.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

While bitcoin struggles to stay above water at $61,000, there are certain altcoins and memecoins that are pumping. Near Protocol (NEAR), Thorchain (RUNE), Pepe (PEPE), and Trump (MAGA) are among those that are flourishing.

When bitcoin is languishing, the altcoins are generally performing a lot worse. Nevertheless, there are often a few altcoins that buck the trend, and as outliers, they may augur the beginnings of a reversal to come.

$NEAR up 65% since early April

Source: Coingecko/TradingView

Near Protocol $NEAR has been rallying since early April, and is up around 65% since this time. As can be seen in the chart above, $NEAR is a long way from the highs it achieved in the last bull market. That said, a break above the resistance at $7.42 would be a major milestone. Having just made a higher high, and a higher low in the shorter time frame, a break of the triangle could coincide with a break of that important resistance.

$RUNE begins its comeback

Source: Coingecko/TradingView

Thorchain (RUNE) looks to have just begun its comeback after a large 61% correction. The $RUNE price has just broken through the trend line and is currently at the major $6 resistance level. A break up here could see $RUNE go to shorter term targets of $8.44 and $10.50. The local high at $11.40 would also need to be surpassed in order to make a higher high and continue the upwards move.

$PEPE in strong uptrend

Source: Coingecko/TradingView

$PEPE has been in an uptrend since mid-April, managing to produce a 110% return to holders since that time. The uptrend is very much intact, and the price is currently attempting to get above the 0.618 fibonacci level. The 0.786 fibonacci is next, and the price can then look at increasing to the 1.618, which would be an almost 100% gain from here.

$MAGA sees 87% spike to upside in space of 4 hours

Source: Coingecko/TradingView

Trump (MAGA) is a memecoin on a mission right now. With its namesake Donald Trump announcing that he would accept cryptocurrency donations to his presidential campaign, he has made it clear that he is taking the opposite side to the Biden administration, which is patently anti-crypto.

This announcement may have been the impetus behind today’s 87% spike in the price of $MAGA. The price has since settled back at the middle of the range and looks as though it might find support here.

As the year unfolds, and the presidential election in November draws nearer, expect $MAGA to experience a lot of volatility. If Trump does look as though he might win again, aspirational targets of $24 and $30 might not be out of reach.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

It’s not rare that you find things you do not even think you need, but they turn out exciting, valuable, or useful enough to improve your life. We are talking about anything in our lives, from a person, a change, a job, a new hobby, a product, or even a crypto game that, although newly launched, has already managed to steal the spotlight. 

Sometimes, we simply do not know we need something until it comes into our lives and changes our perspective. There are certain concepts that do so, and they differ from one person to another. 

And in a world full of opportunities, where you have thousands of ways to invest your funds, manage your investments, and grow your revenue, SpaceCatch emerged to prove that this activity can also be fun and engaging, and your imagination can be challenged in the blink of an eye.

But what is SpaceCatch, how does it work, and why is it special? Well, let’s see.

First, It’s a Crypto Game

SpaceCatch is a newly launched blockchain-based game that surprises crypto and gaming enthusiasts with stunning features and a token model that makes everything even better. The game was built by a team of dedicated developers, each being either an expert in the field or an enthusiast ready to contribute to the project. 

Being a crypto game, SpaceCatch benefits from the advantages offered by the blockchain on top of which it is built. Thus, SpaceCatch offers high security and transparency, decentralization, and, most importantly, the opportunity to actually own the in-game assets they receive. 

In the SpaceCatch game, the action takes place in the metaverse, in a universe quite similar to ours. The world was invaded by AI-driven aliens looking for a good place to mine biomass. In their opinion, Earth is suitable due to its lack of more intelligent life forms. 

Players are called Catchers and have the main goal of defeating the AI-driven aliens in order to restore peace on Earth. To achieve this, they can use various tools, such as shields, weapons (throwable, chargeable, projectile, melee, etc.), potions, and more. All the tools can be improved with the help of certain in-game assets. 

And That’s Not All - It Leverages Advanced Technologies

These days, simply developing a crypto game is not enough; you have to come up with something new and intriguing to keep users close for as long as possible.

Fortunately, SpaceCatch understood this and leveraged multiple advanced technologies to develop a truly bright final product. Thus, the game uses AI (Artificial Intelligence) to provide customized gaming experiences to each and every user. 

This way, your experience with SpaceCatch will be entirely different from your friends, as it will be customized according to your preferences, behavior, decision-making process, combat style, decisions, and more. This will offer a better user experience and encourage you to progress quickly in the game. 

Furthermore, there is another bright advanced technology that SpaceCatch uses to improve the gameplay: AR (Augmented Reality). With the help of augmented reality, SpaceCatch manages to take in-game elements and smoothly introduce them into real-life surroundings. 

The AR features are available in the M2E (Move to Earn) game model available in the SpaceCatch ecosystem. The move-to-earn model allows users to earn in-game assets (tokens or other rewards) for performing various physical activities, such as running, walking, jogging, and more. 

So, when playing SpaceCatch in the move-to-earn game model, you can benefit from the AR features, thus having the opportunity to discover elements such as aliens or landscape elements right in front of them, in a park, a mall, their home, or basically any place where they can take their phone and launch the SpaceCatch app.

SpaceCatch Organizes a New Airdrop Season

For a crypto project, it is vital to develop concepts that can reward users and keep them incentivized. SpaceCatch has thought of several such benefits, including an exciting airdrop that has now reached the 2nd season. 

During the SpaceCatch airdrop, users can earn CATCH tokens by completing various simple tasks, such as watching videos, following the project on social media, retweeting certain tweets, and more. 

The airdrop is divided into weekly phases, and users who aim to participate are required to complete the tasks in time, as they are not retroactive (some used to be during season 1 of the airdrop). 

The prize pools for the SpaceCatch airdrops have always been surprising, managing to reward users with tens of thousands of dollars in total. Thus, if you aim to join the SpaceCatch ecosystem in the near future, doing it through such an intriguing airdrop can place you one step forward, offering you some CATCH tokens to use while just getting started with the game. 

Learn More

To discover more about SpaceCatch and its airdrop event, check out the project’s official website and look for new announcements and updates. Furthermore, follow SpaceCatch’s activity on Galxe, Discord, and Medium.

 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Option2Trade (O2T) has garnered attention, prompting users and potential investors to question its legitimacy. As the crypto market continues to evolve, the importance of due diligence cannot be overstated. This review aims to address concerns about Option2Trade (O2T) by examining key factors that contribute to its credibility.

Regulatory Compliance: Ensuring Legal Integrity

One of the foundational pillars of a legitimate trading platform is its adherence to regulatory standards. Option2Trade (O2T)'s commitment to compliance is demonstrated through its registration and regulation under relevant financial authorities. This adherence ensures that Option2Trade (O2T) operates within the legal frameworks designed to protect investors and maintain fair trading practices. Details on specific licenses and regulatory bodies overseeing Option2Trade (O2T)'s operations would further clarify their compliance status and enhance their legitimacy in the eyes of users and regulators alike.

Transparency in Operations: Building Trust with Clarity

Transparency is critical in establishing trust in the trading community. Option2Trade (O2T) promotes transparency through clear communication of its trading processes, fee structures, and the use of customer funds. Such openness is crucial for users who need to understand exactly how their assets are managed and how various trading activities are executed on the platform.

User Security Protocols: Safeguarding Assets and Information

The legitimacy of a trading platform also hinges on its ability to secure user data and financial assets. Option2Trade (O2T) employs robust security measures including two-factor authentication (2FA), end-to-end encryption, and cold storage of the majority of customer funds. These protocols ensure that users’ information and deposits are protected from unauthorized access and potential cyber threats, which is a significant aspect of a platform's operational integrity.

Market Reputation: Feedback from Users and Industry Experts

Finally, the reputation of Option2Trade (O2T) within the market serves as a barometer for its legitimacy. Positive feedback from users regarding customer service, ease of use, and reliability contribute to building a favorable reputation. Additionally, endorsements or recognitions from reputable industry entities or watchdogs can further validate Option2Trade’s (O2T) standing in the market. Negative reviews, should they exist, also provide valuable insights into potential areas for improvement and help gauge the overall user satisfaction.

Conclusion: A Verdict on Option2Trade (O2T)’s Legitimacy

After a detailed examination of regulatory compliance, operational transparency, security measures, and market reputation, Option2Trade (O2T) appears to embody the characteristics of a legitimate trading platform. However, as with any investment, potential users are advised to conduct their own research, consider independent reviews, and start with small transactions to personally verify the platform's claims and functionalities. As Option2Trade (O2T) continues to evolve, maintaining these standards will be crucial in sustaining and enhancing its position in the competitive market of cryptocurrency exchanges.

For more information on the Option2Trade (O2T) Presale: 

Use promo code O2TLaunch to get 15% bonus

Visit Option2Trade (O2T)

 

Join and become a community member: 

https://t.me/O2TOfficial 

https://twitter.com/Option2Trade (O2T)

 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The class action lawsuit against Cristiano Ronaldo for promoting the Binance crypto exchange continues as the judge denies his motion to dismiss. 

Motion To Dismiss Denied

Football superstar Cristiano Ronaldo has encountered a legal hurdle as a U.S. judge recently made a significant decision, refusing to dismiss a class action lawsuit against him. On May 4, Judge Roy Altman issued a ruling that denied Ronaldo’s motion to dismiss, following the plaintiffs' request to stay proceedings until a ruling on a motion to compel arbitration.

The judge ruled, 

“We deny without prejudice the Defendant’s 29 motion to dismiss.”

The Lawsuit Against Ronaldo

The class action lawsuit centers around Ronaldo's endorsement of Binance, a prominent cryptocurrency exchange. It specifically focuses on a series of non-fungible tokens (NFTs) he introduced in collaboration with Binance in November 2022, known as 'CR7,' which symbolize Ronaldo’s initials and shirt number, a common branding element in his products. The collection features digital collectibles that highlight moments from his sports career and his personal life.  

Ronaldo promoted the Binance NFTs on Instagram, with endorsements that promised rewards, emphasized the potential of NFT investments, and encouraged fans to invest in the NFTs and other Binance-related products. 

Plaintiffs’ Claims

The lawsuit, filed in Florida, seeks damages exceeding $1 billion, alleging that Ronaldo’s endorsements led to substantial financial losses for investors.

The plaintiffs' allegations are substantial, claiming that Ronaldo’s endorsements influenced their decision to invest in Binance and related NFTs, resulting in significant financial losses. They argue that Ronaldo’s partnership with Binance triggered a massive increase in Google searches for the keyword “Binance,” and his premium NFTs were sold out within a week of their launch.

Binance is currently embroiled in legal battles with U.S. regulators over whether the NFTs and tokens on its platform constitute investment contracts under U.S. securities law.

Judge’s Ruling and Arbitration

In addition to denying Ronaldo’s motion to dismiss the case, Judge Altman granted the plaintiffs’ request for the case to be stayed for arbitration, saying, 

“Accordingly, we direct the Clerk of Court to close and stay this case until we have adjudicated the pending motions to compel arbitration in the related action.” 

This private form of dispute resolution involves a neutral third party that has been agreed upon by both parties to adjudicate the case rather than go to court. 

The outcome of a possible arbitration process will be crucial in determining the final resolution of this lawsuit, which could have substantial implications for both Ronaldo as well as Binance, which is facing significant legal troubles of its own. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Sentiment for bitcoin on social media is at its lowest point for 2024, and fear is beginning to creep into the crypto market. Is this a sign that bitcoin could be getting ready to make a big move?

Social activity and positive sentiment diminishing

Bitcoin is currently battling to stay above the support at $61,000. With positive sentiment at a low ebb across social media and also pervading most of the crypto market, could the alpha cryptocurrency be preparing for a catastrophic drop?

⚠️#Bitcoin social activity is at the lowest point in all of 2024.https://t.co/m4l02hlLIa pic.twitter.com/rCIqCWAzfI

— LunarCrush (@LunarCrush) May 8, 2024

As can be seen by the data supplied by LunarCrush, apart from a big spike in bitcoin social activity when the Spot Bitcoin ETFs were launched, and a couple of spikes since then, bitcoin-related activity across social media platforms has diminished significantly over the first half of this year.

Even in the crypto market itself, investor sentiment has begun to turn more towards fear as bitcoin has continued to make lower highs and lower lows since it made its new all-time high back in mid-March.

Is a big dip coming?

Does this mean that this is going to continue, and that the bitcoin bull market could have already made its top? Nothing can be discounted when it comes to markets, but looking at past cycles, for this one to finish so quickly would not be likely. 

Could the price drop further?

Yes, of course. A dip as far down as $51,000 would still allow $BTC to stay above its bull trend, and could even be an extremely healthy move that could have the potential of prolonging this bull market, enabling the $BTC price to reach a higher level.

$BTC still in a bull market

Source: Coingecko/TradingView

Looking at the daily time frame for $BTC , it should be noted that the price is battling with the support at $61,000 yet again. The more that a support line is tested, the more likely it is that it will be broken. However, a downwards trend line has developed since 8 April, which also adds support at this level.

With all this said, if bitcoin is still in its bull market, and given that no critical levels have been broken, a bounce could soon be forthcoming. History tells us that it’s at the point of worst sentiment that the market will generally reverse course.

Environment for bitcoin should improve towards end of year

Looking out into the rest of this year, there are factors that could provide a potential huge boost to risk assets such as bitcoin, and this is primarily a worsening of economic conditions which would likely force the Federal Reserve into rate cuts, and also, the presidential election in November could also be foreshadowed by more money printing in order to put a bit of gloss on the current administration.

All this extra liquidity in the system would benefit bitcoin, and help the alpha cryptocurrency in its push to higher levels, keeping it buoyant for the rest of its bull cycle, which would potentially come to a climax at some point in 2025.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In the ever-growing landscape of cryptocurrency, BEFE coin has been garnering the interest of many individuals and investors. Based on market research, while the BEFE coin has already given 550% returns in the near term, analysts see another surge of over 2000%.  

BEFE coin, an acronym that may appear funny at first, is making a sensation in the cryptocurrency market as the next meme hype gem. However, underneath the playful name lies the project with the capability to challenge the existing quo. It can push the limits of what a cryptocurrency can truly achieve.

Let's delve into the viral trend of the BEFE coin and discover its capabilities.

BEFE coin’s origin

The BEFE coin has emerged from the colourful and erratic realm of meme culture. Originally imagined as a joke, it soon gained popularity because of its unique branding and distinctive name.

A joke turned into a full-fledged cryptocurrency project as developers and enthusiasts came together to make the meme a reality. At present, the BEFE coin's market cap is around $10.85M and is said to grow exponentially.

BEFE, The Meme hype Gem

Memes have become a major force driving the digital currency realm. They act as both, a source of entertainment and also a trigger for market movement. The BEFE Coin actively embraces the meme culture and catches the attention of a new generation of investors.

The coin is currently trading at $0.001128, 90.4% lower than its all-time high price. This creates an opportunity for investors to buy the coin at a discounted price, as the BEFE coin is emerging as the hottest meme coin right now.

Beyond the Meme World

The coin has more potential rather than just being a silly fad on the internet. The creators of the project are working hard to create a strong ecosystem that provides value and utility in the actual world.

The coin saw significant growth at the beginning of April, the price gradually rose from $0.00036835 to a high of $0.00041845 on April 8. On the other hand, the daily trading volume stood between $300,000 and $400,000 which indicated a strong interest among investors.

Conclusion

As the cryptocurrency market continues to evolve, the BEFE coin is said to follow the footprints of its OG predecessors such as $SHIB and $PEPE. What began as a joke has grown into an energized community-driven project. The BEFE might be trading low at the time but it has increasing utility and community support, which definitely creates a buy the dip opportunity.  

To know more about BEFE, Visithttps://befetoken.com

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

 

Tons of investors have transformed their financial narrative by staying alert and paying attention to market trends.

Usually, savvy investors take time to analyze the market before going all out to accumulate a token, but on other occasions, they position their ears to catch the wind of market predictions from analysts.

Recently, investors have been responding positively to the prediction of a renowned analyst in the market. This analyst dropped a huge one last week after forecasting that Bitgert, an innovative project, would witness massive upward movements in May. 

Although he backed up his market insight with credible information, his bold assertions have triggered arguments from those in support and against it. 

Let’s take a quick look at the topic of discussion.

Analysts Give a Bold Forecast

Last week, a renowned market analyst shared his findings with crypto enthusiasts and market participants. Over the years, the credible insights and reputation of this analyst earned him the title of a respected figure within the crypto community.

However, after predicting that Bitgert would witness massive upward movements this month, a few folks in the crypto community have raised their eyebrows. He forecasted Bitgert to rally up to 15x before June's arrival.

Bitgert Will Pull-Off a 15x Rally: Analysts Shares His Insights

As a reputable figure in the market, this analyst’s job wasn’t complete without sharing the reason why he thought Bitgert could pull off this impressive rally.

Foremost, the analyst established the fact that Bitgert is an innovative powerhouse that doesn’t relent in building solutions that host the best digital experience for users.

He resonates with Bitgert’s commitment to improving the overall digital economy. While discussing this, he cites an example referencing how Bitgert offers traders top-level security while providing them with cost-efficient and seamless transactional advantages on its blockchain.

Speaking of market advantages, he highlighted Bitgert’s appeal, emphasizing its range of unique products that offer various solutions for market participants. He further stressed that Bitgert’s distinctiveness will attract new entrants to its ecosystem, thereby boosting its market value.

Conclusion

While he concluded his thoughts on Bitgert, he recognized the innovative project's effort to collaborate with other big market players. 

For the mention, he recognized Bitgert’s recent strategic partnership with Ramestta, a platform that allows users to scale their DApps, and CoinINN, a project that aids creators in auto-listing their tokens without incurring charges.

Bitgert’s profit potential of 15x, combined with the bullish conditions of the market in May, will catapult Bitgert’s market value to new peaks.

To know more about Bitgert, visit https://bitgert.com 

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

 

The world of online casinos has changed drastically in the last couple of years because many new “players” entered the market. Today, people can come across many different sites that have casino services, and many of them look very similar.

In order to be different and provide people with a slightly different experience, casino operators decided to be innovative and offer a new type of online casinos that provide unique payment solutions. This is how the cryptocurrency casinos were born.

Today, many different sites accept crypto, but not all of them are good. In fact, most people can’t tell which one is worth it and do not know what to expect, so let’s learn more.

The disadvantages of cryptocurrency casinos

Starting with the negatives of using cryptocurrencies and online casinos, we must address the many scams. No one can deny the fact that the crypto casinos look appealing, but we also can’t hide that there are tons of operators that are trying to scam people. Since they only offer crypto payments, it is much easier for them to achieve their goal.

A lot of people are scared of using an online casino that offers cryptocurrencies solely because of the many scam attempts. To avoid being in such a situation, you have to research the site you are using and pay close attention to what’s available. Learn more about the licenses and different security features before trusting the given site. Speaking of licenses, some crypto casinos don’t even have a permit. They may seem legit at first and might even state that they are regulated, but if you check the license number, you will see that it does not exist.

The second big disadvantage related to crypto casinos that many people forget about is the payments. While it is true that digital currencies are the main reason why some gamblers use these types of sites, users forget that they will have to exchange crypto for real money at some point in the future. This can be a lot more complicated than it seems, so many users decide to use different types of casinos.

The good news is that not all companies that focus on cryptocurrencies are like that. In fact, most users have heard of famous iGaming sites with several permits and the world’s most secure SSL. Punters know that, for example, Roobet is legit, and they trust the site with their personal details. Furthermore, these kinds of operators provide them with different betting categories, bonuses, and other advantages.

When discussing potential downsides, we must address the volatility issues. Many people like crypto casinos because of crypto volatility and the fact that they could earn more money. Sadly, this can also work the other way around, meaning users can also lose a lot more. This is a big problem for some people, so they prefer not to use these types of sites at all.

The advantages of using crypto casinos

Despite the fact that cryptocurrency casinos have a lot of negatives, there are also positives. The first one that attracts multiple punters is the presence of unique products that most other operators do not have.

Digital currencies allow casinos to be more innovative with what they offer and provide new and unique products that others are yet to offer. For example, many crypto sites will have specific propositions that only work with crypto and provide unique types of rewards. In fact, these sites can often include the so-called “hybrid bonuses”, allowing you to use a perk combining several propositions into one.

Another advantage of crypto operators that many forget about is the optimized mobile sites and/or apps. These operators know that most of their clients are using their platforms on the go. So, unlike the regular sites on which they are based, these companies invest a lot of money into their mobile options so that they can provide a better experience.

Assuming you have chosen a legit cryptocurrency casino, you will have an amazing time using it. One of the reasons for it is the provably fair casino games, something that you can’t find on many other betting companies.

Regulated cryptocurrency casinos are well aware that they need to compete with established companies. In order to have an advantage over them, these brands want to prove to their customers that their products are secure, so they often have third-party certification that the games they have are probably fair. This means gamblers can enjoy what they like.

As for the types of games, crypto casinos have the same options as everyone else. This includes slots, regular table games, jackpots, different live casino titles, and other options.

Bottom Line - Are crypto casinos solid options for online gamblers?

This question is a lot more complicated than it seems because the answer depends on what type of person you are. People interested in the latest innovations and looking for a slightly different experience will appreciate these types of operators. They are much more likely to implement the latest tech once it becomes available, which is important for some because AI gambling is just around the corner.

On the other hand, if you are a traditional gambler who does not have any issues using the standard payment gateways, there is no need to use a crypto casino. Albeit attractive, new customers will need to go through the complete process of signing up and verifying their process. These kinds of casinos are different, but the steps to complete this process are more or less the same.

To sum up, cryptocurrency casinos are solid options for online gamblers, but only if they are looking for something new and fresh. Those who decide to start using such a company will have to be very careful and choose a brand that has proven itself. It needs to be licensed, and it should work wit the best casino software studios on the market so that users can have access to probably fair games. 

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

 

Modern gambling websites are much more complicated than those available several years ago. People who like gambling and online betting are looking for a lot more features, bonuses, betting categories, and different payment gateways. Speaking of the latter, cryptocurrencies are becoming the new go-to option and are the reason why a lot of sites have become much more popular than before.

Even though many people like them, digital currencies in sports betting are not perfect and have pros and cons. Sadly, not a lot of people think about those things before they start playing, so let’s analyze the good and bad aspects of cryptocurrencies and see the effects of them.  We will start with the pros.

Positive effects of using cryptocurrencies in sports betting

No one can deny that there are many advantages of using cryptocurrencies in sports betting, especially regarding bonuses. The first big perk is related to the fact that people can access a more diverse range of payment gateways. There is no need to use a specific deposit and withdrawal solution just because there are no other available options.

Modern sports betting operators provide multiple cryptocurrencies that clients can put to the test. All of them have Bitcoin, but some brands also add Ethereum, Dogecoin, XRP, and all of the hot alternatives that bettors expect to find. 

While discussing cryptocurrencies as payment options, we must address the elephant in the room and discuss safety. Generally speaking, crypto transactions are thought to be much safer than regular deposits and withdrawals because of the way they work. This is a huge positive for a lot of customers, and it could often be the only reason why they’ve started betting online.

Another positive of using cryptocurrencies and why many companies offer them is because of the volatility of these options. If we analyze the best betting sites that accept crypto and check all the different payment solutions they have, we can see that all digital currencies are very volatile and change their prices constantly. When we are in a “bull market”, the prices of crypto go up, which means bettors can win more just because the value of the specific cryptocurrency has gone up.

Cryptocurrencies and bonuses

Another big advantage that cryptocurrencies bring to the table that deserves more attention is bonuses. The latter have a key role in many operator’s portfolios, and those that offer cryptocurrencies usually have even better perks.

Besides the fact that people can use these payment solutions to obtain the offer they like, they also have access to unique propositions. For example, there are Bitcoin deposit bonuses, which allow punters to make a transaction with this cryptocurrency.  Furthermore, the bonus itself is in crypto and it can often reach really big numbers.

Staying under the radar

Another big advantage of using cryptocurrencies when betting on sports is related to revealing your identity. Sure, all legitimate gambling websites will require people to verify their identity because they need to make sure everyone is a real person. With that said bettors who use crypto can stay under the radar when making transactions because they don’t need to use their bank accounts.

This may not seem like an advantage to some people, but others use crypto mainly because of it. Certain customers do not want their banks to know where they spend their money, so they rely on crypto to make secure transactions.

Keep in mind that the majority of crypto transactions are not anonymous, so you can’t be 100% sure someone won’t notice you’ve played. That said, you do not need to use your bank account. 

Negative effects of using cryptocurrencies in sports betting 

Despite the fact that the positives outweigh the negatives, people must know that there are also several negative aspects of using cryptocurrencies for sports betting. The first and probably the biggest one is that many users are forced to get crypto just because they want to gamble online. 

Even though most of the big sports betting operators also offer regular currencies in addition to crypto, some are crypto-exclusive. Therefore, users who trust those brands and want to check what they offer must get crypto.

Another disadvantage of using cryptocurrencies is related to their volatility. We’ve mentioned that this can be a plus once Bitcoin and the rest start going up, but it can also be a huge con if we are in a bear market. 

Players often have budgets they must adhere to, and if the value of the cryptocurrency they’ve chosen goes up while playing and they lose, they lose a lot more than planned. This can lead to really bad financial situations.

Another disadvantage of using such sites is that you may need to use a third-party payment provider to complete your transactions. Some bookies do not accept direct crypto transactions yet, so this is something to remember.

The security concerns

We can’t talk about cryptocurrency and online betting and not address the elephant in the room - the security concerns. Sure, the leading sports betting sites that accept crypto also have licenses and follow strict rules so that they can provide clients with a secure platform. Others, however, are not like that.

There are many examples of sites that look good but do not have any security software. Needless to say, a lot of people are skeptical about such places because the latter can scam them. The worst thing is that bettors can’t do much if that happens because all transactions are done via crypto, and there is no regulator to monitor what’s happening.

To avoid such types of crypto operators, punters must research the bookie they want to use very carefully. 

Final Thoughts

All in all, there are more positives than negatives regarding cryptocurrencies and their effect on sports betting operators. Unless we see a drastic shift in the approach towards these kinds of digital assets, we expect to see improved crypto services. Things like new offers, better payment processes, and exclusive new sections might just be around the corner.

For now, crypto platforms are as good as their regular counterparts but don’t forget to review the brand you have chosen.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice. 

When it comes to investment tactics, there are plenty of options to choose from. The most popular is what it is called “going long” where people buy a certain set of stocks and hold them waiting for earnings in the long run. However, there are alternative strategies that can be more effective than these but are also a little bit more complicated. 

Among these alternative tactics, we find arbitrage. This alternative is extremely profitable when it is employed correctly. Because of this, experienced investors prefer this method over more “long run alternatives. The tactic is not suitable for beginners as there are a lot of risks involved which can grow exponentially if you are not well-versed in what you are doing. Before jumping into this pool, you need to understand how deep it is to swim (or dive) with confidence. 

If you want to know what this is all about, you are in the right place. We’ll be doing deep dive into the world of arbitrage to explain everything you need to know about this technique. 

What is arbitrage?

As we have stated before, this is an investment strategy that involves an investor buying and selling the same asset. The idea is to do this in different markets, hoping to generate a profit thanks to the price difference in both markets. The difference in price between markets is usually small, but when you consider a big volume of operations, returns can be considerably greater, making this a viable option for investments. 

Different types of arbitrages can exist and can be used. The most common ones are known as pure arbitrage, merger arbitrage, and convertible arbitrage. There are other investment strategies like Global macros that are not entirely contained within the realm of arbitrage, but that can be considered as well when looking for a viable investment option. 

Types of arbitrages

Let’s see in detail what are the different types of arbitrage strategies that you can use with the hopes of bringing a profit. 

1. PureArbitrage

Pure arbitrage is one investment method that involves an investor buying and selling security in different marketplaces at the same time while looking to profit from the price disparities that might exist. As you can see, this matches the definition that we have mentioned before for arbitrage, therefore the terms arbitrage and pure arbitrage are used interchangeably and their meaning is the same. 

 

Different markets offer the ability to buy and sell different investments. Because of this, there is a good chance that prices can change at any given time, creating a price divergence where performing a pure arbitrage operation is ideal.

Another option is to perform a pure arbitrage operation when there are currency exchange discrepancies that can open the door to these types of operations. 

However, on the downside, we have to mention that because of technological improvements, opportunities to perform pure operation arbitrations are less frequent. This is because any price disparity can quickly be identified and corrected, therefore this type of operation has become less and less common. 

2. Merger Arbitrage

This type of operation deals with merging entities, for example, two companies that are publicly traded. A merger involves two entities, the acquired company, usually called target, and the acquiring company. When the target company is traded publicly, the acquiring company is required to purchase the majority of the shares of the company. 

The majority of the time, this is at a premium to the stock's market value at the announcement, which benefits shareholders. The stock of the target firm is bought by investors hoping to profit from the deal as soon as it is made public, bringing the price closer to the deal price.

In its simplest form, merger arbitrage happens when a shareholder buys shares of the target business at a discount to profit after the deal closes. However, merger arbitrage takes different forms. An investor may decide to short shares of the target company's stock if they think a deal will not go through or succeed. This strategy requires strong knowledge as there are potential risks that might generate losses if the investor is not careful. 

3. Convertible Arbitrage

This type of arbitrage is related to convertible bonds. It is usually called convertible debt. Essentially, a convertible bond is the same as any other bond: it is a type of corporate debt that pays interest to the bondholder. 

A convertible bond and a standard bond vary primarily in that the former gives the bondholder the opportunity to convert the bond into shares of the underlying firm at a later time, frequently at a discounted cost. Convertible bonds are issued by companies in order to provide lower interest payments.

Convertible arbitrage is the practice of investing in bonds with the goal of profiting from the discrepancy between the conversion price and the current share price of the underlying firm. Usually, this is accomplished by opening long and short positions in the convertible note and the underlying firm stock at the same time.

The power of arbitrage for the investor

This is definitely an efficient instrument for investors looking for low risk yields in the arbitrage technique. High volumes are necessary to fully benefit from arbitrage and make enough money to cover transaction fees because yield is frequently low. Because of this, arbitrage is typically not a tactic that regular investors can use to their advantage. Even though it is considered a low-risk yield, the risks are there and important to consider, especially for beginners. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

Earning money on cryptocurrencies without all the work sounds pretty good, right? That's what cloud mining is all about. You can mine coins like Bitcoin, Litecoin, and Ethereum without fancy computers. Our experts have looked at different cloud mining services to find the best ones. 

Advantages of cloud mining software

Cloud mining software eliminates the need for technical expertise, making it accessible to beginners who want to mine cryptocurrencies without the complexities of hardware setup and maintenance. It reduces the initial investment required for mining, as users do not need to purchase specialised hardware, resulting in lower upfront costs. 

Users save on electricity costs as the mining operations are managed remotely without the need for users to power and cool mining hardware themselves. The software offers flexibility and scalability, allowing users to adjust their mining operations based on their needs and investment levels. It eliminates operating costs, heat generation, and noise associated with traditional mining setups, providing a hassle-free mining experience.

However, it is important to choose a reputable cloud mining company. There are a lot of scams out there, so it's important to do your research before investing. Here are the 6 most trustworthy cloud mining websites:

 

1.AST Mining

2.ECOS

3.Nicehash

4.BeMine

5.Genesis Mining

6.Bitdeer

 

AST Mining

AST Mining is a legitimate cloud mining business that was established in the United States in 2016. Like other established hash providers, AST Mining operates commercial facilities housing a substantial tech park with specialised Bitcoin mining equipment. 

Their data centres are reportedly located in Iceland, Canada, and Norway. According to their information, AST Mining currently distributes cryptocurrencies to a user base exceeding 970,000 individuals worldwide. It's essential to conduct thorough research before investing in any cloud mining service.

Features

Signing up with AST Mining brings immediate benefits, including a $100 bonus to kickstart your journey into cloud mining. Once onboarded, you'll enjoy the convenience of automated daily payouts, ensuring steady earnings without any manual intervention. 

The platform offers a free package that can be accessed daily, providing users with a low-risk opportunity to explore and engage in cloud mining without any upfront costs or commitments. One of the notable advantages is the absence of overhead or electricity fees, allowing users to maximise their profits without worrying about additional expenses.

AST Mining also presents an attractive affiliate program, offering lifetime rewards of up to 5% for referrals. This incentivises users to invite friends and acquaintances to join the platform, creating a mutually beneficial ecosystem. 

Additionally, the platform offers a diverse range of cryptocurrency contracts, catering to different investment preferences and risk appetites. Security is a top priority at AST Mining, with measures such as DDos and SSL encryption safeguarding the system and users' data.

Moreover, round-the-clock online support ensures that users receive timely assistance and guidance whenever needed. Whether you're a novice or an experienced investor, AST Mining provides a user-friendly and secure environment to participate in cloud mining and explore the potential of earning passive income through cryptocurrencies.

Fees/Cost

Contract price

Contract terms

Fixed return

Daily rate

$100

1 Days

$100+$1.5

1.5%

$200

1 Days

$200+$4

2%

$500

2 Days

$500+$15

1.5%

$1100

3 Days

$1100+$54.45

1.65%

$3000

5 Days

$3000+$270

1.8%

For additional information on AST Mining, please visit their website at: https://astmining.com

2.ECOS

ECOS boasts a user base of over 100,000 individuals spanning the globe, with operations rooted in the Armenian Free Economic Zone since 2017. Their platform offers a user-friendly calculator, enabling users to estimate mining profits and make informed decisions. ECOS also provides mobile and web applications for convenient access to their services. 

In addition to facilitating mining operations and offering mining contracts, the company extends its services to cryptocurrency investment through indexes. These include the NFT Index, Top 10 Index, Elon Musk Index, Defi Protocols Index, and Metaverse Index. Furthermore, their smartphone application supports a multi-currency cryptocurrency wallet, allowing users to store and trade a vast array of 247 coins effortlessly.

Features

The platform ensures consistent payments to its users, providing a reliable source of income. The platform requires a minimum investment of $100. Their website features a simple slider tool, allowing for customised contract purchases where users can adjust the contract length, hash power size, and potential profits according to their preferences. 

Additionally, users can conveniently manage their investments and other crypto assets using Android and iOS applications provided by the platform. With a remarkably low withdrawal threshold set at 0.000001 BTC, users can access their funds without hassle. 

Moreover, the platform offers a 180-day hardware guarantee for its hosting service and equipment, with the option to utilise the gadgets for up to five years. As a testament to their commitment, they provide a one-month free trial miner contract, enabling users to evaluate the platform's performance before committing.

3.Nicehash

NiceHash is a platform that serves as a mining hosting and computing marketplace. It allows users to connect their mining hardware, deposit funds, purchase mining packages for various cryptocurrencies, or offer computing power to other users on the network. 

To get started, users must install the NiceHash program on their computer, select the GPU they wish to use, and then sell their computing power by providing the GPU's hash rate to the platform. In essence, NiceHash facilitates a peer-to-peer network where users can efficiently engage in cryptocurrency mining activities and maximise their earnings.

Features

The platform offers a comprehensive suite of features for cryptocurrency enthusiasts, including the ability to mine popular cryptocurrencies such as Ethereum, Dogecoin, Litecoin, and more. 

Users can conveniently withdraw fiat currencies, facilitating seamless transactions between the digital and traditional financial worlds. 

An in-app cryptocurrency trading platform enables users to exchange digital assets easily within the same interface. 

Moreover, the platform provides remote mining management and supervision capabilities, allowing users to monitor and control their mining operations from anywhere. 

Finally, users can engage in peer-to-peer trading by offering their hash rate to other users on the platform, fostering a collaborative environment within the cryptocurrency community.

Fees/Cost

The platform's pricing structure for accessing hash power includes various fees and minimum investment requirements. Users can acquire hash power at a rate of 0.2258 BTC for a daily rate of one mH/s. 

A fee of 0.00001 BTC is also associated with the new world order. Users should also account for a 3% cost for acquiring hash power and an additional 2% fee when selling hash power again. Users must make a minimum investment of 0.034 BTC to initiate participation, ensuring accessibility for investors at various levels.

4.BeMine

The company offers various services, including buying and selling digital currencies and trading hash rates for mining purposes. Customers can seek guidance on investing in and using cryptocurrencies, along with consultation services for e-commerce ventures, ICO projects, and assistance with business registration. Furthermore, clients can request the company to configure their mining equipment remotely while waiting for generated revenues.

Features

For those uncertain about the service, there's an option to try it out with a complimentary three-day trial of Antminer S19 mining. Distinguishing itself from competitors, this cloud mining company offers a generous 7% referral commission on purchases made by referrals. 

Moreover, the platform incorporates an in-built cryptocurrency exchange, simplifying user trading processes. The company ensures reliable mining operations with a robust infrastructure comprising four data centres boasting a collective capacity of 70 mW/h. 

Electricity costs are pegged at $0.054 per kW/h, automatically deducting payments from users' accounts. Additionally, users can deposit funds via various methods, including VISA, MasterCard, PM USD, Bitcoin, and a range of altcoins.

Fees/Cost

Users can make a one-time payment of $61 to avail of the services offered by this platform. Additionally, both depositing and withdrawing funds incur a commission fee, which varies based on the amount of cryptocurrency involved. 

For transactions up to 0.05 BTC, a commission of 3% is levied, while amounts ranging from 0.01 to 0.05 BTC attract a 5% commission. Transactions involving less than 0.01 BTC incur a higher commission of 7%. It's worth noting that the minimum investment required to participate in this platform is $61.

5.Genesis Mining

Genesis Mining, originating from Hong Kong, pioneered the first mine in Eastern Europe. Catering to a global clientele spanning over 200,000 users across diverse nations, Genesis Mining offers many cryptocurrency mining options tailored to suit various types of miners. 

Whether you're a newcomer to the field, a small-scale family miner, or a large-scale investor, Genesis Mining provides comprehensive solutions to meet your mining needs.

Features

When you engage with this service, you'll receive daily mining profit payments directly to your digital wallet. Their customer support is top-notch, ensuring you have assistance whenever needed. Additionally, you have the flexibility to mine multiple coins simultaneously. Plus, they offer various payment options, including cryptocurrencies, Visa, and Mastercard. Best of all, no recurring monthly fees provide you with a transparent and hassle-free mining experience.c

Fees/Cost

The cost per mH/s with this service stands at $29, which is determined based on the cost of the contract bundle you select, ranging between $499 and $4,498.5. Consequently, the minimum investment required to get started with this platform is $500.

6.Bitdeer

Currently, Bitdeer, a prominent cryptocurrency platform, offers a range of services, including cloud hosting facilities, a multi-brand hash rate marketplace, and cloud mining contracts. With customers spanning over 200 countries, Bitdeer has established itself as a leading global provider of digital assets. 

The company primarily aims to form strategic partnerships with major mining firms and equipment manufacturers worldwide. Alongside its operations in various countries, Bitdeer operates data centres in the US and Norway, providing reliable mining infrastructure. With a commitment to excellence, Bitdeer assures its customers a 100% uptime rate, reflecting its dedication to delivering uninterrupted mining services.

Features

Bitdeer offers a comprehensive suite of features catering to both novice and experienced cryptocurrency investors. Its offerings include a profitability and income calculator, a hash rate marketplace with various third-party sources, direct payments from top mining pools, real-time cryptocurrency charts, and periodic bonuses and promotions. 

Presently, Bitdeer provides self-run cloud mining solutions with contracts spanning a 180-day term, offering flexibility and convenience to users. 

The choice of contract type significantly influences hash rate and profitability. With a minimum investment requirement of $542 for 50 TH/s, Bitdeer ensures accessibility to a wide range of investors. Users can access detailed information about the platform and its services on the Bitdeer website or by contacting customer support. 

Accepted payment methods include fiat currency and cryptocurrencies, enabling users to purchase mining contracts using their preferred payment option. Once operational, users can monitor real-time hash rates and payment information, with Bitdeer guaranteeing daily rewards for miners.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Vitalik Buterin, along with co-authors Matt Garnett, Ansgar Dietrichs, and Sam Wilson, have proposed EIP-7702 as an alternative to EIP-3074 to refine account abstraction on Ethereum.

EIP-7702 aims to temporarily allow Ethereum’s externally owned accounts (normal accounts) to function as smart contract wallets during transactions and revert to their original state once the transaction is done. 

EIP-7702 

Ethereum Improvement Proposal (EIP) 7702 has been proposed as an alternative to EIP-3074 and suggests a novel transaction type that allows externally owned accounts (EOAs), which are normal Ethereum addresses, to temporarily function as smart contract wallets during transactions. Once the transaction has been completed, they can revert to their original state. EIP-3074 was initially slated for inclusion in the upcoming Pectra upgrade but now adds quantum resistance and better compatibility with EIP-4337, according to Uniswap founder Hayden Adams. 

“EIP7702 - a new alternative to 3074 from Vitalik to add quantum resistance and better compatibility with 4337.”

Buterin, in his proposal, stated, 

“This EIP is designed to be very forward-compatible with endgame account abstraction without over-enshrining any fine-grained details of ERC-4337.”

Account Abstraction On Ethereum 

Ethereum uses two account models: externally owned accounts (EOAs) and contract accounts. EOAs are controlled using private keys and have limited capabilities and security features, which limits their use in complex transactions involving smart contracts. To address these limitations, Ethereum implemented several EIPs, including EIP-4337, EIP-3074, and EIP-5003. 

EIP-4337 was implemented in March 2023 and established a framework that allowed smart contracts to act as accounts that could validate and execute transactions. EIP-3074, proposed before EIP-4337, aimed to empower EOAs by temporarily delegating their transaction authority to smart contracts. EIP-5003 was built on EIP-3074 and introduced the AUTHUSURP opcode, which enabled the permanent transformation of an EOA into a smart contract account. 

A More Integrated Approach 

EIP-7702 proposes a leaner and more integrated approach, combining the security and simplicity of EOAs with the versatility of smart contracts. At the beginning of the transaction, the EAO’s contract_code field will be temporarily set to a specific smart contract necessary for the transaction. Once the transaction is completed, the contract_code is cleared, and the EOA returns to its original state. This process also bypasses the need for new opcodes and associated hard forks because it uses callable functions that can seamlessly integrate with the existing Ethereum infrastructure. Jarrod Watts, developer relations engineer at Polygon, stated, 

“Vitalik just proposed EIP-7702. It’s one of the most impactful changes Ethereum is going to have… EVER. “EIP-7702 represents a fusion of the flexibility of smart contracts with the foundational security model of EOAs. It’s a significant stride towards making Ethereum more accessible and secure for everyday users.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Polkadot has completed a significant upgrade and enhanced its network by implementing Asynchronous Backing, enhancing its flexibility in blockspace allocation and overall performance. 

Asynchronous Backing is one of three crucial technological advancements, along with Elastic Scaling and Agile Coretime, that will take the network towards its Polkadot 2.0 vision. 

A Crucial Upgrade Completed 

According to Polkadot, Asynchronous Backing provides an optimized approach to validating parachain blocks by the Relay Chain, the primary chain of the Polkadot Network. The Relay Chain plays a crucial role in Polkadot’s architecture and functioning. Polkadot stated in its announcement that the implementation of Asynchronous Backing would result in a twofold acceleration in blockspace production and a 3-5x increase in extrinsic per block. Additionally, Polkadot stated that it would lead to the heightened utilization of parachain blocks, leading to an increase of 6-10x in blockchain availability. 

“Async Backing boosts throughput by 8x, without sacrificing security, paving the way for supporting Web3 applications across verticals such as gaming and DeFi. It brings Web2 scale into the reach of Web3, which is crucial for large-scale platforms like Mythical Games.”

Polkadot had also recently announced another major development, the release of the Join-Accumulate Machine (JAM) Gray Paper. JAM combines specific elements of Polkadot and Ethereum. Further discussing Asynchronous Backing, PolkaWorld, a social media account focused on Polkadot and its ecosystem, explained, 

“Asynchronous backing greatly increases the system’s flexibility and efficiency, allowing more transactions to be processed in a shorter time, thereby enhancing the overall throughput and responsiveness of the network.”

DOT Price Relatively Stable 

The announcement regarding the implementation of Asynchronous Backing didn’t have much impact on the Polkadot (DOT) price. Currently, DOT is trading just above the $7 mark at $7.02. While Polkadot may have registered a decline of sorts after seeing a considerable increase, many, such as crypto analyst Michael van de Poppe, believe Polkadot to be heavily undervalued. While calling Polkadot one of the leading Layer1 networks, he stated, 

“Polkadot is the second largest blockchain in terms of developers and growth, while the price is still lagging behind. It might be the last time it does this, as it aims to provide a solution for the scalability and security issues Ethereum is facing.”

The implementation of the upgrade, along with other factors, could lead to DOT seeing a considerable price rally, with numerous analysts expecting a bullish rally in the near future.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

As the rise of AI in daily use increases, one specific project has made a solid position in the education sector, thanks to its custom AI that adapts to each user’s knowledge absorption profile. Paired with world-class educational aids, School Hack’s popularity is evident with more than 3 million users that depend on it on a daily basis.

Adaptable Learning Experience For All

School Hack has become famous for its custom teaching AI, which uses advanced features such as multiple language models and fine-tuned for knowledge seekers. Using these, School Hack allows students, teachers, and other educational seekers to access user-centric learning models. These are customized for each individual as the AI takes into account the subjects, level of expertise, and learning curve.

This means that each student receives personalized attention, aimed toward maximum effectiveness. This way School Hacks breaks the traditional teaching methodologies such as pedagogy where teachers and faculty are forced to create a single pace for the whole class.

Likewise, School Hack also helps faculty and educational professionals, aiding them in preparing the right content for their students.

Students and faculty can use any of its services, each aimed toward a specific target:

• Knowledge Tool: Ask questions as if in a class and get the right answers, broken down for easy understanding or at an advanced level for gaining deeper insights. • AI Students Group: Depart from the traditional pedagogy and use andragogy. Meet like-minded students, helping each other to learn. • Plagiarism Checker: Access the most advanced repository of scholarly articles to compare and make sure your written piece is original. • Paraphrasing Tool: Break down language barriers to express knowledge in your own words without the wording being influenced by your research materials.

Active and running, School Hack has more than 3 million students and teachers who depend on its advanced education-specific AI model to aid them. School Hack has also achieved a major milestone, with 500,000+ queries daily questions asked.

School Hack’s services have been applauded as it has become a part of the Microsoft Founders Hub.

When AI Meets Blockchain: SHC Token

School Hack believes in using the most advanced technologies to elevate the educational learning experience. It fuses AI and blockchain to achieve a democratic environment, reducing entry barriers and enabling a free flow of knowledge.

As a blockchain-based AI project, School Hack is prepping up for launching its SHC token, a SPL-20 standard. The use of Solana blockchain over the traditional Ethereum network as the former offers cheaper and faster data transfer, further easing access to its services.

The SHC token is going through an airdrop, with the final distribution set for the 20th of May. Participation in the airdrop is as simple as registering on the platform and talking about its SHC token on X. Each tweet grants points, which will be converted to SHC tokens when the airdrop is executed.

With SHC, token holders gain premium access to School Hack’s personalized AI assistant and even staking.

About School Hack Team

The School Hack is the culmination of its founders as they sit at the crossroads of education and blockchain. With 9+ years in the education sector and a crypto enthusiast for the past 6 years, Youssef Youssef is a medical professional and one of the youngest presidents of a medical association in the UAE. Muhammed Khalid is an AI expert and enthusiast. He brings almost a dozen years of crypto exposure. Kayaan Unwalla is a professional M&A lawyer who concentrates on the tech sector. He also helps a UAE minister as a senior advisor.

With a dedicated staff of 15+ experts, the Dubai-based School Hack is set to redefine what it means to gain an education in the modern world.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

Welcome to the latest edition of the GoCrypto interview series with Mike Ermolaev, made possible by GoMining. Here we’re delving deep into an exclusive conversation with Alex Dreyfus, who turned his vision into reality with Chiliz and Socios.com, sparking a new era where fans hold more than just passion for their teams—they hold influence too. With his deep-rooted expertise from over 27 years as a digital entrepreneur, Alex has consistently stayed ahead of tech trends. Keeping his eyes on pushing boundaries, he explains how blockchain-fueled fan tokens are disrupting traditional sports engagement. Fans now have a say like never before—what will this mean moving forward? 

The Genesis of Fan Tokens in Football

Discussing the initial reactions of football clubs to fan tokens and the efforts to enhance their adoption, Alex Dreyfus recounted the early challenges and the groundbreaking support from clubs like Juventus FC and Paris Saint-Germain. 

He explains, “Pitching clubs at the beginning wasn’t easy, because when we launched the Socios.com app and the first Fan Tokens, in 2019, very few people in the sports industry knew what blockchain technology was and very few understood what we were trying to achieve. Plus, unlike other sports, football doesn’t have a strong tradition of embracing innovation and technology. That’s why we value so much the boldness of our first partners, Juventus FC and Paris Saint-Germain, who, no surprise, happen to be two of the most innovative brands in sports. The success of these first clubs soon attracted others. Before 2022 we already had more than 100 partners, including global powerhouses such as FC Barcelona, Manchester City, Inter Milan, Galatasaray, Flamengo, Fluminense, etc.” 

He further highlighted the diversity in the adoption rates among these clubs, saying, "Not all clubs have embraced their Fan Token in the same way or at the same pace. Some clubs have hired experts in the space and created specific strategies to develop and leverage the tool to its full potential, while others are taking more time. This is completely normal, that’s why we strive to keep close to them, and support and advise them whatever their strategy is or the goals they want to achieve."

Turning to the current focus of Chiliz and Socios.com, Alex Dreyfus emphasized their commitment to deepening existing partnerships rather than just expanding their number. “Although we are always open to increasing our roster of partners, at this moment we’re currently focused on strengthening the partnerships we already have in place. We do this by adding more utility to the Fan Token through increasing the catalog of benefits and rewards that Fan Token holders can access. But also by expanding the utility through partnerships and integrations with third party platforms, some of which are actually being built on the Chiliz chain, home to the growing SportFi ecosystem. Our vision is for the utility of Fan Tokens to expand far beyond the Socios.com app and unlock access to a wide range of third party platforms and ecosystems,” he explains. 

"The More You Act, The More You Get Rewarded": The Dynamic Uses of Fan Tokens

When asked about the specific use cases for fan tokens, such as voting on team decisions or accessing VIP perks, Alex Dreyfus detailed how they extend beyond these fundamental applications. He remarked, "Voting on team decisions through Fan Polls and accessing VIP experiences are two pillars of the Fan Token proposition, and indeed two of the most popular perks, but there is much more."

Explaining further, he shared, "On the decision side, Fan Tokens have given football fans the chance to make unprecedented calls such as choosing the design of their teams’ home and away kits, the squad number for a new signing, and the name of a new club facility or stadium stand, amongst others. These Fan Polls are very popular because in most cases it’s the first time that fans are being able to take part in these kinds of decisions."

On the experience side, Alex Dreyfus praised the team's accomplishments: "We’re proud to be able to say that we’ve also broken new ground and delivered unprecedented opportunities such as acting as the club’s official speaker for a day and announcing the lineup during a home match (we’ve done this with Argentina, CA Independiente, Millonarios FC, AC Milan, and Real Sociedad, amongst other clubs) or giving fans the chance to take part in the team’s official photo-shoot, which we did this season with AS Monaco and Atlético de Madrid."

He continued to describe how Fan Token holders can access various rewards: "Fan Token holders access these and other rewards such as VIP tickets, meet and greet sessions, and 'play on the pitch' experiences by redeeming the in-app loyalty points that they earn for free each time they engage with the multiple features of the Socios.com app, which include the Fan Polls but also match predictors, trivia quizzes, choosing match MVP, etc."

Highlighting the underlying philosophy of the fan tokens, Dreyfus stated, "A key element of the Fan Token proposition is that it recognizes fans for being active in the community - the more you act, the more you get rewarded."

Expanding the Horizon: New Developments in Fan Tokens and Partnerships 

When questioned about forthcoming developments or partnerships relating to fan tokens, Alex Dreyfus elaborated on the continuous improvements and expansions in their offerings. He highlighted, "We are constantly developing our platform to improve the experience of our Fan Token holders and increase the benefits they can access. In recent months we’ve introduced the Fan Favorite, through which fans can choose their favorite player of each match; the Locker Room, where they can earn points and rewards by locking in their Fan Tokens; and we’ve also improved our very popular Token Hunt feature, which gives users the chance to hunt for Fan Tokens. All these features give access to loyalty points which can be redeemed for rewards."

Discussing further integration of fan tokens into digital ecosystems, Dreyfus shared his excitement about making fan tokens more accessible directly through club websites and apps. "We are also working closely with our partners to integrate their Fan Token in their digital ecosystem and channels, meaning fans can access all the benefits of holding Fan Tokens directly from their club’s website or app. This is something we’re very excited about since it will allow us to make the tool available to hundreds of thousands of fans. In the coming months we will be launching these integrations with a number of partners."

He also revealed details about a significant partnership with Paris Saint-Germain. "With some clubs we are exploring deeper collaborations such as the one we recently announced with Paris Saint-Germain, who has become a validator node on the Chiliz Chain. PSG, the first football club to hire a Head of Web3 (Pär Helgosson), is bringing a very innovative approach to the partnership, pledging to use 100% of its accrued revenue as a node validator to conduct regular PSG Fan Token buybacks to consistently bolster the club’s digital economy for the benefit of their Fan Token holders."

Dreyfus concluded by mentioning the broader impacts of the Chiliz Chain beyond football. "On the other hand, through the Chiliz Chain we are working with multiple startups and developers who are building exciting products, from immersive club-themed digital worlds to football manager games, fitness challenge apps, NFT marketplaces and other exciting products bound to shape the future of sports, that Fan Tokens will be integrated to."

From Football to Formula 1: Chiliz's Bold Move to Dominate Global Sports with Fan Tokens

Alex Dreyfus was asked about Chiliz's plans to broaden the adoption of Fan Tokens beyond the realm of football. In his response, he emphasized the company's extensive reach across various sports disciplines. He stated, "Football is our biggest vertical in terms of partners, because it’s the world’s most popular sport, but we also work with the UFC and the PFL (mixed martial arts), the Davis Cup (tennis), several rugby clubs, Formula 1 teams, and a handful of esports organizations."

Dreyfus further elaborated on the long-term vision for Fan Tokens, highlighting their potential universal appeal and value across the entire sports industry. He expressed strong confidence in the future integration of Fan Tokens, saying, "In the long term, we’re confident that Fan Tokens will be embraced across the global sports industry and will bring value to organizations regardless of their sport and size. In this first stage, global brands with millions of fans across the world and highly professionalized teams and structures are best suited to act as early adopters and pave the path for the rest to benefit in the future."

"Our Best Advocates Are Our 2.2 Million Users": Inside Chiliz's Strategy to Engage Diverse Audiences

During a discussion on the marketing strategies for promoting fan tokens, Alex Dreyfus shared insights into the channels Chiliz finds most effective. He highlighted their multifaceted approach tailored to a broad audience, saying, "We use a wide range of channels (owned, earned, and paid) because we are targeting a very diverse audience: sports fans (especially the fans of our 80+ Fan Token partners), but also blockchain and crypto enthusiasts."

Dreyfus went on to detail the importance of leveraging partnerships and digital influencers to educate and engage their audience. "When targeting and especially educating sports fans, which is more important for us at this moment in time than converting them, obviously our partner’s channels (social media, newsletter, etc) play a key role. But in this era, you also need to lean on opinion leaders and digital influencers, especially brands focused on digital-native audiences as we are. Some of these content creators have stronger engagement rates than the clubs themselves."

He also touched upon the complexities of engaging the crypto community and the success of their digital marketing efforts. "The crypto community is slightly more fragmented, but our digital marketing team has done a great job over the course of these years and Chiliz and Socios.com have a combined growing community of over 1m followers."

Concluding his thoughts on the topic, Dreyfus expressed pride in the authentic support from the user base of Chiliz and Socios.com. "However—and this is not disrespect to the great influencers we’ve worked with and will continue to work with both on the sports side and on the crypto side—I’m proud to say that our best advocates, the ones that communicate our proposition more passionately, are by far our more than 2.2 million users."

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

Image: Synternet x peaq

Synternet integrates peaq, a Layer 1 blockchain, as a Publisher on its Data Layer. This enables developers on the network to build innovative DApps that solve real-world problems. 

Synternet, a blockchain data infrastructure, announced the integration of peaq, a blockchain designed to be the go-to backbone for DePIN and Machine RWAs, as a Publisher on its data layer. The integration will unlock various real-world use cases on Synternet, allowing the development of event-driven applications on the network. Developers will also have a customizable stream of live data from peaq, enabling them to build use cases such as Web3 traffic management, power grid optimization, and advanced analytics etc. 

The integration enables developers on Synternet access to peaq’s on-chain data, including transactions and dataflows from real-world dApps, available as a stream of live data on its decentralized network. In addition, peaq’s on-chain data will allow developers to build analytical tools, dashboards and AI/ML apps as well as leverage event-driven architecture on peaq’s Economy of Things. 

“peaq’s vision of bringing Web3 into the real world has unbound potential, and unlocking this potential in full takes advanced data streaming tools,” says Jonas Simanavicius, CTO at Synternet. “We are excited to bring builders in the peaq ecosystem a versatile and highly customizable data streaming network for DePIN analytics and event-driven dApps.”

A new world of event-driven applications

One of the crucial benefits the partnership brings is enabling developers on Synternet to leverage peaq’s Economy of Things. This allows the creation of event-driven applications which respond to specific events with a predefined set of actions. Within peaq’s Economy of Things, which includes multiple decentralized physical infrastructure networks (DePINs), developers can create several solutions to real-world problems. 

Some of the solutions built on the event-driven application framework include a navigation DApp responding to traffic congestion by rerouting vehicles to alternative paths, a power grid management app engaging extra capacities in peak hours, and an environment monitoring app tapping data from multiple DePINs to flag negative trends. Following the integration, development in event-driven applications is expected to grow, providing infrastructure and live data to build “innovative projects and use cases in the Economy of Things on peaq”, Simanavicius added. 

Adding to its event-driven applications, peaq joining Synternet will also provide developers with a customizable stream of peaq’s on-chain data. This data stream will allow builders to run analytics and data visualizations and build versatile event-powered dApps. 

“Synternet’s capabilities add a versatile and powerful tool for data streaming for anyone in the ecosystem to leverage,” says Till Wendler, co-founder of peaq. “We are certain the integration will bring a lot of value to DePINs building on peaq and are excited to see the novel applications that it will power.”

Finally, as a Publisher on Synternet’s data layer, peaq will provide its on-chain data streams for subscribers who can customize the data flows in line with their specific needs, from keeping tabs on transactions to reviewing data from specific DePINs. This offers subscribers a wider array of data, allowing them to build revolutionary DApps that solve real-world problems. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Monero trading platform LocalMonero is hanging up its hat, citing internal and external factors amid a broader regulatory crackdown on privacy-focused cryptocurrencies.

LocalMonero Shuts Down Operations

LocalMonero, a significant peer-to-peer trading platform for the privacy-focused cryptocurrency Monero, has announced the closure of its operations. The platform, in operation for nearly seven years, communicated this decision through an announcement on its website, dated May 7.

The announcement urged its users to reclaim any funds from their wallets before May 7 to avoid potential loss, as unclaimed funds might be considered abandoned. Effective immediately, all new signups and advertisement postings for Monero trades are disabled. 

Additionally, Monero trading will be disabled on May 14, prompting users to finalize or cancel all trades before that date.

Privacy Coins Under Attack? 

The closure announcement stated, 

“After almost 7 years of operation, due to a combination of internal and external factors, we have made the difficult decision to close our platform.” 

Although the specifics of these "internal and external factors" were not elaborated upon in the announcement, the platform hinted at the broader hostility toward privacy-centric products and services as one of the factors contributing to its decision.

Privacy coins and services, including Monero, have faced increased scrutiny from global finance regulators. In April, the co-founders of crypto mixer Samourai Wallet were arrested on charges of money laundering, indicative of the intensifying regulatory pressure.

Reaction from the Community

Privacy advocate "Seth For Privacy" expressed sadness at LocalMonero's closure, highlighting its role as a cornerstone of the no-KYC Monero ecosystem. He noted the absence of a direct fiat to Monero alternative and suggested that while the platform didn't provide a specific reason, users could speculate.

The shutdown of LocalMonero is seen by some as another setback for privacy coins and protocols. It follows Kraken's termination of Monero support in April for customers based in Ireland and Belgium, along with recent legal action against Tornado Cash.

The Future of Monero

Established in 2017 as the Monero equivalent of LocalBitcoins, LocalMonero acknowledged the growth and maturation of the Monero ecosystem over the years. Despite its closure, the platform's team expressed confidence in Monero's future. They pointed to the imminent launch of decentralized exchanges like Haveno and Serai, as well as the recently announced privacy update called Full-Chain Membership Proofs (FCMPs). They believe that Monero will continue to thrive, with or without their platform.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Mode, a newly launched Ethereum layer two crypto, has soared over 5,000% following its release on Tuesday. 

The token is being distributed via an airdrop, and its recent hype reflects the market’s insatiable appetite for crypto giveaways amid bullish trading conditions.  

Mode Price Soars as Analyst Hails Network Adoption

Mode is the latest in a long line of high-profile crypto projects to bring a token to market via airdrop.

The project follows in the footsteps of recent airdrop sensations like Wormhole, Ethena, Friend.tech, and Jupiter.

However, Mode distinguishes itself from these projects through its unique blockchain use case, establishing modularity in the Ethereum layer 2 circuit with a focus on DeFi.

The Mode ecosystem also introduces “layer 3” blockchains, which are low-cost, high-throughput customizable rollups that settle on the Mode network.

Mode’s efforts have carved new financial incentives for network participants, helping bolster the project’s adoption. These initiatives include its airdrop and sequencer fee sharing.

MODE is the network’s native utility token, and it will be used for governance and as a means of transferring value within the ecosystem.

Well-known analyst The DeFi Investor recently hailed the project, dubbing its momentum as impressive.

“Mode’s TVL grew by 150% in the past 30 days. Its season two airdrop has just started and 25 protocols will deploy in May, such as Velodrome &  Balancer. The fact that Mode became a top six L2 by TVL in three months is impressive,” he wrote.

Currently, Mode is trading at $0.05005, up 5,000% since launching. It holds a $64 million market cap and a $38 million 24-hour trading volume. 1.3 billion MODE (13% of its total supply) is currently in circulation.

The token has already been listed on several centralized exchanges, including Bybit, Gate.io, Bitfinex, and MEXC. Some exchanges have also launched Mode giveaways to celebrate its token launch.

The project is also trending on CoinMarketCap today. 

3 Other Crypto Aidrops to Watch

Mode’s launch has been successful so far; a repeating phenomenon within the airdrop sector.

As such, let’s explore three other ongoing airdrops to watch this month.

99Bitcoins Token

Based on our analysis, one of the top airdrop projects to watch right now is the 99Bitcoins token.

99Bitcoins is a prestigious media outlet that launched in 2013 and boasts over 700K YouTube subscribers and 2.8 million email subscribers. The project recently launched a Learn-to-Earn layer, which also introduced the 99Bitcoins token to the market.

It is currently undergoing a presale, having raised $1.1 million so far. The price is $0.00104, but this will rise throughout the campaign. The next uptick will be in six days or when the total raise hits $1.8 million.

The new $99BTC token will provide numerous utilities, including BRC20 tools and education, crypto trading signals, a VIP group, staking, and more.

In celebration of the presale, 99Bitcoins has launched an airdrop, giving away $99K worth of Bitcoin to be split between 99 winners. 

There are 11 ways to enter, each of which is explained on the 99Bitcoins presale website.

Visit 99Bitcoins Token Website

Ethena 

Ethena is a DeFi protocol whose main offering is a yield-generating stablecoin. The project launched ENA, its native governance token, via an airdrop in April. 

However, with just 10% of the token’s total supply in circulation, there are more airdrop giveaways in the pipeline.

Ethena’s synthetic dollar currently offers an impressive 15.3% APY, but holders can generate even higher annual rewards through DeFi protocols like Pendle.

The ENA governance token enables holders to make decisions on the project’s future.

Analyst and airdrop farmer Sezo.eth recently explained that the Ethena airdrop season two is ongoing, and users can bolster their chances of eligibility by locking ENA tokens in the project’s staking layer.

In addition to boosting community engagement, the move will also stoke token demand and alleviate selling pressure. 

ENA has a total supply of 15 billion tokens. The current price is $0.904, up 4.3% today, 18.9% this week, and down 20% this month.

ZkSync

ZkSync is another cutting-edge Ethereum layer 2 network. The project is laser-focused on bolstering scalability while maintaining decentralization and security. 

To achieve this feat, the project has introduced “ZkRollups.” These rollups compute transactions off the main Ethereum L1 chain and then supply compressed data to Ethereum Mainnet as proof of their validity, called ZK-Proofs.

This is a huge breakthrough in the L2 circuit. Previous renditions, such as optimistic rollups, sidechains, and plasma chains, were all unable to match the balance of scalability, decentralization, and security that ZkRollups offer.

ZkSync is one of the first chains to implement the technology and has an ongoing airdrop for its native token.

Users can gain eligibility by adding the ZkSync network to their MetaMask wallet, bridging funds using Rhino.fi, and then interacting with ecosystem dApps like SyncSwap, zkSync id, and zkSync Name Service.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.