Author: Robert Drage

Robert is a freelance researcher, with a background in information science currently interested in blockchain technology and technical developments in the field.

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Bitcoin Mining Crypto News Digital Asset Mining Industries

Intel Set to Launch a More Energy-Efficient Crypto Mining Chip

Semiconductor giant Intel could be about to join the Bitcoin mining business with a new chip designed to make the process more efficient.

Intel is poised to unveil a new crypto mining chip at one of the foremost conferences on the advancement of chips and circuits, at next month’s International Solid-State Circuits Conference (ISSCC).

On the agenda for February 23, day four of the confab, is the Q&A of “Bonanza Mine”, an “Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC” which might step into the ring this year with other ASIC miners such as those provided by Bitmain and MicroBT. Application Specific Integrated Circuit (ASIC) miners are special processors designed to execute one type of workload, making them ideal for mining compared to GPUs.

Intel’s Bitcoin mining ASIC presentation set for ISSCC on February 23.

ASIC Miners Set to be a Game Changer

Details are limited but considering the focus on sustainable Bitcoin mining over recent months, the new ASIC miners could be a game-changer for the company expanding into new avenues. Bitcoin mining is becoming more prevalent all over the world; in Australia, for example, Sydney-based crypto mining company Mawson has acquired 17,352 ASIC bitcoin mining rigs.

In an interview in December, Intel’s Accelerated Computing Systems and Graphics (AXG) senior vice-president Raja Koduri hinted that the company might be working on something for the crypto industry: “Being able to do much more efficient blockchain validation at a much lower cost, [using] much lower power, is a pretty solvable problem. And we are working on that, and hopefully not too far into the future we will share some interesting hardware for that.”

Intel Could Bring Mining to the Mainstream

In general, ASIC manufacturers price their components highly since they rely on third parties to produce their chips, and miners are notorious for their supply shortages. Last year there were major shortages of GPUs due to miners snatching them up, which led US manufacturer Nvidia to implement limiting software to prevent them being used for mining.

Intel could become a significant competitor purely because of its capacity to produce a large supply of chips. By cutting the main cost of electricity, mining becomes more sustainable and affordable, thereby also increasing profits. Even on a small scale, an Australia piggery has done this by using excess methane to power its Bitcoin mining sideline.

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Blockchain Crypto News Markets Privacy Tokens

Privacy-Focused Token SCRT Pumps 64% in a Week Amid ‘Shockwave’ Announcement

The Secret Network (SCRT) has seen considerable price movement since the launch of its new bundle of upgrades, Shockwave, aiming to improve the network and get more builders on the chain.

Shockwave Ripples Through the Down-Market

After launching its new upgrade on January 12, SCRT has seen a near 65 per cent rally in the past seven days from a low of US$5.6 to $9.34 at the time of writing, fighting against the current down-market.

The announcement has sparked interest in those who want to both invest and build on the privacy-centric chain, with its US$65 million total value locked (TVL) and total market value of US$1.3 billion at the time of writing.

SCRT 7-day price movement: CoinMarketCap

Adoption and growth are SCRT’s major focus for 2022 and could have a further positive impact on the price. There is also more potential upside after the SCRT token’s listing on FTX, giving it exposure to the major US exchange’s large client base:

Previously, the SCRT token spiked after the project launched its privacy based non-fungible tokens (NFTs) on the OpenSea marketplace.

What Does Shockwave Entail?

SCRT is the only blockchain network to have run private smart contracts on its mainnet for over a year, and in Q4 2021 integrated the Cosmos Inter-Blockchain Communication protocol (IBC) to help optimise the network and add liquidity.

The endgame of Shockwave is to turn Secret Network into cryptocurrency’s privacy-preserving hub, something that’s made possible thanks to Secret’s use of Cosmos’s IBC.

CoinBureau

With Web 3 security and privacy at its heart, SCRT has its eyes on expanding the ecosystem, with the project showcasing some major actions planned in 2022. The chain wants to create funding and incubation opportunities while empowering developers with better tools and support. In so doing, the community can grow and empower itself with a vast array of functionality at its fingertips.

According to Secret’s blog, the network has set the following goals for the first half of 2022:

  • get 100 new projects building in the Secret ecosystem;
  • have hundreds of thousands of new users onboarding onto Secret Apps; and
  • launch multiple Secret Apps achieving 10,000+ active users.
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Crypto News

LinkedIn Report Shows Crypto Job Ads Surged 395% in 2021

As the blockchain industry continues to expand, the sheer number of new crypto projects has skyrocketed – not including those that are opting to integrate the technology into their existing businesses. This has caused a rapid spike in job opportunities for those with experience in the nascent industry, as a new LinkedIn News report shows.

A Boom in the Crypto Job Market

Only a year or so ago when you looked at the number of cryptos listed on CoinMarketCap, you would have found about 7,000-8,000. At the time of writing, that number is closer to 17,000, an obvious indicator that the crypto job market has exploded.

According to capital markets research firm PitchBook Data, US$30 billion went into crypto and blockchain startups in 2021, increasing the demand for people who can build and market in the space. With most of the opportunities coming from US states, these are limited to LinkedIn and do not include other countries’ main hiring sites.

According to the LinkedIn report, analysis conducted on the current job market has shown a massive increase in crypto-related vacancies. Postings containing terms such as “bitcoin,” “ethereum,” “blockchain” and “cryptocurrency” grew 395 per cent in the US from 2020 to 2021, outperforming the wider tech industry by nearly 300 per cent.

Specific Types of Jobs Available

Recently, massive tech and finance firms including Apple, Microsoft and JPMorgan have been hiring talent in the crypto sector, while some of the best and brightest in the traditional tech industry have left to be part of the transition into Web 3.0.

The LinkedIn report added that “most of the job postings were in software and finance, [while] other industries are also seeing a rise in demand for crypto talent. These include professional services like accounting and consulting, as well as the staffing and computer hardware sectors.”

Categories
Blockchain CBDCs China Crypto News NFTs Regulation

China Plans to Create NFTs on a State-Backed Centralised Blockchain

China has created its own version of non-fungible tokens (NFTs), which are in no way linked to any cryptocurrencies or public blockchains and will be running on its state-backed Blockchain Service Network (BSN).

China’s Blockchain to Support NFTs

According to the South China Morning Post, BSN will be rolling out a new infrastructure that will support the use of NFTs called BSN-Distributed Digital Certificates (BSN-DDC).

The ban on cryptocurrencies in China doesn’t necessarily affect the use of NFTs, with one of the technical advisers to BSN stating that NFTs “have no legal issue”. Mainly it’s important that they do, however, distance themselves from cryptocurrencies.

The platform is poised to launch by the end of the month and only Yuan will be permitted for transactions. The main reason public blockchains have been outlawed is that regulators cannot intervene in events classified as illegal, as well as the fact that the state requires all internet systems to verify user identities, which usually isn’t the case with public decentralised applications.

BSN-DDC Could Disrupt the Industry

The BSN-DDC is compatible cross-chain and according to the report, issuing an NFT could cost as little as 0.05 yuan (A$0.01). At the moment the biggest NFT market is for digital art, but China is looking more at using it for certificate management.

NFTs in China will see annual output in the billions in the future.

He Yifan, chief executive officer, Red Date Technology

The expected rise of NFTs in China is in part also due to the platform that will “offer application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs”.

China’s Solution to Monitoring Chains

According to the report, Red Date, a technical support provider to BSN, has come up with a solution to govern blockchains in China. By connecting them to the open permissioned chain run by China Mobile, China UnionPay and State Information Centre public chains can be “localised”.

Red Date CEO He Yifan also added that since 2018, more than 20 public chains have undergone this process and with the new BSN-DDC another 10 will be integrated including “the adapted version of Ethereum and Corda, plus domestic ones like FISCO BCOS”.

China has long been working on blockchain technology and was even one of the first countries to start research on CBDCs. The Digital Yuan will even be controlled by Smart Contracts, with China’s mobile CBDC wallet launching ahead of the Winter Olympic Games.

Categories
Blockchain Crypto Exchange DeFi Markets Tokens

Bullish Signals Push DeFi Token ATOM Up 90% in the Past Month

The Cosmos blockchain (ATOM), one of the OGs in the space, has seen exceptional growth in the past month through the sea of red washing over the market, thanks to its cross-chain approach and new decentralised exchange (DEX).

A Cross-Chain Future for Cosmos

Cosmos is a community-owned and operated blockchain, and one could say it functions as a layer 0 on which other blockchains can be built and liquidity shared between chains. Cosmos can connect and exchange data and assets with other sovereign blockchains; this is made possible by using the Inter-Blockchain Communication protocol (IBC).

This technology is now being used to connect various blockchains and is considered “the safest and most secure and decentralised way to move assets across different blockchains, unlocking interoperability across multiple chains”.

ATOM Price Spike

During the past month, the ATOM token has soared close to 90 percent from just over US$21 on December 14 to around $40.83 at the time of writing. With an estimated US$162 billion in digital assets under management and 262+ dApps and services, the chain is poised for further growth.

As more chains are bridged, the total trading volume will increase. Since the release of cross-chain bridges that connect the Cosmos (ATOM) ecosystem with other Ethereum (ETH) Virtual Machine (EVM) compatible networks, the trading volume has expanded considerably.

OSMO price and DEX trading volume. Source: Token Terminal

Ups and Downs for Osmosis

Osmosis (OSMO) is one of the first DEXs to service chains connected through the IBC, and has already begun benefiting from its position. One week ago it was in the top 3 DEXs, however, at the time of writing, the exchange had gone down to rank 12th.

OSMO’s massive increase in trading volume has also been one of the factors causing the price to surge 81 percent from a low of US$4.05 on December 17 to a new all-time high of US$9.57 on January 12.

Categories
Accommodation Blockchain Crypto News NFTs Real Estate

Crypto Community ‘Satoshi Island’ in Vanuatu is Offering Citizenship NFTs

Satoshi Island in Vanuatu is a real world blockchain use case where citizenship and all assets and rights are non-fungible tokens (NFTs) built on top of a decentralised financial system only operating in crypto.

In the South Pacific, nestled among the other islands of Vanuatu, there is a 297-hectare private holding called Satoshi Island under development to become a sustainable smart city dedicated to the crypto community.

Get Your Own Piece of Satoshi Island

The developers want to create a place where crypto enthusiasts and professionals can converge, with the goal of creating “the crypto capital of the world”. Individuals wanting to attain citizenship and own a piece of land on the island can do so by getting their hands on a Satoshi Island NFT:

The island will be built with blockchain technology at its heart, running the first real world crypto economy built on an entirely decentralised financial system and blockchain-based democracy. The developers of the island also welcome crypto projects to set up shop, offering the community networking opportunities and a way to live and work among like-minded people. With events planned all year round, inhabitants only need to keep their ear to the ground.

Concept house on Satoshi Island. Source: satoshi-island.com

With the first stage of development already completed, early visitors will be greeted by classic-style villas. As the project progresses, the island will be further developed with ultra-modern modular sustainable houses and offices designed by renowned Hong Kong-based architectural firm Cybertecture.

Concept offices on Satoshi Island. Source: satoshi-island.com

This idea is not unheard of; just last month, a group of cryptocurrency investors gathered capital through crowdfunding a Decentralised Autonomous Organisation (DAO) to buy a tokenised island in the Bahamas.

Get a Citizenship NFT for Satoshi Island

Anyone can visit Satoshi Island, but by holding a Citizenship NFT there are exclusive benefits to be had. These NFTs will be limited to 21,000 and will be released in collections. First-edition citizenships will be granted via airdrop to early supporters of the project, as detailed on its website.

The benefits of holding a Citizenship NFT are:

  • voting rights on policies that govern the island;
  • access to long-term accommodation at lower rates not available to short-term visitors; and
  • citizenship holders with Land NFTs can develop property on their chosen space.

Island Has 2,100 Blocks of Land NFTs 

The island has been subdivided into 2100 unique blocks of land, which anyone can own by purchasing a Land NFT. Each block is large enough to build a house on and those who own multiple Land NFTs can combine them to develop office blocks, mansions, or even apartment complexes to add to a unique property portfolio.

The private opening is envisaged for Q4 2022 with the public opening scheduled for Q1 2023. Once Satoshi Island is privately opened, citizens can visit short-term. After it is publicly opened, properties can be developed, occupied, or rented out to short and long-stay guests.

Categories
Gaming Industries NFTs Play to Earn

SEGA Backtracks on NFT Plans after Fan Backlash

SEGA has put its NFT plans on the backburner after copping considerable backlash from players across the globe, many of whom are calling it another “money grab” scheme from gaming companies.

Following a SEGA management meeting held on December 24, SEGA president and CEO Haruki Satomi mentioned that his views on the play-to-earn model were still to be decided. However, back in April 2019 when the company announced to some of its global customers that it was going to produce NFTs, some responses had been “negative”.

Satomi added that “if it is perceived as simple money-making, I
would like to make a decision not to proceed”. At the moment, there seems to be an uprise from gamers against the P2E model and NFTs built into games, especially in the light of what happened with Ubisoft Quartz last month.

As companies continue to gauge the reaction of this new wave of in gaming going forward, others are jumping in head-first. Recently, the creator of SimCity launched an NFT game in which players are also creators, but it is seen more as an educational game.

Not All Gamers Like NFTs

Gamers worldwide have been growing tired of big gaming companies finding new ways to make money off their clients, before loot boxes were even a thing. For some, adding NFTs looks like another way to make just that happen.

SEGA’s Vision of a Metaverse

Satomi also briefly touched on the metaverse, stating that as a concept it would possibly change in the next five years. He sees the metaverse as a place where a community can gather, but says that shouldn’t be the be-all and end-all of a game.

We want to make Super Game as a game that supports global and multi-platform with having a network and a community. If such a game has a competitive element called PvP [player vs player], it could turn into an e-sport.

Haruki Satomi, president and CEO, SEGA

The creators of Sonic added that if they ever go into the blockchain space, they would “work with partners on new technologies and domains, including NFTs, rather than dealing with them in-house”.

Categories
Crypto Exchange Crypto News Crypto Wallets Cryptocurrencies Hackers

Crypto Exchange LCX Hot Wallet Hacked for $7.94 Million

Liechtenstein-based crypto exchange LCX has had one of its hot wallets compromised, the hacker getting away with almost US$8 million in various cryptocurrencies.

First Big Hack of the Year

On January 9, the LCX team and crypto-security firm PeckShield detected a breach of one of the LCX hot wallets. On further inspection, it was established that the theft had taken place on January 8 between 11:23pm and 11:37pm CET.

Only LCX Hot Wallet Compromised

According to the LCX update, the hacker got away with an estimated US$7.94 million in Ethereum (ETH), USDC, Sand Token (SAND), LCX Token (LCX), and various others. The exchange did, however, manage to freeze US$700,000 and commented that none of its users or other LCX wallets were impacted.

Coins stolen by the LCX hacker. Source: Etherscan

The assets were moved to the hacker’s ETH wallet address (0x165402279F2C081C54B00f0E08812F3fd4560A05), which has since been flagged. In the meantime, the platform has paused all deposits and withdrawals, and the incident has been reported to several Liechtenstein authorities. It hasn’t yet been revealed how the hacker got access to the hot wallet.

Hopes for a More Secure DeFi in 2022

This latest hack follows on the heels of the US$200 million BitMart hack that took place in early December and the $450 million Bilaxy hack just before that.

Last year was a rough one for the DeFi ecosystem, having sustained an estimated US$10.2 billion in losses from hacks, bugs, fraud, exploitations and other malevolent activities, according to a report by IMMUNEFI. This represented a 137 percent increase on the losses suffered in 2020.

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Crypto News Ethereum Gas NFTs

Ethereum Layer 2 NFT Marketplaces Aiming to Reduce Gas Fees

With non-fungible tokens (NFTs) still steadily on the rise, gas prices and network congestion have continued to be an issue, pushing developers to build on Layer 2 solutions.

The Problem with Layer 1 Solutions

One of the common problems with NFT marketplaces built on Layer 1 (L1) solutions is that they have high gas fees and during periods of high congestion, transactions can also take longer to process. When more complex transactions are processed from DeFi, NFT marketplaces, and other applications, TPS (transactions per second) rates decline rapidly and as a result gas costs go up.

Because of these challenges, Layer 2 (L2) solutions, or ‘side-chains’, become a possible answer to the problem.

The Argent Layer 2 Solution

Argent X is an L2 built on StarkNet which aims to reduce gas fees by using zk-rollup (zero-knowledge-rollup) technology. This mechanism brings gas fees down to the minimum because it batches transactions, which are then verified off-chain using an on-chain verifier. This ease means a batch can be sent to Layer 1 and verified in a smart contract for frictionless transfers between L1 and L2.

Since its inception, StarkNet has settled over 50 million transactions and US$250 billion since the summer of 2020. By allowing developers to build on their platform they could save potential customers a pretty penny in gas fees.

Argent is crypto’s iPhone moment – highly secure with a user experience that rivals the best traditional finance apps.

Wouter Kampmann , head of engineering, MakerDAO

According to StarkNet’s official blog, “StarkNet allows any dApp to achieve unlimited scale for its computation, without compromising Ethereum’s composability and security, thanks to its reliance on the safest and most scalable cryptographic proof system — ZK-STARK.”

After its Alpha launch on December 29, StarkNet has encouraged developers to start building, though also stating that it has yet to be audited and that users should be aware it is in the Alpha stage.

Buy Crypto on Layer 2 for Only a $1 Fee

The Argent platform that uses StarkNet can give users “up to 100X cheaper fees than Ethereum thanks to zkSync’s [a rollup technology] Layer 2 network. With near-instant speed.”

The platform can also use a card, bank transfer or Apple Pay, with very low fees.

Categories
Crypto Art Crypto News Investing Markets NFTs

OpenSea’s Value is 880% Higher Than a Year Ago Following its Latest Fundraising Round

OpenSea has raised US$300 million in its latest funding round, bringing the largest non-fungible token (NFT) marketplace to a US$13.3 billion post-money valuation and adding to the project’s massive growth in sales and user participation.

Paradigm and Coatue led the funding round with participation from new and existing investors.

We are excited to work with these incredible partners, thinkers and builders who collectively bring a depth of experience in Web3, NFTs, and best-in-class consumer experiences.

OpenSea blog post

Via the blog post, the project also announced its new VP of Product, Shiva Rajaraman, whose CV includes stints at Meta, YouTube, Spotify and WeWork. OpenSea’s previous head of product was Nate Chastain, who left the company after it was discovered he had used inside information to buy NFTs before they appeared on the marketplace and sold them at a profit.

OpenSea Sees Massive Growth in 2021

The US$13.3 billion valuation figure OpenSea is reporting demonstrates the growing appeal of NFTs, which can be used as blockchain-based deeds of ownership to any form of digital item. As a testament to their growth, in July 2020 OpenSea was valued at US$1.5 billion after a Series B funding round.

The marketplace has not been slowing down, posting its third-best trading day ever on January 2 with US$243 million in Ethereum NFT volume. OpenSea has recorded US$14.68 billion in sales across 1,387,357 traders worldwide, as well as a major increase in user activity.

Participants Want OpenSea to be User-Owned

Earlier this month, some of the NFT community questioned OpenSea’s ability to intervene in the workings of the platform when it froze 16 NFTs stolen from a collector.