Categories
Blockchain Gaming

25+ Exciting Blockchain Enabled Games

Its great to see so many new games are integrating blockchain technology to power features such as in-game cryptocurrency, native tokens, digital collectables, asset trading, enhanced randomness and more.

Lets take a look at some of the most exciting blockchain enabled games to hit the gaming industry this year.

CSC | Space MMO

CSC Space MMO blockchain-based game

CSC is one of the most visually stunning blockhain supported games available at the moment, as you take an adventure on a space ship through the cosmos. It is essentially a deep space MMO fast-paced combat game, where you will find a robust player economy and an un-paralleled crafting experience. Players can travel through the cosmo space, jumping into the star systems, and discover mines, treasures, steller bodies, and more random things. In the game you may also encounter random pirate ships and battle against other players online for resources and control. The in-game trading system called “GFC” token is backed by Ethereum ERC-721 and supports buying/selling of all items including ships, ship skins, module upgrades, supplies, weapons, and armour. The game is free to download and play on Steam.

AxieInfinity 

AxieInfinity blockchain-based game

AxieInfinity lets you enjoy multiplayer battle gaming a beautiful pixie type environment, where each Axie is a delicate looking mythical creature that has so many hidden traits. This game has over 250,000 players and wholeheartedly promotes and runs using the Ethereum cryptocurrency. Axies are digital pets that have 6 different body parts – each part can be selected from hundreds of different types, having their own unique powers so every Axie posses 6 powers combined. There are categories of Axie based on power level, rarity, and traits and you can raise them on farmland in-game that involves pet raising, breeding, and battling, allowing you to play this all day without getting bored. As it is a blockchain-enabled game, you own your data, nobody has any access to your game data, not even the company itself. 

SandBox

SandBox blockchain-based game

SandBox is one of the most awesome open-world experiences that you will ever play. It is a community-driven “Minecraft like” game platform where gamers can monetise voxel assets and experience gaming on the blockchain. What makes this game so great is the freedom to design your character in any way you like, and you can earn money from almost anything in-game. Characters, clothing and other assets can be bought and sold using the SAND cryptocurrency on the Sandbox marketplace, or you can transfer it to others and still earn points, and if you get enough accumulated points, you can withdraw it for real cash.

Dissolution 

Dissolution blockchain-based game

Dissolution is a free-to-play FPS game that will take you into a world full of rogue AI, 400 years into the future. The solar system is invaded by numerous rouge group of powers are in chaos, and players from all around the world are thrown into this chaotic deep space environment. Each player is placed into desolate places surrounded by hostile environments to compete for resources and territory. It has both PVP and PVE features with real-world simulations allowing you to team up with your friends and rage into this epic game. Most importantly, this game is blockchain-enabled so whatever you achieve through your journey with Dissolution, you earned it yourself and get to own it yourself. They have recently announced the game will be going live on Google Play as a mobile game too.

9 Lives Arena

9 live arena blockchain-based game

9 Lives Arena is a highly competitive and fast paced online RPG game that solely focused on FPS “hack’n’slash” gaming. This skill-based PVP game is packed with tonnes of adrenaline rush as you survive and defeat other players with special weapons and spells. In the shop you can buy anything from a samurai sword to a wingsuit to power up your character ready for battle. All items are uniquely customised and tradable on the Ethereum blockchain.

Blankos

Blankos blockchain-based game

Blankos aka Blankos Block Party is a mischievous MMO RPG online game, multiplayer epic battle royal game modes. With this game you can go on solo quests and unlock new rewards to trick out your Blankos, or grab a squad and compete in epic block parties. Features let you race, jump, play, and shoot with your friends. The producers made a stunning vibrant gaming world that resembles a giant block party with custom art designs, world-building & exploration, and collector avatars. You can play Blankos online using cryptos and it’s now available on Windows 10.

Evolution Land

Evolution Land blockchain-based game

Evolution Land is a virtual simulation blockchain game that supports cross-chain interactions. The game will have up to 26 continents, each of which is deployed on a different public chain. Two continents have been built so far and have been deployed on Ethereum (Atlantis Continent) and Tron (Byzantine). On your land, your apostles can be deployed to manage mines, farms, and can even be doctors or musicians. What makes this game interesting is that it has an open SDK so developers can build their own Dapp’s which can be deployed on Evolution land.

WarRiders 

War riders blockchain-based game

WarRiders is the first blockchain enabled MMO RPG game where people can earn cryptos by destroying opponent’s cars. It is a full-fledge 3D game with tonnes of dangerous rides and weapons, where each player gets to choose his ride. Rides can be bought with Benzene, the only cryptocurrency available on the chaos and bloodstains and integrated with the MetaMask browser extension. The currency converts approximately 1 BZN = AUS$0.8 USD allowing you to equip yourself with the most powerful weapons and destroy through enemy lines. You can also earn money through hardcore playing with WarRiders’s in-game currency.

Age Of Rust

Age of rust blockchain-based game

Age Of Rust is a blockchain enabled far future world apocalyptic game that will take you into an android robotic age in 4424. The game plot opens a sci-fi premise on a stasis gone wrong on a colony ship, as you wake up in an unfamiliar world surrounded by rogue machines and monstrous weaponry. Half post-apocalyptic and half cyberpunk, Age Of Rust takes adrenaline on your nerves on every scene. It is a single-player 1st person shooting game with stunning graphics and physics. You can use Ethereum as the game currency as it supports crypto wallet and ETH tokens to fight and and earn coins. Age of Rust Season 1 game is now available on Steam.

Crypto Kitties

Crypto kitties blockchain-based game

Crypto Kitties game is fun, full of surprises, and lots of collectible things around as a fully blockchain enabled MMO game with RPG fighting stimulations. CryptoKitties was one of the first blockchain-based games, where you can bring any two cats together (male & female) and breed a new cat. The new cat is one-of-a-kind, and 100% yours, stored on the Ethereum Blockchain, and can you can buy & sell your cats with the community.

Gods Unchained

Gods unchained blockchain-based game

God Unchained game is a free-to-play trading card based game which uses blockchain to store your cards and collections. This game was invented by ex-Google and Riot engineers, founded by the largest gaming investor in the world. If you are a lover of magical cards, surely you can’t resist Gods Unchained as it has thousands of characters as cards, each presents a unique power within a certain power division. The game has made a world record in 2019 where millions of players have spent $85 billion dollars in this super high-level graphic 3D trading card game.

Hash Rush

Hash rush blockchain-based game

Hash Rush is an online sci-fi/fantasy RTS game plotted on the fictional Hermeian Galaxy, where you can play, build, fight, and trade your commodities for ‘Galaxy Points’. Then, you can trade those points for skins and Ethereum or Bitcoin. As you proceed further into the game, you will unlock the mining colony, monster battles, and crystal trading. The most difficult task on Hash Rush is Crypto crystal mining, as successful miners will receive tokenised blockchain rewards as well as in-game items, bonuses, and prizes.

UpLand

Upland blockchain-based game

UpLand is a google map powered parallel world where users play, operate businesses, and connect with more Uplanders. This virtual game is kind of based on the concept of the classical Monopoly game where users can buy, sell, trade, and navigate virtual properties that are pointed using the real-world reference. As it’s a blockchain enabled game, the owner of the virtual assets are real people and the digital assets are stored on the Blockchain as NFTs. The UPX cryptocurrency fuels an open market economy in the game as users buy and sell NFT properties. This game is available on both Google and Apple platforms.

Neon District

Neon District blockchain-based game

Neon District is the cyberpunk role-playing adventure and flagship game developed by Blockade. Leveraging the latest in decentralized technologies, players battle to progress through a sci-fi dystopia and earn in-game NFT (non-fungible token) items. You can buy and sell items such as characters, gear, craft, level up teams, swords, hats and more than 1 billion NFT items are available for purchase on OpenSea NFT marketplace.

The Six Dragons

Six Dragons blockchain-based game

The Six Dragons is a fantasy open-world RPG game filled with rich graphics and resources inside a stunning 64 square kilometre digital world. The game takes you into a decentralized environment where swords and magic are your main weapons to survive. You can build safe houses with over 300 different crafting options, make vaults, collect weapons, and roam around the villages to hunt monsters. The Six Dragons game allows you to trade items between players or sell them in an online “Blockchain Blacksmith” cash store. The game has also recently introduced cryptocurrency Chainlink Oracles for on-chain verified randomness for in-game interactions.

Crypto Wars

Crypto Wars blockchain-based game

Crypto Wars game is a Japanese based blockchain enabled game with a decentralized civilization theme. It is free to play world MMO game with thousands of unique skins and armory, where you can build houses, workstations, cattle-farms, and more on your village as well as customizing everything. You can go for war with others and take command of their territories to earn ETH crypto as everything you obtain will be stored in your blockchain wallet, completely sealed from others. Who thought you could earn money playing a strategy game?

Blockchain Cuties

Cuties blockchain-based game

Blockchain Cuties is a new multi-blockchain enabled online game based on crypto collectibles and adventures. You can play this game with puppies, lizards, bear cubs, cats, and other real & fantasy world creatures called “Cuties”. You can collect them, breed them, test their battle skills, train their attire, equip them with a ton of arms, and more. Each Cutie is 100% unique and is owned by you only as stored on the Ethereum blockchain as an NFT.

EGamers.io

Egamers.io

EGamers.io is a crypto gaming community for seasoned gamers, where thousands of gamers collaborate together from every part of the world. It gives latest news feeds about gaming market updates and existing blockchain games as well as dApps. You can visit their website to find lots of cool stuff which support blockchain technology.

Epix Industries

Epix Industries

Epix Industries (formerly PixEOS) is a new NFT community for brands, artists and their fans. Everything on here is fully digital, which means each piece of art doesn’t exist in the real world, but exists on the Blockchain as a token. Epix is creating NFT collections for digital fashion, cyber myths, hip hop music icons and other interesting topics.

My Crypto Heroes

My crypto heroes

My Crypto Heroes is an RPG battle enabled game that is built on the Ethereum blockchain. The game is inspired by mythical world heroes where you can run quests, search for rare items, and battle against other players for dazzling rewards and fame. My Crypto Heros was the world’s number one blockchain enabled game based on daily activities in 2019 as voted by DappRadar.

Brave Frontier Heros

Brave Frontiers

Brave Frontier Heroes is the partner game to My Crypto Heroes as it combines the proven gameplay of Brave Frontier with the proven game economy of My Crypto Heroes. By playing the game, you will own Brave Frontier characters (Units) and weapons (Spheres) as digital assets, secured by blockchain technology. This allows you to freely buy and sell those assets to others, or even use them between other worlds.

Splinter Lands

Splinter Lands

Splinter Lands is a fantasy world next generation online collectable card game, aiming to replace traditional physical cards. The idea of this game is to collect cards, trade and earn rewards through tournaments, ranked play, and quests – with over $275,000 dollars in prizes so far. Splinter Lands supports cross-conpatiability blokchains to Ethereum, Tron and WAX so you can earn HIVE tokens and trade them.

Sky Weaver

Sky Weaver

Sky Weaver is a new Ether-powered trading card game set to be launched in late 2021, with a BETA game already live in action to try. One fan described the game as “SkyWeaver is a brand new gaming experience that resurrects all the fun of childhood collectible card games – in a browser – and with the ability to trade cards just like in the old days”. The game is available on Windows, Apple macOS, Linux, iPhone, iPad and Android.

Crypto Emoji

Crypto Emojis

Crypto Emoji is a unique game built on the concept of “Emojinomics” which give you the freedom to design and create emojis and compete with other players. Unfortunatelty, it looks like this game is now discontinued.

CropBytes

CropBytes

CropBytes is a decentralized farm simulator game with an open world feature, allowing you to can earn crypto real-time from your in-game NFTs. The game launched in 2018 and now has over 80,000 players world wide. This game lets you enjoy your free time by building farmlands, growing crops, and raising cattle. You’ll need to feed your animals once by purchasing fruit coins (FRF) from the market and water them daily, similar to a Tamagotchi (if anybody is old enough to remember those – if you forget to feed them they die!). It is important to note that the in-game assets (Game Coins) are currently not stored on a blockchain, but they so offer up to 500 TRX tokens for referring a friend to join.

Categories
Australia Blockchain Crypto News

ASX Brokers Are Spending Millions to Adapt to the New Blockchain-Based Upgrade

It seems stockbrokers are having a rough time adapting to the high cost of the new upgrade to the Australian Securities Exchange’s (ASX) broker platform, CHESS (Clearing House Electronic Subregister System).

During a Senate economic committee hearing, Judith Fox, CEO of the Stockbrokers and Financial Advisers Association (SAFAA), said the implementation of blockchain technology had resulted in elevated costs for the group’s members as they try to adapt to the new trading platform.

Many of our members are spending millions of dollars in order to be able to interact with the new distributed ledger technology [DLT] that the ASX is implementing.

Judith Fox, CEO, SAFAA

The ASX, which regulates Australia’s A$2.5 trillion sharemarket, partnered with Digital Asset in 2016 to develop a prototype based on blockchain technology.  The new system runs on the VMWare blockchain and uses the DAML smart contract language.

The project has been delayed on various occasions to allow participants and regulators to adapt to the volatility of trading early in the coronavirus pandemic, but it should be fully live in April 2023.

Higher Cost of Messaging

The platform creates a “single source of truth” through blockchain technology. In the previous version of the ASX, messages were sent back and forth creating multiple records of ownership.

Now, brokers who use the messaging function may have to pay higher costs associated with the ASX’s upgrade, depending on how they use it. “This was a change that people requested,” a spokesman told the Australian Financial Review newspaper.

This will be primarily due to the manner in which they connect, the features they wish to use, or their need to integrate the new system into their downstream environments. Customers have choice about how they wish to interact with the new CHESS system. The choices they make will determine the costs.

ASX spokesperson

Categories
Blockchain

Top 10 Crypto Blockchain Explorers

Here are what we think are the Best Crypto Blockchain Explorers to help you explore, track and verify your Bitcoin & cryptocurrency blockchain transactions online.

Blockchain Explorer Comparison

Explorer NameSupported Blockchain Networks
Blockchain.comBTC, BCH, ETH
BlockstreamBTC
BlockchairBTC, ETH, ADA, DOGE, XRP, BCH, LTC, ZEC, XMR, DASH, XLM, BSV, EOS, XTS, XEC, GRS
ChainzBTC, LTC, DASH, BAY, DGB, DFI, UFO, STRAX, DIVI, SYS, GRS, FIRO, PIVX, VTC, LYNX, PPC, NAV, NMC, EAC and 50+ more.
TokenViewBTC, ETH, USDT, TRON, BCH, BSV, DOGE, NEO, LTC, IOST and 80+ more.
BTC.comBTC, ETH, BCH, LTC
BlockCypherBTC, ETH, LTC, DOGE, DASH
SmartBitBTC
Blockchain explorer supported networks comparison table

Blockchain.com

Blockchain.com is a website providing blockchain transaction information for Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) including historical prices, the most recently mined blocks, the mempool size of unconfirmed transactions, and data for the latest transactions.

Blockstream

Blockstream was founded in 2014, and has since been a leading provider of blockchain technologies and has remained on the forefront of work in cryptography and distributed systems.

Blockchair

Blockchair is a Blockchain explorer website providing analytics and web services, where you can explore data stored on 17 blockchains. Some applications such as Exodus use Blockchair links to show the status of their transactions.

Chainz

Chainz is a website which provides blockchain explorers for over 100 cryptocurrencies including only public blockchain data. The service mainly targets lower end coins which have marketcaps lower than $100 million.

TokenView

TokenView is a website providing one-stop blockchain services to promote the development and application of blockchain technology. The data platform providing 100+ blockchains hash search and smart contract details while covering all the chain data in the current block chain field.

BTC.com Explorer

Btc.com explorer website offers professional data services for global Blockchain enthusiasts, covering four main blockchains: BTC, ETH, BCH, and LTC.

BlockCypher

BlockCyther is a website showing Bitcoin transactions across five blockchains including BTC, ETH, LTC, DOGE, and DASH. The service is powered by BlockCypher services, the infrastructure fabric for blockchain applications used to build reliable blockchain apps with our APIs and Blockchain Web Services.

SmartBit

SmartBit was made in Melbourne, Australia to act as a full-time Bitcoin blockchain explorer. It shows useful information about the network, including: Block count, transaction count, bitcoins in circulation, mining pools, average block interval, transaction fees, mining hash rate difficuly and rewards.

Categories
Australia Blockchain DeFi

Aussie Lawyers Propose New Legal Entity for Decentralised Companies (DAOs)

Decentralised Autonomous Organisations (DAOs) in Australia are currently construed as partnerships or unincorporated associations. The Digital Law Association (DLA) and international law firm Herbert Smith Freehills want to change that.

DAO Operations. Source: Pngkey

DAOs as Recognised Legal Entities

Despite DAOs gaining traction in Australia, they are not yet formally recognised as they have been elsewhere. Venture capital firms in the US, however, remain eager to access the Australian DeFi market as they recognise its role as an international leader.

They are conscious this is a key innovation centre now for DeFi and want to back Aussie entrepreneurs.

Richard Galvin, CEO, Digital Asset Capital Management

Despite the enthusiasm of investors, the current Australian legal framework is somewhat grey and creates three main challenges:

  • The status of contracts entered into between DAOs and other entities in the real economy is murky.
  • Currently, all members of a DAO risk legal liability and potential losses for decisions made by a single member of the community.
  • Innovation is stifled as members of DAOs remain concerned that even if they try to do the right thing, the Australian Securities and Investments Commission (ASIC) might take action for something in the future.

DLA therefore suggests that Australia creates a new legal entity, say DAO Limited, which would enable it to contract with other entities in the real economy as well as offer limited liability for its members against potential claims. Rather than a board of directors making decisions, it would be an internet community.

DLA has put forward a number of suggestions including:

  • Establishing a new “authorisation class” that could operate within the current Australian Financial Services Licence (AFSL) regime.
  • Conducting a review of the impact of tax laws on DAOs to ensure technological neutrality happens in practice.
  • Require directors and senior executives of digital asset businesses to undertake annual training programs in “organisational cyber resilience”.
  • Updating ASIC’s Regulatory Guide 172 to give guidance on the licensing regime and obligations for DAO-run financial markets such as Uniswap.

DAOs Still In Their Infancy

DAOs are undoubtedly one of the most exciting developments within the blockchain industry. This week alone, leading exchange ShapeShift coverted its corporate structure into a DAO. However, given that it is a nascent space, there are numerous challenges that will inevitably need to be addressed if DAOs are to become widely integrated within existing regulatory frameworks. Issues such as know-your-client (KYC) and anti-money laundering (AML) provisions, tax, corporate governance, forks, scalability and security are likely to be of primary concern to the regulators.

As with all disruptive technology, one hopes that ultimately an appropriate balance is struck between regulation and innovation.

Categories
Australia Blockchain

Aussie Government Blockchain Grants Program Invests $5.6 Million for Supply Chain Pilots

The federal government has funded two projects that will explore how blockchain can improve Australian supply chains by helping companies overcome regulatory hurdles.

Queensland technology company Everledger received A$3 million, while Convergence.Tech – which is based in Toronto, Canada, with an Australian office – received just over $2.6 million via the Blockchain Pilot Grants.

The grants aim to kickstart the adoption of blockchain technology to grow Australia’s economy, starting with a focus on simplifying supply chain compliance steps in key industries.

Announcing the grant recipients, Minister for Industry, Science and Technology Christian Porter said:

The Blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information.

Christian Porter

Supporting Australia’s Critical Minerals and Food and Beverage Sectors

Eligibility for the grant required that projects were targeted towards demonstrating the potential of blockchain in the ‘Critical Minerals’ and ‘Food and Beverage’ sectors.

Everledger’s pilot will look at using blockchain to create ‘digital certificates’ for critical minerals that help the mining industry more easily meet compliance regulations. 

Convergence.Tech’s pilot will leverage blockchain technology to automate key reporting processes under Australia’s excise system – a commodity-based tax on goods including beer and spirits – to reduce compliance costs across the food and beverage industry’s supply chain.

The Australian government first flagged the grants in March when it announced funding to explore the feasibility of blockchain technologies to reduce regulatory burdens, in support of its National Blockchain Roadmap.

Categories
Australia Blockchain Crypto News Ethereum Solana

Australia’s Power Ledger Ditches Ethereum for Solana Blockchain

Australian renewable energy trading platform Power Ledger has announced its migration from Ethereum to Solana, favouring the latter’s higher throughput and speed. 

Power Ledger will migrate its Powerledger Energy Blockchain to Solana, benefiting from its PoH (Proof of History) consensus, allowing greater scalability and better overall performance than the traditional Proof of Work mechanism.

The Power Ledger technology stack was originally built on a low-power POS consortium chain called EcoChain in 2016 before transitioning to a modified fee-less Proof-of-Authority Ethereum consortium chain in 2017. That served its purpose in the short term but the limitations of this solution were always very apparent, including low transactions per minute.

John Bulich, co-founder, Power Ledger

However, the company isn’t terminating its relationship with Ethereum. The platform is moving its blockchain to Solana and staking will happen there, but POWR (Power Ledger’s utility token) will continue to use the ERC20 standard.

POS will occur on our Powerledger Energy Blockchain but will be linked to our existing POWR (ERC20) token, which remains on Ethereum mainnet, with both the stake and rewards convertible and payable in existing POWR tokens.

John Bulich

Solana is Gaining Traction in the DeFi Market

Solana’s high throughput, speed, and innovative technology have caught the attention of the DeFi market, putting pressure on Ethereum to meet investors’ demand for higher scalability and speed as adoption increased.

As reported last month, Solana received a funding injection of US$300-450 million to challenge Ethereum. Meanwhile, Ethereum developers are working in ETH 2.0 in a major protocol upgrade that will improve transaction time, scalability, and shift from Proof of Work to Proof of Stake.

Solana on the other hand has Proof of History – a consensus mechanism introduced by CEO Anatoly Yakovenko as an alternative to Proof of Stake and Proof of Work. PoH can be defined as a cryptographic clock that puts a timestamp on every transaction to prove it occurred on the network within a given period.

Last year, Power Ledger successfully completed a trial with US wholesale electricity provider American PowerNet.

Categories
Australia Blockchain

ASX-Listed Firm SMX Uses Blockchain Technology to Streamline Recycling

Australian blockchain company Security Matters (SMX) has developed a conveyor belt reader system that will facilitate the sorting and recycling of plastics. The new blockchain solution is intended to fill the gap in plastic circularity and will also provide full value chain transparency for plastics. 

Mapping Plastics on Blockchain

The ASX-listed company specialises in digitising physical objects on the blockchain. Using its tracking and tracing solution, SMX will map all the stages of the value chain for plastics on the blockchain, from the raw state to the finished product. 

Using the data on the blockchain, companies in the plastic industry will be able to verify or transfer ownership of materials via the newly developed conveyor belt. The detector simply allows for identification, authentication, sorting and recycling of plastic products. 

Utilising SMX’s breakthrough technology to ‘mark’ the plastic at virgin stage as well as at recycling and sorting facilities …will enhance the sorting capability, resulting in higher rates of plastic recycling content.

Haggai Alon, CEO, Security Matters

Blockchain Improves Supply Chain Traceability

Supply chain traceability is one of the key applications of blockchain, the technology behind all digital currencies. Over recent years, several companies from diverse industries have adopted blockchain to trace products from cultivation to the final stage.

On March 25, the Israeli Cotton Board (ICB) teamed up with SMX for a pilot program on the authentication of both locally made organic and conventional cotton on the blockchain. Last year, Crypto News Australia also reported that Australian dairy farmers had reached an agreement with the government to bring milk to blockchain technology.

Categories
Australia Blockchain Mining NFTs

Australian Mining Company to Use BSV Blockchain to Facilitate Tokens and NFTs

Progressive Minerals, an Australian mining company based in Queensland, is implementing a new infrastructure powered by the Bitcoin SV (BSV) blockchain to enhance its operations through the use of NFTs and tokenisation.

In a press release issued by Bitcoin Association, “MetaStreme scalable Bitcoin transaction engine has today announced it will partner with Predict Ecology, an environmental and ecological consulting firm”.

We are thrilled to be able to help build what we see as the future of mining.

Daniel Keane, managing director, Predict Ecology

These two companies were contracted by Progressive Minerals to develop new blockchain-based mining infrastructure that will be used across various mining operations.

How Is a Blockchain Useful for Mining?

The mining sector has many clear and present use cases for distributed data that stand to transform the industry at all levels – including monetising mining data and assisting in progressing and achieving environmental sustainability goals.

Paul Chiari, CEO, Prime Technology Services

Progressive Minerals’ business data streams will be stored on the blockchain (on-chain), including “environmental, operational, production and licensing data, demonstrating a commitment to data accuracy, integrity and transparency”. This will help the company stay abreast with compliance and streamline the analysis of mining data.

The company will also be implementing smart contract functionality to “offer a new level of surety and reliability for investors and business partners”. Smart contracts can be used to automatically execute orders after they have been filled to exact specifications, further automating some processes in the mining industry.

Mining and exploration leases, which act as rights or contracts to explore or prospect in a certain area, will be tokenised as non-fungible tokens (NFTs). These will be stored on-chain, and will allow for the assignment of rights and prospecting data, also allowing leases to have a clear line of ownership and to document changes through their life cycle.

Bitcoin SV Used for its High Throughput

The system will be powered by the enterprise-grade BSV blockchain, facilitating the processing of high volumes of mining data. In a public test, the BSV network has shown it could reach 50,000 transactions per second throughput, at the cost of two percent of a US cent, making it enticing for companies needing large amounts of data processed.

From an environmental perspective, the ability to record and audit resource sector data on the BSV blockchain will create new efficiencies and help to ease the regulatory burden that mining companies can often struggle to manage.

Daniel Keane, Predict Ecology

The data for a mine doesn’t need massively decentralised blockchains or public ledgers to be verified. It is for the exclusive use of the mine and its partners, thus using a more centralised high-throughput blockchain is ideal.

The mining industry, like many others, is one where the integrity of data is everything. This has historically been an issue within the sector, and the aim of Progressive Minerals is to change the way mining companies operate and provide a level of integrity and transparency of data for all stakeholders not previously realised.

Mathew Hancock, managing director, Progressive Minerals
Categories
Australia Banking Blockchain Crypto News

Big 4 Australian Bank Uses Blockchain Technology to Address Climate Risks

National Australia Bank (NAB) will participate in a new project with several overseas banks to offset carbon emissions using blockchain technology. 

The Big Four bank is joining the Canadian Imperial Bank of Commerce (CIBC), Brazil’s Itaú Unibanco, and UK’s bank and insurance company NatWest to launch Project Carbon – a voluntary pilot to enter the carbon marketplace.

Project Carbon to Use Ethereum Blockchain to Provide Transparency

More companies are buying carbon offsets, which are rights to reduce carbon emissions. This follows a surge in demand for greener assets in recent months, prompting institutions to set net zero targets in response. 

The strategy has been heavily criticised for the lack of transparency of transactions and its overall effectiveness. However, Project Carbon will use smart contracts from the Ethereum blockchain to record all transactions, demonstrating demand, trade sizes and prices of offsets. Drivers of the project hope this will provide enough transparency to encourage investors to stake their capital in green projects.

Project Carbon is a terrific example of how technologies such as blockchain can address existing barriers and make carbon offsets more accessible for our customers.

Victor Dodig, CIBC chief executive officer

Using Blockchain to Tackle Emissions

Blockchain technology can be an useful tool for institutions that aim to reduce CO2 emissions, and Australia is already addressing social and global eco-friendly issues using blockchain. As reported this week, Australia’s first international hackathon – an event hosted by Melbourne’s Monash University – will receive submissions from applicants worldwide to suggest ideas on how blockchain can address global issues.

The local crypto community has criticised banks in Australia, especially the big four lenders, for their indifferent and outdated policies regarding cryptocurrencies and potential blockchain technology use.

However, NAB marks the difference here and it hopes that blockchain will serve as the key technology for Project Carbon and be the backbone for the future of the carbon marketplace.

Categories
Australia Blockchain Crypto News DeFi

$100 Million Aussie Crypto Fund Manager Avoids DeFi But Still Makes 119% Returns

Melbourne-based crypto fund Apollo Capital has outperformed Bitcoin in its year-to-date profits, returning 119 percent compared to Bitcoin’s 19.96 percent YTD growth.

Apollo Capital manages more than A$100 million (US$75 million) and has a couple of key elements to its successful investment strategy:

1. Audited code is a must, and 2. Anonymous development teams are a no-no.

The fund focuses on established projects that have existed for over a year, with a preference for systems running on the well-established Ethereum blockchain. Apollo places importance on selecting only well vetted crypto projects where the code has been audited and deemed legit.

Trust and Traceability

These higher-calibre cryptos have earned their stripes on the blockchain and have a proven history of being trustworthy, whereas anonymous teams often cannot be traced or held accountable if and when it all goes wrong.

Taking these precautions ensures that any crypto Apollo puts its money into has a decent survival rate, lowering the risk of a project being rug-pulled, which is often seen in new crypto projects.

It’s all in the code. Recent DeFi failures such as WhaleFarm and Titanium are classic examples of what can happen with unaudited code. Both projects showed promise until they crashed quickly to zero.

Apollo prefers betting on reputable assets with strong utility such as Bitcoin and Ethereum, as well as newer kids on the block that show promising potential, such as Polkadot, Polygon and Solana.

Risk and Rewards of DeFi

DeFi is a high risk/high reward game, but if it seems too good to be true it probably is and noobs should beware. The most feared outcome for DeFi investors is that they will lose all their money.

The most common reason for a DeFi project going belly up is weaknesses in a contract’s code that leaves it open to exploitation by hackers. Sometimes these “hackers” are actually the project’s developers.

An all-too common scenario in DeFi is the dreaded “rug pull”, where the liquidity is essentially drained by the dodgy team (who remain conveniently anonymous). These faceless masterminds can make off with millions and there’s nothing you can do to get your money back.

The DeFi space is still very new and, as with all things in their infancy, there are always hiccups at the beginning. As we move forward, the demand for decentralised finance only grows stronger and it is coming to us faster.

Australia an International Leader in DeFi

Australian startups are leading the charge. The future of DeFi is perhaps one of the most exciting developments in the crypto space and once the crinkles are ironed out, these platforms could change the world and open up a fairer and more honest financial banking system.

If you are interested in DeFi investments, it is always advisable to be aware of the risks.