Daily Archives: July 1, 2021

NBA Star Spencer Dinwiddie’s Crypto-Fueled Social Media App Raises $7.5 Million

NBA Star Spencer Dinwiddie's Crypto-Fueled Social Media App Raises $7.5 Million

According to an announcement revealed on Thursday, Spencer Dinwiddie’s token application called Calaxy has raised $7.5 million in funding. The American professional basketball player for the NBA’s Brooklyn Nets has been a fan of blockchain technology for quite some time, as the point guard raised $1.3 million tokenizing his contract on the Ethereum blockchain.

Hedera Hashgraph-Powered Calaxy Raises $7.5 Million

  • The NBA star Spencer Dinwiddie’s token application Calaxy raised $7.5 million in funding according to statements sent to Bitcoin.com News. The capital raise announced this week stemmed from a deal that involved the acquisition of future CLXY tokens.
  • Spencer Dinwiddie’s Calaxy App aims to be the “first social media super app designed for creators, by creators.” The financier Solo Ceesay is Calaxy’s COO and cofounder who said he saw an opportunity in creating a platform that helps monetize an online community.

NBA Star Spencer Dinwiddie's Crypto-Fueled Social Media App Raises $7.5 Million

  • Calaxy leverages the enterprise-grade blockchain network Hedera Hashgraph, a project backed by firms like IBM and Google. The Calaxy platform will leverage a native token called “CLXY.”
  • Calaxy aims to offer interactive polls, messaging, video calls, and the ability for fans to engage with influencers like sports stars and musicians. The name Calaxy is a play on the words “creator” and “galaxy.”
  • At the time of writing, Calaxy is in private beta and the first public version of the application will be ready in the near future. The app will be available on Google Play and Apple’s App Store and people can sign up to request early access to the public beta to get a key.

  • Spencer Dinwiddie had a token sale of his contract hosted on the Ethereum blockchain last year. The sale of Dinwiddie’s tokenized contract raised $1.3 million which was only a tenth of what the project hoped to sell ($13.5 million).
  • Dinwiddie’s NBA contract was tokenized by leveraging Dream Fan Shares (DFS), however, the NBA star is leveraging Hedera Hashgraph over Ethereum because it boasts a higher transaction throughput.
  • The point guard for the Brooklyn Nets initially told the press he would tokenize his contract in 2019 but the NBA threatened to end his contract. Despite this, Dinwiddie continued his mission and has been a proponent of blockchain technology ever since.

What do you think about Spencer Dinwiddie’s and Solo Ceesay’s Calaxy social media application raising $7.5 million in funding? Let us know what you think about this subject in the comments section below.

NFT Marketplace Backed by Mark Cuban Raises $13 Million in Series A

The Mark Cuban-backed non-fungible token (NFT) marketplace Mintable has raised $13 million in a Series A funding round, according to an announcement on Thursday. The Singapore-headquartered Mintable, plans to use the funds to expand its offerings, as the application already features 700,000 NFTs minted on the Mintable platform.

NFT Marketplace Mintable Raises $13 Million

On July 1, 2021, the NFT marketplace Mintable announced that it had raised $13 million in a Series A financing round. Investment stemmed from well known investors like Metapurse, Ripple Labs, Animoca Brands, Metakovan, Doug Band the former advisor to Bill Clinton, and the founder of Shutterstock, Jon Oringer as well.

In recent times, Mintable collaborated with the National Football League (NFL) quarterback Trevor Lawrence in an NFT collection series. Lawrence’s NFTs sold for over $400K and Mintable has also collaborated with the popular Japanese fashion brand Bathing Ape.

“With the new injection of funds, Mintable will be focusing on scaling its operations and boosting its growth and user acquisition initiatives,” a statement from Mintable sent to Bitcoin.com News explained.

Furthermore, the founder and CEO of Mintable, Zach Burks, explained during the announcement that non-fungible tokens have gathered widespread attention, and Mintable aims to mature alongside the growing NFT industry. “Throughout 2021, NFTs have reached mass appeal, having touched almost every sector spanning entertainment, fine arts, sports, and many more,” Burks said. Mintable’s founder added:

As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.

Mintable Faces Stiff Competition From a Variety of NFT Marketplaces

Mintable is not the only NFT marketplace gathering investment money, as many other NFT ventures and marketplaces are making moves in the industry.

The very same day Mintable announced the Series A capital raise, Animoca Brands revealed it completed a $138.88 million capital raise on Thursday as well. The funding brings the Animoca Brands company to unicorn status as the firm now has a valuation of $1 billion.

At the end of June, Bitcoin.com News also reported on the NFT marketplace Rarible raising $14.2 million in Series A funding round. As far as Mintable’s investment, Michael Kam, a partner at Double Peak Group said that his firm believes mainstream adoption is important and Mintable will further that goal.

“We believe it is important for NFT platforms to attract non-crypto users, be user-friendly and be decentralised in the long run,” Kam commented. Since launching in 2018, besides being backed by the investor and television personality Mark Cuban, Mintable has also seen backing from Marc Benioff’s TIME Ventures, and Ashton Kutcher’s Sound Ventures.

What do you think about Mintable raising $13 million? Let us know what you think about this subject in the comments section below.

Torum, the Swiss Army Knife of the Crypto Ecosystem

Torum, the Swiss Army Knife of the Crypto Ecosystem

If you ever wondered why crypto projects rise and fall so quickly, you are not alone. In fact, barely 7 months after the 2017 bull run ended, over 800 projects have ceased to exist like a puff of smoke.

To understand the reason why 90% of crypto startups are going to fail, there are a couple of factors that need to be considered, including shortage of funds, over-reliance on hype, and immature business model.

Nevertheless, without projects paving the path towards innovations, there would be no DeFi, IDOs, or even NFTs. The entire cryptocurrency community would not even exist, simply because there are no projects around to support it.

However, the growth is going to be challenging to achieve every time the crypto winter happens. Investors are flushed out from the market, whereas projects are left on their own to sustain themselves for the coming few years, until the next bull run.

This presents a question of survival to every crypto project in the industry, which begs the question: How does a project navigate through the bear run with all the capital and community leaving the industry?

Torum, the world’s first DeFi + NFT social media platform that is specially designed for the crypto space, intends to solve this long-time dilemma.

Community Consensus Equal Survival

To survive in a bear market, securing community support is essential. Without an active community behind a project, the project simply starts its own countdown to death.

However, the industry is always short of a cost-effective channel for projects to build their exposure. To get connected with the cryptocurrency communities, most projects are forced to use PR, airdrops, and offline events which only produce short-term results, yet remain costly as ever.

As a social media platform with over 59,000 unique cryptocurrency users, this is where Torum comes into place. In the coming July 2021, Torum is going to unveil an ecosystem development strategy that aims to connect, and enrich all the industry leaders, communities and projects in the present crypto industry.

A One-Stop Marketing Suite for Projects

In the coming H2 of 2021, Torum will be shifting the focus of ecosystem development into integrating a set of project-specific features that enables project owners to build and manage their community, while helping projects attain the desired marketing exposure cost-effectively, including:

– Torum NFT Launchpad: Project owners can issue a set of limited-edition NFTs to the community

– Torum NFT Marketplace: The first social-infused NFT marketplace with the ability to market NFTs to the existing user base of Torum

– Torum Airdrop: An exclusive feature for only the best quality projects to conduct airdrop, which helps to create interest and awareness among the Torum community

– Torum News: A one-stop section that gathers the news and information of a project for the maximum industry credibility and community exposure

– Torum x Telegram Bridge: A section for project owners to streamline their latest Telegram announcement onto Torum for the best community interest and exposure effect

– Torum Audio Meeting: An audio-only board for project owners to conduct AMA and close-engaging events.

Through these feature integrations, Torum can provide project owners with the following premium benefits:

  • Onboard and manage their community onto Torum in a frictionless process
  • Stay active and engaged with the community
  • Synchronize the project news into an information center hub
  • Access to the existing 59,000 Torum community base

Utility Innovation and Value

When it comes to the social media space, it is not surprising that most crypto social media projects seek to become the next crypto Facebook or Twitter. However, Torum decided to go for a different approach.

Instead of trying to connect everyone together, Torum is only focusing on building features and integrations that add value to the Bitcoin OGs, Ether enthusiasts and altcoin degens. The idea paves the way for the birth of the first social media platform that is reinforced with crypto cultures and memes such as HODL, Bitconnect, Lambo, etc.

Without a doubt, the strategic minds of Torum have proven to be working as the platform has accumulated over 59,000 users in a highly saturated industry, while other social media peers are struggling to acquire and retain users from a red ocean market.

The Next Leading Crypto Social Media

Backed by AU21, Consensus Lab, DFG, M6, Waterdrip Capital, and 15 other prominent crypto VCs, Torum is the first project to ever combine social media, NFT, and DeFi innovations.

The project has also completed an exclusive INO event back in May 2021, selling off $243,000 worth of NFTs in under 20 minutes. In addition, Torum has established partnerships with strong and reputable industry players, including MantraDAO, Poly Network, Kylin Network, Darkpool Liquidity, and Jinse Finance.

With over 59,000 registered users, Torum has proven to be one of the fastest-growing social media platforms, growing steadily between 10 – 30% every month for the past 12 months, connecting cryptocurrency users from over 40 different countries, including the US, Canada, Italy, Germany, Australia, China, Singapore, etc.

Upcoming Token Generation Event

In the upcoming H2 of 2021, Torum will be making its token launch debut, featuring its native tokens – XTM to subscribe. The latest announcement on token sale shall be updated via Torum’s official Telegram Group and Channel. After the successful launch, Torum will head straight into its exchange listing process and work aggressively towards the vision of building the largest ecosystem in the crypto industry.

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World Wide Web Inventor Tim Berners-Lee Sells NFT for $5.4M — ‘Embarrassing’ Coding Error Spotted in NFT

World Wide Web Inventor Tim Berners-Lee Sells NFT for $5.4M — 'Embarrassing' Coding Error Spotted in NFT

Sir Timothy John Berners-Lee, the English computer scientist who is well known for inventing the world wide web has sold a non-fungible token (NFT) in an online auction hosted by the auction house Sotheby’s. The NFT is basically a video of the World Wide Web’s source code created in Python and the collectible sold for $5.4 million.

Tim Berners-Lee and Sotheby’s Auction NFT for $5.4 Million

This week, Sotheby’s revealed that Tim Berners-Lee sold an NFT of the original source code for the world wide web for a whopping $5.4 million. Before the NFT auction, Berners-Lee told the publication the Guardian: “I’m not selling the web – you won’t have to start paying money to follow links. I’m not even selling the source code. I’m selling a picture that I made, with a Python program that I wrote myself, of what the source code would look like if it was stuck on the wall and signed by me.”

World Wide Web Inventor Tim Berners-Lee Sells NFT for $5.4M — 'Embarrassing' Coding Error Spotted in NFT
Sir Timothy John Berners-Lee, the English computer scientist who invented the world wide web.

Berners-Lee invented the web in 1989 and before the NFT sale he said “The core codes and protocols on the web are royalty-free, just as they always have been.” A representative from Sotheby’s said the non-fungible token collectible art auction was historical and the fact that Berners-Lee verified the NFT makes it even more valuable.

“The symbolism, the history, the fact that they’re coming from the creator is what makes them valuable, and there are lots of people who collect things for exactly those reasons,” Cassandra Hatton, the global head of science and popular culture at Sotheby’s explained in a statement. “We have placed it in a public forum, we have sold it at basically no reserve and we let the market decide what the value is going to be. There have been multiple bidders who have all agreed that it’s valuable.”

Berners-Lee is well respected for his contribution to today’s online advances and in 2018 he announced a project aimed at decentralizing the web. “For all the good we’ve achieved,” Berners-Lee said at the time. “The web has evolved into an engine of inequity and division; swayed by powerful forces who use it for their own agendas,” he added. The inventor of the web had also reported on bitcoin on various occasions during the crypto asset’s earliest years.

Coding Error Spotted – Researcher Says There Have Already Been Discussions of a Misprint Error

Following the Berners-Lee NFT sale, a coding error was spotted in the NFT video that sold for £3.9 million ($5.4 million). The researcher that spotted the error in the video told BBC News it looked like “a simple mistake.” Mikko Hypponen explains that certain symbols were translated into HyperText Markup Language (HTML) and he believes it was an error.

World Wide Web Inventor Tim Berners-Lee Sells NFT for $5.4M — 'Embarrassing' Coding Error Spotted in NFT
The error spotted by the researcher – screenshot taken by BBC News, an operational business division of the British Broadcasting Corporation.

There have already been discussions about whether this would make the NFT more valuable – like a postage stamp with a misprint error,” Hypponen said.

Moreover, website creator Mark O’Neill told the BBC that “whoever made the video for the website ran the original text file through something that converted it into HTML. It’s embarrassing for Sotheby’s but I trust that nobody has done the same to the original code,” O’Neill added.

The BBC’s report notes that the newsdesk had reached out to Sotheby’s and Tim Berners-Lee for comment.

What do you think about Tim Berners-Lee selling an NFT for $5.4 million with an error? Let us know what you think about this subject in the comments section below.

George Soros’ Investment Fund Is Reportedly Trading Bitcoin Products

George Soros' Investment Fund Is Reportedly Trading Bitcoin Products

The Hungarian-born American billionaire investor George Soros’ investment fund is actively trading bitcoin investment products, according to reports. Undisclosed sources reveal that bitcoin trading got the green light from the Soros Fund Management chief investment officer (CIO) Dawn Fitzpatrick.

Soros Fund Management Reportedly Has ‘Greenlight’ to Trade Bitcoin

At the end of March, Bitcoin.com News reported on George Soros’ investment fund and the company’s CIO Dawn Fitzpatrick. At the time, Fitzpatrick said that central bank digital currencies (CBDCs) are a “threat” to bitcoin (BTC), but she also said she doesn’t think CBDCs will “be successful in permanently destabilizing bitcoin.”

Now a report stemming from undisclosed sources speaking with the news publication website thestreet.com, says Fitzpatrick has allowed the Soros’ investment fund to trade bitcoin products.

The reporter, Michael Bodley, cites two sources that have said the CIO Dawn Fitzpatrick has given “the internal green-light to actively trade bitcoin.” According to Bodley’s report, the sources further noted that Soros Fund Management is also researching other types of digital currency investment vehicles.

Rumors about the billionaire’s Soros Fund Management — his family investment firm —investing in cryptocurrencies have been appearing since 2018. During the first week of April 2018, Bloomberg claimed Adam Fisher, an investor at Soros Fund Management, had allegedly received the approval to trade crypto assets.

Months before that rumor, George Soros discussed bitcoin and crypto assets at the 2018 World Economic Forum in Davos, Switzerland. “Well,” Soros said at the event, “cryptocurrency is a misnomer, and it’s a typical bubble which is always based on some kind of misunderstanding.” Soros continued:

Bitcoin is not a currency. A currency is supposed to be a stable store of value. And a currency that can fluctuate twenty-five percent in a day can’t be used, for instance, to pay wages because wages could drop twenty-five percent in a day. So, it’s a speculation based on a misunderstanding.

We don’t know if the opinion Soros held of bitcoin and cryptocurrencies has changed, but in 2021 the public caught wind of Soros Fund Management joining New York Life and Morgan Stanley in investing in the bitcoin-focused investment company NYDIG.

Then the fund’s CIO Dawn Fitzpatrick spoke about BTC in a positive light and said the investment firm thinks that the crypto space “is at an inflection point.” Meanwhile, George Soros is a very controversial figure in the world and his background has made people distrust him.

When the news of Soros Fund Management reportedly trading bitcoin products hit the crypto forums, there were lots of conspiracy jokes littering the threads. “I don’t trust this guy, he’s a real-life super villain,” one person said on the subreddit forum r/bitcoin.

“Soros is one of the most evil creatures out there… Best thing we can do is buy more BTC so he can get less,” another individual wrote.

What do you think about the news of Soros Fund Management reportedly trading bitcoin products? Let us know what you think about this subject in the comments section below.

Centre to Expand USDC to Ten More Blockchains; Launches on Tron


Centre, the consortium behind the issuance of USD Coin (USDC), announced it will launch the popular asset on 10 more blockchains. This would expand the reach of USDC to other environments and could make it more popular as a commercial and staking currency. While Centre made the announcement only recently, USDC surprisingly launched on Tron today.

Centre Launches Multichain USDC Initiative

Centre, the consortium behind USDC, the second biggest stablecoin by market share, announced an initiative to take the coin to ten new blockchains. The objective of this plan is to expand the market reach of USDC. This would also let the coin’s users leverage the unique advantages of various blockchains applied to USDC.

USDC was first launched as an Ethereum-based token back in September 2018. But the situation on the Ethereum blockchain was completely different then. Ethereum featured low fees and allowed cheap transactions. Now, Ethereum transaction fees are more expensive, and Centre’s expansion policy is directed to solve this problem.

USDC launched on three new chains last year: Algorand, Stellar, and Solana. But major exchanges didn’t introduce solid support for any of these implementations. However, now Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron will have a native implementation of the currency. Centre did not offer a clear timeline for the launch of these expansions.

USDC Launches Natively on Tron

While no timeline had been offered for these actions, Circle already announced the launch of USDC as a native Tron token today. With this launch, the two biggest stablecoins by market share are now present on the Tron network. Jeremy Allaire, CEO of Circle stated:

TRON has built a very large and highly successful blockchain platform and network, and is one of the most widely used in stablecoin transactions.

Tron has established itself as the most popular platform for cheap stablecoin transactions. Most of the USDT supply is now issued in the Tron network, surpassing its Ethereum-based counterpart. This is due to the low fees Tron features, making it cheaper for users to transact.

Justin Sun, founder of the Tron blockchain, stated he is “thrilled to have support for USDC on TRON because there’s unending demand for the world’s fastest-growing stablecoin and I cannot wait to see what end users are able to do with USDC.”

What do you think of USDC launching on Tron and other blockchains? Tell us in the comments section below.

Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token’s Daily Gains Jump 228%

Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token's Daily Gains Jump 228%

While dogecoin and the ERC20 token shiba inu have surprised the masses with phenomenal gains this year, another dog token has entered the fray. A coin project called “Baby Doge” has risen 228.3% during the last 24 hours and even more so after Tesla’s CEO Elon Musk tweeted about the crypto asset.

Another Canine Crypto Coin Sees Its Value Surge

Just when you thought there were plenty of dog meme tokens flooding the market, another canine coin has broken free from the kennel. A new token called baby doge (BABYDOGE) has been the talk of the crypto community the last few days, and Elon Musk decided to tweet about the token on Thursday. Musk’s tweet wasn’t very coherent and he simply said:

Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.

Of course, Musk’s tweet sent the baby doge token skyrocketing as the digital currency has risen 228.3% over the last 24 hours. Seven-day stats against the U.S. dollar show baby doge is up 53% this week, and across the last two weeks the coin has jumped 716.9%.

Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token's Daily Gains Jump 228%
Baby doge has a “woof paper,” an audit, and other documentation concerning this coin.

Information about baby doge can be found on the Binance Smart Chain (BSC) token tracker bscscan.com and the crypto asset has a website called babydogecoin.com.

“Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge,” the web portal says. “A new crypto birthed by fans [and] members of the Dogecoin online community. Baby Doge seeks to impress his father by showing his new improved transaction speeds [and] adorableness,” the website adds. Furthermore, the website notes:

[Baby doge] is Hyper-deflationary with an integrated smart staking system built in to reward you, so more baby doge coins are being automatically added to your wallet each transaction. Simply Love, pet, and watch your baby doge grow.

How Does Baby Doge Compare to the Dogefather and Sibling Shiba Inu?

The dog meme token may be somewhat deflationary by its design as holders of baby doge earn them simply by holding. “Watch the amount of baby doge grow in your wallet as all holders automatically receive a 5% fee from every transaction that happens on the Baby Doge network,” the web portal details.

However, there is an abundant supply of baby doge as bscscan.com and other coin market cap aggregation sites show there are four hundred twenty quadrillion baby doge. That’s very different from the Bitcoin (BTC) network’s max supply of 21 million.

Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token's Daily Gains Jump 228%
A chart created by the Baby Doge development team shows the differences between DOGE and SHIB.

The coin trades today for less than a U.S. penny at $0.000000001910 per baby doge. It touched an all-time high (ATH) recently, at $0.000000002014 and it’s only down 5% from the ATH. Similar to the shiba inu (SHIB) coin, it’s got a ways to go before it reaches a U.S. penny in value.

SHIB, on the other hand, is much closer than baby doge, at $0.00000839 per SHIB token. The circulating supply of SHIB is a lot less too, with only four hundred ninety-seven trillion SHIB in circulation today.

The one thing baby doge (BABY DOGE) has that outshines its father dogecoin (DOGE) and its sibling shiba inu (SHIB) is lower transaction fees. SHIB, for example, is an ERC20 token and is forced to deal with fees associated with Ethereum, while dogecoin costs over 2 DOGE to send as the average transaction fee on Thursday is around $0.491 per transaction.

Transacting with BSC and baby doge gives users fees as low as 1 gwei (an Ethereum gas measurement), or around 0.000000001 BNB. There’s no fee data on the baby doge token, but a transaction should cost less than a U.S. penny.

What do you think about the Baby Doge project and the coin’s rise this week? Let us know what you think about this subject in the comments section below.

Financial Advisor Survey: 26% Plan to Recommend Cryptocurrencies Over Next 12 Months

Financial Advisor Survey: 26% Plan to Recommend Cryptocurrencies Over Next 12 Months

A recent survey of financial advisors and their investing strategies shows “a significant shift to embracing cryptocurrencies.” More than 26% indicated that they plan to increase their recommendation of cryptocurrencies over the next 12 months. Furthermore, 49% of advisers said that clients have asked them about investing in cryptocurrencies in the last six months.

Financial Advisors Show Significant Shift to Embracing Cryptocurrencies

The 2021 Trends in Investing Survey, conducted by the Journal of Financial Planning and the Financial Planning Association (FPA), and supported by Onramp Invest, was released earlier this month.

The Financial Planning Association is the principal membership organization for certified financial planners, professionals, educators, and financial services professionals. Onramp Invest is a technology company providing access to crypto assets for registered investment advisors.

The survey received 529 responses from financial advisers of various backgrounds and business models. It found:

Advisers show a significant shift to embracing cryptocurrencies.

Cryptocurrencies were first added to the survey in 2018 when 1.4% of advisers indicated they were currently using or recommending them to clients. That percentage dropped to below 1% in both 2019 and 2020 but increased to 14% in 2021.

According to the survey results:

More than a quarter (26%) of advisers indicated in the 2021 survey that they plan to increase their use/recommendation of cryptocurrencies over the next 12 months. And 49% of advisers indicated that, in the last six months, clients have asked them about investing in cryptocurrencies, up from 17% in 2020.

Onramp Invest CEO Tyrone Ross commented: “It is clear from these results that we’ve reached an inflection point in the wealth management space. Advisers are now faced with a client base that demands knowledge, access, and advice from their adviser on cryptoassets.”

What do you think about this survey? Let us know in the comments section below.

Blockchain Goes Green: Signum – the Truly Sustainable Blockchain Steps Into the Light

Zürich, Switzerland, 1 July 2021 – Anyone with a green conscience can now join the crypto movement. The next generation and world’s first truly sustainable blockchain Signum is now live. As a fully integrated smart platform featuring multiple innovations, Signum is a one-stop solution to transfer, trade, and mine its native cryptocurrency Signa (ticker: SIGNA).

Signum combines world-class features such as smart contracts, peer-to-peer messaging, and token creation with fast and secure digital payments – all of them on a sustainable blockchain.

Smart, secure, and sustainable

  • Signum uses less than 0.002% of the energy Bitcoin needs to drive its blockchain and its native digital coin Signa (SIGNA).
  • Signum produces basically no e-waste, making it the first blockchain that deserves to be called ‘sustainable’.
  • Signum is much more than a cryptocurrency. As a customizable platform, it has the power to feature fair, unstoppable and unlimited censorship-resistant decentralized applications.

Why Signa is the future cryptocurrency

Signa is not just another cryptocoin – it is the foundation of a sustainable future. Signa is mined, traded, and stored just like any other cryptocurrency on a decentralized ledger system, but it is also used in all Signum features – such as Token creation, smart contracts and messaging. All this while not having to deal with the environmental and negative consequences of today’s other cryptocurrencies.

“With the recent chaos caused on the bitcoin and cryptocurrency markets, following Elon Musk’s criticism of Bitcoin’s exorbitant energy use, Signum’s launch comes at the perfect time,” says Benjamin Schroeter, serial tech entrepreneur and Chairman of the Signum Network Association (SNA).

What makes Signum truly sustainable?

The idea of a sustainable blockchain is not entirely new, many have claimed to be so. But Signum is truly at the forefront of the sustainability movement. Since 2019, the core development team with its large and engaging tech-community has been working tirelessly on Signum’s foundation. Signum evolved from the former blockchain Burstcoin which had its genesis block in 2014.

Signum introduced the world to the Proof of Commitment (PoC+) decentralized consensus as the evolution of the Proof of Capacity (PoC) consensus. Unlike the well-known Proof of Work (PoW) consensus used by Bitcoin and many other coins (which require special power-hungry equipment), PoC+ simply uses available disk space.

This innovative consensus offers a new way for miners to increase their effective storage capacity – committing a Signa balance (stake) in their account. This helps secure the network and improve their chances of earning mining rewards. PoC+ is a greener option since effective capacity can be increased without purchasing more equipment.

According to Benjamin Schroeter, “as there are no energy concerns and no e-waste, Signum can be the solution for many everyday applications that currently run on energy-hungry blockchains. We can help businesses and people to launch new ideas in a sustainable and fair way on Signum. There are basically no limitations to Signum.”

Signum’s core values

Signum’s philosophy was built on a set of core values that continue to be the basis of everything that is developed on the platform.

Fairness, sustainability, and innovation are at the core of Signum:

  • sustainable mining,
  • empowering small miners to achieve real decentralization,
  • building a secure network,
  • low fees,
  • providing a feature-rich platform,
  • and global accessibility.

JJos, Signum’s main developer, believes “the core philosophy of Signum is what makes this blockchain and its community so powerful. With the latest Signum hard-fork we are finally moving into the spotlight and aim to be among the top-50 players in the crypto space.”

Discover Signum

Signum is the world’s first truly sustainable blockchain, featuring world-class applications on a sustainable leading-edge blockchain architecture. Signum powers its native cryptocurrency Signa (SIGNA) at a minor fraction of energy and no additional e-waste, compared to other cryptocurrencies. Signum empowers users and developers around the world with innovative blockchain solutions for everyday life.

SNA is a Swiss Not-for-Profit Organization (founded in 2021) to provide a solid foundation for Signum to grow and fulfil its vision of a sustainable and innovative blockchain.

Find out more at (https://signum.network/), Telegram (@signumnetwork), Twitter (@signum_official) and Discord (Signum).

Watch what Signum stands for: (https://youtu.be/9oMD2AO7aeE )

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Nigerian Currency Overvalued by 10% Says Central Bank Governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira again.

Another Naira Devaluation Loading

As previously reported by Bitcoin.com News, in May 2021, authorities in Nigeria allowed the naira’s exchange rate against the US dollar to drop from a fixed rate of 381 per dollar to the current official rate of 410. This devaluation, which was the third one in less than 18 months, briefly narrowed the gap between the official and the parallel market rate. However, at the time of writing, this gap had widened again.

Nevertheless, as a Reuters report explains, the CBN chief is now expecting to see this gap shrink. According to the report, the governor said: “The spot naira rate of 410-412 per dollar would eventually weaken by 5% to 10%.” Weakening the naira by between 5% to 10% means the CBN is expecting the spot rate of the naira to fluctuate between 430 and 450. Still, this new CBN target remains below the current parallel market exchange rate of 500 for every dollar.

World Bank Calls for Exchange Rate Unification

The report also touches on why Emefiele, who has previously defended the naira’s overvalued exchange rate, is now warming up to the idea of devaluing the local currency. According to the report, another devaluation of the naira may be linked to the World Bank’s call for the unification of Nigeria’s multiple exchange rates. The global lending institution reportedly wants to see “closer parity before the release of a much-needed $1.5 billion budget support loan.”

In addition to the World Bank’s demands, the CBN has faced increased pressure to devalue the naira by businesses that are failing to access the resource via the official channels. This, in turn, leaves the parallel market as their only source for foreign currency.

What do you think of Emefiele’s remarks about the naira’s overvaluation? You can tell us what you think in the comments section below.