Daily Archives: November 12, 2021

Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally

Moonshot to $90K — After Bitcoin Upgrade Taproot Activates, Crypto Advocates Expect the Price to Rally

In mid-June, the ‘Speedy Trial’ lock-in period for the Bitcoin network upgrade Taproot locked in at block height 687,285 and was mined by the bitcoin mining pool Slushpool. Taproot is expected to activate on the network on Saturday, November 13, 2021, and the upgrade is considered one of the largest changes the protocol has seen since Segregated Witness (Segwit) went live in 2017.

Bitcoin Upgrade Taproot Expected to Activate on Saturday

Taproot is expected to activate and go live on the main network on Saturday, November 13, 2021, following the lock-in period this past summer. When activated, Taproot is expected to enhance the digital currency network’s scripting capacity and the ability to leverage Schnorr signatures (BIP340) will be made available. Taproot is also expected to amplify bitcoin transactions by allowing certain types of complex, ‘smart’ transactions.

Schnorr signatures can help transactions scale as they are more compact than ECDSA. Schnorr can also allow key aggregation, which provides a slew of multi-signature transaction schemes. While Taproot (BIP341) creates new rules for a new Pay-to-Taproot (P2TR) output type, the upgrade is a soft fork and is entirely opt-in like its predecessor Segwit.

“Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork,” the Github “Taproot-Activation” documentation notes. “By combining the Schnorr signature scheme with MAST (Merklized Alternative Script Tree) and a new scripting language called Tapscript, Taproot will expand Bitcoin’s smart contract flexibility, while offering more privacy by letting users mask complex smart contracts as a regular bitcoin transaction.”

Decentrader Market Analyst Expects ‘the Price to Rally up to the $85K – $90K Region in the Coming Weeks’ — Taproot Upgrade Could Also Be Priced In

Discussions concerning the Taproot upgrade are all over cryptocurrency forums and social media platforms during the last few days. The much-anticipated Taproot upgrade will officially go live at block height 709,632. The activation of this specific upgrade has caused people to speculate that BTC’s price may spike significantly higher after a successful soft fork.

On November 12, a bitcoin market update blog post published by decentrader.com says that market sentiment could spark a rally after the Taproot upgrade. Despite bitcoin’s (BTC) current volatility after the crypto asset tapped $69K, Decentrader explained the analysts are still “bullish” about BTC’s price rising higher. The market update states:

We remain bullish on high time frames and continue to expect price to rally up to the $85,000 – $90,000 region in the coming weeks, which aligns with the 1.618 fib retracement level.

Overall, people believe that once the network gets improved scalability and fungibility, the upgrade could bring a new all-time high (ATH). The Bitpanda Pro Twitter account discussed Taproot today and noted that the upgrade comes at a very opportune time. “The Taproot upgrade comes at a very bullish time,” Bitpanda tweeted on Friday. “Both for the total crypto market, which recently surpassed a value of €2.6T for the first time, and for Bitcoin itself, which has hit new ATHs multiple times over the past few weeks.”

However, Bitpanda also admitted that the upgrade’s value could already be priced in, and the recent ATH to $69K could have been the spike. “However, it appears that the bulls may still have some power left to push the price higher once the upgrade comes into effect,” Bitpanda added. “Taproot, after all, is here to make Bitcoin better, more efficient, and more private, all of which are factors that could justify a higher price,” the digital asset exchange concluded.

What do you think about the upcoming Taproot upgrade? Let us know what you think about this subject in the comments section below.

ADALend: Announcing Imminent Cross-Platform Development

ADALend, currently in the process of developing a decentralized financing (DeFi) project has just announced its plans to start the development of its cross-platform integrations very soon.

The cross-platform integrations will simplify and allow access to decentralized financial services by a larger segment of users around the globe.

ADALend’s GM, Javed Khattak, has earlier announced that ADALend will work on its UI and the platform’s user experience and simplicity to provide less barriers of entry for traditional users to get involved with decentralized financing.

About ADALend

ADALend is a decentralized lending protocol governed by the Cardano system. Within this Cardano system, ADALend will influence the flexibility of digital finance markets by providing a basis for immediate access to loans and collaterals, resulting in sustained liquidity of the blockchain assets of the lender.

    • Permissionless Lending On Any Pairing Guarantees the users will always be granted the best offers available secured by multiple layers of oracles removing the need for permissions on any pairings.
    • Incentivised Liquidity The idea behind incentivizing deposits will keep ADALends’ pools highly liquid, securing low-interest rates and the availability of assets for borrowers.
    • Community Governance Governance proposals issued by the ADALend or the community will have to reach a consensus by the token holders through a system of voting. Guarantee that the project will always be propelled in the best interest of the user and the ADALend community.
  • Ecosystem Foundation Layer The ADALend project will host a layer of financial products aimed at developing the entire project as its own financial solutions platform providing users with a complete independent ecosystem to replace traditional and non-traditional financial solutions.

ADALend encourages all to read its published whitepaper and get familiar with all the amazing features and protocols that the project encompasses.

For more information please visit https://adalend.finance


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SEC Rejects Vaneck Bitcoin Spot Market ETF Over Price Manipulation Concerns

SEC Rejects Vaneck Bitcoin Spot Market ETF Over Price Manipulation Concerns

On Friday, November 12, the U.S. Securities and Exchange Commission (SEC) rejected Vaneck’s bitcoin spot market exchange-traded fund (ETF). The U.S. regulator noted that the denial was due to the lack of prevention toward “fraudulent and manipulative acts and practices.”

SEC Turns Down Spot Market ETF – US Regulator Believes There Should be More Manipulation Protection for Investors

  • Following the approval of a few bitcoin ETFs that leverage future markets, the SEC has rejected Vaneck’s bitcoin spot market ETF on Friday. So far, the U.S. regulator has not approved any bitcoin ETFs that are tethered to spot market prices.
  • In its ruling, the SEC explains spot market ETF offerings have not “met its burden” when it comes to “[protecting] investors and the public interest.” The Vaneck ETF was turned down over “the requirement that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices.”
  • For one, standards need to include “surveillance-sharing agreements,” as they “provide a necessary deterrent to manipulation because they facilitate the availability of information needed to fully investigate a manipulation if it were to occur,” the SEC ruling details.
  • The SEC also cited the denial of the Winklevoss ETF the two investors tried to get approved years ago. In the case of most commodity-trust ETPs, the fund must enter into some kind of “surveillance-sharing agreements” or “Intermarket Surveillance Group (“ISG”) membership” tied to the type of market, the U.S. regulator’s ruling explains.
  • The ruling details that the fund BZX believes “such manipulation concerns have been sufficiently mitigated, and that the growing and quantifiable investor protection concerns should [be] sufficient to justify dispensing with the requisite surveillance-sharing agreement.”
  • The SEC ruling concludes that the central consideration right now for the regulator is the “potential manipulation of bitcoin.”

What do you think about the SEC denying Vaneck’s bitcoin spot market ETF? Let us know what you think about this subject in the comments section below.

13,000 BTC Moved in 20 Months — 2010 Mystery Miner Transfers Another String of 20 Decade-Old Block Rewards

Two days ago on November 10, a mystery whale transferred 20 block rewards from 2010, which saw the movement of 1,000 decade-old bitcoins worth $68 million at the time of transfer. Two days later on November 12, the miner from 2010 returned once again, in order to transfer another string of 20 block rewards from 2010 worth roughly $64 million at the time it was sent.

After Transferring 1,000 Bitcoins 2 Days Ago, the Mega-Whale From 2010 Has Returned Again

Last year, Bitcoin.com News, the members of the Telegram research group GFIS, and the creator of Btcparser.com discovered an extraordinary bitcoin (BTC) whale that spent decade-old block rewards from 2010 in strings of 20 blocks at a time. To date, the whale has transferred a total of 13,000 bitcoins that derived from mined blocks in 2010. Using today’s exchange rates that’s close to a billion dollars ($829M) but this whale transferred the 13,000 during various BTC price ranges.

The day bitcoin (BTC) reached an all-time price high on Wednesday, November 10, the mystery whale returned for the first time since June 9, 2021. Two days later on Friday, November 12, the whale came back to spend another 1,000 bitcoins from a string of 20 decade-old block rewards. These types of bitcoins are referred to as ‘sleeping bitcoins’ because they have not moved from the original address since the day they were mined. There are lots of ‘sleeping bitcoins,’ and onchain researchers love to discover spends from 2009 through 2013 because of the age of these blocks.

For instance, the last 2009 block reward transfer derived from a block mined on February 9, 2009, was last year on May 20, 2020. 2010 block rewards that have been idle for more than a decade are also rare to see spent ten years later, but this particular whale has a large sum of bitcoins mined at that time. So far, this entity has moved 20 block rewards from 2010 on 13 separate occasions (3/11/20 – 10/11/20 – 11/7/20 – 11/8/20 – 12/27/20 – 1/3/21 – 1/10/21 – 1/25/21 – 2/28/21 – 3/23/21 – 6/9/21 – 11/10/21 – 11/12/21).

The 13th Mega-Whale Sighting — 13,000 Bitcoins Distributed So Far

Today’s block reward spend was yet another consecutive 20 block rewards from 2010 that was transferred at block height 709,305. Just like the 20 block reward transfers two days ago, the mystery miner spent the corresponding bitcoin cash (BCH) as well. The miner did not transfer the 1,000 bitcoinsv (BSV) and those coins still remain idle today. All the bitcoin (BTC) was consolidated to this address and then the 1,000 BTC was distributed to wallets holding 10 BTC per address. The bitcoin cash (BCH) was consolidated into a wallet with 1,000 BCH and those coins were distributed to wallets holding 50 BCH per address.

According to Blockchair’s privacy-o-meter tool, the 1,000 BTC move from 2010 suffered from “critical” privacy issues. Five privacy issues were tethered to the whale’s transaction including matched inputs and outputs. Blockchair utilizes over 100 indicators to measure the privacy scores of bitcoin transactions. Our onchain research friends at GFIS believe this whale’s movements have been quite interesting.

“This is the 13th awakening that our team has noticed, as we are constantly analyzing the Bitcoin blockchain,” GFIS told our newsdesk. “More interestingly, the manner of these awakenings and distributing funds is always the same,” the onchain researchers added. GFIS continued:

The mined virgin bitcoins from 2010 are taken, transferred to a P2SH address (which possibly performs the escrow address function), and then the funds are distributed mostly between bech32 addresses in amounts of 10 bitcoins per wallet.

The creator of Btcparser.com also noted that there were very few legacy addresses (7) and a lot more P2SH addresses (65), while the majority were bech32 addresses (125 total – five P2WSH and 120 P2WPKH). “In terms of distribution of funds, 96 addresses received exactly 10 bitcoins,” the researcher remarked. “One received 32, another one received 7.27. And 99 addresses received less than 1 Bitcoin in total (an average of 0.006498879 to be more precise).”

The transfer today, if exchanged for U.S. dollars, the 1,000 BTC stash was worth $64 billion at the time the transaction occurred. The corresponding BCH was worth $656K at the time of the original transfer.

What do you think about the 2010 mining entity that has been spending 20 block rewards with 1,000 bitcoin in strings? Let us know what you think about this subject in the comments section below.

Meet the Antminer S19 XP — Bitmain Reveals ASIC Manufacturer’s Most Powerful Bitcoin Miner

At the World Digital Mining Summit in Dubai, the leading application-specific integrated circuit (ASIC) bitcoin mining rig manufacturer, Bitmain, revealed the company’s most powerful bitcoin mining device to date. The new Antminer S19 XP will boast up to 140 terahash per second (TH/s) and uses 27% less electricity per terahash than the most efficient and profitable bitcoin miner today.

The New Antminer S19 XP Boasts 140 TH/s and 27% Less Electricity Consumption per Terahash

This week the bitcoin mining industry has been buzzing about a new ASIC SHA256 mining rig manufactured by the company Bitmain. News about the new miner was first leaked by the Chinese journalist and former Bitmain employee Colin Wu. The journalist wrote that compared to the current generation of Antminer S19s, the latest in the series of models has “been greatly improved.” Following Wu’s tweet on November 6, Bitmain hosted the World Digital Mining Summit (WDMS) in Dubai and revealed the firm’s next-generation machine.

Bitmain’s new miner will pack a lot of computing power as 140 TH/s will be the most powerful mining rig released on the market to date. The new rig’s specifications show the miner’s efficiency is 21.5 joules per terahash (J/TH), which is considerably more efficient than the S19 Pro’s 29.5 J/TH. The S19 XP not only will use 27% less electricity per terahash, it also claims to provide 37% more hashpower per kilowatt-hour (kWh). The S19 XP leverages the SHA256 mining algorithm and has a power consumption of 3,010 watts off the wall.

Five Selected Companies Will Be First to Acquire Bitmain’s New Machines

According to the announcement, the machines will be available to the general public in July 2022. However, it seems that five bitcoin mining operations have been selected to be Bitmain’s first S19 XP customers. Greenidge Generation Holdings Inc. (Nasdaq:GREE) was one of the companies selected and Ault Global Holdings’ (NYSE American:DPW) subsidiary Bitnile was also chosen to partner with Bitmain. Milton “Todd” Ault, III, the company’s executive chairman, tweeted some photos of himself signing a contract on stage in Dubai.

Bitnile disclosed the new shipment of Antminer S19 XPs will be leveraged at the firm’s Michigan data center and “result in a significant increase in Bitnile’s Bitcoin mining capabilities and future revenues.” The announcement stemming from Greenidge details that the company aims to deploy its units “at a facility to be developed in South Carolina or Texas.” Greenidge also explained that the delivery of S19 XPs will occur in the “third quarter of 2022.”

Bitmain’s Antminer S19 XP will also boast 5-nanometer (5-nm) chip technology and the semiconductors come from Taiwan. In the Greenidge S19 XP acquisition announcement, Bitmain’s business development director of the NCSA region, Irene Gao, discussed the new S19s. “Like Greenidge and many of our customers, Bitmain is dedicated to improving the carbon footprint of the bitcoin mining industry. That is why we’re thrilled to announce not only the S19 XP but also the green Antminer S19 XP.” Gao concluded:

Bitmain is manufacturing a limited edition green Antminer S19 XP and is offsetting 100% of the carbon footprint associated with the production and the first year’s operation of these miners by purchasing carbon offset credits.

What do you think about the latest Bitmain miner announcement? Let us know what you think about this subject in the comments section below.

Cardingo – a Curated Designer NFT Marketplace and Series for Cardano

Cardingo - a Curated Designer NFT Marketplace and Series for Cardano

PRESS RELEASE. Sydney, Australia – Cardingo is an NFT series and Cardano NFT marketplace that has secretly been in the works for months. While the world waited for Cardano smart contracts, the Cardingo team busily went to work on a series of NFTs and a unique marketplace to satisfy the tastes of Cardano fans worldwide.

CNFTs started selling long before smart contracts. Platforms like cnft.io and easycnft.io have offered CNFTs for months. They have been so successful in fact the platforms are inundated with an overwhelming and constant flow. Cardingo aims to stand out by providing a curated marketplace, which mints NFTs only by selected artists. This brings a unique and exclusive touch and Cardingo will always be searching for additional high-quality art and high profile artists to join the platform. Extra effort is being applied into seeking Aboriginal art and artists to expand their income potential and help share their culture and history with the world.

A CARDANO MASCOT – OUTBACK STYLE

In addition to a solid CNFT Marketplace, Cardingo aims to be a loyal defender devoted to stomping out Cardano Fud. This playful, yet serious side gig, will offer Cardano fans a new mascot to root on and cheer as the new era of Cardano takes hold.

THE CARDINGO NFT COLLECTION

The Cardingo NFT Platform will launch with a carefully developed series of NFTs:

  • HoskeyChains are the first collection that offer computer generated keychains in a huge variety of Cardano inspired characters.
  • HoskeySmokeys offers artist generated pixel animations that depict the beloved hero Charles Hoskinson in an animated pixel that literally blows smoke.
  • HoskeyMates are another artist generated NFT that depicts Charles Hoskinson, in pixel form, wearing a variety of costumes or depicting different characters.
  • HoskeyMation are another artist generated NFT that depicts Charles Hoskinson in pixel animations displaying different levels of Hoskeys such as noob, pro and more.
  • HoskeyPunks are computer generated NFT that depicts Charles Hoskinson, in pixel form, wearing a variety of costumes or depicting different characters.
  • There is also a Special Hoskey Edition rare Charles Hoskinson collection that include illustration and animation, details on this rare NFT will be released later.

THE AUSTRALIAN DINGO

Cardingo intends to spread awareness and love for the Dingo. Cardingo has partnered with the Dingo Foundation and will help promote and raise awareness for the Dingo and also donate to the Dingo Foundation charity.

Lyn Watson, Head of the foundation, said “we’ve been really hard up for funding due to the lockdown and lack of visitors,” but she is thrilled to partner with Cardingo and thinks the added global attention and donations will help her accomplish her goal of “federal protection for the species.”

Dingoes are native and a valuable piece of the Australian Ecosystem, and as an apex predator, they are vital to keeping the environment in balance. Over the years they have been hunted, trapped, poisoned, and generally thought of as pests. Lyn fears the species will eventually become extinct if protection measures are not taken soon. The dingo population at the Dingo Sanctuary are a species “insurance population, which is a big responsibility.”

Recently, their most famous Dingo, Wandi, fathered a litter of pups at the Dingo Sanctuary. Wandi’s story went viral when the world learned the tale of a Dingo pup that was dropped from the talons of an eagle to land in a suburban backyard. Wandi even has his own book that soon may be incorporated into Australian schools nationwide. Lyn hopes Wandi will help the next generation learn to love and appreciate Australia’s most valuable predator, rather than try and push it to extinction.

By partnering with Cardingo, Lyn aims to help continue her quest to change the reputation of the Dingo and preserve it for future generations. She has hopes in the future to build a visitor center and art gallery that will feature Dingo and aboriginal art for visitors to enjoy and appreciate.

AUSTRALIAN ABORIGINAL ART

Cardingo will also incorporate Australian Aboriginal art. The first evidence of Aboriginal philosophy is evident in the still visible rock art which dates back more than 20,000 years.

There is no written language for Australian Aboriginal People so in order to convey their important cultural stories through the generations it is portrayed by symbols or icons through their artwork.

Cardingo aims to provide avenues for aboriginal artists to pass on information and to preserve their culture. Indigenous art is centered on storytelling and used to convey knowledge of the land, events, and beliefs of the Aboriginal people.

FUTURE CARDINGO

The first Cardingo series NFT drop will be happening sometime around the first week in November 2021. Soon after Cardingo will hold the public launch of the utility token for the marketplace which will offer future staking options and additional rewards for Cardingo token holders.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

India’s Central Bank RBI Reiterates ‘Serious Concerns’ About Crypto — Governor Doubts Reports on Indian Crypto Investors

India's Central Bank RBI Reiterates 'Serious Concerns' About Crypto — Governor Doubts Reports on Indian Crypto Investors

India’s central bank, the Reserve Bank of India (RBI), still has “serious concerns” about cryptocurrency from a macroeconomic and financial stability standpoint. Furthermore, RBI Governor Shaktikanta Das says he doubts the veracity of the number of Indian crypto investors reported by the media.

RBI Has Serious Concerns About Crypto, Governor Doubts Veracity of Media Reports on Crypto Sector

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, reiterated that the central bank still has “serious concerns” about cryptocurrencies at Business Standard’s BFSI Summit this week. He was quoted by local media as saying:

Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint.

He added that the central bank has “given our detailed suggestions” regarding cryptocurrency to the government, which is now “actively looking at the issue and will decide on it.” However, the central bank governor noted, “But as the central banker, we have serious concerns about it and we have flagged it many times.”

The RBI has voiced its concerns over cryptocurrency on several occasions. In September, Das similarly said: “We have serious, major concerns on cryptocurrency with respect to financial stability, [and] have conveyed the same to government of India.”

The Indian government is currently working on crypto regulation. According to reports, a finance ministry official recently said that the government is trying to “fast track” a cryptocurrency bill to be introduced in the winter session of parliament.

Governor Das also cast doubt on the number of Indian crypto investors and the size of the crypto sector in India reported by the media.

“I am not sure about the veracity of these numbers. Of course, my view may not be fully right as we don’t get full information about these currencies as they aren’t regulated by us or by any other central bank,” he described, elaborating:

But I still think the number of investors look clearly exaggerated as the bulk of them, say over 70%, have invested only about Rs 1,000 each in cryptocurrencies.

Das said that since many people only invest Rs 1,000 ($13.43), it suggests that there could be an effort at crypto exchanges to enroll as many people as possible.

According to research firm Crebaco, there are about 105 million Indians who have invested in crypto assets. In addition, the firm said the total crypto investment made by Indians is about $10 billion, and 20% of crypto investors are between the ages of 18 and 20.

What do you think about the RBI governor’s comments? Let us know in the comments section below.

The Majority of Game Developers Are Beginning to Include Blockchain in Their Games According to Study

game

Most game developers in U.S. and U.K. are now using blockchain elements in their games, according to a study released this week. The study, commissioned by a company named Stratis, reveals that the popularity of blockchain, NFTs, and the new play-to-earn model in the crypto market is making game developers change the traditional ways in which games are produced, with the intention of enticing new players and accessing new markets.

Blockchain and NFTs Becoming Mainstream in Video Game Development

The trend of including blockchain elements and NFTs in video games is here to stay. According to a study released this week commissioned by blockchain platform Stratis, and by a research firm called Opinium, 58% of the 197 surveyed developers in the U.S. and U.K. are beginning to use blockchain elements in their games. Furthermore, according to the same study, 48% of these developers are incorporating NFTs in their games.

This is a testament to how the use of these elements, which increase the link that players have with their digital worlds, is slowly creeping into mainstream gaming companies. Some of the biggest gaming companies, like EA, believe that these new technologies are part of the future of the gaming industry. The survey seems to confirm this trend, with more than 70% of respondents saying they would consider using these technologies for new games with 56% planning to do so in the next 12 months.

The reason for this is clear. Innovation and securing value for players in the game were the first two more popular use cases that respondents cited as a reason to use these blockchain elements in the gaming industry. The play-to-earn element, this is, rewarding players with real-word value, followed as the third most popular use case.

AAA Studios Interested, but Indies Are Already Here

Chris Trew, CEO of Stratis, a company that offers an SDK to include blockchain elements in game engines, stated:

With renowned platforms such as Epic welcoming blockchain-based games and NFTs, we certainly expect AAA studios to launch titles incorporating these technologies in the coming years. But there are so many indie game developers that will get there first.

While big companies like Square Enix, Ubisoft, and Electronic Arts have been flirting with blockchain and NFTs for some time, there are already several independent (indie) studios that have embraced and included these elements with success. This is the case of Axie Infinity, the game created by Sky Mavis, that made the play-to-earn model popular in the last year and also includes NFT elements to support its economy.

What do you think about blockchain and NFTs going mainstream in video game design? Tell us in the comments section below.

Analysts: Lack of Trust in Nigerian Government an Impediment to CBDC’s Success Prospects

While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success.

Threat From Fintech Startups


In addition, some analysts insist the digital currency’s already tenuous position is made worse by the fact that it has to compete with fintech startups. As previously reported by Bitcoin.com News, Nigeria is home to some of the biggest fintech startups and is a country that receives a relatively large chunk of the continent’s fintech investment.

According to a Financial Times report, it is this threat from well-funded fintech startups that raises questions about the e-naira’s chances of fulfilling some of the CBN’s goals like bringing more people into the financial system or allowing for more targeted social and welfare spending.

One of the analysts who is quoted in the report casting doubts about the e-naira’s prospects of succeeding is Adedayo Ademuwagun, an analyst at Songhai Advisory. According to Ademuwagun, most of the goals that the CBN hopes to achieve with the digital version of the naira are already being addressed by privately owned fintech startups. He explained:

The issue is that all of this can already be adequately addressed using the existing financial payments system. Nigeria is the fintech capital of Africa, so there are just so many options, so many ways to pay somebody, and pay them fast, already.

Trust Issues


However, another analyst, Ronak Gadhia of EFG Hermes thinks the belief the government will monitor all e-naira transactions may be enough to dissuade some from using the e-naira.

“The government effectively knows every transaction you carry out [with a digital currency] and in a place like Nigeria where there’s a bit of mistrust between ordinary Nigerians and the government there may be skepticism in terms of adoption,” the report quoted Gadhia explaining.


Further, to support his argument, Gadhia points to how the Nigerian government was able to suffocate the End Sars protests by simply freezing the bank accounts of individuals that had organized the protests.

Despite expressing his doubts about the e-naira’s prospects, Gadhia insists it is still too early to judge or dismiss the digital currency’s potential.

What are your thoughts about this story? Tell us what you think in the comments section below.

OVR Upgrades Its Token Economics

OVR has decided to upgrade its token economics to make its own tokens more rare and valuable.

Last May, the OVR team burned about 1 million OVR tokens to celebrate the first six months of the project. Now it is announcing an exciting decision to make token burn an integral part of its token economics.

OVR’s token economics plan


On November 1, a full-fledged token burn program was officially kicked off.

The project team has decided to take 50% of the revenue generated from the ongoing sale of OVRLand on a monthly basis and manage it in the following way:

  • 40% is directly used to burn tokens
  • the remaining 10% is used to incentivize the sale of OVRLand.


A sort of “lottery” takes place in which one of the OVRLand buyers is drawn each month, with the use of Chainlink VRF, to win the remaining 10% of the revenues.

It goes without saying that the more OVRLands tokens an investor has, the better his chances of winning 10% of the revenues.

Potential issues


The burning program seems to be a very good way to accelerate the token economics of the project.

However, one might wonder how sustainable this periodic burning can be and, as a direct consequence, how many OVRLands can be sold.

The answer to this legitimate doubt is very reassuring.

Data tells us that there are more than 1.6 trillion OVRLands covering the surface of the planet but not all of them can be sold, such as those covering oceans, deserts, rainforests etc.

Nevertheless, by intentionally making a low estimate and considering only the OVRLands points of interest recorded by Open Street Map, we still arrive at around 100 million.

If we were to be even more cautious in making assumptions, we might consider that none of these are larger than one OVRLand.

Strengths


Starting from this figure and considering 10 OVRs with a price of $1 each, we would arrive at 1 billion in sales, resulting in 400 million OVRs to be potentially burned against the 100 million of the current total supply.

OVR’s new token economics are already making current and future investors dream.

For the more sceptical, here is the link to the smart contract that does the burning:

https://etherscan.io/token/0x21bfbda47a0b4b5b1248c767ee49f7caa9b23697?a=0xd56e993edbe4a23fb527b8ad92a9157a0a6e350d


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