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Coinsilium Group Limited’s Nifty Labs Starts RSK-Powered NFT on Bitcoin Marketplace Development

Coinsilium Group Limited is an open and crypto finance venture builder that creates and implements services and products based on blockchain technology. It was the very first blockchain organization that went public back in 2015. Over time it has invested in the leading and popular blockchain projects such as Blox, Indorse, and RSK/IOV Labs by

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Coinsilium Group Limited is an open and crypto finance venture builder that creates and implements services and products based on blockchain technology. It was the very first blockchain organization that went public back in 2015. Over time it has invested in the leading and popular blockchain projects such as Blox, Indorse, and RSK/IOV Labs by using its expertise and broad network. Now the shares of Coinsilium are traded on New York-Based OTCQB Venture Market and London-based AQSE Growth Market under the ticker symbol “CINGF” and “COIN,” respectively.

Development of RSK-Powered NFT on Bitcoin Marketplace

On 11th May 2021, Coinsilium announced that one of its subsidiaries, Nifty Labs, has begun the development of the “NFT on Bitcoin” marketplace. This marketplace is powered by RSK blockchain, and Nifty Labs has partnered up with Indorse for the development of the above-mentioned NFT (Non-Fungible Token) project, which is secured by the Bitcoin network.

Highlights of the Project

It was announced on 2nd March 2021 that Nifty Labs Limited has entered into an MoU (Memorandum of Understanding) with Indorse. It’s yet another company based in Singapore in which Coinsilium holds 10 percent of equity interest. It was done to form a partnership between the two companies to launch a studio in Gibraltar for the NFT technology development. 

Coinsilium, on 22nd March 2021, announced that it had provided the Nifty Labs with 250,000 GBP of initial working capital. A part of this initial capital was reserved for the fast track development and commissioning work for the very first NFT platform solution by Nifty Labs. Moreover, it was also announced that Indorse, under the supervision of Indorse CEO (Gaurang Torvekar) and Nifty Labs tech lead, will be managing the project’s technical aspects. 

It’s important to bear in mind that because of the prevailing commercial sensitivities, all the details regarding the project were first kept confidential. However, now according to the officials of Coinsilium, they’re more than happy to publicly announce the project’s initial details.

The Development of NFT Marketplace

The initial development specifications that are announced for the new project suggest that it will be a general-purpose, all-encompassing NFT on the Bitcoin marketplace. Moreover, it’ll be powered by RSK blockchain because it offers a more cost-effective transacting and minting experience to crypto users. A team has already been deployed for the project that consists of a project manager, a designer, and three developers, and they will be working on the initial build and commissioning phase.

Various modules are planned to be developed for the newly announced platform, such as a gallery, an NFT minter, etcetera. One of the most important development plans is the capability of the system to trade NFTs for the alternative tokens based on the RSK technology, such as:

  • RBTCD (RSK Bitcoin), which is pegged to bitcoin utilizing a two-way peg which is known as Powpeg
  • RIF
  • MOC (Money on Chain) governance tokens
  • RDOC (Rif Dollar on Chain)
  • DOC (Dollar on Chain)

It has also been announced that the initial developments of the project will include the most popular categories of NFT, such as gaming, music, sports, digital art, 3D avatars, virtual land parcels, etcetera. In simple words, the capabilities of the New Coinsilium project “NFT on Bitcoin” will have pretty much the same functionalities that many other popular NFT marketplaces offer. The future development may also include the functionality that will allow users to interoperate between different blockchain protocols of layer one and layer two.

Development Duration

As a complement to its current fungible token bridge, the RSK team has told Coinsilium that it will prioritize development work on an NFT token bridge. It’ll make it possible to migrate RSK blockchain standard NFTs to other blockchain standard NFTs, such as the Ethereum ERC721 standard.

The development and implementation of the marketplace’s technological aspects are estimated to take up to six months. The completion and delivery of complete technological functionality are often subject to a number of external factors. One of the most important ones is undoubtedly the completion and activation of the NFT Token bridge. More information will be made available to the market as soon as possible.

Comments of Eddy Travia on the Initial Development Plans

Eddy Travia, who is the CEO of Coinsilium, said that releasing the initial development details of the NFT on the Bitcoin marketplace is a big step for the organization. Moreover, Coinsilium has accelerated its commercial activities in order to grow NFTs rapidly. He also said that the crypto world is taking another big turn, and Coinsilium is confident that the NFT on Bitcoin development by the Nifty Labs and Indorse will go in the right direction and will play a big role to define the success of the NFT.

NFT on Bitcoin is in its early stages. According to Coinsilium, the reason for Indorse partnership is its experience and expertise in designing complicated smart contracts. 

Comments of Diego Gutierrez Zaldivar

Diego Gutierrez Zaldivar, who is the CEO of IOV Labs (RSK’s parent company), said that there is no other technology that’s supporting the digital asset landscape and blockchain as NFTs are doing. Moreover, the use cases like virtual property ownership, music, art, etcetera that NFT offers are growing at an exponential speed. He also said that the current landscape of NFT is just a warmup to open endless new opportunities and possibilities. Coinsilium’s decision to choose RSK to develop NFT on Bitcoin is purely thrilling and exciting. It will undoubtedly enable RSK to become one of the strongest players of the future’s NFT dominated economy. 

NFT on Bitcoin: Powered by RSK

RSK (Rootstock) network (secured by Bitcoin Network) is the world’s safest smart contract platform. It now stands at 1,445 BTCs in TVL (Total Value Locked), which means it has surpassed LN (Lightning Network). This milestone represents the commitment of users in the realm of De-Fi (Decentralized Finance). It’s important to bear in mind that the launch of Sovryn DEX (Decentralized Exchange) is partly responsible for the recent rise in RSK. The Sovryn DEX platform was launched in April 2021, and it had 9 million US dollars in funding to help Bitcoin layer two platforms.

According to the recent stats, the RSK network flaunts more than 50,000 active accounts and over 259,000 transactions. Moreover, the platform reached its all-time high hashing power of more than 72 percent during the month of April. The number of integrations and solutions has also grown significantly in the RSK De-Fi network over the course of the last two months. 

rDai on RSK: Opportunity for DAI Fans

As mentioned, the rise in the TVL BTC on RSK is one of the biggest reasons for the RSK RIF (Rootstock Infrastructure Framework) economic growth. RIF is a chamber of decentralized protocols that allows developers to build scalable, easier, and faster DApps. Moreover, it’s also cheaper than Ethereum that provides DAI users with a window of opportunity

What is DAI?

DAI is a stable coin that ties up its value with the dollar price. Being a stable coin, it becomes much more desirable for users in the big world of highly volatile digital currencies. DAI operates via smart contracts that keep its value as close to one dollar as possible, and it’s based on Ethereum. MakerDAO is the organization that manages DAI, and it offers an MKR token that is completely governed by the users. It’s important to note that both MakerDAO and DAI are two of the very first DApps to undergo the mass adoption stage. 

As mentioned, DAI is based on Ethereum, but the cost of transactions of Ethereum is not feasible. Many users have even reported that they are being charged up to 1,000 US dollars for a single transaction as well. Moreover, the transaction charges in the range of hundreds of dollars are more frequent. That’s why countless developers are switching or planning to switch to layer two blockchains to achieve lower transaction costs and faster transaction time.

Advantages of rDAi on RSK

Currently, there are more than 76 million DAI in circulation which means the DAI community is very strong. Most of the users of the community want to continue using DAI because of its stability. That’s where rDAi (Redeemable DAI) comes into place, which sits on the RSK protocol instead of Ethereum and yet is always pegged to the DAI. As compared to the transaction costs of Ethereum, the RSK transaction costs aren’t even fractional (more than 100 times cheaper sometimes). Usually, the single transaction rate of rDAI is 0.15c which means that it’s 80 times cheaper as compared to the transition taking place on Ethereum.

There are also some other perks of using rDAI as it enables the users to earn a yield on their holdings by investing in the collateralized loans in a pool. In simple words, the DAI amount of the users while entering the pool will remain the same. 

Another great factor about rDAI is that it’s an ERC-20 fungible token. It means that users can use any crypto wallet they want to make transactions. Being a fungible token, rDAI allows the users to send any amount to any crypto wallet at any time, and they’ll always be able to perform withdrawal operations at a 1:1 ratio.  

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://btcmanager.com/coinsilium-group-nifty-labs-rsk-nft-bitcoin-marketplace-development/

Blockchain

Here’s Why Despite the Recent Bitcoin Crash, All Hope Isn’t Lost

The recent crash should be seen as a temporary price correction, which is an inevitable aspect of every asset class.

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With the recent crash where cryptocurrency lost a quarter of its value since mid-April, many industry stalwarts and key stakeholders were quick to suggest that this might be the end of bitcoin.

In fact, to some, it may seem almost blasphemous for anyone saying otherwise.

However, industry experts believe that bitcoin is far from over despite the somewhat negative outlook and is here to stay.

For example, did you know that one of Bitcoin’s most prominent corporate backers, MicroStrategy expects a $285 million loss after the recent crypto crash but wants to raise $400 million in debt to buy more?

To understand why corporations and other stakeholders still believe in bitcoin’s bright future, it is crucial to closely understand and observe market trends.

The price crash came amid a record-breaking run for bitcoin, rising from below $5,000 in March 2020 to an all-time high of $64,486 per unit on 14th April – jumping more than 450% in just six months.

However, It is important to note that we live in the era of a pandemic; every financial product- from the stock market to the commodities sector has been affected, and the cryptocurrency market is no exception.

Nonetheless, the recent crash should be seen as a temporary price correction, which is an inevitable aspect of every asset class, even during regular times.

Cryptocurrency has a bright future, especially in Asia

A closer look at emerging trends over the past couple of years will establish the value of cryptocurrencies in the new normal.

In the face of the pandemic amidst global economic meltdowns, cryptocurrencies have emerged as remarkably resilient assets. Furthermore, the rapid increase in digitization has created an even more ripe environment for digital currency.

This is particularly true for the APAC region, where more than 60 percent of the world population resides –  a population with a rising middle class and increasing smartphone and internet usage driving digital trends.

According to a recently published study by Messari crypto researcher Mira Christanto, six out of the top ten cryptocurrency unicorns are located in Asia.

The report also indicates that around 98 percent of ethereum-based futures and 94 percent of bitcoin futures volumes stem from the region.

Furthermore, by the end of 2019, six of the world’s top ten largest crypto firms were located in Asia. And as of January this year, of the top 20 token projects with headquarters, 42 percent of the market capitalization is based in Asia.

All of which has contributed to Bitcoin’s meteoric rise in value in the past few years and increasing interest from institutional investors and major banks, including Goldman Sachs, which set up its bitcoin trading desk earlier this month.

Choosing the right platform for best interests and good returns is key

Market trends suggest that the recent crash was merely a glitch and that cryptocurrency is still a safe bet, especially for individual investors looking to grow their assets.

However, it is crucial to choose the right platform to grow assets through interests. When making that decision, it is essential to keep a few key factors in mind:

  • What are the interest rates?
  • Is there consistency, or are the rates too fickle?
  • Will I have the flexibility to play around with my assets?

One such reliable platform is Singapore-based Hodlnaut that provides financial services for individual investors.

They earn interest on their cryptocurrencies by lending to corporate borrowers, who would otherwise struggle to access crypto loans.

An emerging cryptocurrency lending platform, Hodlnaut now offers an increased rate of 10.0% APR (10.5% APY) for stablecoins.

Another point of note is that their cryptocurrency and stablecoin rates have remained consistent irrespective of market conditions.

To give users maximum flexibility, Hodlnaut launched a new Token Swap feature that allows users to seamlessly swap tokens and earn interest from their choice of available assets, including BTC, ETH, DAI, USDC, and USDT.

In a post-pandemic world, digital assets will be the next big, if not the biggest, thing. Learn more about Hodlnaut here and secure your future.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/thought-leadership/heres-why-despite-the-recent-bitcoin-crash-all-hope-isnt-lost/

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Blockchain

Overbit Surveys 3000 Crypto Traders

While the crypto sector continues its fluctuations, Overbit has released some interesting data regarding the community after its latest survey. The leading Bitcoin exchange conducted a survey involving 3,000 crypto traders across 87 countries. The survey highlighted details related to crypto exchange selection, trading strategies, and diligence techniques. The survey spanned two weeks and took …

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While the crypto sector continues its fluctuations, Overbit has released some interesting data regarding the community after its latest survey. The leading Bitcoin exchange conducted a survey involving 3,000 crypto traders across 87 countries. The survey highlighted details related to crypto exchange selection, trading strategies, and diligence techniques.

The survey spanned two weeks and took place back in March 2021. As per the report, over 34% of traders expected the crypto sector to go higher. Users should note that the cryptocurrency community was already witnessing a record-breaking high at that point. An interesting pattern was pointed out among the traders with 1-2 years of trading experience as they were highly optimistic about the industry.

Overbit Surveys 3000 Crypto Traders

Over 44% of them expected the sector to rise while most traders speculated a relatively less-bullish trend. As expected, Ethereum and Bitcoin remained the two most popular crypto choices among the lot.

The ownership statistics for Bitcoin did not differ much from 2020’s report. However, Ethereum experienced a substantial increase in this regard. Among the 3,000 traders, almost 65% owned Ethereum, which was 50% back in 2020.

Overbit Surveys 3000 Crypto Traders

Most of the correspondents (65%) stated that they left cryptocurrencies in exchange wallets. Surprisingly, only 25% of the respondents used cold wallets to store crypto. Among the traders, 9% accepted losing cryptocurrencies due to a security breach. However, almost 11% stated that they lost digital assets kept within a private wallet. The statistics showcased how exchanges are offering a better security performance than cold wallets.

Cheh Liu (Founder and CEO of Overbit) stated the crypto sector had evolved substantially in the past few years. Traders are showing more trust in crypto exchanges, eliminating the issues faced by new traders. In addition, the crypto sector is garnering global adoption, and as the standard financial means face decreased interest rates and inflation, traders prefer cryptos like Bitcoin over them.

The report supported the statement, revealing that 32% of the new traders only invested in cryptocurrencies in 12 months.

Overbit, the well-known Bitcoin exchange platform, recently revealed the findings of its latest survey. The report conducted back in March 2021 showcased interesting exchange selection, crypto preferences, diligence techniques, trading strategies, and more information.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/overbit-surveys-3000-crypto-traders/

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South Africa Is Looking at $3.6B Bitcoin Fraud as Africrypt Founders Flee

This is easily one of the largest crypto frauds in the world.

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South Africa is looking at the country’s biggest cryptocurrency fraud as the two Africrypt founders, Raees and Ameer Cajee, disappeared with Bitcoins worth $3.6 billion belonging to the investors of the fund.

Ameer Cajee, who is the chief operating officer of Africrypt, wrote to the investors on April 13 informing them that the investment platform has been hacked which forced them to halt operations.

Bank Account Alternative. Business Account IBAN.

He elaborated that the company was trying to recover the funds and urged the investors not to inform law enforcement as that might delay the recovery process. Africrypt investors include several high-profile South Africans and celebrities.

A Cape Town law firm representing the victims is suspecting that the two founders have fled to the United Kingdom with around 69,000 Bitcoins. The amount involved easily makes it one of the biggest crypto frauds in the world, let alone South Africa.

The law firm further found that the brothers transferred pooled funds from the South African bank accounts and clients’ wallets and then broke the Bitcoins into pieces and sent them to mixers.

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Investors Need to Be Cautious

Last year, thousands of South Africans were defrauded by Mirror Trading International (MTI), a local Bitcoin trader company that is now under liquidation, for around 23,000 Bitcoins.

Africrypt, however, has a different business plan than MTI, which followed a pure multi-level marketing model. But both the companies claimed to be using computer algorithms for trading cryptocurrencies and generating profits.

Cajee brothers also lured investors with a guarantee of jaw-dropping 10 percent daily returns on the investments, a claim which should have immediately raised suspensions.

Though the case has been reported to the Hawks, an elite unit of the South African police, Financial Sector Conduct Authority (FSCA), and the SA Reserve Bank, a tussle is going on over the jurisdiction.

“We don’t have jurisdiction, but we are looking at complaints to see if there is a financial product hidden in there,” said Brandon Topham, head of enforcement at the FSCA.

South African regulators are already alert to the growing crypto scams and working to bring regulations to the local crypto industry. The central bank also barred international transactions for the purchase of cryptocurrencies.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/south-africa-is-looking-at-3-6b-bitcoin-fraud-as-africrypt-founders-flee/

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Bitcoin Price Could Reach $25,000 After Grayscale’s Unlock: JPMorgan

The unlocking of GBTC shares could increase the selling pressure and drive BTC’s price further south to $25,000, predicted analysts from JPMorgan.

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Although bitcoin recovered several thousand dollars after its mid-week crash, JPMorgan strategists still envision a bearish future for the asset. In their latest memo on its performance, they touched upon the upcoming unlocking of GBTC shares, which could drive the cryptocurrency down to $25,000.

GBTC Shares to Play a Crucial Role

Led by Nikolaos Panigirtzoglou, the analysts from the giant multinational investment bank have displayed a controversial approach to the primary cryptocurrency. They have gone from predicting a six-digit price tag to outlining multiple doomsday scenarios.

One thing that they have been consistent with is the role of the largest cryptocurrency asset manager – Grayscale. Earlier this year, they warned that BTC’s price might head for a correction as the inflows to the Grayscale Bitcoin Trust had declined.

In the latest memo reported by Bloomberg, they broached another bearish scenario involving the largest BTC-tracking fund. This time, they touched upon the unlocking GBTC shares.

As previously reported by CryptoPotato, institutional investors employing Grayscale’s services will receive access to 16,000 bitcoins in one day alone in July. The rest of the month will also see substantial quantities unlocked.


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After this six-month locking period and keeping in mind BTC’s value appreciation in this time frame, it’s safe to assume that at least some of the investors will decide to cash in. This, according to JPM, could lead to enhanced volatility and could bring sell pressure to the market.

Stack Funds also spoke about a similar possibility recently, but their paper argued that bitcoin might have already reached its bottom.

$25K on the Map for BTC?

Just a few days ago, bitcoin dropped to its lowest price point in almost half a year, below $29,000. It has recovered some ground since then and currently stands above $32,000, but JPM’s analysts still see more adverse price movements on the horizon.

“Despite this week’s correction, we are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally. Despite some improvement, our signals remain overall bearish.” – they wrote.

Furthermore, they believe BTC’s price is close to being overvalued, which is evident from the comparison between its volatility versus gold. As such, they noted that “it would still take price declines to the $25,000 level before longer-term momentum would signal capitulation.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-price-could-reach-25000-after-grayscales-unlock-jpmorgan/

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