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Concordium Officially Launches Its Mainnet and MVP Today

Pseudonymity feature has done well for the crypto industry in the beginning, but for further development, regulation is a must. Yet, the majority of over 10,000 cryptocurrencies are irregulatable because of a false notion that regulation will hamper the growth of the cryptocurrency industry globally. The approach of seeing regulation as an enemy of crypto […]

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Pseudonymity feature has done well for the crypto industry in the beginning, but for further development, regulation is a must. Yet, the majority of over 10,000 cryptocurrencies are irregulatable because of a false notion that regulation will hamper the growth of the cryptocurrency industry globally. The approach of seeing regulation as an enemy of crypto space won’t do any good anymore. It’s time cryptocurrencies and the blockchain industry as a whole began accepting wholeheartedly that regulation will bring far more benefits than drawbacks.

In fact, as per a Foley & Lardner survey, 84% of respondents say that the government should regulate the initial offering of cryptocurrencies, similar to the initial stock offering. Further, 68% of respondents say that they want regulations on the purchase of cryptocurrencies, with 55% vouching for regulating crypto goods and services.

The survey further disclosed what respondents feel about the cryptocurrency industry. 72% of respondents believe that the companies in the crypto space do not understand much of the state and federal rules applicable to the financial industry. Therefore, we need blockchain and cryptocurrencies that are both regulatable and transparent. That is where Concordium will make a difference. Concordium blockchain & GTU, its cryptocurrency, are debuting today, June 9. Concordium offers governance and transparency to its users without sacrificing the privacy needs of a user.

Speaking on the current landscape of the blockchain industry, Concordium’s chairman, Lars Seier Christensen, said:

“The time has come for the blockchain industry to respect the general rules of society. With the launch of Concordium Blockchain, the era of anonymity, opacity, and lack of transparency has come to an end.”

Founded in 2018 by a non-profit Swiss foundation, Concordium has raised USD 41m from its private and strategic sales early this year, valuing the company at $4.45 billion. Concordium also has strategic partnerships with some of the most reputed scientific institutions globally, like the Indian Institute of Science, ETH Zurich, the Concordium Blockchain Research center Aarhus, and Aarhus University.

Leveraging built-in user identification and Zero-Knowledge-Proofs technology to prioritize securing private data over anonymity, Concordium solves the issues prevalent in traditional blockchains. Using Concordium, users will be able to send encrypted payments to each other and recognize the counterparties involved in the transaction. Also, if required, regulatory authorities would be able to identify users involved in the transactions.

The Focus

Concordium aims to meet the requirements of its users, developers, and regulators to rid the blockchain industry of shackles that are holding it back from realizing its true potential. While stressing the importance of trust in the crypto industry, Lone Fonss Schroder, Chief Executive of Concordium, said:

“This is the tool that global businesses have been waiting for. This industry needs to realize that without trust and acceptance there is nothing.”

Expanding further on the need for complying with global regulations, Ms Fonss Schroder added:

 “Global business is rules-based. The sooner the blockchain and crypto industry wakes up to the need to play by the rules the sooner the full potential of blockchain will be realized.”

Concordium’s Mainnet Debut

Keeping in view the global regulations and need for governance, transparency, and privacy features, Concordium Blockchain has been in development mode for three long years to meet all the requirements. But finally, Concordium Blockchain is launching on mainnet on June 9. Thus, from June 9, developers can access the Concordium platform.

Privacy, but not Anonymity

Unlike the majority of the blockchain-based transactions, which are unidentifiable, all Concordium transactions are trackable and identifiable to their origin. This feature will lead to global regulators trusting the Concordium project, and the crypto industry as a whole. If demanded by government authorities, the identity of the person sending the transactions can be disclosed, but only when necessary.

The most prevalent fear that global regulators have about cryptocurrencies is their use in illegal activities, and various Statistical reports have confirmed the same fears. For instance, a report by Cryptocrime states that 70% of all cryptocurrency transactions in 2021 will be for illegal use. Bitcoin, the largest cryptocurrency by market cap, will be used in 50% of all such illegal activities. The rest of the top 5 cryptocurrencies will be used in 20% of these illegal uses.

Though the number of crypto users participating in illegal activities is smaller than the number of genuine crypto enthusiasts and traders, the good guys do get a bad rep because of the bad elements within the crypto industry. It’s causing damage to the crypto industry at a massive scale, as many users & potential businesses are shying away from joining the crypto bandwagon fearing a regulatory backlash against them.

Image by Gerd Altmann from Pixabay

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Source: https://bitcoinist.com/concordium-officially-launches-its-mainnet-and-mvp-today/?utm_source=rss&utm_medium=rss&utm_campaign=concordium-officially-launches-its-mainnet-and-mvp-today

Blockchain

Revolut Losses Deepen in 2020 despite 57% Revenue Jump

The $5.5 billion startup is planning for further fundraising.

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UK fintech Revolut reported a 57 percent jump in its 2020 revenue, but the company’s losses for the year deepened despite the year-end cryptocurrency boom. The operating loss for the startup came in at £200.6 million.

The financials released by the UK digital bank shows that it ended 2020 with total revenue of £261 million, up from the previous year’s £166 million. The startup also made £39 million in fair value gains from crypto assets, meaning it holds some cryptocurrencies in its balance sheets.

Though the company generated £123 million as gross profits, it reported operating losses at the end of the year. The company spent £266 million alone as its administrative costs. However, losses narrowed significantly in the final quarter. With a staff of 2,200 people, the company reported £55 million in operating losses in Q1, which came down to only £5 million in the final quarter.

The gross margin of the startup also improved to 61 percent in Q4 from only 29 percent in Q1.

“As the extraordinary circumstances of 2020 drove the trend towards digital financial management we continued to innovate for customers to make their financial lives easier and accelerate daily use,” said Nikolay Storonsky, founder and CEO of Revolut.

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Expansions 

The UK startup expanded aggressively in 2020. It entered the United States, Japan, and Australia, and also launched banking services in Lithuania. But the United Kingdom still remained its dominant market generating 88.4 percent of its revenue, while 10.2 percent came from the European Economic Area.

Storonsky further said that COVID-19 implications have forced the startup to focus on profitable areas like cryptocurrency and stock trading. But Revolut’s cards and interchange business generated the highest revenue of £95 million, followed by £80 million from forex.

The startup also revealed that it had 14.5 million personal customers and 500,000 business customers by the end of 2020. Further, Revolut reported that its revenue and gross profit for Q1 2021 increased by 130 percent and 300 percent, respectively, year-over-year.

“Revolut entered its next phase of growth in 2020 as we broadened our global footprint, strengthened our capital base, enhanced governance, and bolstered executive management,” said Revolut Chairman, Martin Gilbert.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/fintech/news/revolut-losses-deepen-in-2020-despite-57-revenue-jump/

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Blockchain

Things Are Getting Worse For ETH As It Drops Below $2000

Things are getting worse for ETH as it drops below the $2000 price point on several major exchanges as we can see more in our latest Ethereum news today. Ethereum dropped below $2000 for the first time in a month and the HODLers hoped that today’s pullback will not signify the start of a longer-term […]

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Things are getting worse for ETH as it drops below the $2000 price point on several major exchanges as we can see more in our latest Ethereum news today.

Ethereum dropped below $2000 for the first time in a month and the HODLers hoped that today’s pullback will not signify the start of a longer-term bear market and the world’s second-biggest crypto by market cap dropped briefly below $2000 before it became accustomed to the price back in April and then again in May but each dip lasted for a few hours. Launched at the end of July 2015, Ethereum popularized the smart contract and enforced financial contracts executed on the blockchain so from smart contracts came to NFTs as the unique cryptocurrencies based on ethereum, starting a new craze that helped ETH to rise to $4100 this year.

eth chart
ETH 24/7 CHART BY COINGECKO

Non-fungible tokens are a very popular way to sell digital art since each token is one of a kind and we saw Beeple selling a collection of JPEGs as an NFT for $69 million this year. The bull run, Ethereum’s smart contracts spurred the developments of the Decentralized Autonomous Organisation, and the DAOs use automated decision-making processes as well as smart contracts to allow the group of people that remain anonymous to govern themselves like real organizations.

Even though scammers drained the original DAO out of $55 million in 2016, DAOs are the main thing for decentralized finance now. Polychain Capital CEO Olaf Carlson-Wee estimated that the DAOs raised major breakthrough in blockchain after digital cash. Ethereum 2.0 is expected to drop this year and the upgrade promised low fees, fast transactions processing, and a reduction in the overall energy requirement by more than 99% as the network moves to a greener proof of stake model. Even if things look bleak, Ethereum’s history proves that it is still an invaluable part of the diversifying crypto-verse.

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Ethereum’s London Hard Fork, eth, eip-1559

However, things are getting worse for ETH as the coin dropped below $2000 as the entire market did as well. As we reported recently, After a few days of adverse price developments, BTC calmed down at $33,000 while most alternative coins continued registering price losses with ETH sliding to $2200 again and XRP dumping more than 5% in one day. The workweek was going in BTC’s way for a few days as it spiked above $40K to a new 26-high at $41,375 as the community started preparing for a new leg up that can take the asset to $50,000 or higher while the bears regained control and BTC started losing.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/things-are-getting-worse-for-eth-as-it-drops-below-2000/

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Blockchain

U.S. Bitcoin Mining Firm Pioneers Alternative Flare Gas Energy

With the spotlight shining strongly on Bitcoin’s energy usage and environmental impact, mining firms are innovating new ways to harness renewable power to produce the next block.

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Denver, Colorado-based Crusoe Energy is capturing the energy from flare gas at oil patches and using it to mine Bitcoin.

The firm is now one of North America’s biggest BTC miners and has attracted investment from Coinbase Ventures and the Winklevoss twins, according to a recent report.

Renewable Bitcoin Mining

Crusoe claims that its system can slash the CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road.

The system works off the oil drilling industry, which often results in the discovery of natural gas in the wells. Drilling companies lack the infrastructure to sell the gas and so burn it off in a process called flaring.

Crusoe installs a piping system to divert the natural gas away from the flares and into generators, which in turn produce electricity that is used to power Bitcoin mining hardware. Crusoe Energy president Cully Cavness stated:


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“We pay the operator for the gas that we use in our generators, providing them with an incremental revenue stream where they were previously flaring the gas for zero,”

The firm has deployed the system in North Dakota, Colorado, and Montana, among other states, is now one of the biggest Bitcoin miners in North America.

The search for renewable Bitcoin mining has intensified since Tesla CEO Elon Musk commented on the environmental impact of using fossil fuels to power the process.

The Lone Star State of Texas has also become a mining mecca due to its abundant, low-cost renewable energy, most of which is wind or solar power.

Sichuan Miner Crackdown

The crackdown on Bitcoin mining in China is continuing, with more operations in Sichuan province powering down over the weekend. The move was noted by industry insiders who also commented on the BTC hashrate plunge.

The great mining migration was accelerated last week following a crackdown in Yunnan province, and now Sichuan has followed with orders from the Beijing regime. BTC hashrate has dropped to its lowest level since early November 2020, falling to 91 EH/s according to Bitinfocharts.

Bitcoin price has also taken a hit over the weekend with a fall from $36K to $34K. At the time of press, BTC was trading down 3.4% on the day at $34,530, according to CoinGecko.

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Source: https://cryptopotato.com/u-s-bitcoin-mining-firm-pioneers-alternative-flare-gas-energy/

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$1 Billion in Liquidations as Crypto Markets Lose $120B in a Day

The crypto market has faced another volatile trading day, and the total liquidations have jumped to roughly $1 billion.

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The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on.

  • After the somewhat positive weekend when BTC recovered some losses and traded at $36,000, the situation reversed quite rapidly.
  • As CryptoPotato reported earlier, China’s third-largest state-run bank, the Agricultural Bank of China, said it had banned its customers from interacting with cryptocurrencies.
  • As has happened on previous occasions when the world’s most populated nation displayed its negative stance on crypto, the market started to tumble.
  • As a result, bitcoin dumped to a two-week low of just over $32,000. Most alternative coins followed with even more violent retracements.
  • Ethereum plummeted by nearly $300 in a matter of hours to below $2,000. As such, the second-largest crypto dropped below that coveted level for the first time in almost a month.
  • With most of the altcoins performing in a similar manner, the cumulative market cap of all digital assets lost over $120 billion in hours.
  • Somewhat expectedly, the enhanced volatility in a relatively short period has caused massive pain for leveraged traders.
  • According to Bybt, the total liquidations have skyrocketed to roughly $1 billion in the past 24 hours. Although BTC trades are responsible for more than 50% of the entire number, the largest single liquidation came from EOS.
  • The unfortunate trader has lost more than $6 million on Huobi as the price of EOS slipped by 15% in a day.
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Source: https://cryptopotato.com/1-billion-in-liquidations-as-crypto-markets-lose-120b-in-a-day/

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