Blockchain-based gaming platform Enjin (ENJ) has partnered with SwissBorg for a cross-platform gaming competition with a total prize of $50,000. The event will see players competing across eight different titles in a “Ready Player One” style contest.
Blockchain is becoming an integral part of the ongoing developments in the gaming industry. Stakeholders say the novel tech provides players with the opportunity to passport value from game environments to financial markets thus providing a platform for tokenizing the entertainment value of these games.
Enjin Cyborg Quest will Involve Eight Games
Enjin announced the news of its partnership with SwissBorg via a press release shared with Blockonomi on Wednesday (July 29, 2020). Dubbed “Cyborg Quest,” Enjin and SwissBorg have created a cross-platform gaming contest across eight different titles which will commence on August 3, 2020.
According to the press statement, the gaming contest will involve titles such as Bitcoin Hodler, Grasshopper Farm, Min-Mins, and Lost Relics. The other four games in the competition include Forest Knight, Kingdom Karnage, MyMeta Minecraft, and The Six Dragons.
Players who finish the first seven games will receive Cyborg; an NFT token developed by SwissBorg. Participants will have to piece the tokens together to gain access to Lost Relic which is the final game in the cross-platform contest.
Commenting on the competition, Maxim Blagov, CEO of Enjin remarked:
“This is the first of many cross-game events that will occur thanks to our blockchain technology. We have been making tools that gamers love for over 10 years, and as we push the envelope once again, we are taking another step toward a digital world in which everyday people can live their lives and find their fortune.”
According to an Enjin blog post on the Cyborg Quest, 16 main prize winners are expected to emerge from the gaming contest. The winners will receive SwissBorg premium account tokens valued at $50,000.
Participants who finish the contest will also receive a SwissBorg robot which is a unique blockchain asset usable in games like Lost Relics, MyMeta Minecraft, and Forest Knight. The competition is also part of the celebration of Enjin coin’s listing on the SwissBorg Wealth App.
Based on this listing, players will be able to trade and sell their reward tokens for ENJ. The Enjin Coin token is currently the 61st-ranked cryptocurrency by market capitalization.
Tokenizing Gaming Ecosystem Via Blockchain Technology
According to the Enjin blog, the Cyborg Quest is also a practice run for Enjin’s upcoming Multiverse Quest. The Multiverse Quest is Enjin’s ambitious cross-game experience that will involve Monolith; the first-ever ERC-1155 token created which is also backed by $200,000 in ENJ. Ethereum adopted the ERC-1155 token standard back in mid-June 2019.
Enjin continues to be one of the major participants of the emerging trend of blockchain utilization in the gaming industry. Since raising about $18.9M from its 2017 ICO, the network has gone on to have more than 20 million users worldwide.
As previously reported by Blockonomi, Enjin is heavily involved in the move towards decentralized gaming with key partnerships with the likes of Samsung Electronics and the Blockchain Robotics Engineering Consortium (BREC).
For SwissBorg co-founder Anthony Lesoismier, blockchain provides a base layer for gamers to passport their digital wealth from the gaming world to the “real world.” The ERC-1155 standard is increasingly becoming the de facto token for tokenizing collectibles found in numerous new-generation games.
People are buying Pizza with Cryptocurrencies Again at Pizza Hut
Venezuela has been dealing with hyperinflation for a long time, and on top of that, the United States has also imposed multiple sanctions, resulting in the growing use of cryptocurrencies, especially Bitcoin. Besides Bitcoin mining, the residents of Venezuela are quite fond of using the number one cryptocurrency in day-to-day transactions, and this week, Pizza Hut, one of the oldest pizza chains in the country began to accept Bitcoin and other digital currencies as payment.
As of November 27, 2020, Pizza Hut customers have the option of paying for their orders with cryptocurrency. This makes it the first time and the first nation in the world where the major franchise has adopted digital currencies.
The move was made possible by Latin American crypto payments processor, Crypto Buyer, which collaborated with Pizza Hut. Crypto Buyer is one of the active start-ups that have helped fuel the adoption of cryptocurrencies in Venezuela, with similar collaborations with major retailers in the nation, and also the installation of Bitcoin ATMs
Pizza Hut will now join the ranks of Traki, Venezuela’s largest department store, which has in place an exclusive division for cryptocurrencies and is also the first big store to accept Venezuela’s official cryptocurrency -the Petro- and cryptocurrencies in general.
Other big names that accept bitcoin in Venezuela are Burger King, another renowned fast-food chain, and the Intercontinental and Tamanaco Hotel chains among others.
Public demand for Crypto
It has also been revealed that Pizza Hut’s decision was also partly because of the demand among its customers. The response from the crypto community was also great. Among the many supporters, Mariangel García, Community Manager of Binance Latam, shared her first crypto pizza experience on Twitter.
According to Richard ElKhouri, General Director for Venezuelan operations, the firm was looking to keep up with the ever-changing technological innovations.
“Thanks to our consumers, to the suggestions they offer us and to the direct contact we have with them, we have made alliances with Delivery, with large companies like Coca-Cola and today we are handling alliances with Cryptobuyer as a payment option for the customer, incorporating platforms and their technological advice.”
As of now, all Pizza Hut stores in Venezuela will accept payments in BTC, ETH, DASH, LTC, BNB, USDT, BUSD, DAI, and Cryptobuyer’s native token XPT.
The news also reminds us about the story of Laszlo Hanyecz, who bought two pizzas for 10,000 BTC, back when bitcoin was just over a year old. The day is now known as “Bitcoin Pizza Day” within the crypto community.
Russia is set to Legally recognize Bitcoin
The journey for Bitcoin to become a major asset from nothing but ‘magic internet money’ has been quite long, but the number one cryptocurrency seems to be getting there now. Along with the industry, the asset’s legal status has also improved. Now, the prime minister of Russia has revealed the government’s plans to amend existing laws to recognize cryptocurrency as property. The move will allow bitcoin holders to legally defend and recoup their cryptocurrencies in court.
In a government meeting held this Thursday, Mikhail Mishustin, Prime Minister of Russia, discussed various plans for the regulation of digital currencies, while talking about various initiatives to fight the Coronavirus pandemic.
After outlining several solutions the Russian government has come up with, Mishustin said, “Another solution concerns cryptocurrencies.” He added that “This is a relatively new tool, interest in which is constantly growing.”
“The government plans to direct the development of this market in a civilized direction so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes would be difficult,” Mishustin continued.
To be able to achieve this, the prime minister noted “Let’s make a number of changes to the tax code.” He went on to explain:
“Digital financial assets will be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as defend their property rights in court.”
While there have been talks among regulators to consider bitcoin as taxable property, no official decisions were taken. Hence, the nation has seen bitcoin’s legal status vary from court to court. Back in July, St. Petersburg’s Petrogradsky District Court dismissed bitcoin theft as a crime because digital currencies are not regulated in Russia and there is no legal status for bitcoin.
Meanwhile, The Supreme Court of the Russian Federation has clarified that “digital rights,” the term currently used to describe coins and tokens in Russian law, can be a subject of bribes, just like regular fiat money, hinting that it can be classified as money and property.
The nation is also to set to regulate cryptocurrencies next year, with an upcoming bill. The latest amendment to that bill came just weeks ago with the nation’s Finance Ministry amending the Criminal and Criminal Procedure Codes of Russia which could see cryptocurrency users imprisoned for up to three years for failing to report cryptocurrency trading and transactions at least twice in three years in amounts that exceed 45 million rubles (~$580,000).
Bitcoin Clears Crucial Resistance Levels; ETH Buyers Take Aim At $600
The Bitcoin price started a fresh increase earlier today as the bulls aimed at reversing the recent selloff that sent the cryptocurrency as low as $16,219 before forming a support base. At the time of writing, BTC is trading up 2.2% at its current price of $18,092.
BTCUSD Chart By TradingView
This price action represents a steady rise for the world’s leading cryptocurrency, which has managed to surmount the resistance at the $17.5k and $ 17,850 levels. The bears even put up a fight at $18,000, but the bulls prevailed in pushing BTC above this crucial level a few hours ago.
BTC’s current show of strength has resulted in a notable upswing from where the coin has been trading throughout the past day, with bulls previously unable to break above $17K.
Unless Bitcoin faces a harsh rejection at the $18,250 resistance level, there’s a high probability that the flagship crypto-asset could see a further upside in the near-term.
Bitcoin’s Current Price Region is Critical for Future Outlook
As the weekly candle close approaches, many investors are trying to figure out how the world’s leading cryptocurrency will react to intense selling pressure over the next few days.
The direction in which the BTCUSD pair trends next will likely depend on whether bulls can maintain the ongoing uptrend. So far, BTC has surmounted several crucial resistances, and where the candle closes will largely set the tone for the days ahead and offer traders a better insight into its macro-outlook.
According to analyst Josh Rager, a clear weekly close above the resistance that sits right above where BTC is currently trading could give investors important insights into its near-term trend.
He singled out the price region between $17,650 and $17,800 as a potential “sticky area” that could slow down Bitcoin’s ascent.
“Next sticky area is around $17,650 to $17,800 which was previous support prior to the breakdown. Reclaim there and I think that’s a nice start for the price as it should likely move to mid $18ks,” the analyst remarked.
ETH Price Flashes Signs of Strength
ETH has been flashing signs of immense strength since this morning as it continues its uptick from recent lows of $490 set at the bottom of the recent selloff. The ardent defense of $500 by ETH bulls helped push the altcoin higher toward $550.
The $500 level has now been confirmed as a strong support base that will likely bolster the upcoming week’s ETH price action.
At the time of writing, the ETHUSD pair changes hands at $555.19 and is primed to see further upside toward $600 so long as it consolidates above $550 in the coming sessions.
ETHUSD Chart By TradingView
New York Times reports on Racism Allegations at Coinbase
2020 has turned out to be a tough year for popular cryptocurrency exchange Coinbase, as the company and its founder’s ‘apolitical’ culture stance, has left the company open to even accusations of racism.
The crypto trading platform was recently the subject of a New York Times report, which highlights the various racial issues within the company, pointing towards several departures of Black employees and a consistently low percentage of Black hires.
Coinbase has denied the presence of such issues, and has even hired outside consultants and conducted internal investigations into these claims by current and former employees. The reviews were not able to confirm these allegations.
However, the company’s hiring record reveals that Black employees consistently comprise about three percent of its workforce. Depending on the field chosen in official employment statistics, this is anywhere from one-half to one-third of what’s the industry average. Corporate expansion also had no effect on this percentage.
The report noted that other tech companies, such as Square, PayPal and Twitter have worked at increasing the share of Black employees in their firms.
The report even cites a number of employees, with One Black employee stating that her manager suggested in front of other employees that she was dealing drugs and carrying a gun, based on racist stereotypes.
Another noted that a co-worker at a recruiting meeting openly described Black employees as less capable. While another employee said managers spoke down to her and her Black colleagues, adding that they were passed over for promotions in favor of less experienced white employees. These incidents altogether have led to the wave of departures at the company.
“Most people of color working in tech know that there’s a diversity problem,” said Ms. Butler, who resigned in April 2019. “But I’ve never experienced anything like Coinbase.”
The New York Times report continues that Black employees of the firm were hurt by the decision of the company’s leadership who did not address the matter. The employees had also organized a meeting with the executives, and CEO Brian Armstrong had said:
“There was this outpouring of, like, Why does the company not have my back?”
It all started back in September
It all originated from a blog post from the CEO that stated that Coinbase was ‘mission-focused’ and it suggested that activism was a distraction from that mission. The conversation went deeper for those at the company as a memo said those who wanted to maintain their activism would have to take a severance.
The New York Times report particularly highlights one line in this company blog post. “We don’t engage here when issues are unrelated to our core mission.” According to the report, the post with this line outraged the employees.
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