Connect with us

Blockchain

Flare Network Obtains $11.3 Million in Funding With Kenetic and DCG

Published

on

Table of Contents

Rate this post

Flare Network has raised $11.3 million in its latest round of funding led by Kenetic Capital. Coinfund and Grayscale’s parent company Digital Currency Group were among other firms that participated in this round. The distributed network will utilize the proceeds to provide smart contract functionality to blockchains that do not support the feature out of the box.

The round attracted several companies like LD Capital, cFund, Wave Financial, Borderless Capital, and Backend Capital. Litecoin founder Charlie Lee and Terra co-Founder Do Kwan also took part in it.

Flare Network Aims to Offer Smart Contract Utility to Blockchains

Flare Network is targeting its smart contract utility at blockchains such as Dogecoin, Litecoin, XRP, and XLM, all of which currently lack native support for it. Flare’s own token Spark (FLR) aids governance procedures, allowing individuals to carry out voting for networks that should be integrated with collateral for the issuance of coins by networks that lack smart contract utility.

The network’s CEO, Hugo Philion, believes that Flare has the potential to bring added utility to existing blockchains and ecosystems. He states,

“The investment brings into the Flare ecosystem key participants in the investment community, together with major exchanges, market makers, blockchain founders and entrepreneurs that have an interest in driving meaningful developments and participation on Flare.”

Philion declared that Flare would support smart contracts with the mainnet launch. He also added that a governance vote could be expected in the eighth week of operations, and weekly from there onwards until passage. According to the release issued by Flare Network, “F-asset” contracts for DOGE, XLM, XRP, and LTC are in simultaneous development. Philion suggested that adding additional assets to these blockchains through governance will also be easy since each of them will use “almost identical smart contracts just with maybe some parameter changes.”

Flare to Airdrop FLR Tokens to XRP Holders

Flare Network is also planning to airdrop FLR tokens to XRP holders who possessed the cryptocurrency on December 12, 2020. Around 100 exchanges are expected to participate in the airdrop. 

On the subject of whether users could expect any more airdrops in the future, Philion said,

“The distribution is taking place such that 15% of the total amount being distributed at inception is distributed at day one. The remaining 85% is then opted into through a burn mechanism and is distributed 3% per month over 28 months.”

In addition, he explained that there is a reserve of 25-30% of the initial supply which pays FXRP and FLTC holders daily. But the amount that it pays needs to be fixed.

READ  German Private Bank Donner & Reuschel Plans to Offer Crypto Services

#Flare Network #Flare Network’s Airdrop #FLR token #Smart contract

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/flare-network-obtains-11-3-million-in-funding-with-kenetic-and-dcg

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 […]

Published

on

ADVERTISEMENT

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.

ADVERTISEMENT

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/

Continue Reading

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.

Published

on

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:


ADVERTISEMENT

“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.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/u-s-bitcoin-mining-firm-pioneers-alternative-flare-gas-energy/

Continue Reading

Blockchain

$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.

Published

on

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.
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/1-billion-in-liquidations-as-crypto-markets-lose-120b-in-a-day/

Continue Reading

Blockchain

People’s Bank of China With a Broader Crackdown on Bitcoin and Crypto

China’s central bank has prohibited numerous banking and payment organizations from operating with cryptocurrencies.

Published

on

The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets.

  • CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected to the crypto space.
  • Although that had an immediate adverse effect on the market, with prices starting to tumble, the country has only intensified its anti-crypto measures.
  • A new statement from the People’s Bank of China reads that it has taken further actions to prevent market manipulations, illicit virtual currency transactions, and to “protect the citizens’ property.”
  • More specifically, the country’s central bank has spoken to other giant banking organizations, like the China Construction Bank, the Industrial Bank, and Postal Savings Bank, and the payment processor Alipay.
  • Following the meeting, the PBoC has instructed those entities to stop providing cryptocurrency services, like opening accounts or executing transactions, to their respective customers.
  • “The relevant departments of the PBoC pointed out that virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfers of assets, money laundering, and other illegal and criminal activities, and seriously infringe the people’s property safety.” – reads the statement.

  • With these actions, the central bank has only doubled down on its stance against the cryptocurrency industry.
  • The world’s most populated nation has repeatedly outlined its ban and even targetted Bitcoin miners located within its borders, ordering them to cease operations.
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/peoples-bank-of-china-with-a-broader-crackdown-on-bitcoin-and-crypto/

Continue Reading
Blockchain3 mins ago

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

Blockchain6 mins ago

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

Blockchain7 mins ago

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

Blockchain9 mins ago

People’s Bank of China With a Broader Crackdown on Bitcoin and Crypto

Blockchain10 mins ago

MicroStrategy Owns More Than 100,000 Bitcoins After Another Purchase Worth $500 Million

Blockchain13 mins ago

MicroStrategy buys 13,005 more Bitcoin, now holds 105,000 BTC

Blockchain21 mins ago

Grayscale to Include 13 DeFi Tokens

Blockchain26 mins ago

Binance Smart Chain DeFi Project Impossible Finance Hacked

Energy35 mins ago

World Specialty Blacks Report 2021: Specialty Furnace Blacks, Modified Furnace Blacks, Thermal Blacks, Acetylene Blacks, Gas & Lamp Blacks, Superconductive Blacks

Blockchain35 mins ago

UK Bank TSB to Prohibit Crypto Purchases on Binance and Kraken

Blockchain37 mins ago

Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K

Blockchain40 mins ago

What if Michael Burry is Right? BTC Price Confirms “Death Cross” Formation

Blockchain43 mins ago

Ripple price analysis: Ripple spikes to $0.64 previous low, a retracement to follow?

Energy45 mins ago

Orbital Energy Group’s Subsidiary, Gibson Technical Services, Awarded Distributed Antennae System Project By Major U.S. Cellular Carrier

Energy50 mins ago

DuPont Publishes 2021 Sustainability Report

Energy50 mins ago

Prysmian Group Awarded $900M SOO Green HVDC Link Project, a Key Milestone in Building a US Clean Energy Grid

Energy50 mins ago

GoldMining Announces an Updated Mineral Resource Estimate for the Whistler Project, Alaska

Energy50 mins ago

The Green Superfuel That Could Disrupt Global Energy Markers

Energy50 mins ago

AAM Recognizes Key Suppliers with Supplier of the Year and Supplier Excellence Awards

AR/VR54 mins ago

Firewatch VR Mod In The Works

AR/VR55 mins ago

VR Cover Mid-Year Sale Discounts All its Accessories

Energy1 hour ago

Decarbonization Plus Acquisition Corporation and Hyzon Motors Announce Filing of Definitive Proxy Statement and the July 15, 2021 Special Meeting to Approve Business Combination

Blockchain1 hour ago

Former LA Dodgers Owner Bets $100M on Crypto-based Facebook Alternative

Energy1 hour ago

Callon Petroleum Company Announces Launch of $650 Million Senior Unsecured Notes Offering

Esports1 hour ago

Skye’s ‘nerf’ in VALORANT Episode 3 is actually a massive buff

Esports1 hour ago

How to unlock Buzz in Brawl Stars?

Poland
Esports1 hour ago

byali joins Izako Boars

Energy1 hour ago

Global Smart Electricity Meter Markets Report 2021-2026: Government Support for Installation of Smart Electricity Meters Gaining Momentum

Energy1 hour ago

Power Rental Market Worth $16 Billion by 2027, Says Global Market Insights Inc.

Energy1 hour ago

Pembina Joins Inter Pipeline in Filing Cross-Applications with Alberta Securities Commission to Remedy Brookfield’s Lack of Disclosure and Protect Shareholder Rights

Trending