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Polkadot’s Kusama (KSM) Statemine Parachain Slot Auctions To Begin Next Week

After a successful upgrade of its parachain from Shell to Statemine, Kusama announced today that slot auctioning will be rolled out in the coming weeks.

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Last week, Polkadot’s canary network, Kusama (KSM), conducted an on-chain upgrade on its parachain after a vote was passed, making it the first live and fully functional parachain of the Kusama network processing permissionless transactions. The upgrade also made the project the first fully decentralized, heterogeneously-sharded blockchain.  

Kusama is a permissionless network that allows developers to experiment and test dApps and blockchains before deploying them on Polkadot. 

Kusama Statemine: A Multi-Functional Parachain

Last month, Polkadot added parachain auctions and crowd loans to Kusama and Westend. Following the addition, Kusama unveiled its first live parachain, Shell, about two weeks ago. While it ran smoothly, the Shell parachain needed to be upgraded into “something rich and functional.” Last week, it was upgraded to Statemine, a milestone development for the project. 

Parachains serve as a multi-functional facet of the Polkadot ecosystem used for different purposes such as smart contract chains, privacy chains, and high-frequency trades.

While Kusama’s Shell was designed to examine the capabilities of the Kusama parachain system, the Statemine parachain is the equivalent of the Polkadot’s Statemint common-good parachain. It supports multiple functions such as low-cost KSM transfer, minting, and transferring of fungible and non-fungible tokens (NFTs). 


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Meanwhile, KSM holders can freely transfer their tokens between Kusama and Statemine using the XCM protocol while other parachains will also be able to interact with Statemine with the same protocol. 

Kusama Statemine Parachain Auctions Start June 15

According to the project, although Statemine’s utility as a solitary chain is substantial, there’s a need to create a community of chains to increase its utility, which will be done through the concept of Kusama’s Parachain Slot Auctions. This is a market-efficient way that allows developers to bring their ideas to life on the Kusama network. 

If the governance council approves and everything goes according to plan with no significant or unexpected issues with the relay-chain logic, the first  Kusama Parachain Slot auction will take place between June 15, and 22 and the highest bidder will be selected as the winner on June 22. 

Following that, the second, third, fourth, and Fifth Kusama Parachain Slot auctions will be held between June 22 and July 13.

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Source: https://cryptopotato.com/polkadots-kusama-ksm-statemine-parachain-slot-auctions-to-begin-next-week/

Blockchain

Wisebitcoin Opens Aggregate Trading For STORJ Against USDT

[PRESS RELEASE – Please Read Disclaimer] Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021. With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can […]

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[PRESS RELEASE – Please Read Disclaimer]

Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021.

With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can rest assured that the assets or tokens that are purchased via aggregated trading are all real assets that are in full reserves.

Aggregate trading makes it easy for growing platforms such as Wisebitcoin to quickly provide users with access to new and popular crypto tokens and assets.

The local and external order matching mechanisms used in Wisebitcoin’s aggregate trading system provide transaction speeds and user experiences that are similar to those seen when placing orders for other trading pairs on Wisebitcoin.

To meet the deposit and withdrawal requirements of users, Wisebitcoin will evaluate the volume of its aggregate trading tokens to determine whether to dock with project wallets that contain a large number of tokens or assets.

By providing liquidity, fast transactions, low fees, and a clean, intuitive UI to traders, Wisebitcoin makes it easy to invest in the crypto space and to trade popular, high market cap tokens and assets. By adding aggregate trading for STORJ to the platform, Wisebitcoin opens the doors to investment in one of the most popular decentralized file sharing and storage projects seen in the last few years.

About STORJ

Storj delivers secure, private, reliable, affordable, and decentralized cloud object storage for developers. Storj’s Decentralized Cloud Storage (DCS) files are encrypted, broken into pieces, and then distributed across a global cloud network instead of being stored on a single, centralized server. This makes data breaches impossible, and default encryption comes standard for all files. A decentralized network of Storage Nodes also makes data always available when it is needed, and open-source, full-stack compatibility makes it easy to build on the network.

You can learn more about the project here and you can read the project whitepaper here.

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Source: https://cryptopotato.com/wisebitcoin-opens-aggregate-trading-for-storj-against-usdt/

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Dave Portnoy Disasgrees with Donald Trump That Bitcoin is a Scam

Barstool Sports founder Dave Portnoy said he disagrees with Donald Trump and that bitcoin’s not a scam.

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The CEO and founder of Barstool Sports – Dave Portnoy – admitted that at the beginning, he thought Bitcoin was a ”Ponzi scheme.” Eventually, he changed his stance and even opposed Donald Trump, who called the primary cryptocurrency a ”scam.”

Trump Is Wrong

In a recent interview for ”Varney & Co,” the founder of Barstool Sports – Dave Portnoy – shared his current view on bitcoin and the crypto market. He revealed that years ago, when the primary digital asset was introduced, it looked like a ”Ponzi scheme” to him, but later he started realizing its merit:

”I thought when Bitcoin was first introduced and for a long time that it was a Ponzi scheme. I’ve come around on it. It’s too widely accepted, there are too many people using it, too many big people believe in it, too many stores accepting it. There’s liquidity. You can get in and out of it easily.”

Recently, the ex-US president Donald Trump said Bitcoin looks like a scam and backed up the dollar as the ”world’s currency.” Portnoy opposed Trump even though he also had his doubts about the asset in its first years :

”I don’t know what it started as, but I certainly wouldn’t say it’s a scam now.”

Later on, the founder of Barstool Sports commented on the recent decline of the crypto market. He raised hopes that soon enough, digital assets will increase their fiat currency value. In his opinion, investors should be patient with them and hold on ”for the long game:.”

”Crypto isn’t going anywhere but it’s hard to brag about how great everything is going when you are down 50%.”

Portnoy’s Change of Heart

In September 2020, Portnoy pointed out that bitcoin lacks accountability due to the anonymity of Satoshi Nakamoto. As a result, if investors end up losing money or being scammed, they would prefer to know who’s the person behind the entire operation. He went even further, calling it ”one big Ponzi scheme.”


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It is worth mentioning that at some point, Dave Portnoy invested in the primary digital asset. He tweeted about a loss of $25,000 and stated that he currently owns zero bitcoins. Additionally, he vowed to interact with the stock market rather than the crypto one:

”I don’t need this. I know how the stock market works. I own the stock market. This Bitcoin – I don’t trust this market at all.”

In any case, it now seems that he has changed his stance on the primary cryptocurrency and he even flat-out said that he was wrong about it.

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Source: https://cryptopotato.com/dave-portnoy-disasgrees-with-donald-trump-that-bitcoin-is-a-scam/

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Rich Millennials Have a Large Chunk of Their Wealth in Crypto: CNBC Survey

47% of millennial millionaires have invested at least 25% of their wealth in the cryptocurrency market.

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Nearly half of the young investors with at least $1 million in their portfolio responded that they had located a large share of their funds in cryptocurrencies. Older generations, though, prefer fiat money.

Crypto Is a Trend among The Millennials

According to a CNBC survey with 750 participants, almost 50% of millennial millionaires have invested at least 1/4 of their wealth in cryptocurrencies. In comparison, more than 30% of them have located at least half of their assets in crypto. The company, which conducted the analysis, was Spectrum Group. Its president – George Walper – explained why the younger generations find the market so tempting:

”The younger investors jumped on it early when it was not as well know. They were more intellectually engaged with the idea even though it was new.”

On the other hand, the majority of older investors owning at least $1 million are not fond of digital assets as 83% of them do not believe in the crypto market and have none of their wealth in it. As a matter of fact, only 1 in every 10 keeps more than 10% of their funds in cryptocurrencies:

”Older investors and the boomers were largely saying ‘Is this legit?’ Older generations are further behind on the understanding.”

In addition, nearly half of millennial millionaires revealed owning NFTs while 40% consider it as a future option. Interestingly, most survey participants were not familiar with what exactly non-fungible tokens are, but they still described them as ”the next big thing.”

14% of Americans Own Crypto

At the end of April, the Winklevoss-run crypto exchange Gemini conducted another survey indicating that roughly 14% of US citizens had purchased digital assets. Two-thirds of the respondents classified themselves as ”crypto curious” while 23 went into the “disinterested” graph.


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Somewhat expectedly, bitcoin (BTC) has remained the most popular cryptocurrency as nearly all questioned people (95%) answered that they are familiar with it. 87% of those who have invested said that BTC is what they own. The Americans showed good knowledge of altcoins too, as 36% have put some of their wealth in ether (ETH), 22% in Bitcoin Cash (BCH), and 16% in Litecoin (LTC).

Like the CNBC survey, Gemini found out that most crypto investors are young people between 25 and 44. According to the collected data, the trading venue noted that ”the ”average” cryptocurrency owner is a 38-year-old male making approximately $111K a year.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/rich-millennials-have-a-large-chunk-of-their-wealth-in-crypto-cnbc-survey/

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Texas Banks Can Now Provide Bitcoin Custody Services For Clients

Texas banks have received greenlight to store bitcoin and other crypto-assets for customers.

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With the recent increase in Bitcoin adoption, the Texas Department of Banking has confirmed that Texas state-chartered banks will now be allowed to store BTC and other cryptocurrencies for their clients.

Texas Banks to Hold Bitcoin

In an official notice issued Friday, the regulator noted that state-chartered banks can provide crypto-related services to their clients as long as they have “adequate protocols in place to effectively manage the risks and comply with applicable law.”

The financial agency also explained that since these digital currencies exist on the blockchain, holders will have to access them using private keys.

As a result, banks can either store clients’ private keys for them or hold the crypto assets in the bank’s custody, with total control over its new private keys. Whichever way, the decision is entirely up to the bank.

“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to the level of security and accessibility. The bank will have to determine which storage option best fits the circumstances.”

Banks Can Partner Crypto Exchanges

The agency also stated that the bank needs to confirm the existence of adequate coverage with its insurance carrier to guarantee the safety of clients’ crypto assets.


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To be on the safe side, banks are advised to seek professional knowledge of the risks associated with dealing with cryptocurrencies.

The Texas Department of Banking also said that banks can partner with cryptocurrency exchanges to help them provide these services to their clients.

While crypto businesses might see this as a new and welcome development, the agency noted that it is not entirely new within its department.

“Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets,” the regulator wrote.

“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32.001.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/texas-banks-can-now-provide-bitcoin-custody-services-for-clients/

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