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eCash(XEC)

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$0.000029
(2.03%)
0.1707 SAT
Market Cap (Rank#73)
$566,573,885
32,862 BTC
Vol 24h
$1,298,400
75.3099 BTC
Circulating Supply
19,247,267,173,303
Max Supply
21,000,000,000,000
12h agocoindesk
Former White House Adviser: Biden's Executive Order on Crypto Is 'Balanced' but ‘Gaps’ Remain
Carole House, co-author of President Biden’s executive order on crypto, discusses why the framework is “balanced” in mitigating risks but still has existing gaps.
19h agocryptodaily
Celsius Ordered To Return $44M To Users
A United States court has ordered the bankrupt crypto company Celsius to refund its customers with crypto assets worth $44 million. Judge Orders Crypto Returns The crypto lender, which announced its bankruptcy in July 2022, has been ordered by the Chief Bankruptcy Judge Martin Glenn to return millions of dollars of crypto funds to its users. The firm has been directed to refund its users the crypto assets worth $44 dollars in September. During the ruling, Judge Glenn reportedly stated, “I want this case to move forward. I want creditors to recover as much as they possibly can as soon as they possibly can.” In other news, the company has successfully appealed to the court to extend its exclusivity period till February 15, 2023, by which it has the monopoly to submit the company reorganization plans under the Chapter 11 guidelines. At the time of bankruptcy filing, the Celsius team had announced that its liabilities were between $1 billion and $10 billion, with over 100,000 creditors. Escrow Funds Belong To Customers A report claimed that Celsius held over $200 million in assets in escrow. However, the firm reportedly moved most of these funds (around $200,000) from interest-bearing to escrow accounts shortly before the bankruptcy filing. According to the preferential transfer rules, this could have given them the option to claim ownership of the funds in the custody accounts. However, now according to the court order, the funds held in escrow accounts must also be returned to the customers, even if they did not enter the company’s interest-bearing accounts. The court order came after Celsius advisors and stakeholders determined that the funds held in the custody accounts belonged to the customers, not Celsius. Executives More Eager To Fill Own Pockets There has been quite some uncertainty regarding the funds held by Celsius, even after its bankruptcy filing. Several high-level executives were accused of filling their pockets instead of thinking about the community. Ex-CEO Alex Mashinsky has been a chief target of these allegations. In early October, reports broke that Mashinsky had withdrawn $10 million from the platform. Immediately after, Celsius froze all user accounts and transactions while still claiming that user funds were safe. Two other top executives were accused of allegedly stealing user funds a couple of days after this news broke. Former CSO Daniel Leon and CTO Nuke Goldstein reportedly withdrew $56 million along with Mashinsky just before the company filed for bankruptcy. The fact that all three top executives had put their own interests before the community has been a point of contention for the community and has led to a general feeling of ill will, especially towards the disgraced former CEO himself. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
19h agocointelegraph
Binance CEO, Coinbase exec feature in Masterclass crypto crash-course
Industry experts and one skeptical economist tackle the world of crypto, blockchain and Web3 in a new series from online learning platform Masterclass.
23h agocryptodaily
ECB attempts to tarnish crypto before CBDC rollout
As the European Central Bank prepares to issue its digital currency, executive member Fabio Panetta gives a speech based on trying to dissuade the public from investing in cryptocurrencies. A keynote speech by Fabio Panetta, member of the Executive Board of the European Central Bank, concentrated solely on describing what in his view are the fundamental flaws to be found in cryptocurrencies. Panetta lays out what he perceives as the risks in three fundamental flaws. Unbacked crypto-assets offer no benefits to society The first perceived flaw is that crypto assets do not perform any useful function for society. Panetta states that they aren’t used for payments, they don’t fund consumption, they don’t help fuel production, and they don’t help to combat climate change. He complains that cryptocurrencies aren’t backed, they are volatile, and they are unstable. He says that they are “notional instruments” and have no value for investors that buy them. Panetta states that there is no compensation for investors and highlights the significant losses from various collapses. He says that there are no insurance schemes and there is little protection from cyber risks. Stablecoins are exposed to runs Panetta posits that stablecoins are stable in name only. He says that they are supposed to provide stability by having their value tied to a portfolio of assets. There then follows a section on algorithmic stablecoins, and of course the TerraUSD algorithmic stablecoin is highlighted. Crypto markets are highly leveraged and interconnected Panetta makes the point that crypto markets can have extremely high leverage, creating “strong procyclical effects” where shocks aren’t easily absorbed. He points the finger at DeFi, where he says the procyclical effects are amplified by the overcollateralization common in DeFi. He says that the flaws are magnified by inadequate governance, and insufficient transparency and disclosure. Regulation and CBDCs Panetta then goes on to basically say that crypto will only endure as long as investors are looking for a place to gamble. In order to minimise this he recommends that they are regulated and that they do not receive “preferential treatment”. He says that “regulators must walk a tightrope” and avoid allowing unsound cryptos from “socialising the risks through bailouts”. He welcomes the EU incoming MiCA regulations and states that it is crucial they enter into force rapidly. The rest of the review lays out the case for central bank digital currencies (CBDCs), which in his view will be the only “anchor of stability”. He concludes with a call for urgent global regulation in order to protect consumers, and to reduce the contagion risk of stablecoins, and signs off with the following paragraph: “regulation will not turn risky instruments into safe money. Instead, a stable digital finance ecosystem requires well-supervised intermediaries and a risk-free and dependable digital settlement asset, which only digital central bank money can provide.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
1 day agocryptosrus
U.S. lawmakers want State Department to disclose and justify crypto rewards
An amendment proposed by lawmakers in the United States indicates that they want to be kept in the loop when it comes to crypto rewards and payouts facilitated by the U.S. Department of State. The Department of State is an executive branch of the U.S. federal government responsible for the country’s foreign policy and relations. […] The post U.S. lawmakers want State Department to disclose and justify crypto rewards appeared first on CryptosRus.
1 day agocointelegraph
Proactive sanctions can help spare the ecosystem: Chainalysis exec
Andrew Fierman highlighted the nuances of sanctions depending on who is involved, what is at stake and where they’re coming from.
2 days agocoindesk
Exploring Biden’s Executive Order on Crypto, 6 Months In
CoinDesk published its annual Most Influential series on Monday, highlighting a number of regulators, lawmakers and similarly impactful individuals. I spoke to Carole House, one of the authors of the White House executive order on crypto, to take a look at the document, its origins and where we are now.
2 days agocryptodaily
IoTeX, First Web3 Project In One Of The World’s Largest Open Source Software Groups
IoTeX has joined the Eclipse Foundation, one of the world's largest open-source software organizations, and will contribute to the Oniro Project working group to develop a distributed open-source operating system for all consumer devices. IoTeX is not only the first Layer 1 blockchain project to join the EF but also the first one which explores how to integrate Web3 components into the operating system layer of IoT devices as additional services and modules. And by contributing to the Oniro Project, it now becomes possible for IoT devices to interact with blockchains using these advanced operating system features. "The Eclipse Foundation is thrilled to welcome IoTeX and its team of scientists, engineers, and cryptographers, and we are excited to see the Web3 open-source technology they bring to our community," said Mike Milinkovich, executive director of the Eclipse Foundation. "We will provide a vendor-neutral governance framework within the Oniro working group for open collaboration with IoTeX." The EU-based Eclipse Foundation has over 300 strategic members and dozens of associate members, including IBM, Microsoft, Google, Oracle, Bosch, Siemens, Mercedes-Benz, Toyota, Volkswagen, BMW, and many others. The Foundation provides its global community of individuals and organizations with a mature, scalable, and business-friendly environment for open-source software collaboration and innovation. "We are extremely honored to become one of the Eclipse Foundation's most recent members and bring a Web3 perspective to the EF that connects the physical world to the metaverse," said IoTeX CEO and Co-Founder Raullen Chai. "Our main focus is collaborating with the foundation's Oniro Working Group." Supercharging customer loyalty Among the infinite number of consumer-facing and industrial use cases, W3bstream enables supercharging customer engagement and loyalty with intelligent devices that range from tiny sensors to carsand large home appliances.Simply put, W3bstream integration in Oniro OS turns any IoT sensor into a blockchain-enabled device, making it benefiting instantaneously from all web3 technologies such as data ownership, data monetization, automated transactions through smart contracts, and X-to-earn models. Bosch, for example, manufactures smart washing machines and refrigerators. This year's global smart refrigerator market was worth just over $5.2 billion and is expected to reach nearly $7 billion by 2025, according to a Report Linker report. In the US, large, intelligent appliances such as refrigerators and washing machines are present in 13% of households, Statista reported. Smart refrigerators have cameras and sensors that gather loads of data, namely all of their users' consumer habits, including where and how often they shop for groceries. All that data has tremendous marketing value and could also have social and medical research applications. With W3bstream, Bosch could quickly and inexpensively develop a Web3 application integrated into each smart refrigerator to reward users for their data which could be enough to pay back the appliance over time. At the same time,Bosch would also generate revenue from transactional costs derived from the users' data sharing.. Car knows you better than you believe Car data could already be worth more than the vehicle itself, according to a 2017 report. Mashable wrote that newer cars are similar to smartphones, only they have wheels. Many are WiFi-enabled, come with over a hundred CPUs, and have Bluetooth embedded. It knows, just like your smartphone, whether you are a churchgoer, attend AA or visit Planned Parenthood. Because of nearly 200 or so sensors throughout the vehicles, it has data points that can build a complete profile of you and your passengers. According to a McKinsey report, car data monetization will be worth $750 billion by 2030. In 2021, there were about 230 million connected cars globally and 84 million on the roads in the United States, according to a Statista report. By 2030, that number is expected to triple to 630 million worldwide and 235 million in the United States, meaning the data of each car is worth at least $1,000 annually. So again, what if Mercedes-Benz, Toyota, BMW, and Volkswagen, members of the Eclipse Foundation, built their Web3 dApp on W3bstream, allowing their consumers to earn at least $1,000 back each year from their cars to enhance consumer experience and loyalty. On average gaining a new customer costs five times more than holding onto a current customer. Improving customer loyalty is one of the main battles for marketing departments. Being able to offer customers rewards for their data is a powerful weapon in their customer loyalty armory. These are just two examples out of thousands that IoTeX's open-source technology makes possible for businesses seeking new ways to increase customer engagement and generate new revenue streams. Collaboration toward innovation The Canada-based Eclipse Foundation has over 300 members and dozens of associate members. It provides its global community of individuals and organizations with a mature, scalable, and business-friendly environment for open-source software collaboration and innovation. IoTeX is an open-source platform at the intersection of blockchain and the Internet of Things. Coining its vision MachineFi, it is on a mission to enable the future decentralized machine economy. It seeks to build a connected world where machines, humans, businesses, and decentralized applications (dApps) can interact with trust and privacy. IoTeX combines blockchain, its off-chain compute infrastructure called W3bstream, and open hardware to connect billions of devices and dApps across the physical and digital world. The Oniro Group and IoTeX are a perfect match as they are both IoT agnostic and are keen on building a global community of developers. Designed with modularity, Oniro offers more significant levels of flexibility and application portability across the broad spectrum of consumer and IoT devices — from tiny embedded sensors and actuators to feature-rich smart appliances and mobile companions. By enabling any Oniro-powered device to interact and transact on the blockchain, IoT and device manufacturers, OEMs and integrators, and any IoT-related project are reaching a new frontier where disruptive business models such as Sensor as a service, pay per use, data monetization are now easily accessible and implementable seamlessly. With this membership, IoTeX expands its collaboration to new spheres as it heads into 2023. More remarkable development and growth are expected as it achieves and delivers massive technological advancements in Web3. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
2 days agocryptodaily
Circle Pulls The Plug On Going Public
Circle and its planned special purpose acquisition company (SPAC) partner Concord have mutually decided not to go public. Business Combination Terminated On Monday, Circle Internet Financial and Concord Acquisition Corp (NYSE:CND) mutually decided to terminate the proposed business combination. Speaking on the dissolution of the partnership agreement, Circle CEO Jeremy Allaire stated, “We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important.” The crypto company and the publicly traded SPAC company first announced their partnership in July 2021. The partnership agreement was amended in February 2022, which set a December 10, 2022, deadline to consummate the business combination. According to the now-nullified agreement, Concord was also liable to a shareholder vote that could extend the deadline till January of next year. No Approval From SEC A SPAC is a company that has no business operations. It is just a “blank check company” created to raise capital through an Initial Public Offering or by merging with another firm. In this case, the Concord Acquisition Company formed this SPAC to merge with Circle and go public. However, the combination would only have been feasible if the U.S. Securities and Exchange Commission (SEC) had declared the S-4 registration statement effective. Without the SEC’s approval, the two companies could not move forward with their initial business plan. Allaire tweeted about the SEC’s role in the situation, “From my perspective, I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry. This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.” As of now, the boards of directors from both companies have signed off on the termination of the proposed business combination. Executives Address Termination Circle’s CFO, Jeremy Fox-Green, had been anticipating a 2022 date for the listing. Earlier in a July 2022 interview, he had explicitly stated that the process would be completed by the end of the year. CEO Allaire has expressed his disappointment over the business proposal not panning out. He also claimed that Circle is still determined to become a public company, focusing heavily on trust and transparency. On the other hand, the Chairman of the Concord Acquisition Corp, Bob Diamond, stated "Circle plays a key role in the blockchain's disruption of financial services. I remain confident in Circle's regulatory-first approach to building trust and transparency in the financial industry, which has never been more important, and I will continue being an advocate for the company as it continues to grow." Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
2 days agocryptodaily
Web3 Aims To Foster Creator-Fan Economies Driven By Real Value
Sparked by millions of content creators and their legions of fans, the Web2 ecosystem laid the foundation for a creator-focused economy. As smartphone penetration continued to rise and the internet became easily accessible to billions of users across the globe, this fledgling ecosystem of creators has positioned itself at the epicenter of Web2. However, Web2, due to its overly centralized nature, hasn’t been able to deliver on its promises of a creator-focused ecosystem fully. As of now, dominant Web2 platforms like YouTube, Facebook, Twitter, TikTok, and dozens more effectively control both user-generated content (UGC) and the means of monetization. Web2 Platforms Don’t Really Care About Creators and Fans The hype centered around the creator economy has gradually eroded across the Web2 spectrum, primarily because of the shortcomings of the Web2 model. Historically, most Web2 platforms have forever opted for a more “hands-off” approach toward creator monetization. Creators spend thousands of hours and put in unlimited efforts to create content that they use to build an audience. Unfortunately, existing content-sharing platforms offer little to no support for creators who wish to monetize their content. A few scenarios, such as YouTube’s ad revenue program or TikTok’s billion-dollar creator fund, are exceptions, but they, too, come with several caveats. Meanwhile, mainstream platforms like Instagram, Facebook, and Twitter have forever ignored opportunities to facilitate transactions between creators and their audiences or between creators and brands. The problem here is that most platforms either want to be directly involved in the process, meaning they want to control the entire monetization spectrum, or they want to create models where content creators become fully dependent on their Web2 gatekeepers. For now, content creators only have a handful of options to monetize their content. One option is to strike brand deals and sponsorships. Another potential option is to embed third-party solutions (external links) like Patreon to raise funds. Most social platforms don’t encourage embedding third-party links and sometimes even block such accounts or restrict the reach of their content. This leaves the majority of content creators at the mercy of the platform itself. For example, YouTube content creators have become overly dependent on the platform’s ad revenue model. After all the work and meeting stringent qualifications, creators only receive roughly 45% of the ad revenue. While this sounds enticing, it also means that YouTube essentially controls the content. If content doesn’t meet community standards defined by a handful of executives, creators can be demonetized or lose their channels. And in this tug-of-war between content creators and content-sharing platforms, the fans are generally overlooked. These fans who spend countless hours across platforms, consuming content from their favorite creators, receive nothing in return. Shifting The Web2 Paradigm With Novel Incentivization Models This is where Web3 initiatives come to the rescue. Driven by new-age technologies like blockchain, digital currencies, and NFTs, these platforms are gradually transforming the Web2 approach by granting more power, control, and ownership to both content creators and fans. These initiatives aim to remove centralized authorities and intermediaries from the process, thereby unlocking novel monetization models for creators and their fans. Take, for instance, the community-first approach of Snapmuse. As a full-fledged Web3 ecosystem, Snapmuse overcomes the shortcomings of Web2 platforms by empowering content creators and fans to build (and foster) communities supported by genuine value. The platform takes an uncanny approach towards monetization by allowing content creators to mint NFTs of their content and embed a portion of their ad revenue in these NFTs. This approach works in favor of both content creators and their fans. On the one hand, fans can purchase the NFTs from their favorite content creators, which allows the content creators to unlock an additional revenue stream. This means that creators no longer have to depend on one single monetization source but can instead generate passive revenue streams by both direct NFT sales and subsequent sales across secondary marketplaces. Simultaneously, this approach unlocks potential revenue streams for fans. In the Web2 model, content consumers are largely overlooked. Via Snapmuse’s Web3 model, fans gain their fair share of passive income by supporting content creators they like. Every time a fan purchases an NFT, they unlock a share of the creator’s ad revenue directly embedded in the NFTs. This means fans receive a share of the creator’s ad revenue as well. Snapmuse’s approach lays the foundation for redefining Web2 standards by allowing creators and fans to come together and forge communities driven that are value-added while also revolutionizing the social media experience for millions of creators and fans. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
3 days agocointelegraph
Goldman Sachs reportedly looking to buy crypto firms after FTX collapse
Goldman Sachs executive Mathew McDermott said that their firm is already doing its due diligence on some crypto firms.
3 days agocryptopotato
CEO of LYOPAY Luiz Góes on the Cover of IB Magazine
[PRESS RELEASE – Please Read Disclaimer] Who is the Brazilian Entrepreneur Luiz Góes Luiz Góes is a business executive with a specialization in process management, leadership, and business implementation. He has worked in fintech management and has promoted several digital business consultancies. He graduated with a bachelor’s degree in military science from Academia Militar das […]
3 days agocryptodaily
CEO of LYOPAY Luiz Góes on the Cover of IB Magazine
Who is the Brazilian entrepreneur Luiz Góes Luiz Góes is a business executive with a specialization in process management, leadership, and business implementation. He has worked in fintech management and has promoted several digital business consultancies. He graduated with a bachelor's degree in military science from Academia Militar das Agulhas Negras in 2008, and holds an MBA in public management. He also holds a Medal of Military Merit for excellent services rendered to the Brazilian Army. In 2018, Luiz became a financial advisor for a fintech group in Dubai. In 2020, he founded LGbank, a cryptocurrency escrow platform. He developed and designed business tokenization projects with an emphasis on project implementation and profit-sharing, and based on crowdfunding models. In Brazil, he leads a group with 8,000 clients that participate in business under his recommendation. He has also provided consultancy for altcoins and token projects. Luiz Góes is the CEO of LYOPAY, a project in the fintech and cryptocurrency industry. What is LYOPAY Company LYOPAY is a brand of DIGILYO APP LTD, a company based in London, UK. There are other registered entities as it is a project that operates on a global scale, so as to be compliant with the regulations of each country. The LYOPAY vision is a world in which cryptocurrencies are used as our primary money. Today, to make purchases or transactions, especially for businesses, conversion into fiat currency is needed, making us reliant on traditional money. By removing this step, we will be able to use cryptocurrencies in our daily lives, both people and companies. To realize this vision, LYOPAY's mission is to create tools to use cryptocurrencies day by day. Products and services can be bought in crypto to make the most of our wallets. Services will allow businesses to accept crypto payments and pay their expenses with Bitcoin, Ethereum and other altcoins. "I see a world where crypto is everyone's medium of exchange. LYOPAY will take us to that brilliant future." –Luiz Góes (LYOPAY CEO) LYOPAY offers regulated and licensed crypto exchange products, focusing on the safety of their clients, and aiming to create a company to serve even future generations. A long-term reality, is to serve people's needs, and how their slogan says “Powering People”. Luiz is a crucial figure in the project as CEO and is admired by the LYOPAY community. We will follow the developments of this project. LYOPAY Wins Norns Award
3 days agocoindesk
Coordinating the Federal Government's Approach to Crypto
President Joe Biden raised the hopes of the U.S. crypto industry by signing an executive order that directed federal entities to better regulate crypto. That’s why Carole House, a former White House adviser and one of the order’s chief authors, is one of CoinDesk’s Most Influential 2022.
4 days agocryptopotato
Coinbase CEO: Even The Most Gullible People Should Not Believe SBF
Coinbase's chief executive doesn't buy SBF's story about the missing $8 billion.
6 days agocointelegraph
Opera Crypto Browser to enable instant NFT minting through launchpad
Opera executive Susie Batt said that the tool will not have any platform usage fees and will allow people to freely explore the NFT industry.
6 days agocryptodaily
Italy Considers 26% Tax on Crypto from 2023
Italy will become the latest country to introduce a capital gains tax regime on cryptocurrencies. The new law which becomes applicable in 2023, will impose a 26% capital gains tax on crypto profits and will require crypto holders to disclose current holdings and pay a 14% tax on any such holdings. According to reports by Bloomberg, Italy will become the newest European nation to take advantage of the digital trading scene. In the provision budget for 2023, proposed by the right-wing government led by Prime Minister Giorgia Meloni, a 26% tax will be imposed on capital gains exceeding €2,000 ($2,062) made from trading crypto. Prior to this, cryptocurrencies were treated in the same way as foreign currency by the country’s tax regime. Italy’s ruling coalition, elected in September, also offers taxpayers the option to declare the value of their crypto assets as of January 1, 2023, to which they will be taxed at a 14% rate. The goal of the new tax regime is to stimulate Italian taxpayers to disclose their crypto holdings in their tax regime. The proposed law, which may still be amended in parliaments, will also include disclosure obligations and extends stamp duty to cryptocurrencies. Bloomberg’s report further states that around 1.3 million Italians, or 2.3% of the population, own digital assets. In comparison, in the United Kingdom, 5% of the population owns crypto assets, while 3.3% do in France. Meloni, the country’s first female head of the executive branch of power and leader of the far-right Brother of Italy party, previously campaigned for lower taxes. The Prime Minister’s new, stricter, approach to crypto assets comes as Portugal, one of the European Union’s most pro-crypto regions, revealed in October its plans to tax short-term crypto profits at 28%. The new tax plans come amid a time when a prolonged market crisis precipitated the collapse of many large crypto platforms. The fall of these firms and a wave of bankruptcy that has swept through the market, including the most recent collapse of crypto exchange FTX, have regulators globally increased their scrutiny of the nascent asset class. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
6 days agocryptodaily
How Can a Blockchain Work without Gas Fees?
Crypto has become an extremely popular opportunity for those who want to make some profit or even earn passive income. In fact, TripleA estimates that there are over 320 million crypto users worldwide, considering that the first cryptocurrency was launched less than 15 years ago. It is a surprising number, indeed. But one thing that crypto users would prefer to avoid is the fees. And with a volatile market, it is highly possible that sometimes, transaction fees may reach amounts no one would like to pay. Thus, let’s talk about gas fees and whether it is possible to maintain a blockchain’s activity without them. What Are Gas Fees? Also called transaction fees (depending on the blockchain), gas fees are the cost a specific blockchain requires users to pay to network validators each time they perform a certain action on the blockchain. Such fees are usually required so that network validators can receive a reward for verifying transactions and adding them to the block. While some transaction fees do not change so often (e.g., on various crypto exchanges), when it comes to actions performed directly on a blockchain, transaction fees can be quite unpredictable. And this can upset crypto enthusiasts, if not even make them think twice before further investing in cryptocurrencies. How Are They Calculated? Gas fees are usually calculated based on one of the most known concepts in the crypto industry: supply and demand. When it comes to blockchain technology, supply is the total computing power provided by validators, while demand is the computational power required to execute the transactions submitted by network users. Usually, transaction fees are calculated in real-time, as the supply and demand can dramatically fluctuate from one moment to another, depending on the number of transactions in the processing stage or the computational power provided by the validators. In order to understand even better how gas fees are calculated, let’s take Ethereum’s example. The gas fee is calculated by multiplying the gas limit and the gas price per unit. Thus, if the gas limit is 10,000 and the price per unit stands at 100 gwei, the Ethereum gas fee would be 10,000*100=1,000,000 gwei (0.001 ETH) SIDENOTE - Gwei (Giga Wei) is a small fraction of Ether (ETH), Ethereum’s native cryptocurrency. 1 gwei is the equivalent of 0.000000001 ETH. Gwei is used to pay transaction fees on the Ethereum blockchain. Where Can You Find Gas Fees? Usually, those aiming to perform a related action directly on a blockchain will be required to pay a transaction fee to validate the process. For instance, any transaction involving an ERC-20 token (Ethereum-based token) will require an additional amount of ETH to pay the gas needed to validate that specific transaction. While the Ethereum blockchain works with gas fees, Bitcoin, for example, calls these payment transaction fees. Whenever Bitcoin is involved in a transaction (e.g., buying or selling Bitcoin), there will be transaction fees. Bitcoin transaction fees usually depend on the data volume of that particular transaction and the speed at which the user wants miners to complete the transaction. What are Gasless Blockchains? While traditional blockchains use gas to complete transactions, gasless blockchains prove that the gas price can go as low as 0. Thus, when operating and using a gasless network, users do not need to pay gas in order to have their transactions approved. Usually, gasless blockchains aim to provide a more positive experience for network users while also solving some of the biggest issues blockchains face. For instance, some projects plan to solve the Scalability Trilemma, which implies that a specific blockchain cannot achieve at the same time all the following goals: scalability, security, and decentralization. Thus, projects like Redlight Finance aim to improve some features in order to provide all the three aspects mentioned before at the same time and with high quality. Final Thoughts Blockchain technology is widely used in the world these days. At the moment of writing, the number of crypto users exceeds 320 million. While the crypto market is constantly increasing, crypto enthusiasts still do not like the idea that they have to pay transaction fees in order to have their blockchain actions validated. However, while some blockchains still require transaction (or gas) fees, gasless blockchains come with another idea implying that even if they use gas, its price will always be 0. Furthermore, such networks aim to solve other big problems in the blockchain world, such as the Scalability Trilemma. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
7 days agocointelegraph
Hong Kong working on investor protection regulations, says central bank exec
Hong Kong central bank executive looked optimistic about the future of decentralized tech, while the Korean central bank governor has his doubts in the wake of the recent crypto contagion.
7 days agocryptopotato
Animoca Brands Unveils $2B Metaverse Fund
The fund is yet to raise any money, though, the Animoca executive chairman said.
7 days agocoindesk
Binance Exec Says Company May Not Be Around in 10 Years
In a bid to alleviate worries for retail investors, Patrick Hillman, chief strategy officer at Binance, discusses the crypto exchange’s proof-of-reserve system following the collapse of FTX.
7 days agocryptodaily
NFT Trading Goes Live On Uniswap
Uniswap Lab’s NFT aggregator platform went live earlier today with a $5 million USDC airdrop to Genie users. Uniswap Announces Aggregator Tool Uniswap finally launched its NFT aggregator platform, where users will be able to conduct NFT trading from across multiple marketplaces. The team announced the launch of its aggregator on Twitter, saying, “NFTs are officially live on Uniswap!! Starting today, you can trade NFTs across major marketplaces to find more listings and better prices. We're also airdropping ~$5M USDC to historical Genie users & offering gas rebates to the first 22,000 buyers.” The company had recently successfully conducted its Series B funding round for new offerings, including the NFT aggregator tool. Better Prices, More Options The aggregator tool will allow Uniswap users to trade digital collectibles across leading NFT marketplaces like OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, Foundation, and NFT20. The team has claimed that users will be able to access the widest range of NFTs at the best prices as the Uniswap platform has 35% more listings than any other marketplace. In addition, the platform has claimed that gas fees will be 15% lower than other NFT aggregators thanks to its new open-sourced Universal Router contract. Furthermore, the first 22,000 users of the aggregator will also receive discounts on gas fees. The team has also stated that all the front-end code has been open-sourced, making it the first NFT platform to do so. Genie Holders To Receive Funds The decentralized crypto exchange had previously acquired the NFT marketplace aggregator Genie in June. As per the announcement, the firm will give away funds amounting to $5 million USDC to historical Genie users to welcome them into the Uniswap family. The distribution of these funds will be based on a snapshot taken on April 15 and across two tier of recipients. Wallets that completed more than one transaction before the snapshot will receive $300 worth of USDC, while the wallets that held the Genie:Genesis NFT will receive $1000 worth of USDC. Interoperability Between NFTs And ERC-20 The team also released a more in-depth statement on Twitter, addressing the intention behind building on the interoperability between NFTs and ERC-20 tokens. “NFTs and ERC-20 tokens have largely existed as two separate ecosystems within crypto, but both are essential to growing the digital economy. Launching NFTs on Uniswap is our first step in building more interoperable experiences between the two.” The statement also claimed that the aggregator was built to deliver better prices, faster indexing, safer smart contracts, and efficient execution. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
7 days agocryptodaily
Porsche Rolls Out First NFT Drop
Luxury car manufacturer Porsche has become the latest brand to enter the Web3 space by launching its own NFT collection. Porsche’s Customizable NFTs Porsche has announced the launch of its first-ever NFT collection to be dropped in January 2023. The collection will include 7,500 pieces of exclusive digital collectibles designed around the classic Porsche 911 model. The Porsche team collaborated with Hamburg-based designer and 3D artist Patrick Vogel, who will craft each NFT. The unique feature of this collection is that buyers will be able to dictate the design of their individual NFTs by selecting a particular ‘route’ from Performance, Lifestyle, or Heritage. Each of these routes will highlight a specific component of Porsche’s brand identity, which will be reflected through the design and character of the NFT. After a user purchases an NFT, Vogel will work on their input and design each NFT as a special 3D asset in Unreal Engine 5. Other than having a say in how their NFTs will look, owners will also get exclusive access to virtual and real-life events. Executive board member for Sales and Marketing, Detlev von Platen said, “The NFT artworks enable us to take our understanding of modern luxury and the unique brand positioning of Porsche into the digital world.” Porsche’s Big Move Into Web3 Although Porsche had previously auctioned a car sketch as NFT, this new 7500-piece collection will mark its big move into the web3 space. The company is also seeking to incorporate blockchain technology into its business and operations. More specifically, the company is considering shifting the Porsche purchasing experience and supply chain management onto the blockchain. The team is also exploring matters of sustainability through the web3 lens. Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT said, “We’ve made our commitment for the long haul and our Web3 team has the autonomy to develop innovations in this dimension as well. Innovation management at Porsche also sees potential in the purchasing experience, the metaverse and the supply chain. Vehicle and sustainability issues are also being considered” Porsche Participating In Web3 Event One of the advertising avenues adopted by the brand to promote its NFT drop is organizing a panel on November 30 at The Gateway: A Web3 Metropolis, a five-day festival taking place during Art Basel Miami 2022. During the panel, Porsche team member and visual artist Vexx will discuss the brand’s entry into the Web3 space. Furthermore, the team will also be unveiling an exclusive art installation at the event to launch Porsche’s The Art of Dreams campaign. ​​Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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About eCash

The live price of eCash (XEC) today is 0.000029 USD, and with the current circulating supply of eCash at 19,247,267,173,303 XEC, its market capitalization stands at 566,573,885 USD. In the last 24 hours XEC price has moved 0.0000005 USD or 0.02% while 1,377,699 USD worth of XEC has been traded on various exchanges. The current valuation of XEC puts it at #73 in cryptocurrency rankings based on market capitalization.

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eCash Price0.000029 USD
Market Rank#73
Market Cap566,573,885 USD
24h Volume1,298,400 USD
Circulating Supply19,247,267,173,303 XEC
Max Supply21,000,000,000,000 XEC
Yesterday's Market Cap563,561,800 USD
Yesterday's Open / Close0.000029 USD / 0.000029 USD
Yesterday's High / Low0.000029 USD / 0.000029 USD
Yesterday's Change
0.02% ( 0.0000005 USD )
Yesterday's Volume1,377,698.90 USD
Mining Info
Hashing algorithmSHA-256
Pools (known)11
Pools Hashrate434.87 PH/s
Network Hashrate389.03 PH/s
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