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Cryptocurrencies/Coins/Kusama (KSM)
Kusama price, market cap on Coin360 heatmap

Kusama(KSM)

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$63.3414
(1.07%)
0.00256555 BTC
Market Cap (Rank#92)
$536,507,744
21,730 BTC
Vol 24h
$17,713,157
717.447 BTC
Circulating Supply
8,470,098.06
Max Supply
9,651,217
19 days agocryptodaily
The Newest Millionaire-Maker Token Just Arrived! Invest in Uniglo (GLO) Which Could Follow the Path of Dogecoin (DOGE) and Shiba Inu (SHIB)
Crypto is known to offer various opportunities spanning decentralized finance, non-fungible tokens (NFTs), and other exciting projects for the Web3 industry. But for investors, the most attractive aspect has been the opportunity for wealth building. The question has always been this: Which token will give rise to a new breed of millionaires? Newcomer Uniglo (GLO) seems to fit the bill. With its first presale starting last July 15, it appears that the latest millionaire-making token has just arrived. What is Uniglo (GLO)? Uniglo is a new community-based DeFi project that is built together with an asset-backed vault. It brings two central adaptations from the real world to the digital world. First, it will build a treasury to help acquire various assets, including digitized real-world collectibles. This approach will help mitigate the volatility of digital currencies that are also included in the vault. Second, Uniglo will implement an Ultra-Burn Mechanism, which is akin to a buyback and burn approach. Similar to a traditional stock repurchase program, the project will buy back previously issued GLO tokens on the secondary market. This strategy will help reduce the initial token supply, increasing the token price in the process. The funds used to buy back tokens also come from the treasury built by the Uniglo community over time. Uniglo follows the path of Dogecoin (DOGE) Dogecoin was first introduced in 2013. Known as a meme coin and the first “dog coin,” the genesis of Dogecoin has a satirical nature. But today it is far from being just a source of fun; it is one of the most popular tokens in the world. With big names like Elon Musk showing support for this token, Dogecoin has become a legitimate investment prospect. The investor excitement around Uniglo certainly reminds us of the speculative attitude they had when Dogecoin was just starting in the market. Uniglo’s similar journey with Shiba Inu (SHIB) On the other side of the fence, we have Shiba Inu. This token was created to compete with Dogecoin and has successfully made a name for itself in the market. While it started as a low utility token, Shiba Inu is now one of the top cryptos across exchanges. Its developers are also introducing new applications for the SHIB token. Just recently, lead developer Shytoshi Kusama announced plans to launch a stablecoin, a reward token, and a collectible card game for the SHIB metaverse. Uniglo could be on the same journey, with developers keen on expanding on the potential of the GLO token over the long term. Final takeaway Both dog coins remain strong contenders in the crypto investment space today despite the price fluctuations and the entrance of many other tokens. Uniglo aims to position itself in the market similarly, offering long-term growth and wealth accumulation for early adopters. Find Out More Here: Join Presale: https://presale.uniglo.io/register Website: https://uniglo.io Telegram: https://t.me/GloFoundation Discord: https://discord.gg/a38KRnjQvW Twitter: https://twitter.com/GloFoundation1 Disclaimer: This is a sponsored pressrelease andis for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
22 days agocryptosrus
What is Lido?
With Ethereum 2.0 coming up soon, learn everything about Lido, the liquid staking solution provider behind stETH.  COVERED What is LIDO? How it Works? What is stETH? Why LIDO? Concerns WHAT IS LIDO? Lido is a liquid staking solution provider which provides services for Etherium 2.0, Terra, Solana, and Kusama. It is backed by several […] The post What is Lido? appeared first on CryptosRus.
26 days agocryptodaily
Q2 Report Paints a Pretty Picture of Polkadot
Polkadot is red hot. That’s the message emanating from the multi-chain project, whose new Q2 report paints a picture of a highly active ecosystem. Data pertaining to dev commits, parachain auctions, grants, staking, and governance suggest that Polkadot is moving at a rapid pace and in the right direction, even as the market endures trying conditions. It’s not just Polkadot that’s been going from strength to strength either: canary network Kusama, designed as Polkadot’s testbed, is also flourishing, while proving that it’s much more than a testnet. Even skeptics will be forced to concede, on the basis of its Q2 report, that Polkadot has been shipping. Substrate Stats Stack Up Composed of a main relay chain and series of interconnected parachains, Polkadot is built on Substrate, a blockchain framework developed by Parity Technologies. Substrate is at the heart of Polkadot’s blockchain of blockchains, given that new projects joining its ecosystem are compelled to master it: Solidity simply won’t cut it here. On this metric, Polkadot is in good health, reporting more than 1,400 active monthly developers. Only Ethereum boasts more devs; and Polkadot’s figure is an impressive YoY increase of 75%. Not every project entering the world of Polkadot will want to get its hands dirty with Substrate, of course; to facilitate this, a Substrate marketplace has sprung up, shipping pre-built blocks of code. This allows projects to create their own chain without needing to code everything from the ground up. To encourage crypto startups to pick Polkadot over the competition and set up shop within its universe, the Web3 Foundation has been merrily doling out grants to suitable applicants. Polkadot’s Q2 report notes that more than 400 of these have now been awarded, which augurs well for the future of Substrate and the networks it powers. Another noteworthy tidbit from Polkadot’s Q2 report is that over 500 core contributors have left their mark on Substrate repositories. It all sounds very decentralized. Other stats cited include: 621 forkless upgrades across all Substrate-based blockchains, including Polkadot and Kusama parachains Polkadot Treasury has funded spending proposals of over 1.4 million DOT More than 1,400 governance participants have recently voted on key proposals What Comes Next? Interesting as quarterly reports are, they are by their nature backward-facing. Of more interest to the Polkadot community is the question of what comes next. Can Polkadot and Kusama gain market share on rival smart contract chains? Will all this developer activity convert into user growth? And will all these W3F grants spark the next crypto unicorn or killer application? While many of these questions cannot be definitively answered at this time, what can be said for certain is that the framework is certainly in place to support these outcomes. Polkadot’s cross-chain messaging system, XCM, is picking up rapidly since launching in early May, with parachain teams now swapping 10,000 messages a month. Polkadot’s governance process is undergoing a major upgrade, and there’s a new staking dashboard in place for DOT holders. As a blog post announcing its launch explains: “With this first-class staking portal, the community now has an easy, modern, and advanced interface to stake directly on the Polkadot Relay Chain. This should encourage more network participation as users are given an easier way to stake directly.” If Polkadot can maintain this level of activity and innovation through Q3, it will be well on its way to realizing the vision laid out by Dr Gavin Wood when he composed its whitepaper all those years ago. 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
37 days agocoindesk
Polkadot Builder Parity Technologies Adds 3 Execs to Leadership Team
Parity Technologies, the firm building the Polkadot and Kusama blockchain ecosystems, has added three senior hires to round out its leadership team, alongside founder and CEO Gavin Wood.
42 days agocryptopotato
Polkadot Unveils Proposal for Next Generation of Governance
The Polkadot network will launch the Gov2 on Kusama right after a final professional audit of its code.
43 days agocryptodaily
Launchpads vs Parachain Auctions: What is More Profitable for the Investor?
The current two most successful options for investing in new crypto projects, IEO and IDO launchpads appeared in early 2017 as an updated version of ICOs. And parachains are a fairly new phenomenon, with the first auction taking place in November 2021. These two types of investments are similar. In both cases, the user invests tokens of large platforms and in return receives tokens of new projects that are being launched on them. However, there are also many differences as parachains are significantly more complex, so very few understand how they work. Let's compare returns and look at the hidden downsides of these two popular crypto investment methods. What are Launchpads? Launchpads are platforms for launching crypto products. They vet projects, invest in them and provide them with an audience of buyers. There are IEO, IDO and IFO launchpads. The most popular format is currently IDO. Crypto project tokens are issued on an independent platform and can be traded on a decentralized exchange (DEX). It grants crypto entrepreneurs access to a large community of blockchain enthusiasts, provides them with marketing and tech support from experienced professionals, and helps them raise funds to develop their products so they may reach the next level! In principle, it is similar to a pre-IPO, only for crypto projects. It carries potentially very high returns for investors, but also increased risks. Some IDOs and IEOs can increase your investment by 100 times (100x), but there are also projects whose tokens liquidate to almost zero in less than a week. Generally speaking, most projects give at least 2x or 3x profit on the initial investment. This is because of the work done by the creators of launchpads, who carefully select the best projects to present to the general public, invest in them and provide them with comprehensive support. This is one of the most important functions of the launchpad — vetting projects that are launched by it. There is also another key difference between IDO and IPO- the staking system. In most cases there is huge competition between potential buyers for a small amount of shares that will go on the pre-IPO. So, if you're an early investor you would deposit $20,000 to the account of the investment company or underwriter. For this you’ll receive an allocation of $100 worth of shares. You will then only be able to buy $100 worth of shares initially, regardless of your real demand. This is done because the investment provider doesn't know exactly how many shares he will be able to sell to his clients. So they count how much there was deposited in total and the available asset is divided — and now everyone receives it proportionally. With IDO’s there is also a staking system. Users lock a certain amount of tokens to confirm their interest in the future sales. In the case of IDO, you are staking assets that fluctuate in price — launchpad tokens instead of dollars. Therefore, the staking time is usually greatly reduced, sometimes to just a few hours or days. It is also worth considering that you generally can't take back staked tokens before the IDO completes without paying a substantial fee. What are Parachain Auctions? Parachain auctions are the core implementation of the network Polkadot and its "canary in the mine" Kusama. Polkadot is a network that connects blockchains. It provides a framework within which new blockchains can be created and to which existing blockchains (parachains) can be connected. Easy transactions within the network are supported. As a result, one parachain can transfer data to another. The inherent disadvantage of Ethereum and Bitcoin chains that hinders the development of new projects is removed. The mission of Polkadot and Kusama is to change the existing structure of the Internet to Web3, creating a completely new and decentralized network. They help connect private and public blockchains and other networks in the Web3 ecosystem. Polkadot makes possible an Internet where independent blockchains can exchange information and transactions without obligation. The idea for Polkadot was introduced by Gavin Wood, co-founder of Ethereum, at the end of 2016. Then, in mid-2017, the Web3 Foundation was created, which manages the project in conjunction with Parity Technologies. In October 2017, a successful ICO was held for $140 million. Today, the market cap of DOT, the network's main token, is over $7 billion. Kusama, a secondary token, is worth more than $420 million. What does the investment have to do with it, if the ICO has already taken place? Well, it's about the way Polkadot adds new blockchains ("parachains") to the ecosystem or removes inactive ones. In order for your blockchain to be connected, you need to win the auction. It is necessary for your project to be voted for — in other words for network users to put the most DOT tokens on it. New auctions take place every 3 months. How parachain auctions work Everything is quite complex, the project is very large-scale and there is a whole Wiki for it. You can read more about parachain auctions and how they operate here. What is important for investors to know is that projects are very eager to get a slot and connect to the Polkadot network. They are willing to pay huge rewards for it, most often — in the form of a large number of native DOT tokens. Similarly to the IDO launchpads, if you choose the right project, you can make very good returns. There are some differences. With an IDO you invest your launchpad tokens and lose them (they are used by the team to develop their project). In the case of parachain auctions, your DOT tokens are simply locked for the two years that the project will remain connected to the network. Then the tokens are returned so you may vote again. That means you physically can't lose anything, except if DOT tokens themselves become cheaper. If the project falls off, ceases to be supported, or doesn’t win the auction, your DOT tokens are also returned. As we can see, staking works very differently in the parachain world than it does in IPOs and IDOs: IPO — you spend stable dollars, you get stocks; IDO — you spend volatile tokens of launchpad or exchange, you get tokens of a new project; Parachain auctions — you get new tokens, but you don't spend anything, you simply lock your tokens for a while. How parachain auctions work If IDOs are comparable with stocks, then parachain auctions are similar to bonds. You lock your assets for a period of time, but in return receive interest in the form of periodically issued projects' tokens. Similarly to Polkadot, just twice as fast, things are moving along with the Kusama parachains. The leasing period for them is half as long (1 year), so auctions are held more often. Your tokens (KSM) are returned back to your wallet after a year passes. This is a "test network" for the Polkadot team, moving at twice the speed, and so far it's performing very well. Battle between giants IDOs take place almost every day. There are now more than 500 launchpads. On the other hand, the schedule of parachain auctions is available, but they are quite rare, only occuring once every three months (in the case of Polkadot). If you want to invest in something right now, and be done with it a few weeks later, this is just not an option. Parachains are exclusively long-term investments. Therefore, they attract mostly much wealthier and more affluent users. Participants in IDO and especially IEO launchpads most often spend several hundreds of dollars, but participants in parachain auctions sometimes invest tens of millions. Although it must be noted there is practically no restriction on the minimum amount here, you can start from 5 DOT. Parachain auctions are already collecting huge sums. Acala won the first Polkadot auction with over 32.5 million DOT in votes, worth roughly $1.28 billion at the time, from 24,934 contributors. The second parachain auction winner was Moonbeam, an Ethereum-compatible smart contract platform, with over 35 million DOT, worth $1.4 billion. Slot auctions are a battle between giants, with huge communities backing each winner. At the same time, there is no vetting on the part of the founders. The creators of Kusama and Polkadot, Parity Technologies, maintain their blockchain networks completely open source and vowed to never influence the processes taking place within them. They don't look at what projects are being put up for public auction. Unlike launchpads, they don't check the validity of the promises given by the developers. Therefore, for parachains, it’s as if we are living in 2017, the time of ICOs. Everyone wants to become the new Ethereum or Bitcoin. The rewards are often not proportionate to the scale of the project, users who vote with their DOT tokens are promised mountains of gold. Sometimes this is downright unrealistic. To raise $200 million in the DOT auction, they will promise $400 million. Such promises simply cannot be kept, or the product will be dead on arrival. Fortunately, there are few projects who engage in such behavior, and the community so far is doing a good job vetting them, but in the future this could become a potential pitfall for new investors. Any project can become a parachain, even the smallest and most meaningless, if they get people to vote for them with their KSM or DOT. The likelihood that they will collapse without fulfilling all of their promises is not zero. There is no inherent safety net of IDO or IEO launchpad vetting teams. Therefore, parachain auctions are not ideal for casual investors. In the end you don't lose anything, all DOT/KSM tokens come back. It happens especially fast if the project doesn’t win an auction. But time is wasted and lost. Therefore, a Polkadot or Kusama launchpad would be useful here. It could take over the screening of potential projects and, with its influence, give a chance to small but realistic developments with great potential. A look at the numbers. Launchpad sales compared to the Polka auctions 1. How much can you earn on IDOs This is a pretty simple question to answer. Approximate numbers can be viewed on Cryptorank. These are the most active IDO launchpads. We can see in the fourth column what ROI they now give on average and what was their best ever ROI (ATH ROI). Summing up the ROI and dividing by 69 (the number of active launchpads, nice), we get an average ROI of 1.216x. That is, the profit is 21.6%. Consider that I'm writing this in the market's downturn, right after the massive failure of Luna that negatively impacted all crypto markets. At the same time, IDO launchpads on average remain profitable for investors. The best launchpads have much higher ROI: up to 2.7x, 3.5x. If you could predict all the market trends and hit the peaks, ATH ROI for some launched projects is more than 150x. But, of course, for such a considerable increase in your capital, you need a lot of luck. 2. How much can you earn on parachain auctions This is a much more difficult question. A simple calculation of ROI depending on the increase in price of the project's tokens does not work, because each of the auction winners distributes their tokens differently. They have various unlock rules and sometimes offer additional bonus rewards. The safest way is to check this parachain auctions page, maintained for free by the community. It shows how many tokens the projects offered as a reward, and how much these tokens are worth now. All of the rewards there are listed in dollars, but we are not interested in that. What is more important to us is the percentage of return they could give on our 1 invested DOT or KSM - that is how we calculate ROI. So, if you do the math, out of the five submitted projects that won Polkadot auctions, the average reward is 36%, compared to the DOT price. Moreover, this percentage does not change with market fluctuations. This is about one and a half times more than what you could get by investing through IDO launchpads. In addition, new projects seek to attract votes by any means. They offer additional incentives . You can get early investor bonuses, referral bonuses, various NFTs, even bonuses if the project fails at the auction. Therefore, the real profit here may be higher. Kusama projects are similar. Excluding Moonriver, which offers an insane 548% ROI, and has many people concerned for its stability, we calculated the average ROI of the rest of the projects to be 35.2%. 3. The hidden factor to consider The above is ideal for investors, but there is another important factor here. That is the issue of turnover rate. From investing in IDO to receiving the first profit, it takes an average of 2-6 months — the project implementation period. At the same time, the parachain auction on Polkadot always lasts exactly one week. That is, in theory, you could buy DOT, vote with it, and receive tokens of the project you are interested in within a week. You will receive only a part of the tokens (usually 20-30%). The rest will be distributed over two years, while the project continues to operate on the DOT/KSM network. You will receive a full profit only after two years, when you will be given the last tokens of the project, and your DOTs will be released so you can sell them (or use them for bidding in a new auction). With IDO, this vesting period (also called token lockup period) also exists, but usually lasts only a year. Sometimes you can even receive all of your tokens immediately after the launch of the project. Meanwhile, the tokens of parachains are usually minted as long as they are connected to DOT/KSM networks. Therefore, you will receive a full profit after two years. During this time, you could withdraw your returns from successful IDOs and invest in a new launchpad project up to 2-3 times. This is essentially compound interest. Assuming you would get an average ROI of 21.6% every time, your gains after two years would be 47.8-79.8%. Which is undoubtedly higher than the profitability of parachain auctions. So, due to fast investment turnover, an investor in IDO launchpads will on average receive significantly more than an investor in parachain auctions, at least in a few years time. But, of course, they can get burned on one of the launching projects, while the parachain investor is guaranteed to keep all their DOT or KSM. Which, as history shows, can themselves rise in price. The main difference In a word — scale. You can't invest tens of millions of dollars in an IDO launch. They are simply not needed for projects of that scale. IDO launches collect $100k to $5 million each, while parachains collect hundreds of millions. DOT and KSM worlds are full of crypto billionaires, some of them being the first adopters of Bitcoin and Ethereum. Because among them there is a belief that parachains will be the third era of crypto, fully interconnected. There is some very serious money involved here. It's all for the long run. You must be able to wait two years, for which the project you have invested in will be connected to the network. Instead of the several months it takes to launch with IDO. The profit in the end is also different and is more moderate. There is no 150x with parachains, but in turn there also cannot be direct losses. In general, parachain auctions are currently targeted more towards institutional investors. For people with plenty of money and time. So far, small investors with a few thousand dollars are not very comfortable in this environment. It is better to invest in 5-10 different IDO projects than to wait for one big auction, in which you may not even choose correctly. This could all change next year. There are already projects in development that will combine these two areas of crypto investments. There will be a Launchpad for Polkadot projects. It will provide vetting and will offer help to smaller projects (dApps working on parachains) and investors. The ecosystem could become much richer, there will be more releases, and it will be possible to get compound profit from project launches. Potential future for parachains So far, Polkadot and Kusama networks have a big flaw, which doesn't allow small and medium projects to flourish. These systems provide products with only one single tool to attract users: the parachain auction. This is the only way new blockchain projects can attract interest and make themselves visible. The developers deliberately withdrew themselves from anything else. Therefore, projects have to promise more goodies to their investors than everybody else. This is their only way to stand out and get a slot. This is not very efficient or desirable for the ecosystem. Good, safe and sustainable products are being overshadowed by projects with the largest promises. Therefore, a Polkadot launchpad, tailored for the DOT system, will be very relevant here. It could give projects the opportunity to gain an audience other than huge auctions once every three months. It would allow users to find those products that are real, that give sensible rewards and most likely won't go to zero. The existence of such a launchpad will be relevant especially for small and medium projects and decentralized apps that cannot (and do not want to) raise billions. It turns out that you can take the best of both systems. On one hand, get security, vetting, and promotion from the launchpad side, and on the other hand, get a massive, successful, and interconnected Polkadot ecosystem. Without any type of launchpad existing for Kusama and Polkadot, you need to consider all the projects on your own. Which can be difficult for a private user. Even if you calculated everything correctly and voted for the most realistic and sensible product, it is not guaranteed that the community will agree with you. A parachain auction may be won by another project, and the slot will be given to it. As a result, your DOT/KSM will remain uninvested. Therefore, without a launchpad for the Polkadot network, despite the formal absence of risks, it does not work at full capacity and does not bring such cumulative profits in the same way as crypto launchpads. The short-term casual investor is better off trying their luck with an IDO or IEO at least for now. 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.
71 day agocryptodaily
Ryoshi Disappearance - Predestined Or PR?
Shiba Inu’s anonymous founder and creator, Ryoshi, has disappeared from all online channels, causing speculations to run rampant. PR Stunt Or Social Media Detox? The creator of meme-based cryptocurrency Shiba Inu, who was only known by his pseudonym “Ryoshi,” has wiped out his entire online presence, deleting all his tweets, including his reply tweets. Furthermore, he has removed his bio, which used to read, “SHIB and LEASH Founder. We Do it for teh ppl.” So now, his bio is sitting empty. The community is utterly confused as there has been no information regarding his whereabouts. Another interesting point to note is that Ryoshi has changed the profile picture of his Twitter handle to that of a famous Tibetan poet and yogi, Buddhist Jetsun Milarepa. It has led to some people in the community wondering if Ryoshi is following the paths of Buddhism and giving up all his material belongings and social connections. On the other hand, speculation is ripe that all of this could be a PR stunt to build up anticipation and grab eyeballs for an upcoming project announcement. A lack of information from the official Shiba Inu handle has also led people to believe that the move might be in preparation for a larger reveal. For instance, it could be news related to the recently launched Shiba Inu metaverse project. Did Ryoshi Tease His Own Disappearance? He has also deleted all the Shiba Inu blogs that he had written and published on the Medium platform as well as deactivated his Medium account. This includes the first Shiba Inu blog ever, titled “All Hail the Shiba.” However, members of the community have unearthed the text of the blogs from the internet. In the “All Hail the Shiba” blog, Ryoshi had written, “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens.” Many have interpreted the text to mean that Ryoshi himself predestined his disappearance, especially if the timing is to be taken into consideration. According to data from the digital archiving initiative, Wayback Machine, the last tweet Ryoshi posted was back on May 29, 2021, which is exactly a year before he deleted everything. The memecoin Shiba Inu has been dogged by controversy quite a bit. For example, back in December 2021, Shiba Inu promoter Shytoshi Kusama was embroiled in a Twitter battle with Canadian online healthcare firm, AskTheDoctor, which involved threats of lawsuits and doxxing. 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.
72 days agocryptosrus
Shiba Inu Founder Ryoshi Makes A Clean Break — What’s Next For SHIB?
Shiba Inu founder Ryoshi deletes all his tweets. Is this a rug pull, or has the teacher become the student?  Covered: Ryoshi Scrubs His Social Media What’s Next For Shiba Inu? Ryoshi Scrubs His Social Media https://t.co/TS2Dl3Zmly — Shytoshi Kusama™ (@ShytoshiKusama) May 30, 2022 As Memorial Day got underway in the United States, the anonymous […] The post Shiba Inu Founder Ryoshi Makes A Clean Break — What’s Next For SHIB? appeared first on CryptosRus.
79 days agocryptodaily
Here’s Why the Metaverse Is the Ideal Playground for Architects
Source: Depositphotos As the crypto market has evolved over the last couple of years, one upcoming domain that has really caught the attention of the masses is the “metaverse”. In its most basic sense, the metaverse represents a unique amalgamation of the physical and digital, wherein the creators/developers represent the real-world aspect of things while the creation showcases the digital. To elaborate, any skill that may be required in devising a physical item/entity is also needed in the development of its metaverse counterpart. To this point, in order for the metaverse to grow, users need to establish a plethora of social and cultural interactions within the burgeoning Web3 universe. As this happens, participants can start to accrue value from niche communities based atop the metaverse. Architecture is one of the most important professions when it comes to the development of the metaverse because as more and more people flock to this digital landscape, it will be a must for companies to create new projects, build infrastructure, and establish digital foundations that help bring out the true potential of this space. Bit.Country, a platform allowing non-technical users to build their very own metaverse, does just this. It allows for structures to be devised atop its base layer either using voxel building techniques or by importing 3D models. To elucidate on the subject a bit further, architects are given the freedom to deploy 3D models as well as voxel modules to deliver immersive and useful experiences that can help bridge the gap between the physical world and fast evolving Web3 universe. The metaverse needs quality architects… Here’s why From the outside looking in, the metaverse presents architects with the most unique proposition wherein they have no developmental constraints that are typically associated with the physical world. In this regard, architects have the freedom to devise a host of virtual experiences that can blend anything from Hollywood-style realities to picturesque Himalayan landscapes — and pretty much everything else in between. Another important fact to consider is that while traditionally architecture has been confined to the realm of structural stability and visualization, thanks to the advent of ‘gamification’ — which is the introduction of game-design elements and game principles within non-game contexts — devs can now begin to tinker around with things like emotion and purpose. Not only that, since real-world objects can be replicated in the metaverse accurately, it is possible to relay real-time data to accurately and precisely imitate actions, responses, and experiences associated with these objects. For example, everything from daylight to seasonal changes to peripheral environmental factors can be simulated quite accurately by architects when operating within the metaverse. Also, while physical construction can be extremely laborious, money intensive, and time-consuming, the same is not necessarily true for virtual assets that have been built within the metaverse. Lastly, it is possible for virtual assets to be built/replicated in the metaverse, allowing for a variety of test exercises (such as showing people the space before it is developed) to be conducted quite seamlessly. "Every situation can be substantially improved; even the sky is not the limit." - Eliyahu Goldratt.User-created sky for @BitDotCountry metaverse. pic.twitter.com/3lypoLNHqk — Bit.Country Metaverse Portal on Polkadot & Kusama (@BitDotCountry) May 11, 2022 The metaverse represents a paradigm shift in terms of digital freedom Traditionally, digital modeling has been relegated to the use of static, 2D images, however, when talking about the metaverse, it is possible to utilize ‘avatars’ that allow for a more lifelike experience. For starters, architects have the option of animating their constructions as well as simulating various other aspects/benefits associated with prioritization of “economy over ecology” and vice versa. As a real world example, say a major concert was to be organized at a venue like the Saitama SuperArena. The stadium has a capacity to house 35,000 people which can at max be extended to 40,000. However, by building a digital replica of the arena in the metaverse, it is possible to host a concert there that can be witnessed by millions of people around the world in real time. In this regard, it is possible for architects to curate a sensation of physically attending the concert while also establishing dynamism within the performance itself, i.e. virtual attendees can interact with the performers, move around the stadium, etc. Looking ahead When it comes to the metaverse, construction has no constraints, no rules. Since there is no gravity, no physical boundaries, material difficulties or climate considerations to be taken into account, architects have the freedom to really explore and innovate, especially when it comes to playing around with geometry, visuals, light, etc. Lastly, when talking about the metaverse, traditional utility is no longer a deal-breaker since digital avatars do not require any sort of human intervention or infrastructure to back them up. Therefore, as we move into a future driven increasingly by Web3 innovation, it will be interesting to see how the metaverse continues to mature and 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
85 days agocryptopotato
RMRK Token Granted Sufficiency and Made Available on Ethereum
[PRESS RELEASE – Zug, Switzerland, 17th May, 2022] The RMRK token, a token native to the revolutionary NFT 2.0 protocol on Polkadot, has been granted sufficiency on the Statemine common good chain, allowing payments to be made in that token rather than the chain’s native token (KSM). Additionally, it is now available on the Ethereum […]
94 days agocryptodaily
Parity Introduces Square One, Facilitating Creation on Substrate and More
Substrate is a massive ecosystem that allows blockchain developers to build on major chains like Polkadot and Kusama. Due to its popularity, and the diversity of what you can create with this toolkit, it has quickly become one of the most used building architectures in the world of blockchain. However, with its size comes a problem - there is so much you can create that it has become increasingly difficult to know where to begin, or which tools to turn to. That’s where Square One comes in, with Parity announcing its launch late in April 2022. Square One is an ecosystem that consists of useful resources, customized support, and directional help for those trying to build with Substrate. Instead of facing the thousands of different pathways, resources, and tools that Substrate provides, you’re able to use Square One to get guided help - delivering your teams the tools they need to work efficiently in a fraction of the time. Square One moves to solve one of the core issues cited by users of Substrate, with its extensive tools being overwhelming to begin with. Although there is a level of documentation that can be followed, that and the surrounding tutorials are typically ineffective at delivering the scope of education needed to manage a project built with Substrate. How Does Square One Help? As a leading blockchain development framework, there is a lot you can achieve with Substrate. However, being impaired by the complexity of the ecosystem itself slows down development and leaves people stuck as to where they can look for help. By creating a more holistic informational system, Square One solves these problems, helping to connect people with the exact resources that their projects need to flourish. Square One is set to benefit projects constructed on the Substrate ecosystem in three ways: Recommendations For All Usage Five Pillars Let’s break these down further. Recommendations Within Square One, the team at Parity has painstakingly documented the entire Substrate ecosystem. Not only does this encompass every single tool within the system, but it also expands to the organizations beyond Parity that are involved within Substrate development. With this extensive system in place, those that want to build on Substrate are able to get access to the full scope of different tools, getting detailed breakdowns and logical walkthroughs for all of their usages. This also moves into recommendations, with tools being paired with a project based on which would be most effective to carry out the project suggested. For All Usage While much of the documentation within Substrate is aimed at helping developers get to grips with the platform, especially considering the developer testnet, this does not help others that get involved with the project. Square One is designed with every member of the team in mind. From boot camps for developers to growth support resources that outline how project managers can get involved with the process, there are modules for everyone to turn to. The sheer scope of the educational material that Square One supplies demonstrates the lengths the team has gone to, thinking of every member of the team and which recommendations they’ll need to complete their tasks as effectively as possible. Five Pillars Square One also acts on a five-pillar basis, creating a resource structure that is centered on five core areas. Each one of these areas tackles a distinct part of the Substrate ecosystem, allowing users to get access to exactly the tools and resources they need in a given moment. The five different areas that Square One focuses on are: Education - If you’re looking for formal education routes to expand your development knowledge, you’ll be able to join the various ongoing hackathons, enlist in certification modules, or simply move through modules to hone your skills. Product Development - If you’re looking for an external partner to help accelerate development, you’ll be able to find a range of different Substrate development projects within this section. Development Support - Project growth and development are areas commonly overlooked within project creation, as they don’t always directly relate to tech. To cover this position in a project, Square One focuses on creating a tool of resources that project managers can turn to. Technology Expansion - If you need to brush up on your tech skills, you’re able to access mentorship groups where you can ask questions, get recommendations, and cultivate your tech skills over time. Funding - Every project reaches a stage where additional funding is needed to help break through barriers and speed up progress. Within Square One, you’re able to apply for funding from the Polkadot Treasury and find educational modules about how to best increase your chances of receiving that funding. Through these five areas, Square One effectively covers the entire Substrate ecosystem, providing everyone the help they need to get involved and produce highly effective projects. Final Thoughts The development of Square One by Parity is an exciting advancement of the already complex Substrate ecosystem. By creating a system where everyone has access to the tools, resources, and walkthroughs they need to use the full scope of Substrate, Square One radically shifts how easily people can get involved with blockchain projects. If you’re looking to follow news about the Substrate environment, be sure to join the StackExchange and the Substrate.dev page for more. 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
94 days agocryptodaily
How does the potential of Pac-man Frog (PAC) compare with Flux (FLUX) and Moonbeam (GLMR)?
Try your luck with Flux(FLUX) The development of the internet will be supported by blockchain technology as we approach the next phase, currently known as Web 3.0. The Flux ecosystem is a series of tools and decentralised computing services. Flux was created to allow developers to build applications and products with real utility on an accessible blockchain platform. The platform operates using two tools, FluxNodes and FluxOS. FluxOS is a dedicated system where users can take advantage of Flux’s storage and application hosting services. FluxNodes can be referred to as the engine that keeps applications running 24/7, anywhere globally. All holders of FLUX tokens can become node operators, providing data and servers through which the applications function. Flux(FLUX) has made continuous efforts to solidify its partnerships with global leaders across a wide range of sectors to become more accessible for corporate adoption. This has been achieved whilst preserving the principles that support the crypto industry at its inception, giving users a role in the procedure of developing the future of the internet. Flux(FLUX) has grown by over 800% over the last year and is still yet to hit its full potential. Currently priced at $1.47, many experts expect the token to reach $5 by the end of 2022. It is imperative to conduct your own research before making an investment! Moonbeam (GLMR) To the moon? Moonbeam(GLMR) is an Ethereum-compatible smart contract platform built on the Polkadot ecosystem. As a parachain, Moonbeam is secured by the Polkadot relay chain and has the benefit of interoperability with other projects on the network as they go live. Moonbeam(GLMR) is compatible with the Ethereum Virtual Machine(EVM), This means that developers can transfer applications from the Ethereum network with few changes to the underlying code. Before establishing itself on Polkadot, Moonbeam(GLMR) launched Moonriver(MOVR), a prototype network on Kusama (Polkadot’s canary network). This was to ensure that all the functions of the network were intact before its official release. As it stands Moonbeam hosts 30 applications, including many decentralised applications such as “Sushiswap” Since the launch of Moonbeam(GLMR), The network has reached a minimum of 48 collators and along with Ethereum compatibility has activated its staking features. Following an explosive launch in January, Moonbeam is now priced at $2.61. This represents an 86% decline since the previous high. The project is still very early in its development so this could offer an opportunity for those interested in investing early in a potential “Ethereum Killer”. Gain through games with Pac-man Frog (PAC) Pacman Frog(PAC) is a project that has a vision to develop a dedicated community and gaming branch empowering developers by providing access to community, capital, and support to expand the world of blockchain gaming and NFT’s. The team envisions Pac-man Frog (PAC) as the place to meet the needs of DeFi, metaverse, gaming, and NFTs. The project’s features include Simple launchpad, NFT launchpad, game incubator, NFT aggregator, GameFi NFT marketplace, and users’ onboarding, as per its website. The plan is to become the landing spot for the support of DeFi, gaming, and NFTs. Features include the simple launchpad, NFT launchpad, game incubator, NFT aggregator, and providing users with the opportunity to onboard using the website. Pacman Frog (PAC) is a network that plans to revolutionise the gaming industry by integrating blockchain technology with the gaming industry. The ecosystem is built on the Solana (SOL) blockchain so users can benefit from optimised network performance and low gas fees. Currently, Pac-man Frog (PAC) is an affordable asset, and still in its early stages of development, Now would present a good opportunity to invest in the project. Find out more: Pacman Frog https://presale.pacmanfrog.io/register https://pacmanfrog.io/ https://t.me/PACMANFROGOFFICIAL https://twitter.com/PacmanfrogToken https://www.instagram.com/pacman_frog_token/ Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
97 days agoethereumworldnews
Lido Finance with $19.1B in TVL, Edges out Curve as the Largest DeFi Protocol
Summary: Lido Finance has surpassed Curve finance to become the largest DeFi protocol in terms of total value locked Approximately $19.1 billion is locked on Lido Finance compared to Curve’s $19 billion Lido Finance is available on the blockchain networks of Ethereum, Solana, Terra, Kusama, and Polygon. Earlier today, Lido Finance became the largest DeFi protocol in terms of total value locked, edging out Curve Finance from the top spot in the process. At the time of writing, the total […]
101 day agocryptopotato
Coinbase Cloud Collaborates With Acala Foundation in Support of Liquid Staking
Coinbase Cloud kicks off the new collaboration by supporting KSM liquid staking on Karura.
119 days agoethereumworldnews
Tether Reveals Plans to Shrink Short-term Debts in USDT Reserves Below 30%
USDT stablecoin issuer Tether has disclosed a strategy geared towards cutting down on the company’s commercial debts The move could aid in quelling doubts pertaining to the firm’s transparency Tether’s decision comes on the back of controversy regarding its commercial paper holdings and reduced cash reserves Also, the popular stablecoin was recently launched on the parachain protocol Kusama Tether, the crypto startup behind the world’s largest stablecoin by market cap and traded volume, said it has plans to shrink the […]
120 days agocryptopotato
Tether Announces Launch of USDT on Kusama
The largest stablecoin by market capitalization - Tether (USDT) - has launched on another network - Polkadot's Kusama.
120 days agocoindesk
Tether’s USDT Stablecoin Enters Polkadot Ecosystem With Kusama Launch
Kusama becomes the tenth blockchain to support USDT, which already has more than $80 billion in circulation.
120 days agocryptodaily
What Are Stablecoins & What Makes Them ‘Stable’?
Cryptocurrencies like Bitcoin, Ethereum, and others can be excellent investments for those looking for a big return, but their incredible volatility can also be a drawback at times. Because the value of Bitcoin and other cryptos fluctuates so wildly, often gaining or losing thousands of dollars in the space of a few hours, it can cause big headaches for investors at the wrong end of a price movement. So much so that they need a way to exit their position quickly, rather than risk maintaining it overnight when anything could happen. Previously the best thing investors could do was cash out overnight. But transferring crypto to fiat is a time-consuming process that often incurs not insignificant fees. Hence, the world’s first stablecoins were born. Stablecoins are the crypto-equivalent to fiat currencies like the U.S. dollar, Euro, or Japanese yen. They can be trusted to hold their value over time and also provide a way to easily transfer that value. For example, Bitcoin investors can quickly convert their holdings to a USD stablecoin, then invest that amount elsewhere when they feel the time is right. It can be transferred to a different exchange or wallet with ease, much faster than Bitcoin transactions occur. It can also be withdrawn more easily or spent at certain vendors. Stablecoins were a big boon for crypto traders when they first emerged in the middle of the 2010s. It provides a way for them to instantly cash out and sleep peacefully without needing to stress over how their position might be affected in the morning. They also give investors a way to hold part of their portfolio in cash, so they’re ready to buy whatever asset they need at a moment’s notice. The vast majority of stablecoins peg their value to the U.S. dollar, though there are many that peg themselves to alternative fiat currencies such as the Euro, the GBP, the IMF’s SDR, assets such as gold, and even to other cryptocurrencies, such as the unique Wrapped Bitcoin crypto. That said, there are a number of stablecoins that appear to stand out from the crowd, proving extremely popular with investors. We’ve highlighted a few of them below. Acala (aUSD) aUSD is the stablecoin of Acala, which is an emerging DeFi hub project on the Polkadot blockchain. It is designed to allow users to transfer value that’s pegged 1:1 with the USD across any parachain within Polkadot’s ecosystem. The stablecoin is based on the Honzon protocol, which is similar to other protocols in that it requires collateralization before new tokens can be minted. However, aUSD is notable for being a multi-collateralized token that can be backed by Polkadot’s native DOT token, BTC, ETH, KSM and various other ERC-20 tokens. To mint new aUSD, users must take out a loan from Acala using one or more of those cryptocurrencies as collateral, and they’ll be required to pay interest on the loan. However, unlike other protocols, Honzon uses various mechanisms that ensure stability and manage the risks that arise from the fluctuating value of the underlying assets. The advantage aUSD has over other stablecoins is it has full access to Polkadot’s ecosystem of parachains, allowing it to transfer value across them in seconds. It can therefore perform many functions easily. For instance, aUSD allows users to earn interest by lending aUSD via several different DeFi protocols within the Polkadot ecosystem. Users can also trade aUSD through various decentralized exchanges, benefiting from higher liquidity thanks to its cross-chain nature. Finally, aUSD is secured by the shared security model of Polkadot TerraUSD (UST) The primary stablecoin of the Terra blockchain, TerraUSD is not backed by any on-chain asset, but rather maintains its 1:1 peg with the USD by using an algorithm that manages its money supply. So, when 1 UST falls lower than 1 USD, the system mints and auctions mining power to buy back and burn UST to reduce the overall supply and increase its value. On the other hand, it can also expand its supply when 1 UST overtakes 1 USD, buying back mining power with UST until the target peg is reached. TerraUSD is trustworthy as its source code has been successfully audited by third-party security firms. The protocol can also support other stablecoins, so if the community decides to do so it can create TerraEUR, TerraJPY and others. Furthermore, atomic swaps are also supported, meaning those stablecoins can be exchanged at their market exchange rate. That makes Terra stablecoins highly scalable and liquid. TerraUSD’s anchor protocol allows stablecoin holders to borrow and save, while other users can take out loans in exchange for other cryptocurrencies. It also boasts a mirror protocol for users to issue and swap synthetic assets for real-world assets, without any physical backing. Terra is working to add cross-chain functionality to TerraUSD so it can work with other blockchains like Ethereum and Binance Chain. Magic Internet Money (MIM) The Abracadabra.money protocol enables users to collateralize digital tokens, including interest-bearing tokens, and mint MIM, a stablecoin that runs on multiple blockchains, including Avalanche, Arbitrum Binance Chain, Ethereum and Fantom. MIM’s goal is to give users a way to farm yield more efficiently. It relies on a special protocol that allows users to provide collateral using interest-bearing coins, known as ibTKNS. Users can obtain ibTKNS by staking regular tokens to yield farms such as Sushi and Yearn. For doing so, they receive illiquid ibTKNs (like yvUSDC) that are essentially receipts of their deposits. These must be returned back to the yield farm to claim back the original deposit plus interest. MIM uses ibTKNS because they accumulate interest over time, thus increasing their value slowly but surely as users pay back the interest on the MIM loans they take out. This is different from other stablecoins, which are minted via deposits of liquid assets. Some examples of ibTKNS include yvYFI, yvUSDC, yvUSDT, xSUSHI and yvWETH, which can be collateralized and then injected into the system in return for newly minted MIM. MIM can then be linked to all of the above blockchains and traded. In this way, MIM enables DeFi users to transform stranded capital back into liquid assets that can be traded or used in other ways. Previously, interest-bearing tokens had no use cases. Tether (USDT) Tether is the best-known stablecoin in the crypto world but despite this, it has fewer use cases and is somewhat less trustworthy than the proven protocols we’ve covered so far. Tether was created by Tether Holdings Ltd., a Hong Kong-based company. It runs on the Omni protocol, a second layer on Bitcoin’s blockchain, and on other chains such as Ethereum and EOS. Tether Holdings claims that each USDT token issued is backed by fiat deposits in its traditional bank accounts, thereby maintaining its 1:1 peg with the USD. Tether allows its assets to be evaluated once a quarter (four times a year) by an independent auditing firm. It also publishes daily reports on its bank balances, though these are unaudited. Despite these measures, Tether was previously fined for lying to its customers that it had sufficient fiat holdings to back all USDT it had issued. Tether’s popularity stems from the fact it had first mover advantage as the first stablecoin in existence. It has also built up a strong ecosystem simply from being the first and is traded on all major cryptocurrency exchanges in the world. There is one concern regarding Tether that may dissuade some users. USDT is somewhat unique in its ability to be able to blacklist wallet addresses if it believes they are involved in fraudulent activities. While some users may appreciate Tether’s attempt to combat fraudsters and money launderers, they may be less than happy if their own USDT wallet becomes blocked for unsubstantiated reasons. Tether hasn’t publicly explained what kind of activity might lead to a wallet getting blocked, but the very fact it can block specific users goes against the ethos of decentralization that many crypto users favor. USD Coin (USDC) Similar to Tether, USD Coin is fully backed by cash and equivalents and short-duration U.S. Treasuries, according to its parent companies Circle and Coinbase. USDC, like Tether, is available on multiple blockchains including Ethereum, Solana, Stellar, TRON and Algorand. USDC is also audited on a monthly basis, more consistently than USDT. Moreover, its code is completely open-source and available to all. Notably, USDC’s backing from two of the biggest crypto/payments companies in the U.S. gives it a lot of credibility, and use cases and has, in turn, helped to accelerate adoption. For instance, USDC is already available on more than 50 crypto exchanges, including most of the biggest ones. That being said, some users may be concerned that, like Tether, USD Coin also reserves the ability to blacklist wallets that it deems to be involved in fraud or money laundering. Frax (FRAX) Frax proudly proclaims itself to be the world’s first fractional-algorithmic stablecoin, which means it uses characteristics from both the collateralized and algorithmic stablecoin models. Whereas collateralized stablecoins simply maintain deposits equal to the amount of tokens minted, algorithmic stablecoins use mathematical algorithms to maintain their peg. Typically, this is done through automated monetary policies that are used to manage coin supply, in order to alter the value of the token to match its pegged asset. Frax’s unique fractional-algorithmic model is built on two assets - the FRAX stablecoin, which is pegged to the USD at a 1:1 ratio, and Frax Shares (FXS), a governance and utility token. While FXS is used for governance, voting, and staking, its main purpose is to enable minting of FRAX stablecoins. The minting and redeeming mechanisms are the keys to FRAX maintaining its stable USD peg. Any user who supplies FXS tokens can mint FRAX, receiving a number of tokens according to whatever the Frax collateral ratio is at that time. So, if the ratio is at 50%, they can mint 1 FRAX by supplying $0.50 worth of FXS tokens. The mechanism applies the same in reverse if a user wants to redeem their FRAX for USDC or the FXS they initially supplied. What’s key is that when new FRAX are minted, the FXS tokens are burned proportionally to the uncollateralized amount. So, by minting FRAX, the circulating supply of FXS is reduced. However, there is a constant flow of FXS being minted by numerous liquidity providers in the Frax ecosystem, so the supply is actually growing continuously to exert downward price pressure. This explains why the Frax collateral ratio is constantly adjusted. Though the theory is that as adoption increases, more FRAX tokens will be minted, meaning that more FXS will be burned and removed from circulation. So if the circulating supply of FRAX increases as expected, the balanced supply and demand should create a more resilient tokenomics model that ensures price stability for FRAX.
136 days agocryptodaily
Central Bank Digital Currencies And Their Context In The DeFi World
Every year, it seems like there's a lot more happening with cryptocurrency and decentralized finance assets. A few years ago, hardly anyone had heard of Bitcoin. As a relatively recent invention, cryptocurrency in general only came of age less than a decade ago. Now, a variety of blockchains are taking off with Bitcoin at the helm – Ethereum with smart contract handling, Polkadot/Kusama with its layer 2 side chains and parachains, and modern innovations like Solana. Those are just a few of the decentralized assets moving stealthily, and in great volume and quantity, around the world. So what are world governments doing? Many of them are trying to stave off truly decentralized cryptocurrency markets using sanctioned assets called central bank digital coins. Nigeria: A Case Study Recent reports like this one show how African cryptocurrency use is booming. “Crypto users in the continent of Africa have risen significantly,” writes Steve Anderrson at the Coin Republic. “They usually undertake cross-border transactions due to low fees. The number of digital currency clients in Africa increased by practically 2,500% between January 2021 and January 2022, while the normal number of month-to-month exchanges increased 1,400%, another report by Kucoin has said.” In Nigeria, one in three persons own and trade cryptocurrency assets that are decentralized, i.e. Bitcoin. However, the federal government has tried to discourage the use of these assets partly by creating its own CBDC called the eNaira. The nation’s central bank puts it this way: “eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.” That's not unusual for the average nation-state that wants to regulate cryptocurrency and try to get proactive about its use within the national economy. But the reaction by Nigerians shows exactly why this response is less than fully effective. “Money is a tool for controlling people,” says Blockchain Nigeria User Group founder Chimezie Chuta in a TechCrunch interview that shows up in reports like this one from AAX detailing the dynamics of African crypto operations. “They do not want to allow the primary tool of control to be eroded because the entrance of privately issued cryptocurrencies like Bitcoin and Ethereum is a direct challenge to central banks’ authority everywhere in the world. CBDCs come in as their response, albeit weak ones.” CBDCs Around the World Countries like India and Russia have considered producing their own central bank digital coins. In America, private banks like J.P. Morgan have created their own stablecoins. The resulting JPM Coin is a cryptocurrency in name only, in terms of decentralization. Rather than being held by a collective and verified without institutional involvement, JPM Coin is a branded coin with J.P. Morgan, in many ways, as its controller. Other nations like El Salvador are blazing a path forward with truly decentralized coins as a national currency. By accepting Bitcoin as legal tender and inviting all residents to adopt a nationally sanctioned crypto wallet, El Salvador is showing another way is possible when it comes to modern cryptocurrency adoption. Some other countries are considering following suit. CBDC Status A broader look at central bank digital coin adoption around the world shows that a lot of the central research going on right now, especially in the early stages, is in North America, South America, Europe, and parts of Western Asia. Australia is also looking into its own CBDC. In the Bahamas, Nigeria, and a few other smaller nations, CBDCs have actually been launched. Russia, China, Saudi Arabia, South Africa, and Malaysia are all in the pilot stage. Analysts like this writer talk about how cryptocurrencies can be used to fund political movements or as a safe haven for money fleeing assets. Others talk about the ways that new cryptocurrency assets support the un-banked, many of whom had little traditional connection to national fiat systems like conventional checking accounts, certificates of deposit, or money market accounts. Lending has also gotten several orders of magnitude easier with peer-to-peer decentralized systems that help unbanked or low-income borrowers get around some of the more onerous restrictions on fiat lending. Anyway, look out for more activity on national CBDCs and broader efforts to regulate and handle how cryptocurrencies and decentralized finance assets are becoming more a part of our modern money systems. 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.
137 days agocryptodaily
zkSNARKS Are Adding More Privacy And Scalability To Blockchain Networks
The need for privacy in DeFi and Web3 is a growing concern. In the current system, all transactions are recorded and stored in distributed public ledgers, making it easy for anyone to view a person’s transaction history and identify them by linking their on-chain activities. That’s a problem. Right? Well, there’s a thin line between privacy and anonymity. Privacy is good; anonymity isn’t. If all blockchain transactions are anonymous, it could lead to misuse. At the same time, if all on-chain transactions are easily accessible to everyone, it would also lead to abuse. Accordingly, the need for privacy in DeFi and Web3 presents a paradox: on the one hand, we need to be able to track transactions so that they can be audited; on the other hand, we don't want to reveal any information about individuals and their transactions, especially those which could be used to identify them. Fortunately, a solution in the form of Zero-Knowledge Proofs (ZKP) has emerged. In a nutshell, ZKP is a way for two people to prove that they know something without telling the other person what it is. Sounds interesting? Let’s take a closer look. Zero-Knowledge Proofs: The Basics The Zero-Knowledge Proof (ZKP), first proposed by MIT professors Silvio Micali and Shafi Goldwasser, and master cryptographer Charles Rackoff in their academic paper, "Knowledge Complexity of Interactive Proof-Systems," is a cryptographic protocol that enables two parties to prove to each other that they know some secret information without telling each other that very information. In the last couple of decades, the theory of Zero-Knowledge Proof has evolved significantly, with the “idea” finally becoming a reality. The term Zero-Knowledge (ZK) originates from the fact that no (“zero”) details about the “secret information” are revealed. Yet, the receiver (verifier) is provided with convincing “proof” that the sender (prover) knows the “secret information.” How is this even possible? The process is powered by a series of cryptographic algorithms which allow a "prover" to cryptographically demonstrate to a "verifier" whether a computational statement is accurate without revealing any data. From an application perspective, ZK addresses two core limitations of blockchain technology: privacy and scalability. There are two main types of ZK - interactive and non-interactive. While interactive ZKP requires the prover to complete a series of tasks to convince the “verifier” that they have the particular information, non-interactive ZKP requires no interaction between parties. Zero-Knowledge Proofs (ZKP) provide users with the necessary flexibility and freedom to control their information. Therefore, it is quite logical that, when combined, blockchain and ZKP can be used to address a diverse range of existing problems. Blockchain And Zero-Knowledge Proofs (ZKP) The concept of zkSNARK was first proposed in 2013, and ZCash was the first project to use it. Over the years, Zero-Knowledge has also been used in several Rollup projects aimed at increasing Ethereum’s scalability, throughput, and cost-efficiency. Some common projects leveraging zk-Rollups include Starkware, zkSync, Loopring, and Aztec. Following significant development and maturing way further than the original concept, zkSNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) has now positioned itself as one of the most potential solutions to enhance privacy across the DeFi and Web3 spectrum. For instance, Manta Network, the Substrate-based plug-and-play DeFi privacy protocol, has employed advanced cryptographic solutions like zkSNARK and Groth16 zero-knowledge proofs to add the much-needed privacy layer for the crypto ecosystem. To better understand the concept of zkSNARK and how Manta leverages it to offer end-to-end privacy, it is important to look at the consensus mechanisms that power blockchain networks. ZK serves two core functions: privacy and scalability from an application perspective. Zero-Knowledge adds a privacy layer to existing networks such as Bitcoin or Ethereum, allowing users to transfer their assets without revealing personal information like wallet address and amount. At the same time, instead of requiring all network participants to validate transactions, ZK can be used to generate cryptographically verifiable proofs that can be validated by others quickly and easily. To facilitate anonymous transactions, networks must follow certain conditions. For instance, ZCash delivers complete anonymity using zkSNARK based on Bitcoin’s core code. Such simple “anonymous transfers” rely on the hash encryption offered by Bitcoin. However, amid the increasing adoption of Web3, DeFi, NFTs, GameFi, SocialFi, and other blockchain-powered services, simple anonymous transfers no longer address the growing privacy needs of users. Manta Network And zkSNARKs To that extent, Manta Network has positioned itself as the layer-1 privacy solution for Web3 and DeFi. By leveraging zkSNARKs, Manta offers end-to-end anonymity, faster transaction speeds, and full interoperability with Polkadot and all of its parachains. At present, Manta is the only privacy solution that uses zkSNARKs and Groth16 rather than hardware to provide security and integration with mainstream assets, such as stablecoins. Through its range of products powered by zkSNARKs and Groth16, including privacy-preserving automated market maker (AMM) DEX MantaSwap and payment protocol MantaPay with built-in privacy, Manta helps users hide their wallet address, amounts, and other personal information entirely, thereby granting users the ability to mask their on-chain activities. Unlike existing privacy solutions, Manta is Web3-ready. The platform enables the privatization of other tokens from standalone networks, starting with the Polkadot and Kusama ecosystems. Furthermore, Manta uses Polkadot’s cross-consensus messaging (XCM) mechanism to establish seamless communication with other decentralized layer-1 networks that are part of the Polkadot ecosystem. Thanks to Manta’s Zero-Knowledge Proof implementation, the platform’s privacy-preserving features extend beyond regular token transactions. They can be used across the broader blockchain ecosystem, including DeFi, NFTs, GameFi, SocialFi, metaverse, and other futuristic use cases that emerge with the evolution of Web3. In addition to its privacy-oriented support, Manta Network also addresses the challenges of DeFi interoperability, scalability, liquidity, and ease of use. Manta’s privacy-preserving solution has attracted both investors and crypto enthusiasts. The project is backed by a consortium of angel investors and institutions, like ParaFi Capital, CoinFund, LongHash Ventures, Polychain Capital, and several others. The crypto community, too, is backing Manta Network, which is evident from the project’s convincing wins at both Kusama and Polkadot slot auctions. Privacy is critical for the mass adoption of blockchain technology and the universe of services it supports. With Manta Network tapping into the yet unrealized potential of zkSNARKs, Web3 became measurably safer and more private, all without compromising on decentralization, security, or other existing features. 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.
140 days agocryptosrus
Ethereum Liquid Staking Protocol Lido Takes #1 Spot in DeFi Ranks
Lido DAO ($LDO) has become the largest protocol in all of DeFi. Covered: Lido Takes First Place in DeFi Liquid Staking is Having Cake and Eating it Too Centralized or Not? $LDO Token Lido Takes First Place in DeFi Lido DAO, a liquid staking platform that runs on Ethereum, Solana, Terra, Polygon, and Kusama, has […] The post Ethereum Liquid Staking Protocol Lido Takes #1 Spot in DeFi Ranks appeared first on CryptosRus.
165 days agocointelegraph
3 reasons why Lido DAO Token could be on the verge of breaking its downtrend
LIDO price made a double-digit move after the liquid staking platform added support for KSM and partnered with Apricot Finance to form a lending marketplace for SOL.
179 days agocryptosrus
What is Kusama?
Learn more about Polkadot’s canary network Kusama and how vital it is to the DOT ecosystem in our “What Is Kusama?” guide. Covered: What Is Kusama? Who Created Kusama? How It Works What Is KSM Token? Concerns WHAT IS KUSAMA? Kusama is a canary network of the Polkadot Network. Polkadot promises an Internet of interoperable […] The post What is Kusama? appeared first on CryptosRus.
180 days agocointelegraph
Crypto Stories: Gavin Wood discusses why he decided to code Ethereum
The latest episode of Cointelegraph's YouTube series tells the story of Gavin Wood, co-founder of Ethereum and founder of Polkadot and Kusama networks.

About Kusama

The live price of Kusama (KSM) today is 63.3414 USD, and with the current circulating supply of Kusama at 8,470,098.06 KSM, its market capitalization stands at 536,507,744 USD. In the last 24 hours KSM price has moved 2.8047 USD or 0.05% while 23,337,158 USD worth of KSM has been traded on various exchanges. The current valuation of KSM puts it at #92 in cryptocurrency rankings based on market capitalization.

Learn more about the Kusama blockchain network and how it works or follow the price of its native cryptocurrency KSM and the broader market with our unique COIN360 cryptocurrency heatmap.

Kusama Price63.3414 USD
Market Rank#92
Market Cap536,507,744 USD
24h Volume17,713,157 USD
Circulating Supply8,470,098.06 KSM
Max Supply9,651,217 KSM
Yesterday's Market Cap531,978,240 USD
Yesterday's Open / Close60.0019 USD / 62.8066 USD
Yesterday's High / Low64.0007 USD / 58.3547 USD
Yesterday's Change
0.05% ( 2.8047 USD )
Yesterday's Volume23,337,158 USD
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