1 day ago • cryptodaily
Here’s Why Spatial Domains Matter And Why OVER Made ENS Domains Accessible On Their Marketplace
The OVER (Over the Reality) platform has been spearheading the charge when it comes to technological innovation in the context of blockchain and AR-enabled metaverse implementation. Most recently, the team announced that ENS domains are now available on the OVER Marketplace, with the platform proudly announcing a new naming system for the OVER Metaverse, ‘One word DNS’ (Domain Name System).
What is the purpose of this?
A primary objective of the DNS system is to allow anyone to secure the unique name they desire. Moreover, this is an opportunity for businesses to get their branding and words relevant to their business, as well as a chance to anticipate the most exciting and in-demand names in the marketplace ahead of time.
Additionally, in order to successfully identify their OVRLand and the experiences created on it, users can now even buy a name which accurately reflects their personality along with their individual style and preferences, thereby providing enhanced customizability.
Essentially, the ENS (Ethereum Name Service) acts as a blockchain domain naming protocol designed for the Ethereum Blockchain that enables customers to create a readable and simple OVRLand name. Numerous words have gone viral since the introduction of this new feature, so the team encourages the platform's users to quickly take advantage of this unique opportunity if they want to select their respective domains.
How is this useful?
The DNS and Ethereum domains are two separate but related technological and market opportunities. DNS serves as the system which converts human-readable domain names into the IP addresses that computers use to communicate on the Internet.
In this way, as an increasing number of devices are connected to the Internet and more services are made available online, a dependable and effective DNS system becomes all the more crucial in ensuring that users can easily access the services they require. Furthermore, DNS allows businesses to organize and manage their digital assets, as well as individuals to successfully establish their online presence.
Although the DNS market is well-known and controlled by a few prominent players, there is still room for innovation and competition. The Ethereum market, on the other hand, is new and constantly evolving, with a significant market opportunity in the development and application of dApps.
Why are spatial domains important and what role does OVER play?
Ultimately, spatial domains provide numerous advantages, such as increased security, ownership, and control over virtual assets and identities. As blockchain technology grows in popularity and adoption, everyone is slowly but surely recognizing the significance of having specific spatial domains for both businesses and individuals. Keeping the aforementioned information in mind, Over the Reality chose to give everyone the chance to guarantee them of their spatial domain.
Also, it is important to realize that the Internet is becoming increasingly crowded as businesses go digital, and those interested in a domain have nearly limitless opportunities to tap into the metaverse and spatial domains. Due to this, new opportunities for businesses to represent their digital presence in a world with new customers have emerged which makes this a perfect time to get involved.
Considering the benefits listed above, purchasing a domain for individual or business use could have tremendous potential as doing so will offer greater control over digital identities while simultaneously being a safe and decentralized method of managing assets. Feel free to visit the dedicated page of the OVER Marketplace for more information about the domains and how to buy them, but remember that time is of the essence.
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 ago • cryptodaily
Datamall Chain Foundation Announces Strategic Partnership with AlephCrypto.xyz
Singapore, Singapore, 31st January, 2023, ChainwireDatamall Chain (DMC) DMC Foundation announced today that it has formed a strategic partnership with AlephCrypto.xyz. DMC Foundation and AlephCrypto.xyz will cooperate in many aspects, including blockchain technology development and distributed storage. Both parties will cooperate and support the development of quality projects in the blockchain industry, the Ethereum community, the DMC ecology, and the DMC community. The cooperation will accelerate innovation in the blockchain industry overall and significantly enhance the progress of Web3 technology worldwide.
“We’re very excited to have AlephCrypto.xyz as a strategic partner,” said Victor Chen, DMC Foundation Chair. “Both DMC Foundation and Aleph Crypto are firm believers in the potential and promise of Web3. Having Aleph Crypto as a strategic partner adds significant technical credibility and momentum to the DMC ecosystem.”
“It is our great honor to be one of the very first DMC Foundation strategic partners,” said Zainan Zhou, co-initiator of AlephCrypto.xyz and one of the key contributors of Ethereum open standard procedure Ethereum Improvement Proposals such as authoring the ERC-1202 Voting Standard. AlephCrypto.xyz also features a network of renowned technical advisors from the Ethereum developer community such as NFT (ERC-721) first author William Entriken to provide technical advisory and open standard review for its partners from an Ethereum compatibility point of view. “In order for Web3 to be successful, decentralized storage needs a highly efficient and fully decentralized marketplace. When we saw DMC’s technical architecture, we were super excited about the potential that it provides a much better solution for decentralized users than many of the existing options. We can’t wait to provide as much help and support as we can to DMC Foundation’s vision for Web3 and the blockchain industry, and we look forward to our ongoing collaboration.”
About DMC Foundation
DMC Foundation was founded in Singapore in 2020. With the technical R&D team from Silicon Valley, DMC Foundation has developed Datamall Chain (DMC), an open-source public blockchain. Datamall Chain is based on the Cyber File System (CYFS), an open-source, next-generation protocol that enables development of completely decentralized applications.
Datamall Chain is a decentralized storage marketplace that provides users with secure, efficient, and authenticated decentralized storage services. DMC aims to promote the development of next-generation Internet infrastructure and blockchain technology, focusing on building the underlying storage architecture in Web3. DMC adopts a unique Proof of Storage Service (PoSS) consensus mechanism to incentivize nodes to improve their own storage capacity and ensure DMC is a high-performance public chain.
The DMC ecosystem consists of three layers: the storage transaction layer, which matches decentralized storage supply with decentralized storage demand; the storage service layer, which helps enforce storage deals; and the storage application layer, which consists of applications that use decentralized storage. One of the first applications on DMC is Foggie, the world’s first all-in-one Web3 virtual appliance from Fog Works. With Foggie, users can obtain additional storage capacity via DMC, or they can share idle storage on DMC capacity and earn crypto rewards.
For more details, please visit the DMC official Twitter and DMC official website.
Twitter | Discord | Website
About AlephCrypto.xyz
Aleph Crypto is a series of initiatives rooted in Silicon Valley. It is initiated by Zainan Zhou (author of ERC-1202 Voting Standard) and co-founded by several seasoned investors and entrepreneurs of Web1 and Web2 Internet. AlephCrypto.xyz focuses and services three areas of interest: Blockchain Infrastructure Layer, “Blockchain+” of Traditional Web, and New Applications Exclusively Enabled by Blockchains.
In May 2022, a key contributor to the Ethereum ecosystem, lead author of NFT (ERC-721), William Entriken, also joins AlephCrypto.xyz as its Technical Advisor.
The founders of AlephCrypto.xyz deeply believe Web3 will advance humanity by improving the collaborations of people through communities. AlephCrypto.xyz champions the spirit of community by establishing its own, including Builder Club, Investor Network, and Media Hub, to support and service everyone who is interested in building Web3 in all the ways we can. The Aleph Crypto also features an early-stage investment fund for angel and seed rounds.ContactDMC Press InquiriesDMC [email protected]
5 days ago • cryptodaily
Top 6 Crypto Loan Services in 2022
Cryptocurrency lending takes many forms, but the core principles are intuitively understandable to anyone familiar with traditional bank loans. A lender provides a specific amount of crypto based on the borrower's collateral, and the customer repays the principal and interest at a predetermined rate. They are free to use the funds received in any way they like.
There are many uses for crypto loans. For example, one may buy goods or services, refinance existing debt, invest in business development, or purchase other cryptocurrencies expected to gain value.
Why use crypto loans?
Crypto loans benefit both lenders and borrowers. In the P2P model, lenders generate additional income from the funds they hold but do not use. They make their dormant holdings work and earn a yield that may be much higher than that on fiat bank deposits.
For borrowers, these loans are quicker, more flexible, and more accessible than conventional services. They may get cash for everyday needs without credit checks or selling their crypto. Moreover, keeping ownership of the collateral means that future gains may eclipse the borrowing costs.
Understanding crypto collateral
As the crypto market is still experiencing growing pains, volatility may spike, and miscalculations may bring losses for both parties. To minimize such risks, crypto lenders require collateral — a safeguard adopted from conventional finance.
Typically, unlike a consumer fiat loan, crypto loans are overcollateralized. Hence, an applicant must pledge funds whose value exceeds the amount they want to borrow. This proportion is determined by the LTV (Loan-to-Value) rate — for instance, 50% LTV means one may get an amount equal to half the value of their collateral.
Upon full repayment, the customer gets their collateral back. Failure to pay the debt and/or maintain a certain LTV throughout the life of the loan results in liquidation — passing their collateral to the lender.
Top 6 platforms
Over the past few years, the crypto lending model has solidified, and the sector is growing rapidly. Exchanges and platforms have already issued loans worth millions. The teams running them are confident that crypto lending will only become more popular in the future due to such benefits as the absence of verifications and the opportunity to borrow fiat in a tax-free arrangement.
Many more startups could enter this promising market soon. Here is an overview of six prominent crypto loan platforms in 2023.
YouHodler
YouHodler is a trusted crypto lending platform offering a simple, secure, and transparent way to borrow and earn passive income on digital assets. Based in Switzerland, it offers crypto-backed loans in cryptocurrencies, stablecoins, and fiat. The collateral options include 50 top cryptocurrencies.
On YouHodler, one can apply for loans with a minimum amount of $100 and a repayment period of up to 364 days. The company also offers crypto savings accounts, trading solutions, and web and mobile wallets. As it accepts credit cards, stablecoins, and bank wires, moving funds into and out of their accounts is easy.
The YouHodler wallet app is free and intuitive. At press time, the wallet app supports 8 stablecoins and 52 cryptos. Generally, the fees and exchange rates are comparable with other platforms.
YouHodler's key advantages are a transparent legal setup, attractive yield rates, LTVs reaching 90%, and highly rated customer service. However, it is not available in the US due to legal restrictions, and the company could be more transparent about its profitability model. Finally, fiat transactions carry higher fees than other methods.
CoinLoan
CoinLoan is a pioneering crypto lending platform based in Tallinn, Estonia. A licensed financial institution regulated in the EU, it prides itself on its zero-incident track record. As the name suggests, crypto loans are the company's main focus, although it also offers interest accounts, an exchange, and a wallet working within its ecosystem.
With enough collateral, borrowers can take out loans in fiat, stablecoins, and crypto. Moreover, fiat-to-crypto loans work both ways: one may choose fiat as the loan or the collateral currency. LTV rates reach 70%, while the duration ranges from one month to three years, with an opportunity to customize it.
On CoinLoan, "everything is just one click away" thanks to an intuitive interface. As of this writing, loans are available in 15 different currencies, including BTC and ETH, leading stablecoins, EUR, and GBP. In addition, the deposit feature (fixed and flexible) supports over 20 assets, both digital and fiat.
CoinLoaners manage their funds in a trusted crypto management environment with multi-layer security, and the company is more open about its yield generation processes than before. Staking the company's own token (CLT) unlocks the most attractive yield rates, but this requirement may be viewed as a disadvantage.
Crypto.com
This prominent platform based in Singapore offers loans with LTV of up to 50% and customizable repayment schedules. Users may also reduce the interest rate by staking Cronos (CRO), the company's native token. After entering your deposit amount into the online calculator, you can see how much you can borrow, the annual percentage, and the monthly interest in USD.
Crypto.com is a well-established name in the crypto space, with over 70 million users in 90 countries. Aside from borrowing, customers can use an exchange, a DeFi wallet, and the Crypto Earn service bringing interest on 37+ cryptocurrencies and stablecoins. The mobile app supports payments for goods and services, crypto transfers, and more.
On the downside, the lowest interest rates are only available to those who stake CRO. All cash-back rewards and other perks are also denominated in the native token.
MakerDAO
One of the most famous decentralized environments, MakerDAO, has a unique lending model. Its internal economics is based on two tokens — MKR and DAI. The latter is a stablecoin, the only loan currency whose value is supported by multiple mechanisms.
Upon launch in 2017, the DAO (decentralized autonomous organization) accepted only one collateral currency — Ether. Since then, it has become more versatile, and users may now pledge different Ethereum-based assets.
One of the advantages of loans in Dai is predictable value — the token has generally remained true to its soft peg to the US dollar. Therefore, wherever the crypto market goes, borrowers have peace of mind knowing that the amount they owe does not see-saw following dramatic bearish or bullish swings.
Ledn
Ledn is a Canadian crypto lending platform that helps you "experience the real-life benefits of your Bitcoin without having to sell it." Users can borrow dollars against Bitcoin, earn a yield on a savings account, or grow their Holdings using B2X loans that are available exclusively on Ledl.
B2X loans require BTC collateral worth $1,000 or more and come with an LTV rate of 50% and a maximum term of 12 months. The platform matches the collateral value, providing an amount twice as big. This feature combines a BTC-backed loan with buying an equal amount of BTC.
Once repayment is complete (users can repay earlier without penalty), the borrower gets their collateral and the newly purchased coins. Standard Ledl loans work similarly, but they may be denominated in USD, USDC, or the user's local currency.
As the platform is incorporated under the federal laws of Canada, its operations and security measures comply with local laws. On the downside, Ledl only supports two cryptocurrencies —Bitcoin and USDC, and the borrowing costs are above average. Combined with a 2% admin fee, the 9.9% annual interest rate brings the total costs to 11.9% APR. In addition, the USDC savings account has a withdrawal fee of 15 USDC.
Drops
Coins and tokens are not the only digital assets that can be turned to collateral for loans. Drops, a decentralized protocol focused on supporting the NFT economy, accepts collateral exclusively in non-fungible tokens. Pledged NFTs are accumulated in pools.
The Drops platform works with popular collections of digital art, including Bored Ape Ya and CryptoPunk. Even exotic collectibles are accepted. At press time, the LTV rate reaches 30%. There are no due dates, and users may also refinance existing loans at interest rates close to 0%.
Like other decentralized lenders, Drops operates without a human team, as all procedures are coded in smart contracts. However, it claims to have a "battle-tested foundation." The bug bounty program encourages the community to contribute to protocol security.
Is it worth a try?
The crypto loan industry is evolving and maturing, and the range of providers is growing daily. Crypto loans give quick access to new funds without credit checks, proof of income, or having to sell coins or tokens that may gain value. Therefore, those interested in innovative ways of passive income should take a closer look at this instrument.
However, keep in mind that cryptocurrencies are still susceptible to market swings. Lenders that are less open about their internal procedures may pursue risky strategies putting customers' funds at risk. Thus, the availability of specific coins or tokens is one of many considerations.
Borrowers should also weigh up the pros and cons of centralized and decentralized lending. Centralized platforms like CoinLoan comply with fund and data protection laws, while the DeFi landscape is largely unregulated.
Unlike CEXs conducting KYC and AML checks, decentralized finance relies on smart contracts — self-executing agreements with terms written in their code. DeFi interfaces may be confusing for newbies, but they can learn how smart contracts, oracles, and other innovative features work.
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.
8 days ago • cryptodaily
SEC’s Hester Pierce gives her lessons for the crypto industry
In a conference speech last Friday, Commissioner Pierce gave a speech in which she recommended that the crypto industry take onboard the lessons learnt so far.
Commissioner Hester Pierce spoke at the Digital Assets at Duke Conference in Washington recently, and she had much advice for those who were building out the cryptocurrency industry.
Lessons for crypto
The main lesson she wanted to impart was to say that crypto shouldn’t wait for the regulators to sort it out. Instead, people who promoted the industry would do better to “root out harmful practices and encourage good behaviour”.
Even as a regulating commissioner, Hester Pierce advised that regulatory solutions were more likely to be “inflexible”, and that they shouldn’t be used as a first resort. She believed rather that voluntarily imposed solutions could be far more effective given that those imposing them understood their industry far better than the regulator.
Her second piece of advice was to remember the actual point of crypto, which wasn’t trying to drive up prices or lending tokens to others to trade with. She said that the point was to solve various problems, and mentioned some of the multitude of use cases such as:
“smart contracts, payments, provenance, identity, recordkeeping, data storage, prediction markets, tokenization of assets, and borderless human collaboration.”
Thirdly, she suggested that each blockchain, crypto asset, or project should be taken on its own merits, and talking about it as just crypto obscured the important differences.
Fourth, she recommended that all new protocols be tested very carefully before release into public use, given that “disastrous consequences” could otherwise ensue.
Fifth, the commissioner advised that people be extremely careful when dealing with any centralised crypto entities, and should take the same precautions as with any non-crypto company. By the same token, she suggested that crypto companies be careful to keep the trust that was invested in them by the public.
Sixth, Pierce laid out a list of lessons from traditional finance that were applicable to crypto. Doing due diligence on counterparties and the level of risk they would expose an investor to was highlighted as very important.
An honest summation of the SEC
While agreeing with Gary Gensler, chairman of the SEC on several important issues confronting the agency, one incredibly refreshing part of Commissioner Pierce’s speech was her extremely candid summation of other issues that concern the SEC. She stated her view that the SEC interpretation of the Howey test was “askew”, and said the following on the SEC’s general approach to crypto:
“We tell people to come down to the office to talk to us about their projects, plug the information they give us into our proprietary security-identifying algorithms, and then send the people home with a court date. Hardly a reasonable way forward, and one that results in what one lawyer has dubbed “regulation by anxiety.” Operating in such an opaque environment is very stressful for law-abiding people.”
A counter-voice in the SEC
It cannot be argued that Commissioner Pierce’s views on crypto are very refreshing. She has always let it be known that she would retain her independent thought and therefore she is an excellent foil to Gary Gensler, the chairman of the SEC.
Given the importance of crypto, and the likelihood that solutions for many issues in many areas of industry can be found here, it is a relief that someone of Hester Pierce’s neutrality and good sense can be found in the regulatory space.
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.
9 days ago • cryptodaily
IMF blog post highlights concerns on crypto
The IMF has published a blog post laying out its view on the perceived risks that crypto poses for the global financial system.
The IMF has warned time and time again of the dangers that the cryptocurrency sector poses for the legacy financial system. A recent blog post lays out its perception of how crypto collapses can spread contagion to banks and other financial institutions.
The blog post begins by stating that crypto “has lost trillions in market value”. At the height of the last crypto bull market the total market cap for crypto attained a value of $2.8 trillion. It is now at just over $1 trillion.
A new asset class is bound to see some volatility, especially given that the lack of regulation in the sector has allowed pump and dumps to thrive.
The IMF blog post also accused Bitcoin of losing money for three quarters of the investors who bought it. However, Bitcoin certainly isn’t a digital asset for quick gains. It is an asset to be held over the long term, and retail investors would do well to be aware of this.
Had an investor held Bitcoin over the past few years then they would certainly have done a huge amount better than holding fiat currency in any bank or savings account.
Up until the last ten years in the traditional markets it was customary to see four-year boom and bust cycles, which is pretty much what has been seen in crypto in the last 14 years since its inception.
However, massive printing of fiat currency by central banks has propped traditional markets up, not allowing them to fall, and adding gargantuan piles of debt onto the shoulders of taxpayers who will one day have to bail the banks out.
The IMF authors highlight the banks’ exposure to crypto and welcome the Basel recommendations that are about to be voted on by the European Parliament. However, this particular amendment requires banks to hold reserves equal to more than 100% of any crypto-related exposure, and this may have the effect of them not wanting to engage with any digital asset companies.
If the crypto space was honest, it would admit that yes, there is a need for regulations to protect consumers, but only if these regulations are fair and are not designed to suppress crypto so that central banks can force citizens to continue holding fiat currencies that are losing their purchasing power at an ever-increasing rate.
It might be argued that for the next monetary system to survive, it will have to be completely decentralised, managed by code that cannot be tampered with, rather than humans who can manipulate things to their own advantage. The IMF is very likely to disagree.
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.