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Injective Moves to Integrate with Stacks to Ensure Access to Decentralized Bitcoin Derivatives

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With the fresh development, Injective will be able to launch completely decentralized Bitcoin derivatives using the Stacks token (STX) alongside digital assets that are native to the network.

Digital currency exchange Injective Protocol will integrate with the Stacks blockchain. The move which was announced via a blog post published by the company will ensure that Bitcoin Derivatives become fully available on Stacks. The Stacks protocol is classified as a level 1 blockchain solution. The design brings smart contracts and decentralized applications to Bitcoin without compromising on stability and security.

By collaborating with Stacks, Injective hopes to create a hybrid ecosystem where everything is completely decentralized. As things stand, users of Injective Protocol can create, buy, and sell Bitcoin derivatives from different blockchain platforms.

With the fresh development, Injective will be able to launch completely decentralized Bitcoin derivatives using the Stacks token (STX) alongside digital assets that are native to the network. Users of the platform will be able to stack and transfer native tokens on Stacks to the Injective chain. This can then be used to create and transact STX and other Bitcoin-related tokens. The partnership between both platforms will also allow enthusiasts of Decentralized Finance (DeFi) to create futures and perpetual which will later utilize Stacks and the Binance Smart chain.

Stacks is on a global mission to build a multi-chain ecosystem that provides global market exposure. The company already has plans to integrate with such platforms as Avalanche, Binance Smart Chain, NEAR, Polkadot, to mention a few. By integrating with all these platforms, Stacks plans to create a unique hub from which its users can create and access new markets.

Previously, fully decentralized Bitcoin derivatives were not available despite the growing interest in the Decentralized Finance Sector. This was true for newbies and retail clients who had access to institutional Bitcoin derivatives cut off from them. With Stacks and Injective’s protocol integration, regular users are presented with a unique opportunity to access and experience DeFi in a novel way and manner.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.





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Why Elon Musk is Pushing Renewable Energy for Cryptomining

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San Francisco / USA – Mar, 2020: Elon Musk, CEO of SpaceX, founder of Tesla. Famous entrepreneur. Vector portrait illustration.

The ‘Dogefather’ Elon Musk  delivered his ultimatum on Sunday, essentially. 

It’s pretty easy to see why. When the goal of your business is to reduce fossil fuel consumption, it’s important to take a lead. Elon Musk’s tweets about Bitcoin are the all-time best example of just how much power he holds. 

There are many things we can admire Elon Musk for, and chief among them is this move. Regardless of what our personal opinion is, he purposely took a risk in order to take a stance.

Also, he’s not wrong. It is stated that Bitcoin production (or mining) is estimated to generate 22 to almost 23 million metric tons of carbon dioxide emissions per year. According to this report, that’s somewhere between the amounts produced every year by Jordan and Sri Lanka. 

So it makes sense why the owner of an electric car company, which was made to cut down emissions, would want to stop receiving payments in something that causes such emissions. 

While thinking about that can give us a headache, it’s important to realize one important thing: This is good news. 

After all, when was the last time a billionaire actually did something about the environment? Just like Elon’s support for Doge, maybe it’s part of a longer game, one that is nestled in Musk’s future plans with renewable energy. Perhaps his wrestling with the price of Bitcoin, causing so many others to become wannabe crypto bull wranglers has a deeper purpose… 


The Real Reason Why Elon Musk Might Be Cracking Down on Bitcoin Miners 



Seeing the fallout from Elon Musk’s tweets leads down a rabbit hole. Eventually, you discover his plan to build the world’s largest virtual power plant. Musk unveiled an ambitious plan for 2022 and beyond to power 50,000 homes in South Australia over four years with free solar panels and Tesla batteries. It is estimated that this will produce 20 percent of the entire state’s daily energy requirements. This could lower energy bills for the households involved by 30%. 

What do lower energy bills mean? Increased savings, more consumer spending power, and a more efficient economy – especially in times of such staggering inflation. While this is great news in concept, so far, it’s going to be conducted in South Australia. Are we going to see more places getting the Magic Musk Energy Booster Shot? 

Is it so farfetched to believe that Elon Musk’s tweets about crypto mining emissions might be to prepare for something bigger? Could we see a future tweet from Musk launching a sustainable-only  crypto mining company? Perhaps he will lobby with governments using his company’s products as leverage. It’s almost like he’s saying Be sustainable or else! 

It’s similar to the old concept of having a monopoly on something, and offering it only to those who meet certain requirements for saidpurchase. So in essence, this makes Elon Musk the world’s first ‘Robinhood Baron’. 

But hey, what about Lithium?  

Salinas Grandes Salt Desert, Jujuy, Argentina

US-based auto manufacturers are going all in on EVs. The real fuel behind the world’s best electric cars like Tesla (NASDAQ:TSLA), Nio Inc (NYSE:NIO) ? 

 Even the fictional Robinhood wasn’t a complete saint (We’re talking about the story, not the trading platform made infamous after they vetoed retail investor’s positions in Gamestop Corp (NASDAQ:GME). The EV boom, Elon’s tweets and the crypto craze all over shadow the biggest and least-spoken-of elephant in the living room of modern history: Lithium.  

The Lithium Triangle, an area spanning portions of Bolivia, Chile and Argenita contains more than half the world’s supply of metal under salt flats that make it look like an alien world. Miners drill a hole in the salt flats, then wait for brine to surface, and after 12-18 months extract filtered lithium carbonate. It’s cheap, effective, but uses 500,000 gallons of water per tonne of lithium mined. 

In Chile’s Slar de Atacama, lithium mining consumed 65% of the area’s water supply. The farmers there relied on this. Not sure Elon can fix that with a tweet. 

This leads us to another point… Could Elon Musk be cracking down on Bitcoin miners because of the damage the lithium boom is causing?

Elon Musk might be an easy scape goat, yet the need for lithium carbonate existed long before he was coding in his tiny apartment in San Diego. 

The Conclusion

Ultimately, the golden rule seems to be to follow the money. Dips in crypto like BTC can be a good thing, especially when it means more people get access to the crypto markets. 

Elon Musk is completely right. By discouraging pollution from cryptomining, he sets a precedent for others to hopefully do the same. 

Investors looking to diversify into standard markets can look to Lithium stocks as the EV boom continues to gain ground. Maybe TSLA (NASDAQ:TSLA) won’t be the first electric car sold for a cryptocurrency. 

 

Featured Image & Other Images: Megapixl, DepositPhotos

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Tim Draper Says Bitcoin to Hit $250K in 2022

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Bitcoin price remains volatile with the swing in any direction possible but Draper is confident the overall trend will be bullish in the foreseeable future.

Two billionaires with a vested interest in cryptocurrency and decentralized finance have expressed optimism about bullish trends continuing in the future. Tim Draper, a venture capitalist with a substantial but undisclosed amount of Bitcoin, has chosen to stay by his predictions that BTC will reach a price of $250,000 at the end of 2022. He maintains this stand despite the volatility of the market in recent months and the contention about the coin’s huge energy usage.

Draper bases his predictions on three facts. Primarily, he is encouraged because more retailers will embrace Opennode as a means of payment in the coming years. Currently, only a few companies like Home Depot, Microsoft, PayPal and Starbucks (to mention a few) accept BTC as a means of payment.

Also, Draper considers the limited number of BTCs (only twenty-one million) that can be mined as a plus. He also believes the fact that there are engineers constantly working to improve the Bitcoin platform making it even more likely that the platform will remain sustainable, unlike some others.

BTC reached a peak price of $64,829 in April before the price crashed to around $30,000. However, on Monday, it rose by over 7%. However, Bitcoin price remains volatile with the swing in any direction possible but Draper is confident the overall trend will be bullish in the foreseeable future.

He isn’t alone in his convictions. Another billionaire investor Mark Cuban is also bullish about the future of decentralized finance (DeFi) and decentralized autonomous organizations (DAOs).

Cuban believes that DeFis and DAOs pose enough threat to traditional banks and financial institutions. In his blog post published on Sunday, he said, ”banks should be sacred.”

By incorporating cryptocurrency into the traditional financial system, DeFi applications are helping us rethink the way we carry out financial transactions. DAOs help to govern and oversee DeFi applications and other projects.

Cuban believes the decentralized protocol behind the system makes DeFi and DAOs a tremendous competition to banks. In addition, DeFi exchanges do not require a lot of capital when scaling operations. This is particularly true because liquidity providers (LP) can step in to fill that gap.

Of course, there are risks and technicalities to DeFi and DAO that need to be addressed and Cuban acknowledges them but retains his confidence that “this approach is the future of personal banking.”

Despite these obvious risks, DeFi has been gaining ground recently with over $60 billion currently locked in DeFi protocols, according to DeFi Pulse.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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Bitwise Secures $70 Million in New Funding Round Co-Led by Elad Gil

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With the funding, Bitwise is looking to expand its offerings to more banks and asset management firms.

Bitwise, one of the world’s largest cryptocurrency index funds has completed a new Series B funding round, netting a total of $70 million from both old and new investors. According to a report by The Block, the Bitwise funding round was co-led by cryptocurrency investment firm Electric Capital and Elad Gil with the company’s valuation now placed around half a billion dollars.

Other institutional investors that participated in the funding round include Daniel Loeb’s Third Point, Robert Leshner, founder of Compound, Henry Kravis, Stanley Druckenmiller, and Bridgewater’s Chief Executive Officer David McCormick. Bitwise, now 4 years since it was floated notably turned profitable this year after floating about $1.2 billion Assets Under Management (AUM) in the first quarter. 

According to the reports, the company’s CEO Hunter Horsley submitted that the decision to raise funds was not because the firm needs it, but rather, to get bigger names on Wall Street onboard its mission to connect with more investors in the market they all know so well. 

“These are the best in class firms, organizations, cultures, brands in each of their areas,” he said speaking to the legion of new investors. “They understand the ins and outs of Wall Street and the different platforms and can help us navigate the asset management landscape they know so well.”

With the funding, Bitwise is looking to expand its offerings to more banks and asset management firms. The company is also on track to double its sales agents by the end of the year, a move that can boost its expansionary drives.

Bitwise to Change the Game with Backed by the Latest Funding Round

The most popular engagements in the digital currency ecosystem revolve around buying, selling moved by worrying asset speculations in the short term. Following its latest funding round, the Bitwise boss re-emphasized the long-term focus of the firm, as it strives to grant its clients access to new crypto index funds and products.

“Much of the crypto industry is trading and traders, people looking at the price everyday and thinking about what the latest news or tweet means for price over the next seven days,” Horsley said. “We serve the long-term investor thinking if this has a role to play in the next 5-10 years of how they approach their portfolio and building a thesis.”

Its desires to serve institutional investors and more conservative and long-term oriented clients made it one of the early pioneers of a Bitcoin ETF product. While the company has not reapplied since it withdrew the application back in January 2020, Horsley said the firm will apply again when the time is right.

“The SEC is very thoughtful on the space, is considering the right dimensions in terms of evaluating perspective and we’re trying to be helpful collaborator to them,” Horsley said. “We’re spending time there, we’re optimistic one will be possible and we’ll file when we think the time is right.” 

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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