Warning: Cannot modify header information - headers already sent by (output started at /homepages/13/d758579402/htdocs/clickandbuilds/SunCryptocurrency/wp-content/plugins/penci-framework/gutenberg/block/text-padding/index.php:1) in /homepages/13/d758579402/htdocs/clickandbuilds/SunCryptocurrency/wp-includes/feed-rss2.php on line 8
Sun Cryptocurrency https://suncryptocurrency.com Crypto News Sat, 26 Sep 2020 21:05:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.6 Bad crypto news of the week https://suncryptocurrency.com/bad-crypto-news-of-the-week-31 Sat, 26 Sep 2020 21:05:27 +0000 https://suncryptocurrency.com/bad-crypto-news-of-the-week-31 It’s been a difficult week for Bitcoin this week. The price has fallen about 5 percent over the last seven days to drop beneath $10,400. It could bounce but if it continues downwards, it might drop below $10,000 and get dangerously close to the CME gap. One sign that the...

The post Bad crypto news of the week appeared first on Sun Cryptocurrency.

]]>


It’s been a difficult week for Bitcoin this week. The price has fallen about 5 percent over the last seven days to drop beneath $10,400. It could bounce but if it continues downwards, it might drop below $10,000 and get dangerously close to the CME gap.

One sign that the price might fall further has been a decline in the number of Bitcoin addresses holding a single Bitcoin. They’ve reached a four-month low. But Tyler Winklevoss still thinks that Bitcoin is better than gold, and  Microstrategy CEO Michael Saylor has moved from bear to bull. His company recently bought almost 16,800 Bitcoins over 74 hours, spending about $175 million. Paypal is bearish too. The payments firm is working on a way to allow merchants to accept cryptocurrencies.

In Brazil, fund manager Hashdex has made an agreement with Nasdaq to launch the world’s first crypto asset exchange-traded fund. The fund will trade on the Bermuda Stock Exchange. And while Hashdex is deepening crypto trading, meat processing firm JBS is using the blockchain to monitor its supply chain and ensure that none of its suppliers are raising cattle on illegally deforested land.

Australia also sees an opportunity to secure food supplies with the blockchain. The government-backed agricultural supply chain platform, Entrust, will use Hedera Hashgraph to ensure that wine from the Clare Valley region isn’t counterfeit.

In Russia, the government has said that it will prioritize the development of blockchain technologies, while in Venezuela, the Maduro government has issued a decree to regulate crypto mining. Miners in the country now need a license.

If you want to buy a country, or at least parts of one, a new partnership between Upland and Tilia, the makers of Second Life, lets players sell their virtual property and turn digital cash into fiat. Alternatively, you can hang around in Bakersfield. A Bitcoin Cash fan has been leaving stickers around the city with QR codes, enabling people to download gifts of up to $500 worth of the cryptocurrency. The “Bitcoin Man of Bakersfield” is trying to encourage the take-up of cryptocurrencies.

The Bitcoin Man has already given away $1,100 and plans to give away another $2,000 but the airdrop of 28,000 MEME tokens has helped to push the price of the token up to $1,175. The giveaways were made up of batches of 250 tokens each.

Craig Wright could have done with some of that luck this week. The Satoshi-pretender lost a plea for summary judgment and will go to trial in January in a billion-dollar Bitcoin lawsuit. And finally, Brock Pierce is hoping to do better. The former Mighty Ducks child star and Bitcoin billionaire has managed to get onto 15 states in his run for the presidency. He believes that cryptocurrency is the 21st-century cure for America’s 21st-century problems.

Check out the audio version here:

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.



Source link

The post Bad crypto news of the week appeared first on Sun Cryptocurrency.

]]>
US SEC issues no-action letter on compressed digital asset settlement process https://suncryptocurrency.com/us-sec-issues-no-action-letter-on-compressed-digital-asset-settlement-process Sat, 26 Sep 2020 19:27:37 +0000 https://suncryptocurrency.com/us-sec-issues-no-action-letter-on-compressed-digital-asset-settlement-process The U.S. Securities and Exchange Commission (SEC) took a major step toward streamlining digital asset securities settlement by compressing the previous four-step process into three in a bid to reduce operational risk for broker-dealers. The SEC issued a no-action letter on Sept. 25, stating it will not penalize any broker-dealer...

The post US SEC issues no-action letter on compressed digital asset settlement process appeared first on Sun Cryptocurrency.

]]>


The U.S. Securities and Exchange Commission (SEC) took a major step toward streamlining digital asset securities settlement by compressing the previous four-step process into three in a bid to reduce operational risk for broker-dealers.

The SEC issued a no-action letter on Sept. 25, stating it will not penalize any broker-dealer operating an alternative trading system (ATS) that trades digital asset securities — if they adhere to the new guidelines.

According to the regulator, several ATS want to follow a streamlined model in cases where there is no custody over the assets traded. Most ATS follow a four-step process: first, the buyer and seller send orders to the ATS, second, the ATS matches the orders, third, the ATS notifies the buyer and seller about the matched trade, and lastly, the transaction is settled bilaterally, either with each other or through their custodians.

But the Financial Industry Regulatory Authority (FINRA) requested more clarity on this process in cases in which the broker-dealer may not take physical custody of the asset.

Some broker-dealers felt this four-step model exposed them to too much risk. The ATSs requested that they be allowed to streamline the process. According to the no-action letter, this process would involve:

Step 1 – the buyer and seller send their respective orders to the ATS, notify their respective custodians of their respective orders submitted to the ATS, and instruct their respective custodians to settle transactions in accordance with the terms of their orders when the ATS notifies the custodians of a match on the ATS;

Step 2 – the ATS matches the orders;

Step 3 – the ATS notifies the buyer and seller and their respective custodians of the matched trade and the custodians carry out the conditional instructions.

Broker-dealers, under paragraph (b) of Rule 15c3-3 of the SEC (the Customer Protection Rule) are required to “obtain and maintain physical possession or control of all fully paid or excess margin securities carried by a broker-dealer for the account of customers.” The rule protects customers from losses or delays in accessing their security in case the ATS fails. But this becomes difficult when dealing with digital assets.

The SEC said that broker-dealers that choose the streamlined model would not face any enforcement action in connection with the Customer Protection Rule. The letter notes that broker-dealers seeking to implement this process have addressed concerns over their custodial role by noting that they operate with a minimum of $250,000 in capital, and that they clearly inform their customers that the broker-dealer operator cannot guarantee or take responsibility for settling trades. They have also explained that they ensure they have procedures to assess security tokens’ registration with the SEC and that the assets comply with federal law.

The regulator, however, made it clear that the no-action letter “solely addresses an ATS trading digital asset securities under the circumstances set forth in this letter and does not otherwise address broker-dealer custody or control of digital asset securities.”

Although the letter expresses the SEC’s staff opinion on enforcement, and is not a legal determination, it is nevertheless one more indication that regulatory oversight of virtual assets is becoming more refined and nuanced.

The SEC has been more focused on regulating digital assets in the past few years and throughout the tenure of chairman Jay Clayton.



Source link

The post US SEC issues no-action letter on compressed digital asset settlement process appeared first on Sun Cryptocurrency.

]]>
The One-Way ETH ‘Burn’ That Will Kick-Start Ethereum 2.0 https://suncryptocurrency.com/the-one-way-eth-burn-that-will-kick-start-ethereum-2-0 Sat, 26 Sep 2020 19:22:08 +0000 https://suncryptocurrency.com/the-one-way-eth-burn-that-will-kick-start-ethereum-2-0 With final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk’s Christine Kim spoke with developers Raul Jordan and Eduardo Antuña Díez about what’s left to do and what comes next. The final preparations for Ethereum 2.0 launch will soon be underway.  Lead developer at Prysmatic Labs...

The post The One-Way ETH ‘Burn’ That Will Kick-Start Ethereum 2.0 appeared first on Sun Cryptocurrency.

]]>

With final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk’s Christine Kim spoke with developers Raul Jordan and Eduardo Antuña Díez about what’s left to do and what comes next.

The final preparations for Ethereum 2.0 launch will soon be underway. 

Lead developer at Prysmatic Labs Raul Jordan, who has been building Ethereum 2.0 software for over two years, explained his team would be wrapping up all feature development by October 15. 

“At that time, it’s all hands on deck to just have good documentation, good user experience, fix up security holes [and] basically prepare for launch. That’s where we are today if all remains on track,” said Jordan. 

The final features currently in development by Prysmatic Labs and other software development teams include making sure different code implementations of Ethereum 2.0, also called “clients”, are interoperable and can be used interchangeably by a user without running the risk of losing validator rewards. 

It’s not only client developers who are beginning final preparations for this network upgrade. Ethereum startups building hardware and tooling for users to participate in the Ethereum 2.0 launch are also working on adding last-minute features to their products. 

Eduardo Antuña Díez, project lead at DAppNode, said, “The most important thing that we realized after the first [Ethereum 2.0] testnet is that people need to know the status of their validators. Having a good monitoring system to be able to know when your validator is down … we are working in that direction.” 

Before Ethereum 2.0 goes live, Jordan and Díez both noted that a new contract will be created on the current Ethereum blockchain to receive deposits of 32 ETH. Only once this contract accumulates a minimum of 524,288 ETH, which is worth roughly $181 million at time of writing, will the new Ethereum blockchain officially kick-start at midnight UTC the following day. 

About the security of the deposit contract, Jordan said, “There’s no way to retrieve [funds]. … It’s considered a burn in the short term. It’s not like there’s any sort of admin key or any sort of way to take those funds out. There’s no way somebody can take all the ETH that is locked in there.”

For early access to future CoinDesk Research podcast episodes, be sure to click “subscribe” on these channels. 
For more information about Ethereum 2.0, you can download the free research report featuring additional developer commentary about the upgrade on the CoinDesk Research Hub.



Source link

The post The One-Way ETH ‘Burn’ That Will Kick-Start Ethereum 2.0 appeared first on Sun Cryptocurrency.

]]>
A necessity to strike a balance https://suncryptocurrency.com/a-necessity-to-strike-a-balance Sat, 26 Sep 2020 18:05:33 +0000 https://suncryptocurrency.com/a-necessity-to-strike-a-balance Repeatedly, proponents of disruptive technologies have proven that regulation and innovation have an immense potential to actualize a mutually beneficial existence. The often delicate relationship between innovators and regulators — which may be mired by antagonism — is fundamental to the functioning of the global economy, especially at times as...

The post A necessity to strike a balance appeared first on Sun Cryptocurrency.

]]>


Repeatedly, proponents of disruptive technologies have proven that regulation and innovation have an immense potential to actualize a mutually beneficial existence. The often delicate relationship between innovators and regulators — which may be mired by antagonism — is fundamental to the functioning of the global economy, especially at times as challenging as we are facing now. 

The fuel that keeps the fire of the important relationship between regulators and businesses alight — like any — is communication and collaboration. This could not be more apt when it comes to the innovators behind distributed ledger technology and the regulators in overseeing the space.

Ideas surrounding DLT first arose in the early 90s, however, it was not until 2009 that the first block of what we now know as blockchain was mined. In 11 short years, blockchain and DLT more generally have had tremendous success in garnering attention from the financial community and the wider public. Just this year, Big Four audit firm Deloitte’s 2020 Global Blockchain Survey found that business leaders now see blockchain as “integral to organisational innovation,” while analytics agency Gartner has forecasted that blockchain technology will have generated $3.1 trillion of value-add to companies around the world by 2030.

Related: A minister’s look at healthcare: Providing fertile ground for blockchain innovation

The regulation necessity

While mainstream adoption of the blockchain industry is gathering pace, I believe it will not succeed without regulation; in fact, it needs it to survive and, indeed, to thrive. It is incumbent on regulators to strike a balance and allow companies operating in this industry with the space to continue operating at the cutting edge of innovation in a sensible and safe manner. Finding this balance and the future success of decentralized finance is inexorably linked. It will take a whole-of-industry approach where all stakeholders uphold a commitment of communication and collaboration with the regulators to ensure the harmony that the industry needs.

However, the burden of finding this balance is not just on the industry itself but on regulators and policymakers, too. Standards are commonplace across every industry, and this one is no different if it is to thrive and succeed in the main street of finance.

Meanwhile, overregulation could stifle crypto markets that are based on distributed ledger technology. Of course, it is possible to find the equilibrium point that allows the realization of the full potential of this technology within the boundaries of the regulations that govern traditional markets.

Some governments are working closely with key players in the field. In January 2018, Gibraltar became among the first jurisdictions to introduce a regulatory framework for DLT providers. Since then, the Gibraltar Financial Services Commission has awarded multiple licenses to global industry leaders, with a number of active applications currently under review. This measured regulatory response was only possible through open communication between the regulators and the innovators.

Similarly in Switzerland, its remarkably progressive stance toward cryptocurrencies and distributed ledger technologies has propelled the country ahead of the pack and closer to its aim of becoming the first “crypto nation.”

In short, there are at least 45 central banks around the world that have publicly expressed their efforts to develop central bank digital currencies by utilizing DLT. This proves that the appetite to embrace these technologies not only exists among business leaders, it is burgeoning among legislators.

There is little doubt that regulators will follow suit by working with the private industry to achieve the desired equilibrium but in order to achieve this, much more needs to be done when it comes to communication and collaboration.

The establishment of working groups between DLT companies and regulators, and government bodies and watchdogs should become commonplace.

DLT will not reach its full potential if there is still a semblance of distrust among the general public. Through open dialogue, we can work together to ensure that the market is regulated and trustworthy and that regulators have faith in the technology, while those involved in the creation and use of the technology can enjoy the immense benefits it brings.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Albert Isola is Gibraltar’s minister for digital and financial services with the primary responsibility of raising Gibraltar’s profile as a well-regulated financial services center, leading the way in DLT and online gaming regulation. Minister Isola previously served as Gibraltar’s minister for commerce where he played a central role in spearheading Gibraltar’s purpose-built DLT regulatory framework, which was introduced in January 2018 for firms using blockchain to store or transfer value.



Source link

The post A necessity to strike a balance appeared first on Sun Cryptocurrency.

]]>
What price must Bitcoin reclaim for a renewed bull market in October? https://suncryptocurrency.com/what-price-must-bitcoin-reclaim-for-a-renewed-bull-market-in-october Sat, 26 Sep 2020 16:15:09 +0000 https://suncryptocurrency.com/what-price-must-bitcoin-reclaim-for-a-renewed-bull-market-in-october Volatility was expected throughout the week regarding the expiration of a significant amount of futures. However, this didn’t really happen while the macro-economic environment also remains uncertain. A hack of a major cryptocurrency exchange on Sep. 26 didn’t influence the price at all, which is a positive signal for the...

The post What price must Bitcoin reclaim for a renewed bull market in October? appeared first on Sun Cryptocurrency.

]]>

Volatility was expected throughout the week regarding the expiration of a significant amount of futures. However, this didn’t really happen while the macro-economic environment also remains uncertain.

A hack of a major cryptocurrency exchange on Sep. 26 didn’t influence the price at all, which is a positive signal for the markets and a positive signal for the market’s maturity.

However, is this boring price action going to continue for Bitcoin (BTC)? Let’s take a look at the charts.

Bitcoin still stuck in a range on the daily timeframe

BTC/USD 1-day chart. Source: TradingView

Sometimes charting can be relatively simple, and this is one of those cases. The price of Bitcoin fell below $11,100-11,300 earlier this month, establishing new support at $10,000.

The level that has been lost, the $11,100-11,300 zone, is now confirmed resistance as well as the new upper resistance area.

On the downside, a potential drop towards $9,600 wouldn’t be unexpected as the level around $9,600 is still untested with the CME futures gap continuing to linger.

BTC/USDT 4-hour chart. Source: TradingView

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows a clear bullish divergence implying a short-term trend reversal. Combined with the overly bearish sentiment across social media, the market was ready for such a relief bounce.

The same bullish divergence was seen with other cryptocurrencies, so the relief bounce was felt across the majority of the market.

However, as stated in the previous analysis, the $10,800 barrier is a crucial hurdle to take. If it can be overcome as a resistance level, the $11,100-11,300 area comes back into play.

This $11,100-11,300 area is the final step before the continuation of the bull market. If Bitcoin’s price can break through that resistance zone, a test of the recent highs at $12,000-12,400 is on the table.

Total market capitalization looking for support

Total market capitalization cryptocurrency 1-week chart. Source: TradingView

Total market capitalization cryptocurrency 1-week chart. Source: TradingView

The 1-week chart of the total market capitalization of cryptocurrencies is showing a clear pattern. A fresh higher high was printed in the previous months, marking the potential start of a new uptrend.

After a higher high, a new higher low has to be made in which a range-bound structure can be defined. The best area for such a higher low is likely the previous resistance zone, marked green in the chart, or at $250-275 billion, would be a beautiful support/resistance flip warranting continuation.

If that area holds, it also shows why the beginning of a new cycle is relatively dull. During the start of a new market cycle, levels are flipped as support/resistance, after which months of range-bound periods can occur. An example is shown with the price movements of Bitcoin in 2016 (which was also a halving year).

BTC/USD 1-week chart of 2016. Source: TradingView

BTC/USD 1-week chart of 2016. Source: TradingView

During these periods, the price of Bitcoin stabilized in an accumulation range throughout 2015. After this accumulation range, Bitcoin’s price broke out and rallied towards the next resistance zone.

This rally ended up with a 6-month long sideways range. A renewed breakout occurred, and another 6-month sideways range started. Hence, the current market sentiment can be compared with that period.

But the real excitement will come when the total market capitalization and Bitcoin break into price discovery (over $20,000) as then potential parabolic runs can come back into play.

The bullish scenario for Bitcoin

BTC/USD 4-hour chart bullish scenario. Source: TradingView

BTC/USD 4-hour chart bullish scenario. Source: TradingView

It should be noted that these scenarios are based on lower timeframes (4-hour) and, therefore, should be considered as a short-term outlook.

As the price of Bitcoin is stuck in a range and currently facing resistance, it’s more likely to anticipate a breakdown to the $10,400 area. The $10,400 area is the vital area to hold for any bullish continuation.

If Bitcoin’s price holds here, a potential higher low is defined, which would fuel further upward momentum. As the chart shows, the crucial breaker is the $10,800 area. If that area breaks, the next hurdle becomes $11,150-11,300.

It would be unexpected to see a breakout above that area to occur, but that would warrant an even stronger bullish case.

The bearish scenario for Bitcoin

BTC/USD 4-hour chart bearish scenario. Source: TradingView

BTC/USD 4-hour chart bearish scenario. Source: TradingView

The same levels surround the bearish scenario. A failure to break the $10,800 area would present a potential test of the $10,400 area.

As discussed in the previous part, a potential higher low can be made, therefore, reintroduce bullish perspectives. However, if $10,550 fails to break, further downward momentum should be expected, including the still-open CME gap. Who wouldn’t be happier with the closing of that CME gap after these past few months?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.





Source link

The post What price must Bitcoin reclaim for a renewed bull market in October? appeared first on Sun Cryptocurrency.

]]>
Crypto lending rates are low and DeFi is not competition says Nexo co-founder https://suncryptocurrency.com/crypto-lending-rates-are-low-and-defi-is-not-competition-says-nexo-co-founder Sat, 26 Sep 2020 15:35:20 +0000 https://suncryptocurrency.com/crypto-lending-rates-are-low-and-defi-is-not-competition-says-nexo-co-founder Much has been said about attractive interest rates offered by popular crypto lending platforms like BlockFi, Celsius Network and Nexo. However, there are two sides to every coin. Paying out high interest rates requires charging even higher rates to the borrowers.  Yet, Nexo co-founder Antoni Trenchev disagrees that crypto lending...

The post Crypto lending rates are low and DeFi is not competition says Nexo co-founder appeared first on Sun Cryptocurrency.

]]>


Much has been said about attractive interest rates offered by popular crypto lending platforms like BlockFi, Celsius Network and Nexo. However, there are two sides to every coin. Paying out high interest rates requires charging even higher rates to the borrowers. 

Yet, Nexo co-founder Antoni Trenchev disagrees that crypto lending rates are high. In an interview with Cointelegraph, he said that this reflects the “Western” view, where the prevailing interest rates tend to be low. But it is not the case in the developing world, he said:

“But for people in Third World countries or even emerging markets, such as Asia, we get as low as 5.99% APY. So this is still very, very low, no matter how you compare it with the traditional financial sector. And the reason why it is like that is that it again has to do with the risk of the underlying assets and the collateral and the fact that we do not do credit checks on you.”

Everything is relative. Although the rates offered by the lending platforms may look relatively high when compared to bank savings accounts or even money market instruments, they pale in comparison to the yields offered by DeFi projects. When asked if he views DeFi projects as competition, Trenchev said Nexo does not see DeFi as direct competition. He said that though he likes the concept of DeFi, having a traditional finance background, he finds the space too risky for his personal taste. He has not participated in any yield farming either. He added:

“In order for it to be decentralized, it has to be all on blockchain and not fiat related. Right now, Nexo is positioned as a bridge between traditional financial markets and the crypto space. And we just see ourselves doing something slightly different.”

But does this mean most of Nexo’s borrowers come from the developing world?  Trenchev did not have precise numbers at his disposal but noticed that they typically see an influx in demand from countries that have experienced inflationary pressure like Turkey.



Source link

The post Crypto lending rates are low and DeFi is not competition says Nexo co-founder appeared first on Sun Cryptocurrency.

]]>
The UN’s ‘decade of delivery’ needs blockchain to succeed https://suncryptocurrency.com/the-uns-decade-of-delivery-needs-blockchain-to-succeed Sat, 26 Sep 2020 15:11:57 +0000 https://suncryptocurrency.com/the-uns-decade-of-delivery-needs-blockchain-to-succeed When the Sustainable Development Goals, or SDGs, were conceived back in 2012, blockchain technology was in its early days. Few could have foreseen the trajectory and the potential of blockchain for advancing these ambitious targets. But today, we see opportunities for blockchain technology to recast conventional approaches to sustainable development...

The post The UN’s ‘decade of delivery’ needs blockchain to succeed appeared first on Sun Cryptocurrency.

]]>


When the Sustainable Development Goals, or SDGs, were conceived back in 2012, blockchain technology was in its early days. Few could have foreseen the trajectory and the potential of blockchain for advancing these ambitious targets.

But today, we see opportunities for blockchain technology to recast conventional approaches to sustainable development — and accelerate progress if deployed responsibly.

Macro trends of 2020

There are a number of macro trends this year in the world of blockchain and sustainable development that provide context. This has been — and will continue to be — an important year for laying the groundwork for major disruptors like digital currency and digital identity.

The trajectory of blockchain technology, in some ways, chimes with that of its predecessors. Following buzz around ambitious aims such as financial inclusion and data ownership, there has been limited work to define what this means and looks like. In fact, if risks and benefits are not carefully evaluated, there is potential for widening existing gaps or the exploitation of vulnerable populations.

Related: Financial inclusion, cryptocurrency and the developing world

It has been encouraging to see momentum toward defining and self-regulating around user protection, such as the Global Digital Finance Code and the Presidio Principles, but it’s important that these conversations stay grounded in the realities of consumer protection, infrastructure capabilities, and the influence of politics and cultural notions to ensure that the technology is able to meaningfully contribute to sustainable development aims.

Related: Blockchain digital ID — Putting people in control of their data

While some organizations such as the Human Rights Foundation and American Red Cross have long-accepted cryptocurrency donations, we have seen an increase in the number of players looking at digital currency as an avenue for financing the SDGs. For instance, the UNICEF Cryptocurrency Fund announced its largest round of investments this year, and a number of platforms have been supporting a crypto version of Giving Tuesday for some time.

Related: The future of philanthropy lies in blockchain technology

As conversations around central bank digital currencies and stablecoins pick up, so are those on how digital currency may be a tool for direct aid delivery, as we’ve seen with the World Food Programme’s Building Blocks project, which uses blockchain technology to authenticate and register transactions.

There has also been a sustained focus on digital identity as a key enabler of the SDGs. While many of these efforts are in early stages — like the recently-launched PayID that brought together a number of industry leaders — this will certainly be a space to watch as a foundational element for future progress.

A closer look: Three areas of focus

  • Building resilient and transparent supply chains.

The United Nations’ Sustainable Development Goal 9 states:

“Build resilient infrastructure, promote sustainable industrialization and foster innovation.”

As widely reported, the COVID-19 pandemic has highlighted the challenges and vulnerabilities in global supply chains, increasing calls for transparency and traceability. In response, we’ve seen several initiatives investigating — or accelerating existing investigations — into blockchain technology to meet these needs.

Central to everything from global trade to aid delivery, supply chains are an important component of the sustainable development equation. Blockchain technology for supply chain use cases has reflected this variety. For instance, multi-national development banks such as the Asian Development Bank and Inter-American Development Bank are investigating the use of blockchain for trade single window projects in South Asia and Latin America, respectively.

Related: Empowering supply chain digital transformation with distributed ledgers

StaTwig, an India-based company and graduate of the UNICEF Innovation Fund, has piloted the use of blockchain technology to track vaccine delivery in an eastern state. Anheuser-Busch InBev, a multinational drink and brewing company, piloted the technology in Zambia to facilitate transparency in pricing around locally sourced crops such as cassava, for which farmers had been historically underpaid.

However, challenges remain. Effectively rethinking global supply chains requires unprecedented cooperation among industry players and careful consideration of elements such as interoperability and data integrity.

  • Creating stronger and more accountable public institutions.

The United Nations’ Sustainable Development Goal 16 states:

“Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.”

Public procurement is one of the largest sources of government spending and, relatedly, the greatest source of official corruption worldwide. The complexity, relative opacity and subjectivity involved contribute to a large amount of wasted money. To increase external oversight, the government of Colombia undertook a proof-of-concept for a blockchain-based procurement system. While the technology alone is not enough, it can be a powerful tool when partnered with “monitorship” models, such as those established by Transparency International or the Partnership for Transparency Fund.

Related: Bribery gets blocked: Stamping out corruption with blockchain tech

In addition, tax administration can be an important tool or a barrier when it comes to domestic targets for the SDGs. According to the World Bank, “30 of the 75 poorest countries collect less than 15% of GDP in taxes” — a critical threshold for providing basic services. The Prosperity Collaborative, a coalition of several public and private-sector actors, is examining how open-source technologies, including blockchain, may have a role to play in public finance.

  • Spurring responsible sourcing and consumption.

The United Nations’ Sustainable Development Goal 12 states:

“Ensure sustainable consumption and production patterns.”

As climate change and human rights are at the forefront of consumers’ minds, responsible consumption has become a critical area of focus for many businesses.

This year, we’ve seen blockchain technology at the center of many of these conversations. For example, the Mining and Metals Blockchain Initiative launched last year and was brought together by seven industry heavyweights, including De Beers and Eurasian Resources Group, to explore the use of blockchain technology to track carbon emissions and supply chain transparency. Around the same time, the Responsible Sourcing Blockchain Network brought together automotive players including Ford and Volkswagen to pilot the use of blockchain for the ethical sourcing of minerals.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Sumedha Deshmukh is the platform curator on the Blockchain and Digital Assets team at the World Economic Forum. She oversees the team’s engagement with a wide array of public and private sector actors and manages a portfolio of projects covering regulation, DeFi and user-centric development. With a background in economics and policy, she previously held positions at Devex, a media company focused on global development, and Deloitte.



Source link

The post The UN’s ‘decade of delivery’ needs blockchain to succeed appeared first on Sun Cryptocurrency.

]]>
The top crypto-mining graphics cards to get a big bang for your buck https://suncryptocurrency.com/the-top-crypto-mining-graphics-cards-to-get-a-big-bang-for-your-buck Sat, 26 Sep 2020 13:31:14 +0000 https://suncryptocurrency.com/the-top-crypto-mining-graphics-cards-to-get-a-big-bang-for-your-buck Now that we are at the tail end of 2020, the big hardware manufacturers are starting to announce their latest, fastest offerings set to be released ahead of the holiday season. Meanwhile, the cryptocurrency mining market continues to expand rapidly against all odds. Here’s an overview of which producers offer...

The post The top crypto-mining graphics cards to get a big bang for your buck appeared first on Sun Cryptocurrency.

]]>


Now that we are at the tail end of 2020, the big hardware manufacturers are starting to announce their latest, fastest offerings set to be released ahead of the holiday season. Meanwhile, the cryptocurrency mining market continues to expand rapidly against all odds. Here’s an overview of which producers offer the best graphics cards in the market and which cards suit specific types of mining.

Bitcoin or Ether?

In terms of choosing a cryptocurrency to mine in 2020, there have been no significant changes. This year, most video cards continue to be able to mine Ether (ETH) or its forks. As for Bitcoin (BTC), mining of the world’s first cryptocurrency stopped being available to ordinary people a few years ago, as it requires serious investments, special equipment and access to large amounts of cheap electricity. 

This is even more so the case now, as BTC mining is bringing in half the income after the reward halving took place in May. The difficulty of mining continues to increase, and in September, it updated to an all-time high of 19.31 trillion at block 649,152.

As a result, many popular devices such as the Antminer S9 have become obsolete. After the halving, the most profitable miners became the Whatsminer M30S ++ from the Chinese company MicroBT, which can deliver a hash rate of up to 112 terahashes per second and bring in just over $8.50 per day in profit, and Bitmain’s Antminer S19 Pro, which can reach a hash rate of 110 TH/s and see a daily profit of just under $8.50. But the prices of these miners are rather steep: A Whatsminer M30S++ costs $1,800, and the Antminer S19 Pro comes in at $2,407.

When it comes to Ether and its forks, graphics-card mining is once again becoming popular for several reasons. First, over the past two years, Ethereum’s hash rate has decreased by 15% (when compared with August 2018), now sitting at 256.221 TH/s. This means that Ether is now easier to mine. 

Second, both modern and old models of cards can still be used for mining. For example, the Nvidia 1050 Ti, released in October 2016, and the Radeon RX 580, released in April 2017, are still very popular. Prices for such old cards are constantly decreasing as newer cards come out, which is encouraging miners to return to the market. But most importantly, the price of ETH tripled from the start of 2020 to the beginning of September, making Ether still very profitable to mine.

There is another factor that attracts the interest of miners: the upcoming transition to Ethereum 2.0 and a proof-of-stake algorithm, which is expected to commence before the end of the year. A spokesperson from WhatToMine, a popular web-based calculator for evaluating the profitability of mining cryptocurrencies, told Cointelegraph that Ether will continue to be in demand, not only this year but also in 2021:

“This cycle we can expect further expansion of DeFi projects, which will in turn make ETH network more and more popular. As a result block reward for ETH (the fee part) should increase in cycles with general uptrend, making ETH mining the most profitable for GPU miners.”

What to buy?

At the beginning of the year, Cointelegraph reviewed the graphics cards of the two largest manufacturers, Nvidia and AMD, and Nvidia cards seemed to have an upper hand in mining. However, taking into account the fact that Ether mining has gained a second life, AMD cards should not be written off, as the company’s Vega and RX generations are still very suitable for Ethash algorithms.

Regardless of the manufacturer, the most important factor is return on investment, as any miner must first invest a decent amount of money before turning any profit. A standard rig requires six graphics cards, and as a result, a miner can spend over $9,000 if buying the popular Nvidia RTX 2080 Ti with 8 GB or 11 GB of RAM memory. But what about those who can’t afford the top shelf but still want to make a profit? Here are the most popular graphics cards right now for Ether mining that cost under $400.

Nvidia GTX 1660 Super

This card was released in October 2019, meaning the tech is still fresh. The graphics card has 6 GB of memory and Turing architecture, which executes more clock frequency, uses less power and has 20% better performance than the GTX 1660. The price of this model ranges from $240 to $250.

AMD Radeon RX 5700 and RX 5700 XT

In summer 2019, AMD introduced a new line of RX 5700-series graphics cards to the market. These cards use fin field-effect transistor, or FinFET, technology, which results in better energy efficiency when mining due to the reduced size of electronic components and lower current consumption.

The specifications of the RX 5700 include 8 GB of GDDR6 memory and a power consumption of 180 watts. The RX 5700 XT ​​has a power consumption of 225 W, but the base frequency is also 10% higher than in the RX 5700 model. These cards are slightly more expensive, costing around $430, but can be snatched up with a discount at around $400.

Nvidia RTX 2060 Super

The RTX 2060 Super card may not be an obvious choice, as apart from having 8 GB of memory, it is no different from the RTX 2060. But at the same time, it uses five different algorithms — GrinCuckarooD29, GrinCuckatoo31, DaggerHashimoto, X16Rv2 and BeamV2 — which makes it more stable, safe and suitable for mining. 

In fact, this is an intermediate option between the RTX 2060 and the RTX 2070, but it can be found online for just $399, while the RTX 2070 will cost you around $530 — and a $130 difference is a lot of money in this business.

AMD Radeon RX 580

AMD’s RX 580 was released back in 2017 and is still one of the best low-budget GPUs for mining, with a price ranging between around $180 and $230. The card is used mainly for mining Ether and has 8 GB of memory, but it consumes little power at just 150 W. The only potential competitor might be the RX 570, but those card with only 4 GB of memory will no longer be able to mine Ether in 2021.

Nvidia P106-100

Nvidia has a dedicated series of graphics cards for crypto mining. The Nvidia P106-100 “mining edition” is based on the Nvidia GP106 GPU (Geforce GTX 1060), which is almost the same as a regular Geforce GTX 1060 but with some slight modifications. The P106-100 has no video outputs and no rear panel, and the card is equipped with 6 GB of memory. 

The “mining edition” in the name does not mean that the new product is better at mining than the usual version but rather that it’s designed specifically for miners, as everything considered nonessential has been removed, allowing it to be sold for around $320, a whole $170 cheaper than a GTX 1060 unit.

So, which one is best to buy?

How long will it take for these budget cards to recoup their initial price? For comparison, one of the most popular cards for mining today, the Nvidia RTX 2080 Ti, brings in around $1.66 per day when mining Ether. If purchased for an average price of around $1,400, this graphics card will take about 28 months to pay for itself, without taking into account the cost of electricity. 

So, here is what the calculations say: The Nvidia GTX 1660 Super, which can be bought for $240, would bring $0.65 per day and take 12 months to pay for itself. The AMD Radeon RX 5700 XT costs $400 and would have an 8.5-month payback time while bringing in $1.56 per day. 

The Nvidia RTX 2060 Super can be bought for $399 and will bring $0.92 per day when mining Ether. This card will pay off in 14 months. The Radeon RX 580 is a very popular card due to its rather low price of around $200, and this card will recoup in just seven months, bringing in almost a dollar ($0.96) per day. Created specifically for mining, the Nvidia P106-100 will bring $0.85 per day and, at a cost of $320, will pay off in just over 12 months.

However, this is not an exact science, and every miner should keep in mind that the algorithms of any crypto are constantly becoming more complex, which makes it harder to mine and longer to recoup their investment into their mining equipment.

New cards right now?

Given the excitement around decentralized finance, a crypto boom looms on the horizon once again, and the upcoming new products may take it further. In September, Nvidia released its new generation of GeForce RTX 3000 graphics cards, with some people already saying that it can produce 81–89 MH/s during Ether mining. And the upper-class model, the GeForce RTX 3090, is expected to demonstrate 120–122 Mh/s. If so, then Nvidia may face a shortage of cards, as miners will buy everything, leaving gamers with nothing.

But AMD is not lagging behind and will present its Radeon RDNA 2 line at the end of October, which will directly compete with the 3000 series from Nvidia. The emergence of new cards will be of great interest to the crypto mining community. Andrej Škraba, head of marketing at NiceHash — a crypto mining and trading platform — is confident that the technological innovations of AMD and Nvidia will bring higher productivity:

“Nvidia just launched 3000 series, but current availability is super low. New RTX cards will bring higher hash-rates and miners will be upgrading their used 1060s and old AMD cards (480s/580s). We still have to wait for the AMD announcement to see what they will bring to the market.”



Source link

The post The top crypto-mining graphics cards to get a big bang for your buck appeared first on Sun Cryptocurrency.

]]>
Why the Stock Market is Poised for Its Worst September Since 2011 https://suncryptocurrency.com/why-the-stock-market-is-poised-for-its-worst-september-since-2011 Sat, 26 Sep 2020 13:23:43 +0000 https://suncryptocurrency.com/why-the-stock-market-is-poised-for-its-worst-september-since-2011 Last week saw the third-biggest outflow from stock funds in history, and the dollar is the strongest it’s been since April. Here’s what’s going on.  On this edition of The Breakdown weekly recap, NLW looks at the fourth painful week for traditional markets in a row. He discusses the factors...

The post Why the Stock Market is Poised for Its Worst September Since 2011 appeared first on Sun Cryptocurrency.

]]>

Last week saw the third-biggest outflow from stock funds in history, and the dollar is the strongest it’s been since April. Here’s what’s going on. 

On this edition of The Breakdown weekly recap, NLW looks at the fourth painful week for traditional markets in a row.

He discusses the factors contributing to the trouble, including: 



Source link

The post Why the Stock Market is Poised for Its Worst September Since 2011 appeared first on Sun Cryptocurrency.

]]>
Crypto adoption has no future without regulation and law enforcement https://suncryptocurrency.com/crypto-adoption-has-no-future-without-regulation-and-law-enforcement Sat, 26 Sep 2020 13:00:56 +0000 https://suncryptocurrency.com/crypto-adoption-has-no-future-without-regulation-and-law-enforcement The basis of any exchange of value is trust. The more two parties trust each other, the more they will feel confident engaging in transactions. Not just engaging in a high volume of transactions, but higher value transactions, too. Bitcoin (BTC) and other cryptocurrencies are certainly accomplishing a lot when...

The post Crypto adoption has no future without regulation and law enforcement appeared first on Sun Cryptocurrency.

]]>


The basis of any exchange of value is trust. The more two parties trust each other, the more they will feel confident engaging in transactions. Not just engaging in a high volume of transactions, but higher value transactions, too.

Bitcoin (BTC) and other cryptocurrencies are certainly accomplishing a lot when it comes to creating a decentralized environment where the ability to trust another party is taken out of the equation by a blockchain. Hardcore enthusiasts who already understand this are the ones most willing to reach into their coffers and pour money into the crypto revolution. The truth is, though, that the average consumer still isn’t at that point yet.

Some libertarians probably don’t want to hear this, but in order for the crypto world to reach critical mass, it needs much broader adoption, and the average consumer is going to need another layer of protection in place. They need a set of rules and somebody to complain when things go awry.

Related: Why we need evolutionary, not revolutionary, regulatory initiatives

There are levels to this

Blockchain technology certainly does an amazing job of allowing participants to exchange value in a trustless environment. If you don’t share your private keys, nobody can steal your value. Teaching this to newly minted crypto holders is fundamental to getting them to buy in.

While many view that next step as a hindrance to adoption, regulation in the crypto space will most certainly accelerate it. The more layers we add to the safety net for consumers, the more confident new investors and adopters will be in getting involved.

Rules let freedom reign

The Bank Secrecy Act took effect in the 1970s and stands as the first piece of significant legislation in the United States surrounding Anti-Money Laundering and terrorist financing. It essentially forces banks to cooperate with the U.S. government in fighting financial crime. Following the terrorist attacks on the World Trade Center in September of 2001, the Patriot Act was born, further opening up the lines of communication between banks and governments in the same vein.

Fast-forward to 2019, an international governing body called the Financial Action Task Force extends the travel rule to include not just banks but virtual assets and exchanges. The rule stipulates that virtual asset service providers must share the identities of users trading assets worth $1,000 or more.

Related: FATF AML regulation: Can the crypto industry adapt to the travel rule?

Tracking and providing that information sounds pretty straightforward, and it should be that way. But it also means virtual asset service providers need to fulfill all kinds of other tasks in order to become compliant, including:

  • Establishing what a typical crypto transaction looks like so that they can spot abnormal patterns signifying potential criminal activity.
  • Screening customer wallets regularly.
  • Sharing a list of potentially blacklisted customers with other virtual asset providers and authorities.
  • Sharing Know Your Customer information with virtual asset providers and authorities.

The inherent challenges with the FATF travel rule are certainly very real ones. For one, it requires buy-in from many virtual asset providers running blockchain projects and exchanges using different technologies. This makes tracking customer information at a granular level more difficult. That said, the benefit of the travel rule will outweigh those challenges. It stretches beyond the typical KYC procedures most crypto service providers follow. KYC relates mostly to an organization’s internal processes. The travel rule is much broader in nature. It pushes both virtual asset providers and governments to be transparent. It aims to go beyond the idea of individual nations subscribing to their own rules surrounding crypto.

Tools that will aid regulators in the near and distant future

The Ontario Securities Commission in Canada recently ruled that cryptocurrency exchange BitMEX, which operates out of the Seychelles Islands, isn’t properly registered to serve residents of the province and thus has to cease accepting new registrations and trades from Ontarians.

More of these kinds of rulings will continue to come out of the woodwork, forcing virtual asset service providers to either adjust and comply, or take on the risks associated with doing business under the radar. The former and not the latter is the better long-term proposition for both crypto businesses and investors alike.

There are several tools — and more are coming — that aid regulators in continuing to develop better frameworks. They allow the average consumer to feel more comfortable with getting into cryptocurrency through any number of properly vetted on-ramps.

Most avid crypto traders are familiar with blockchain explorers — either publicly available or advanced ones being developed by private companies — that aim to dig deeper into the origins of transactions. This gives law enforcement the technology needed to track stolen funds, money laundering and criminal purchases made with crypto. The action of law enforcement adds trust to the ecosystem, making it safer for broad adoption.

Risk-scoring solutions are also being developed that allow market participants, including exchanges and individuals, to see whether counterparty wallets or proposed transactions carry risk. This knowledge will allow exchanges to steer clear of stolen funds, money laundering and bad actors. This again adds trust to the ecosystem.

The future of crypto regulation is happening now

Just in the last few days, the Conference of State Bank Supervisors, a regulatory body representing all U.S. states and territories, has announced the launch of a new regulatory framework for payment companies, money service businesses and cryptocurrency companies. Only Montana, the District of Columbia and Puerto Rico are not included in the launch.

Related: How the US and Europe are regulating crypto in 2020

This new framework requires major payment providers like Western Union, PayPal and 76 other money services and crypto-related businesses to undergo a thorough examination of their AML practices. Altogether, this new framework will regulate payment services that are responsible for transferring over $1 trillion in customer funds annually.

Ultimately, this launch and the broader impact of the FATF travel rule will serve to hold both businesses and market participants accountable for tracking transaction data, engaging in proper KYC protocols, and serving crypto adopters both old and new with added layers of protection that make investing in cryptocurrencies a more welcoming proposition.

Increased regulation and law enforcement is the path leading to exponential increases in the adoption of digital assets both now and in the future. And it is inevitably coming.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Mark Binns is the CEO of BIGG Digital Assets Inc. BIGG believes the future of crypto is a safe, compliant and regulated environment. He first discovered crypto in 2013 and was hooked. He believes the future of crypto is a safe, compliant and regulated environment. As the CEO of BIGG Digital Assets, Mark oversees Blockchain Intelligence Group, the maker of QLUETM and BitRank, and Netcoins.



Source link

The post Crypto adoption has no future without regulation and law enforcement appeared first on Sun Cryptocurrency.

]]>