Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

The Litecoin Foundation is currently dealing with a significant crypto adoption goof sending the asset’s price tumbling. While it took a while, Charlie Lee, the company’s founder, has come out to clear the air over what happened.

‘We Screwed Up.’

Yesterday, Lee appeared on a Bloomberg TV segment. He admitted that the company “screwed up” after an employee had retweeted a false report regarding a partnership with e-commerce giant Walmart. In the news segment, Lee vehemently denied any collaboration with the e-commerce giant, adding that the Litecoin Foundation will continue to investigate the source of the fake news.

The announcement, which has since been taken down from Globe Newswire, had referenced a partnership between Walmart and the Litecoin Foundation. The partnership reportedly included accepting Litecoin as a payment method for products on Walmart – a move that would have been an incredible boon to the crypto industry.

The news had caused a 35 percent surge in the price of LTC, showing that the market was reacting positively to the prospect of a partnership with a company on the scale of Walmart.

Sadly, the news turned out to be fake news. In a statement, the Litecoin Foundation explained that the press release had come out without their knowledge, and they didn’t know about its spread – which had been so rampant that several major media outlets had covered it. In response to the hype, one of the company’s social media handlers had tweeted the press release out without getting appropriate clearance.

Apologizing, Globe Newswire also explained that a fraudulent user account had been used to share the press release. A spokesperson for the press release published called this an “isolated incident,” adding that they would continue to work with investigators to find who started the firestorm.

In his Bloomberg interview, Lee explained that anyone could start accepting Litecoin without getting approval from the Litecoin Foundation. So, he was pleasantly surprised when he woke up and saw the press release about Walmart accepting the coin. Sadly, it turned out to be fake. The market appears to have forgiven Litecoin, with the asset rising by 3.6% in the past 24 hours. The Foundation – along with Globe Newswire – will investigate the incident to prevent a recurrence.

Walmart Looks to Integrate Crypto Nonetheless

While Walmart isn’t partnering with Litecoin just yet, the company does appear to have crypto in mind. A job listing published last month shows that the company is looking for a crypto expert to develop and drive a digital currency product roadmap ad strategy.

In the job listing, Walmart indicated that it requires someone with a 10-year of experience in product and program management and technology product commercialization. The ideal candidate will be experienced in blockchain and crypto-related technologies while also having a strong knowledge of today’s crypto ecosystem.

The company is joining its biggest competitor, Amazon, looking to hire a digital currency lead.

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Author: Jimmy Aki

Algorand Foundation Assigns 150 Million ALGO to Support DeFi Innovation on the Blockchain

Algorand Foundation Assigns 150 Million ALGO to Support DeFi Innovation on the Blockchain

The launch of the $300 million ‘Viridis Fund’ will be allocating $200 mln for liquidity — the fundamental driver of DeFi and DApp adoption, and $5 mln each for integration of oracle networks and to build bridges from Ethereum and other chains.

Algorand Foundation, the organization behind the decentralized digital currency and transactions platform Algorand, has announced the launch of a $300 million ‘Viridis Fund’ to support decentralized finance (DeFi) innovation.

$300 million funding is in the form of 150 million ALGO, which are re-allocated from the AlgoGrant fund.

ALGO is over a $10.8 billion market cap coin trading at $2.06 as of writing. In the past week, the token is up more than 80% and 386% YTD but is still down more than 41% from its all-time high of $3.56 about two years back.

The funds will be used to fuel the growth of the DeFi ecosystem, including decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms on Algorand, which it defines as sustainable, carbon negative, and high-performance blockchain.

“Creating the right infrastructure, application ecosystem, and liquidity will be key to ensuring that DeFi on Algorand is regarded as the world’s most energy-efficient, scalable, and low-cost DeFi ecosystem,” said Sean Lee, CEO of the Algorand Foundation.

For liquidity, which is a fundamental driver of DeFi and DApp adoption, 100 million ALGO worth about $200 mln are assigned so that quality DeFi projects get access to liquidity easily.

With this launch, the Foundation also announced two ‘SupaGrants’ — $5 million Oracle SupaGrant and the $5 million Bridge SupaGrant.

Oracle SupaGrant seeks proposals for the integration of oracle networks with associated price feeds, while Bridge SupaGrant calls for proposals to build bi-directional bridges from Ethereum and other chains.

Founded in 2017, Algorand claims to be used by nearly 1,000 global organizations.

Recently, El Salvador became the world’s first nation to adopt Bitcoin as legal tender alongside the US dollar, also selected Algorand’s blockchain to develop its own blockchain infrastructure.

To capitalize on the ongoing NFT mania, the developers are meanwhile working on new non-fungible token applications to attract the new mainstream crowd, especially those who might be priced out on the Ethereum network.

The project also hosts the two popular and leading stablecoin Tether (USDT) and USDC.

Moreover, it is launching governance features for its token holders, which are set to go live on October 1st.

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Author: AnTy

dYdX Launches Governance Token, But the Airdrop Won’t Cover US-based Users

The decentralized trading platform also announced the launch of the dYdX Foundation “to fully decentralize” the Protocol and remove single points of failure.

Decentralized finance (DeFi) project dYdX announced the launch of dYdX Foundation, a Zug-based independent foundation, which it describes as the first important step in its journey towards complete decentralization.

The same day, the trading platform announced that the dYdX Foundation is launching the governance token DYDX, which “powers a community-led ecosystem of governance, staking, and rewards.”

The Foundation has minted a total of 1 billion DYDX tokens which will become accessible over five years starting on August 3rd.

50% of this is allocated to the community, out of which — 25% goes to its users who trade on Layer 2 based on fees and open interest, 7.5% to past users who complete a certain trading milestone on Layer 2, another 7.5% to LPs, 5% to a community treasury, and 2.5% goes to users staking USDC and DYDX each.

dYdX’s past investors will be getting a 27.73% share while the project’s founders, employees, advisors, and consultants get 15.27%, and the remaining 7% is allocated to future employees of dYdX Trading or Foundation.

All DYDX issued to stockholders, directors, officers, employees, and consultants are subject to various vesting schedules — 30% will unlock in 18 months, 40% will unlock equally from month 19 through month 24th, 20% from month 25 through month 36, and the remaining 10% will unlock equally from month 37 through month 48.

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The tokens will be airdropped over this month which will become transferable on Sept. 8. However, DYDX is not available to its users from the US and other prohibited jurisdictions.

“The launch of the dYdX Layer 2 protocol came with a new focus on global growth outside of the United States,” noted the team.

In order to be eligible for retroactive rewards, users must have traded on dYdX protocols (perpetual, margin, spot) on Layer 1 or Layer 2 in the past or deposited funds into its borrow/supply pools and have hit a certain threshold.

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The team also announced trading fee discounts based on DYDX holdings.

Meanwhile, the Foundation will help the project in research and development activities, promote and educate the public about it, and engage with third parties for the benefit of the ecosystem.

It will also issue, receive, spend, and hold digital assets (no speculative trading activities) and acquire, hold or grant trademarks, copyrights, and other intellectual property (IP) rights or licenses.

Through this Foundation, the project aims “to fully decentralize the dYdX Protocol, removing single points of failure and creating a self-sustaining protocol governed by a community of users.”

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Author: AnTy

Maker Foundation Dissolves to Give the Community Full Control Over the Protocol and DAO

Maker Foundation Dissolves to Give the Community Full Control Over the Protocol and DAO

Original decentralized finance (DeFi) project Maker has now completely decentralized MakerDAO making the community now responsible for the protocol.

It started as a DAO, then changed into a Foundation which was a temporary solution for the development of the popular lending protocol, an end to having a self-governed self-operating DAO, which it has now achieved.

This week, Rune Christensen, the CEO of Maker Foundation, announced that the DAO is now fully self-sufficient, and the Foundation will formally dissolve within the next few months.

Over the period of the last six years, its stablecoin DAI has grown to become a $5.25 billion market cap crypto-backed stablecoin.

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In Q2 of 2021, the supply of DAI grew 76%, producing $43 million in earnings, up 136% since 1Q21 and 21,500% year-over-year.

While DAI has a 5% market share of the stablecoin market, the lending protocol has $5.45 billion in outstanding debt compared to $6.62 billion on Compound and $6.89 billion on Aave.

“MakerDAO continues to provide one of the best demonstrations of profitable growth in DeFi,” noted Ryan Watkins of Messari, adding the project also has a powerful business model having zero infrastructure costs with users paying gas, zero cost of capital with MakerDAO minting DAI, and extremely high margin with very low headcount requirements while having global reach without the hurdle of regional financial regulations.

Currently, the project has over $8 billion in assets locked in smart contracts of the Maker Protocol.

In terms of total value locked (TVL), the protocol has $5.85 billion comprising 2.43 million ETH, nearly 17k BTC, and 61.36 million DAI.

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Author: AnTy

“Ethereum Killer” Raising Up to $450M; Solana Foundation Rolls Out A $20M Fund to Expand Ecosystem

“Ethereum Killer” Raising Up to $450M; Solana Foundation Rolls Out A $20M Fund to Expand Ecosystem

Ethereum competitor Solana, which is seen as a potential “Ethereum killer,” has raised a big amount, which is between the $300 million and $450 million range.

“Fast, cheap, and deterministic, I’m even more bullish on Solana now,” commented Joe McCann, a margin trader and founder of Nodesource on this development.

Back in 2019, Solana raised $21.8 million led by Multicoin Capital and included BlockTower Capital and others.

As for the latest funding, the network was planning to close a smaller round in March but expanded their fundraising scope in response to high demand, reported Decrypt, citing multiple unnamed sources.

“I’m excited and impressed to see the recent growth of Solana’s business. They’ve had industry leading tech for a while, and it’s gratifying to see reality catching up,” Sam Bankman-Fried, CEO of crypto exchange FTX, which launched a decentralized exchange on Solana last year, told the publication.

Founded in 2017, the blockchain boasts 50,000 transactions per second compared to Ethereum’s 10 to 15 transactions per second throughput.

Solana’s native token SOL, which is known for showing strength in the bear market with fast recoveries, is currently trading at $41.50, only down 29.4% from its all-time high of $58 in mid-May, despite the latest deep correction the crypto market experienced.

SOL is one of the best performing tokens in the past 24 hours, 7-days, and with 2,045% gains year-to-date as well.

Elsewhere, Solana Foundation launched a $20 million fund to further expand its ecosystem in South Korea, just weeks after raising $60 million in funding from Hacken, Gate.io, and others to support projects in Brazil, Russia, India, and Ukraine.

Switzerland-based Solana Foundation is a not-for-profit organization whose mission is to build, support, and grow the Solana network and its community.

The Fund launched is in partnership with blockchain fund ROK Capital, which hopes to bolster Solana-based infrastructure projects including Web3, Defi, and NFTs. ROK Capital General Partner Brian Kang said,

“Solana is one of the fastest-growing networks in the industry, and in addition to injecting capital, this new fund will provide tailored services for projects to successfully accelerate in Korea.”

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Author: AnTy

Stellar Dev Foundation Invests $15M in AirTM to Improve Latin American Cross-Border Transfers

Stellar Dev Foundation Invests $15M in AirTM to Improve Latin American Cross-Border Transfers

  • The Stellar Development Foundation (SDF) is deepening its roots in Latin America with a $15 million funding round to Mexico City’s AirTM, a digital wallet, and peer-to-peer crypto exchange.

In an announcement on Tuesday, SDF’s venture arm, Stellar Enterprise Fund, announced the multi-million funding round aims to boost the development of AirTM’s platform. Additionally, SDF will integrate Stellar blockchain to the platform in the coming year to make the transactions cheaper, a statement from the team reads.

Since the launch of the Enterprise Fund, this constitutes the largest ever investment from SDF. Previous investments by SDF include a $3 million funding round in Settle Network, an Argentine payments channel, and U.S.-based credits firm Tribal Credit, which also received $3 million at the end of April. These investments target the growth of digital payments and cross-border transfers across Latin American countries.

In a similar fashion, the $15 million investment will allow AirTM to enhance its financial services in Latin America while widening its market base. With the integration of Stellar, payments and cross-border transfers are expected to become cheaper and faster, which improves the financial access to Latin American people who have suffered under “fragmented financial systems” for long, SDF Executive Director Denelle Dixon said in the statement.

Adding to Dixon’s statement, AirTM CEO Ruben Galindo Steckel stated the investment would also allow businesses to flourish in Latin America – making them more compatible and open to the global economy. The investment further boosts the goal of the SDF to help “consumers and businesses throughout the developing world access stable money that holds its value” which “is instant to transfer with no fees, and can be withdrawn as local currency whenever, and wherever it’s needed” he continued.

Over the past six months, SDF also invested $5 million in blockchain payment firm, Wyre, to help introduce various payment application programming interfaces, commonly known as APIs, which can integrate with different apps within the Stellar ecosystem. In December, SDF invested $3 million (paid in Stellar Lumens, or XLM) to Settle to focus on fiat-to-crypto on-ramps and boost transactions across the LATAM region.

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Author: Lujan Odera

Human Rights Foundation Provides Grants to Bitcoiners to Boost Education and Software Development

Human Rights Foundation Provides Grants to Bitcoiners to Boost Education and Software Development

  • Human Rights Foundation (HRF) releases its latest Bitcoin development grants.
  • The $70,000 grant was dispersed to four teams focusing on education and software development.

The Human Right Foundation (HRF), a New York-based nonprofit organization, gave its latest round of Bitcoin development grants on Tuesday. The organization focuses on boosting the adoption and development of Bitcoin solutions globally, the latest grant focusing on software development and education efforts in the space.

According to a report, the HRF grant was released to four teams. Muun wallet, a lightning network-based wallet, and Jesse Posner, a Bitcoin core developer, received $25,000 to build software solutions on Bitcoin.

Jesse Posner, a former Coinbase employee, is developing the Discrete Log Contracts (DLCs), threshold signatures, and adapter signatures. The solution aims to reduce the data backlog on the Bitcoin blockchain by computing most data off-chain. Apart from offering scalability, Posner stated the DCL would also improve the contracts’ security on the blockchain.

Muun wallet, on the other hand, is a Bitcoin Lightning Network-based wallet that allows penny-transactions while reducing on-chain transaction fees. The Argentinian firm aims to make crypto accessible to everyone through fast and low fee payment channels. Muun wallet founder Dario Sneidermanis said,

“Being Argentinians, we’ve seen first-hand why this is sorely needed, maybe a little bit earlier than the rest of the world, so it’s important that organizations such as the HRF are paying attention to this.”

Independent journalist Janine, known for the Block Digest podcast and open-source incubator Blockchain Commons, will receive $15,000 to further blockchain education and training.

Janine, an internet privacy and blockchain advocate, has been at the forefront of gatekeeping privacy in the crypto ecosystem. She runs a blog, This Month in Privacy, a monthly roundup of developments and news on Bitcoin, internet privacy, and cybersecurity. Speaking to Coindesk, Janine said she might use the grant funding to launch new avenues to give the blog a multi-media component, teasing the launch of a Q&A series to speak on the web privacy, including Bitcoin.

Finally, Blockchain Commons, a non-profit, open-source Bitcoin and blockchain incubator, will use its funding to enhance Bitcoin education while helping human rights activists worldwide with decentralized financial tools.

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Author: Lujan Odera

Reddit Partners with Ethereum Foundation to Create Scaling Solutions on Its Social App

Reddit Partners with Ethereum Foundation to Create Scaling Solutions on Its Social App

  • Reddit partners with the Ethereum Foundation to scale its “Community Points Rewards” system.
  • The points system rewards quality user posts with crypto tokens.
  • The new system will be open source and available for every developer to use.

In mid-June 2020, Reddit announced a possible partnership with the Ethereum Foundation to scale its ‘Community Points Rewards’ system. The move was widely regarded as the first step the popular discussion social app was taking in creating a decentralized community to promote freedom and incentivize “quality” posts on the platform. Now, Reddit is formalizing its steps to decentralization with an official partnership with Ethereum’s lead development team, the Ethereum Foundation, announced on Wednesday.

Reddit’s “first-ever blockchain partnership” aims to boost community participation through blockchain, accelerate scaling and development tools for Ethereum’s ecosystem and bring value and decentralization to its millions of customers globally, the post reads.

The two companies worked together on the Scaling Bake Off competition in August 2020 to promote decentralization on Reddit. A total of 22 projects submitted their detailed scaling solutions pitches, including Matic Network, NEAR Protocol, and SKALE Network.

The new partnership will focus on scaling the Community Rewards Points system for a start, the post reads. The point’s system will reward users with crypto bonuses for “quality posts” and comments. The developments will be led by the Reddit development team, with help from the Ethereum Foundation, but the system will be available for anyone to use. The Reddit post reads,

“We intend to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

“The scaling technology developed through this partnership will be open-sourced and publicly available for anyone to use.”

The Community Points Rewards system is currently in the beta testing phase on the Rinkeby Network and tested in two communities on Reddit – r/CryptoCurrency and r/FortNiteBR. Each of these discussion groups has over 1 million users, and plans are underway to scale the rewards to every 430 million users on the social platform.

The report further states the rewards system aims to “utilize decentralized technology to empower individuals to have a sense of accountability and more ownership in the communities they create and contribute to.”

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Author: Lujan Odera

Stellar Invests $3 Million in Digital Assets Settlement Network Across LATAM

Stellar Development Foundation is investing up to $3 million, paid in Lumens (XLM), in digital assets settlement network across LATAM, Settle Network.

This investment will help boost the payment tools of Settle Network that are focused around stablecoins, including fiat-to-crypto onramps, stablecoin issuance, and payment processing.

As we reported, the team of Stellar is currently working on making XLM useful globally. Denelle Dixon, the CEO and Executive Director of SDF, said,

“Settle Network is delivering on the vision and mission of Stellar, putting blockchain technology and access to finance into the hands of people that need it.”

Founded in 2018, Settle Network is a Stellar-based platform that provides digital asset settlement across LATAM and users of Argentine Peso and Brazilian Reais stablecoins.

Stablecoins have been one of the main themes in 2020, with their supply exploding. Stellar is now ready to take the help of stablecoins for “international remittances and cross-border payments.”

Besides Settle Network, SDFs Enterprise Fund has also invested in Abra, SatoshiPay, and DSTOQ. Jason Chlipala, Chief Operating Office of SDF, said,

“We created the Enterprise Fund to support inspiring businesses like Settle Network that demonstrate the value of Stellar, bring value to the Stellar ecosystem, and represent our mission.”

“We are proud of the impact this fund has made in its first year and look forward to furthering its reach in 2021.”

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Author: AnTy

Cardano and Nervos Research Initiative to Find Solutions to UXTO Security Issues

Cardano Foundation is partnering with the Nervos network in a joint research initiative to secure smart contracts, especially on a blockchain, using the Unspent Transaction Output (UTXOs) transaction model. The research efforts come in handy as Cardano aims to take over the decentralized finance (DeFi) ecosystem following the Goguen testnet.

Cardano, and Nervos, two public chains using the UXTO accounting method on their networks, announced a joint research partnership that will see them share proprietary information and write research papers on open-source accounting models, UXTO-based security, and develop a universal standard of accounting across blockchains.

This initiative is set to enhance and develop better security systems on UXTO-based blockchains to provide more efficient interactions with DeFi applications.

First conceptualized and adopted by Bitcoin (BTC), the UTXO accounting model has grown as the most secure across blockchains. A UTXO accounting model entails recording the number of coins remaining in a specific wallet after executing a transaction while monitoring every transaction continuously. This accounting model provides a more secure network than the account-based model, which is used by smart contract-based blockchains such as Ethereum (ETH) and ERC20 tokens, the statement further reads.

The account-based accounting model offers a less cumbersome network to store transactions as opposed to the UTXO module. Account-based accounting models only focus on the balance of the wallet account, ignoring the individual transactions within the address, opening up a loophole to steal funds while no one is monitoring the wallet. Kevin Wang, co-founder at Nervos said,

“UTXOs are superior to account models in many ways and provide improved security, privacy, and scalability, all of which are critical for DeFi.”

This makes the account-based model susceptible to hacks and external attacks, as seen repeatedly across the DeFi space in 2020. According to a CipherTrace report, the overall value of DeFi hacks in 2020 rose to nearly $100 million as hackers turned their eye to the ballooning space.

Cardano and Nervos are both lining up to nab DeFi projects from Ethereum – both taking a step forward in 2020 to strengthen their market position. Nervos Network announced a collaboration with Huobi exchange to develop blockchain framework testnets on DeFi applications in March this year. Additionally, the network also added Chainlink’s decentralized oracles to enhance smart contract development on the platform.

Cardano recently announced its first-ever DeFi project built on the platform, Bondly, lending and borrowing DeFi app, earlier this week. This followed the launch of “Project Catalyst,” a $250,000 fund aiming at incentivizing DeFi developers to build on Cardano.

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Author: Lujan Odera