FTX CEO Proposes Building SushiSwap on Solana and Serum

FTX CEO Proposes Building SushiSwap on Solana and Serum

A proposal has been made to build the DEX SushiSwap on Solana and Serum, codenamed Bonsai. With Sushi emerging as “having one of the most vibrant and influential communities” and “the sky’s the limit” for it, the proposal states it’s important to keep growing.

“The purpose of this proposal is to lay out an efficient and effective method for SushiSwap to evolve and build out its leading platform on Solana and Serum,” it reads, adding, “To reinforce perceptions of SushiSwap as a DeFi leader and innovator.”

As per the proposal shared by Sam Bankman-Fried, CEO of FTX, who is also building the DEX Serum on Solana, on Twitter, the team has been farming, staking, and investing in DeFi for the past eight months and Sushi from its beginning.

Now, they want to bring SushiSwap on Solana to provide the community additional liquidity, fast transactions, and significantly low fees on Serum.

The Layout

In the light of the cost of the Ethereum network making DeFi out of the reach of smaller users, they built Raydium. Having been worked on since last year, the AMM was launched just over this weekend.

The proposal also talks about the Raydium roadmap, which involves completing the development of liquidity pools and staking, launching mainnet along with the website and platform launch in Q1.

This AMM will work as a bridge for SushiSwap, and the protocol is already able to support Sushi’s liquidity pools for the Serum orderbook.

As a first step, Raydium will work alongside the DEX and then deploy on its testament. The next step would be the deployment of Bonsai pools and staking on the mainnet.

As an incentive, the double yield is also proposed for the first Decentralized Franchise Pool. The additional rewards will be in the form of a native RAY token, which means Sushiswap stakers on Raydium would get SUSHI rewards plus free yield from RAY.

The new project, Bonsai, is anticipated to launch on testnet within Q1 of 2021.

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Author: AnTy

French Regulator Proposes New Regulations And Pilot Programs For Blockchains & Crypto

French Regulator Proposes New Regulations And Pilot Programs For Blockchains & Crypto

A leading French financial regulator calls for accelerated focus and development of new crypto regulations around emerging technologies (blockchain, crypto, AI, and data) across the EU.

In a speech by Robert Ophèle, Autorité des Marchés Financiers (AMF) Chairman, during the 5th Annual Fintech and Regulation Afore Consulting conference, French regulators need to take a step forward in pilot programs and creating new laws to govern distributed ledger technology (DLT) and blockchain across the EU.

Ophèle further acknowledged the “digital acceleration” in the financial world due to blockchains and DLTs coming up but stated government intervention is needed to guarantee a level playing field. He further designated the European Securities and Markets Authority (ESMA) as the best regulator to take over crypto regulation and supervision due to entry barriers into the new ecosystem.

According to Robert in his speech, ESMA leading the crypto supervision would ensure the regulator is fully competent on crypto while “building all the expertise in one place.”

Additionally, Ophèle also calls for creating rules on digital assets classified as financial instruments and non-financial instruments as well through the Markets in Crypto Assets (MiCA) regulation. However, to promote technological growth in the DLT industry, he suggests creating a pilot regime. The ‘Pilot regime’ allows crypto companies to be “able to try out and test within a proportionate and clear regulatory framework.”

“Work is needed in MICA to ensure that the technological neutrality principle is respected. As already highlighted for security tokens, we need to ensure that all types of DLT can be used, private and public.”

“Nor should we close the door on decentralized business models by prohibiting or overlooking them.”

The regulatory sandbox will offer companies the chance to operate as traditional money financial services (MFS) and broaden the range of issuers able to benefit from listing their securities on DLT-based infrastructures. He also proposed the sandbox to have an ‘open mind’ while accepting companies’ listing to the pilot regime and respecting the “principle of technological neutrality.”

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Author: Lujan Odera

India Proposes Bill to Ban “Private” Crypto’s and Introduce a CBDC, But No Need to Panic

India Proposes Bill to Ban “Private” Crypto’s and Introduce a CBDC, But No Need to Panic

The proposed bill is yet to be presented, and WazirX CEO says they have “been preparing for this” and “pushing for regulations.”

The Indian government is now planning to introduce a bill to ban all private cryptocurrencies and launch its own central bank digital currencies (CBDC).

“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency (sic) and its uses,” reads the screenshot shared by Crypto Kanoon on Twitter.

However, this isn’t the first time that there are talks of such a bill to be proposed in India or in the crypto space.

Not to mention, the market has been seeing a lot of FUD in the ongoing bull market — China and Tether FUD has already been renewed.

“Let’s not be afraid. We’ve been preparing for this. We’ve been pushing for regulations. I believe this bill will be referred to a standing committee for further deliberations,” tweeted Nischal Shetty, founder, and CEO of Indian exchange WazirX, which is acquired by leading spot exchange Binance.

When it comes to a CBDC, central banks of several countries have taken steps towards this, and Shetty believes it a good thing, but the scary part is banning private cryptocurrencies, which he believes are expected to be in the context of crypto being used as a “currency.”

“Crypto as an asset/utility would be ok in India. It would also be ok to trade these assets. There are millions of Indians who own crypto assets. Billions of dollars of people’s money and wealth are at stake here. I’m sure the Government understands that” he said.

He further goes on to explain that there is no such thing as a “private cryptocurrency” because, by their nature, they are decentralized and public.

“Attacking digital assets by confusing them to be INR competitors wud be amateurish,” he said.

Being a large country, India has the second-largest population in the world after China; the WazirX CEO expects the government to understand the underlying terminologies before presenting any related bills and not be in a rush and destroy the general public’s value by doing it wrong.

Shetty is rather “looking forward to a healthy debate if this is presented” and expects this to be a precursor to positive crypto regulations.

“Wrong or hasty regulations will set us back by a decade. Right regulations will catapult India to the forefront of this technology,” Shetty said.

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Author: AnTy

South Africa’s Primary Financial Regulator Proposes New Crypto Regulations In The Country

South Africa’s Primary Financial Regulator Proposes New Crypto Regulations In The Country

  • South Africa’s financial regulator is looking to regulate cryptocurrencies and introduce laws to prosecute fraudsters in the industry following the uncovering of the “largest Ponzi scheme.”

Reports from Bloomberg confirms that South Africa’s primary financial regulator, Financial Sector Conduct Authority (FSCA), is planning to regulate cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The regulator is making proposals to oversee the cryptocurrency industry, prosecute fraudsters and “put people in jail,” the Head of enforcement at FSCA, Brandon Topham, said.

“At the point, something becomes a Ponzi scheme, we have lost our jurisdiction,” he said. “We need the police and the prosecuting authority to work fast and put people in jail.”

This follows the recent uncovering of a Ponzi scheme by a top Bitcoin trading desk, Mirror Trading International Ltd., said to have collected over 23,000 BTC (~$700 million) from its customers. In December, MTI, with over 260,000 customers on its books, was placed under ‘provisional liquidation’ as the customers rushed to withdraw their funds.

South Africa’s Mega-Million Bitcoin Scams

The rising demand for the world’s largest digital asset, Bitcoin, drives up the number of scam projects in the space. The MTI saga started in early 2020 when questions arose on whether the company was running a Ponzi. Then, the FSCA stated the company was not a Ponzi but rather lacked a crypto trading license.

After several investigations on the firm, the FSCA “found that the company kept neither accounting records nor a comprehensive register of participants, apart from 170,000 unique email addresses” recovered during a raid on the company in October. This led to more speculations of MTI running a Ponzi as MTI’s Chief Executive Officer Johann Steynberg fled into hiding – believed to be in Brazil.

In 2009, an alleged Bitcoin Ponzi ring involving over 800 investors across eight countries was stated to have stolen close to 12.5 billion rands (~$800 million) in a scam operation. According to Topham, such mega million scams are getting out of hand, who called for action against the MTI investors. He said,

“We need to make an example of MTI so that people understand that investing in a Ponzi is never a good idea.”

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Author: Lujan Odera

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to earn Filecoin by testing the scalability and robustness of the network.

The project is also expected to go live next month, Colin Evran, Filecoin’s ecosystem lead told Bloomberg.

Lately, it has been gaining a lot of interest from Chinese speculators, with the majority of its miners on the testnet also being Chinese miners.

The idea here is to build a decentralized version of the internet where no single authority, like the tech giants, Google and Amazon, have full control.

Created by Protocol Labs and raising $200 million in 2017, Filecoin is aiming to solve this issue through its distributed storage system, making it impervious to attacks on the internet. The added advantage of a P2P storage system is the lack of a central point of failure.

“It’s one of the missing pieces of the Web 3 ecosystem,” said Evran. “Anyone can become a data-storage provider, not just the big companies that do that now.”

The company has partnered with ConsenSys Labs to encourage the development of Filecoin and its Interplanetary File System, or IPFS, protocol. With this partnership, the firm will be distributing $1.6 million in grants to developer teams.

Just last week, ConsenSys introduced the Filecoin launchpad accelerator, which is powered by Tachyon. This cohort will focus on “startups building more open, interoperable, and programmable tools, infrastructure, and applications for the distributed web through IPFS and Filecoin.”

Once the project is released publicly in September, users who want to store their data on the decentralized system will have to buy that capacity using its cryptocurrency. The users who will provide the data storage will earn the cryptocurrency for their contribution as well.

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Author: AnTy

CryptoSlots Donates New Slot Proceeds to the Fight Against Coronavirus (COVID-19)

Gamble to fight the Coronavirus! At least this is what CryptoSlots proposes with the donations it makes for the fight against COVID-19, donations it makes from its new slot proceeds’ gains.

Micro Monsters is the latest slot released by CryptoSlots and a game that offers bonus extras for beating viral critters. However, the real bonus here is that all the gains made from bets made at the slot are going to end up being donations made by the crypto casino for the charity supporting Coronavirus patients and health workers Direct Relief.

There’s a BONUS Code!

Those who want to get involved until May 15 can spin with the 100% BONUS offered with their first deposit. The code for the bonus is FIGHTCOVID100. As one of Mega Matrix’s slots, Micro Monsters is part of a games group considered unconventional and wacky.

It’s, in fact, a circular game that has wins starting anywhere on the payline, not to mention it also features the expanded Double Wild version on the middle reel, and the Mystery Multipliers version. Bets for spinning are anywhere between $0.60 and $4.80. The bets minus their wins are being donated to Direct Relief. Here’s what CryptoSlots’ manager, Michael Hillary had to say about this:

“Hopefully this contribution will make a difference to those on the front line […] as well as providing entertainment to those doing their part by staying at home.”

More on Direct Relief and CryptoSlots

Direct Relief is a charity organization trying to provide personal protective equipment to people who are more at risk to contact COVID-19. It’s coordinating its efforts with the ones of businesses and health organizations in order to deliver critical medications and medical items all over the world.

CryptoSlots was launched back in 2018. It gained tremendous success for being the first destination of crypto online players. Most games at this crypto casino are slots, but keno and video poker can be played too, not to mention all games are mobile-friendly. As payment methods, Bitcoin (BTC), Litecoin (LTC), Monero (XMR) and Bitcoin Cash (BCH) are accepted, whereas deposits can be anywhere between $25 and $250.

Disclaimer: This is a paid press release from CryptoSlots. BitcoinExchangeGuide does not endorse nor are we responsible for the content included in this paid release. We encourage all of our readers to do their own research before interacting with the company.

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Author: Bitcoin Exchange Guide News Team

2020 US Presidential Candidate Proposes Launch Of AmeriCoin Backed By ‘All’ Federal Assets

  • This 2020 Presidential candidate proposes a token to help Americans achieve the “American dream”.
  • Libertarian candidate, Adam Kokesh, appointed well-known cryptocurrency advocate – Alastair Caithness – as head of blockchain policy, with a dream to launch the AmeriCoin.

According to Kokesh, the proposed token will enable the American government to relinquish power back to the locals. The AP press release further wrote that AmeriCoin will develop a new monetary system that replaces the outdated and largely expensive fiat currency for the American people.

If he wins, the token will be distributed to all American people equally in a form of universal basic income (UBI) and reparations to citizens under poor government policies and taxes. Alastair Caithness said,

“AmeriCoin has the potential to restore liberty to all people in the United States, and we are building a dream team of blockchain experts to join me in developing this important project.”

The AmeriCoin token is a stablecoin backed by the combination of all of the government’s assets from bonds, land, energy, and gold among others. The token will be based on a blockchain working a similar payment system to Bitcoin, the top cryptocurrency.

To see the AmeriCoin plan come to fruition, Adam appointed Caithness, the CEO of Ziyen Energy, a technology-driven company focused on the tokenization of energy infrastructure assets. Having launched a cryptocurrency based on Ziyen products, Caithness is looking to bring her experience and skills to the AmeriCoin project too. She said,

“I am confident that Adam’s initial idea to create an American cryptocurrency can be combined with the rapid advances in the architecture of asset-backed tokenization to develop AmeriCoin as a force for financial freedom.”

The politicians in the U.S Presidential election have shown little care for the field during their campaigns. Of the vast number of candidates, only Andrew Yang, a crypto enthusiast, now dropped out of the Democratic presidential candidate race and Kokesh has shown an affinity to the industry.

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Author: Lujan Odera

Hong Kong Financial Authorities To Apply FATF Regulations To Crypto Exchanges, Brokers

  • Hong Kong proposes new regulations to target Virtual Asset Service Providers (VASP) in accordance with FATF recommendations.
  • This is despite Hong Kong being miles ahead of its Asia-Pacific peers and receiving high ratings from the financial agency.

Reports have emerged that the Hong Kong government is looking to increase its efforts in the regulation of the crypto space. This is in a bid to increase adherence to the global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) guidelines.

In a speech by Paul Chan, Hong Kong’s Financial Secretary the government is going to use the recommendations by Financial Action Task Force (FATF) assessment to better their AML/CTF agenda. Notably, they plan to include Virtual Asset Service Providers (VASP) and precious metal merchants into their AML/CTF framework with plans to include the public’s input on the same.

The new regulations are to unsettle crypto exchanges and Over the Counter Brokers (OTC) in Hong Kong which has so far been crypto-friendly. In a memo from Hong Kong Money Authority (HKMA) official Carmen Chu to heads of all Authorized Institutions (AI) where she indicated that AI should treat the VASP’s different depending on the risk assessment for individual VASPs.

“Assessing the AML/CFT controls of the VASP as appropriate The extent of customer due diligence measures should be commensurate with the assessed ML/TF risks of the VASP”

In June last year, the FATF updated its guidelines in regards to the AML/CTF standards. The proposal stipulated that countries would now hold virtual assets to the same regard as property or funds.

The FATF would also obligate VASP’s to share detailed transactional information such as the sender and destination of funds for transactions above USD/EUR 1000. This information should be readily available for the next five years in case the regulators come calling.

Hong Kong rated highly compliant by FATF

This is despite Hong Kong ranking highly in the global watchdog’s FATF assessment. They rank as the first jurisdiction in Asia-Pacific to have aced the FATF assessment. Countries are now racing towards achieving FATF compliance standards with reports of private partnerships among countries to collaborate efforts to monitor cryptocurrency transactions.

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Author: Lujan Odera

BTC.TOP Founder Releases Second Round of Bitcoin Cash (BCH) Development Fund

Jiang Zhuoer, founder of mining pool BTC.TOP proposes miners voting, setting up an ETH Foundation like foundation, and 2-3% of miners’ donation ratio.

In the second round of the Bitcoin Cash development fund, mining pool BTC.TOP founder Jiang Zhuoer said he is open to debate on this and “if the test turns out positive, we continue, otherwise we stop.”

The plan for the development fund received much flak from the Crypto Twitter. But Zhuoer said he is open to discussion and to make a decision, he proposes hash rate voting because miners have the right to vote on how to spend their coinbase production.

For this, Zhuoer proposes 3-month miners vote to be conducted and if two-thirds of the hash power votes are in favor — only those votes will be truly value that have cost — then the donation plan can be included as part of the protocol upgrade in May 2020 or for the next one in November 2020. The funding will last for six months until the next upgrade.

A Foundation Like ETH Foundation

Though many facets of the donation plan still need to be fixed, Zhuoer says miners will donate directly to the development projects they want to donate to. This he said would see the removal of the companies as otherwise, donation recipients may lead to the centralization.

He further recommends setting up one or various foundation and may refer to ETH Foundation for the same which he believes is “working well.” And if a miner doesn’t want to donate to a project, they can donate to the foundation.

Or another option is to send the coinbase rewards to “BCH Black Hole address to destroy these coins — this is in fact a donation to all BCH holders.”

But before this plan is officially kicked off, the BCH Miner Fund will be established to accept donations from miners and other individuals and corporations. This Foundation will run for a pilot period to show its effect to the community.

What’s to come?

Zhuoer believes a decentralized community shouldn’t rely on centralized companies’ donations for a long time and hence the development fund. As for the miners’ donation ratio, while 12.5% is other mining pools’ opinion, he believes 2-3% is sufficient for now which could even be as little as 1% in 2021 because of the “incoming bull market in 2020-2021/22” which he said will see BCH price rise sharply.

He holds 3500 P hash power and can influence almost 10,000 hash powers. Because his total hash power amount will be “sufficient” for this plan, Zhuoer said he will allocate his personal hash power to a new mining pool as being one of the shareholders of the BTC.TOP mining pool, he “can not ask the company to lose money as I wish.”

Also, he will vote against the donation to ensure the donation stops after the 6 months as “further development will be decided by the community.”

Zhuoer wants everyone to share their comments and opinions on this plan and if the final result is negative, he said he would be “happy to accept” that as well.

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Author: AnTy