WWW Source Code NFT Sold for $5.4M at Sotheby’s, Gender Transition NFT Sells for $2.6M at Christie’s

WWW Source Code NFT Sold for $5.4M at Sotheby’s, Gender Transition NFT Sells for $2.6M at Christie’s

Victor Langlois, a crypto owner who thinks “NFTs are the future,” is the youngest artist to have a sale at Christie’s.

A non-fungible token (NFT) representing the original source code for the World Wide Web written by its inventor Tim Berners-Lee was sold for $5.4 million at Sotheby’s in an online auction.

The NFT was created by the English scientist Berners-Lee this year, representing the ownership of various digital items he invented on the Web in 1989.

Berners-Lee called the decision to create an NFT as a “natural thing” to do when “you’re a computer scientist and when you write code.”

The NFT contained a 30-minute animated visualization of around 9,555 lines of code, a digital poster of the code, and a digital letter written by Berners-Lee in June 2021. The letter read,

“As people seemed to appreciate autographed versions of books, now we have NFT technology, I thought it could be fun to make an autographed copy of the original code of the first web browser.”

The final price for the NFT was $5,434,500, and half of its bidders were new to Sotheby’s. Cassandra Hatton, global head of science and popular culture at Sotheby’s said,

“We have placed it in a public forum, we have sold it at basically no reserve (the bidding started at $1,000), and we let the market decide what the value is going to be. There have been multiple bidders who have all agreed that it’s valuable.”

NFTs have exploded in popularity this year, with American artist Mike Winkelmann, known as Beeple, selling his artwork for nearly $70 million at Christie’s in March.

On Wednesday, a physical artwork and NFTs by 18-year-old transgender artist FEWOCiOUS was sold for $2.16 million at Christie’s.

The online auction called, ‘Hello, I’m Victor and This Is My Life,’ sold five lots by FEWOCiOUS, whose real name is Victor Langlois.

The five lots, which drew over 20 bidders, represent a year of Langlois’s life as he discovered his gender identity and transitioned from female to male between the ages of 14 and 18.

Langlois is the youngest ever artist to have a sale at Christie’s.

“I think NFTs are the future,” said Langlois, who also owns cryptocurrencies. “If you’re posting your art and sharing it with the world digitally, I think to offer a way for collectors to own it as a digital asset is just the next step.”

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Author: AnTy

Zcash Source Code ‘Halo 2’ Set to Eliminate the Need for Trusted Setup; Integration In 2021

The Zcash source code will soon be updated to a more efficient version of the underlying recursive proof composition, the basis of this privacy-focused project. According to a blog announcement by its parent company, Electric Coin Co. (ECC), they have since opened the source code of the latest product ‘Halo 2’ set for integration with Zcash (ZEC).

Halo 2, which has been touted as a game-changer in recursive SNARKS projects,’ seeks to remove the need for trusted setups in these ecosystems. Also, this technology increases the scalability of the Zcash blockchain and interoperability with other chains,

“An updated more efficient version of ECC’s recursive proof composition that eliminates the need for a trusted setup in Zcash. It may also advance a promising scalability solution for Zcash and other blockchains.”

Notably, Halo 2 has gathered support from prominent stakeholders in the crypto industry, including Ethereum Foundation, which allocated the team $120,000 back in July. With a launch date scheduled for early 2021, ECC is also in discussions with other players. This initiative might see the debut of Halo 2 on multiple blockchains, given a probable value in flexible and trustless cross-chain interoperations.

Halo 2 Fundamentals on Recursive SNARKs Tech

Halo 2 is different from the original Halo in that it uses ‘PLONK’ to verify transactions while the latter implemented ‘Sonic.’ The blog announcement details that the latest approach proposes more value to recursive SNARKS projects by compressing history and distributing computation through recursive proof composition. In doing so, the underlying blockchain transactions become lighter and faster, which eventually improves efficiency and eliminates the need for trusted setups. The original halo announcement in 2019 noted,

“Recursive proof composition holds the potential for compressing unlimited amounts of computation, creating auditable distributed systems, building highly scalable blockchains, and protecting privacy for all humanity.”

While it is yet to be voted for integration by the Zcash community, Halo’s fundamentals ideas are already being leveraged in recursive SNARKS innovations. Some notable projects that have adopted these ideas include Mir (Plonky) and Coda (Pickles). Mir which is being developed by Predicate Labs acknowledged the Halo 2 positive effect through the firm’s CEO, Brendan Farmer,

“Halo is a significant breakthrough in making recursive SNARKs practical: We now have a smaller field, faster provers, and no trusted setups.”

IOHK CEO and Cardano (ADA) founder, Charles Hoskinson called this new source code “halo is one of the most exciting workstreams that I’ve seen in the industry.” It will be interesting to watch the developments of the new Halo 2 over the coming months.

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Author: Edwin Munyui

Coinbase Open-Sources ‘Rosetta’ Used to Integrate New Blockchains For Listing

Coinbase is going open source and has launched Rosetta that will make integrating with blockchain simpler, faster, and more reliable.

“At Coinbase, we believe a thriving and open ecosystem is necessary for the promise of crypto to be realized, ultimately leading to our vision of more economic freedom for the world,” announced the US-based cryptocurrency exchange.

Back in 2016, the company thought of going open source, and it was only last year that they outlined its strategy. And now, it has launched Rosetta.

Rosetta was initially developed as the middleware to integrate blockchains into its platform securely, which they have now finally released.

The goal here is to standardize “how to interact with blockchains.” Making it easy for anyone to build on top of a blockchain for a variety of use cases, given that the number of blockchains has grown dramatically.

This interface will make it easier for developers of new blockchain projects to ensure compatibility with exchanges that use Rosetta, the company said. Besides speeding up the time of integration, it will protect customer funds by ensuring specific security conditions are met.

As for the broader community of crypto developers, it will help them in building cross-blockchain applications such as wallets, dapps, and block explorers. Coinbase said,

“Rosetta enables blockchain projects to 1) onboard faster with exchanges and apps; 2) build while ensuring strict security constraints are met, and 3) grow adoption by making code predictable & easier to debug.”

Currently, the framework is open-sourced to projects that are looking to get their tokens listed on the exchange. Coinbase’s goal is to decrease the time spent in bringing a blockchain onto the exchange.

Currently, there are a number of projects using this open-source software; Filecoin, Celo, Near, Oasis, Coda, Ontology, Kadena, Handshake, Blockstack, and Sia.

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Author: AnTy

IRS Source: Cryptocurrency Holders and Traders to be Audited by US Tax Collection Agency

A trusted source has confirmed that the Internal Revenue Service is going to conduct audits on cryptocurrency activities. The source said that the tax collection agency is planning to unleash a batch of audit notices. These new notices will be follow-ups to 10,000 letters that were initially sent in August.

The IRS has been focusing their attention on the cryptocurrency industry, and soon, audits will be done in the industry. Not many Americans were sure of what was entailed in the 10,000 letters sent in August.

However, multiple reports emerging show the IRS is increasing its review and investigations on substantial crypto investors. A statement by BeInCrypto stated that there was a new checkbox on 1040 form that asked individuals to avail information on whether they had exchanged, sent, or received any digital currency since 2013.

It was also well noted that failure to answer that question with utmost honesty would be a criminal offense. Many people were amazed because not only did this kind of study target the traders, but the holders also seemed to be a target here.

Audit Notices to Crytpo Users

Crypto Tax Girl reported that Judith McNamara who works with the IRS confirmed that the tax collection agency is going to send more audit notices. It is, however, uncertain whether everyone who received the August letter will secure an audit notice for the second time.

Letters sent out in August differed in what they required the recipients to do. Some were a kind of notification that the IRS was aware they were holding the cryptocurrency. Other letters demanded a proper response from the recipients and immediate action. This time around, however, it is expected that audit letters will dictate that there must be a response to the letter.

The IRS has been heavily criticized for using the old laws on new concepts and technologies such as cryptocurrencies. Clearly, the IRS is not welcome in the digital currencies space.

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Author: Daniel W

JPMorgan’s Jamie Dimon Dismisses Libra as ‘Neat Idea’ That’ll Never Happen

Nowadays, you can’t go on any reliable source of blockchain news without stumbling into something new about Libra. Sadly, this remains the case.

Libra has taken large amounts of scrutiny, a fair amount of praise, and now a fair amount of pure dismissal. Jamie Dimon, JPMorgan Chase’s Chief Executive Officer, described Libra as something that’s a neat idea, but will never happen.

Dimon delivered this comment during his speech at the Institute of International Finance conference that happened on Friday. Bloomberg reported the comment on the 18th of October. Dimon stressed the fact that the ideas behind Libra’s construction aren’t unique. Dimon then rather cleverly turned the conversation to his company’s stablecoin: JPM Coin. He revealed that JPMorgan is investing over $11 billion on technological development this year.

JPM Coin, XRP and Libra

Dimon had reiterated his opinion about Facebook’s coin when he had commented in July this year that Libra has no short term threat for JPMorgan. At the time, he tried to argue that people have been talking about blockchain technology for more than seven years. In those seven years, according to Dimon, very little new things have happened. He stated that they’re going to talk about Libra like that within three years.

JPMorgan’s native coin is selling itself to have three early applications. Umar Farooq, Head of JPMorgan’s Blockchain Products, had stated that fact. The first application would be to help facilitate cross-border payments for large corporate businesses. These businesses currently rely on wire transfer networks, such as SWIFT.

The second application is Securities Transactions, with the last being Treasury Services to help replace funds a firm holds in various subsidiaries across the globe.

A Mudslinging Warning

Dimon, before JPMorgan announced its own stablecoin, has been incredibly vocal with his low opinion of Bitcoin. Now that the US Bank has stepped into the blockchain ring, all they have is praise for this new form of technology. They also hold condemnation for other types of cryptocurrency due to those being inadequate compared to theirs.

In an objective opinion, Dimon’s statement that Libra will never work out could easily be considered a mudsling. Something that was thrown out there to ruin Libra’s reputation. This could be further reinforced by the fact that directly after that comment, he moved to his company’s coin and sang its praises.

Whatever you, the readers, think about Libra, please do not let blatant political moves like this skew your view. Libra has made enough mistakes to warrant apprehension, and they have made enough promises to warrant praise. It is not Dimon’s job, as a direct competitor, to comment on anything about the prospective stablecoin.

Libra has already fallen on tough times due to regulators cracking down on the stablecoin. Countries across the EU and groups within the US consider Libra a threat to the world’s economy, due to its potential in destabilizing a country’s currency.

Times will inevitably change, and an international currency will happen. It may not be Libra, and it may not be now. However, it should definitely not be because a rival CEO commented about it.

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Author: Ali Raza

Chinese Interest in Bitcoin has been on the Rise in 2019

China’s relationship with Bitcoin is something that has been a source of much speculation in the cryptocurrency space.

From banning the trade of Bitcoin in 2017 to legalizing owning the digital currency, the stance keeps on changing. What’s not changing is the rising interest in Bitcoin.

In 2019, Chinese interest in BTC, as measured by Baidu searches, has been on the rise, notes economist and trader Alex Kruger.

A spike in Bitcoin searches occurred simultaneously with the searches for trade war and Trump.

This year we saw Bitcoin moving in response to the development in the US-China trade talks. Earlier this month, Bitcoin jumped after Trump Tweeted and Chiense Yuan broke its important physiological level of 7 against US Dollar.

“Continuation of the trade war means BTC up. The longer the war runs, the higher bitcoin will go,”

said Clem Chambers, CEO of private investors website ADVFN.com.

This has him predicting Bitcoin to soar above

“ £20,000 by Christmas or sooner.”

Most recently

Bobby Lee — co-founder and former CEO of China’s first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Bitcoin searches may seem to often move in line with USDCNY searches (贸易战, red) … however, that’s likely due to the weekend effect (interest for both decreases during weekends, even BTC). The Aug/5 USDCNY breakout may be an exception, as everyone started talking about it.

This chart shows bitcoin searches’ peaks of 2019.

It’s safe to assume interest is usually driven by price, rather than vice versa, although there should be a feedback loop in play.

For a better analysis, one needs the time series, ideally with intraday periodicity, to run stats.

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Author: AnTy

CoinMarketCap (CMC) to Announce A New Liquidity Ranking System On November 12

Renowned data source for all the trading cryptos, CoinMarketCap, has announced that it will release a new liquidity ranking system on November 12, 2019. In a virtual roundtable that was held on August 27, CoinMarketCap revealed the news. The roundtable dubbed DATA; Data Accountability & Transparency Alliance, brought together various exchanges, as well as projects found in the crypto industry, was started in May 2019.

DATA prides itself of major players in the crypto space such as Binance, Bittrex, Huobi, OKEx, among others.

At the DATA roundtable, CoinMarketCap came up with three topics of presentation to be deliberated by the alliance: utilization of liquidity metrics, own reported data as well as an integrated crypto asset ID database. CMC also stated that a dashboard that will enable own reporting is set to be introduced on Oct. 14, 2019.

According to CMC the plan to utilize liquidity metrics in the ranking of the exchanges came about due to numerous problems associated with wash trading that is widespread as per the volume rankings being used in the firm’s website currently.

According to CMC the use of liquidity may pose some challenges; as a non-numeric, it regularly changes and becomes hard to note as well as report.

Consequently, CMC said that retention of volume metric will require redesigning and this cannot be done easily hence the need for improved rankings and creation of a smooth playing ground.

In regard to own-reporting, CMC suggested that the measure was meant to enhance openness in the market. The company proposed offering badges as gifts to platforms that will divulge various data points. The firm gave examples of badges like KYC, the physical location of the platform’s offices as well as order books that can be seen by other crypto exchanges.

Cointelegraph reports that earlier this year CMC revealed that it would start striking off exchanges from its website for failing to offer compulsory data beginning June 2019.

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Author: Joseph Kibe