yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows.

yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and is currently trading at $4,700.

Today, it also announced integration with Aave with the launch of the Credit Delegation service.

Built on the Aave platform, “Credit Delegation supports smart contract to smart contract.” Delegate to a yVault and farm yield with the borrowing asset you prefer.”

Credit Delegation is a transaction where an Aave protocol depositor delegates a credit line to someone they trust; it can also be delegated to another contract that executes predefined functions.

“Credit Delegation might be a way to source liquidity from Aave Protocol across DeFi and into traditional finance without demanding borrower side collateral,” states Aave in its official announcement.

yVaults to have significant market implications

This is just the latest of what yEarn is offering to the DeFi users. Back in June, yEarn was also the one that further pushed the yield farming craze into high gear by rolling out automated yields for hot tokens like COMP, BAL, and CRV.

Now, with yVaults, Yearn is ready to welcome even more exciting DeFi projects into the mix. LINK is the first project the yEarn community has chosen to go with to provide liquidity with a delegated vault.

Chainlink’s LINK was chosen with nearly all (99.47%) of the votes. Currently, voting is going on to add Synthetix (SNX) to yVault as well.

How this works is; first, a liquidity provider (LP) deposits LINK into the vault and receives yLINK. In the next step, the LINK is deposited into Aave and activated to be used as collateral. In the third step, borrowing a stablecoin, which is then deposited into yVault to generate APY returns. Now, any stablecoin earned above the debt, that is, profits, are sold for LINK, which then increases the LINK in yVault.

If these yVaults gain steam, “they are going to have significant market implications,” said analyst Ceteris Paribus as he explains, “‘Fundamental’ value, P/E, etc. don’t matter as much if you have a significant amount of supply locked up by long-term holders passively auto-buying every day.”

This will also mean LINK would be bought in the open market, giving a constant daily dollar bid to LINK, which will continue to become more pronounced. Also, “LINK vault users are effectively long Link with compounding returns,” he said.

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Author: AnTy

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

Bitcoin is in a ‘Consolidation Zone,’ We’ll Move to $14k Once BTC Gets Above $10k: Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English.

While talking about the catalysts that could propel the price of Bitcoin higher, he shared how a revolution is going on between black lives matter and people looking for economic injustice, and COVID-19 pandemic has exposed it. So, in this macro backdrop, “that gives us a tailwind.”

Price-wise, bitcoin is doing fine, said Novogratz. After the March sell-off that saw everything crashing, BTC recovered more than 160% in the next two months. But since then, Bitcoin has been ranging sideways — “we are in a consolidation zone.”

The $10,000, however, remains a critical psychological level, and “once we get above it, we move to $14,000,” he said.

Bitcoin is Hard to Buy

Novogratz shared that it is hard to buy bitcoin.

He explained how, when billionaire investor Paul Tudor Jones bought it, there was much excitement. But the next hedge funds can’t just buy it the next day. They have to go through the same process of operation due diligence, checking their docs, and talking to their investors.

It is a slow process to get people on board, into institutionalizing this, he said although he believes in the next “two to five years every major bank is gonna have a crypto desk because they’re gonna need to.” According to him, the bitcoin market is still dominated by retail investors.

“Bitcoin is still hard to buy. If it was easier to buy, it would be a lot higher. And there are more and more people making it easier to buy: funds being set up, custodies being done, at one point we’ll get an ETF,” Novogratz echoes these thoughts in an interview with CNBC’s Fast Money that was published earlier this week.

During the interview, Novogratz also told the public to hold more gold than bitcoin even though he believes “bitcoin way outperforms gold.” This is just because of the volatility of the digital asset.

Bitcoin volatility has taken a dive recently because of the weak price movement, falling to the level of the S&P 500.

Gold also has been on a tear lately, in the past month, while bitcoin was stuck in a rut, the precious metal rallied. Recently, it broke above $1,800 to a nine-year high.

Stock Market Bubble

While bitcoin has been boring, stocks are rallying hard, which reminds Novogratz of bitcoin in 2017 when the leading digital currency climbed to a new ATH.

“We’re at really dangerous valuations on the growth side, on the tech side,” he said. “If it’s Zoom or Tesla or Beyond Meat, whatever stock has a story, everyone’s rushing in. That gets me worried.”

The stock market, according to him, is “unhinged from reality,” and he advised small investors to get out before it crashes.

“We are in irrational exuberance — this is a bubble,” he said in an interview with Bloomberg. “The economy is grinding, slowing down, we’re lurching in and out of COVID-19, yet the tech market makes new highs every day. That’s a classic speculative bubble.”

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Author: AnTy

BTCPay Server Update Streamlines Refund Process; Adds Notification for Payment Status

The open-source bitcoin payment server BTCPay Server introduced a new system update called Update 1.0.5 on Friday. The updated aim is to ease the interaction between the server and the merchant. This update would make it easier for the merchants to manage their crypto transactions on their website.

The latest update brings a set of new features, including notifications, pull payment, and refunds, along with a few upgrades to the wallet. The BTCPay Server was launched back in 2017 and helped merchants in processing their bitcoin transactions. It also kept all the invoices organized for the owner. The server also has a native wallet that can be used to store bitcoins.

The most talked-about feature of the update is the refund, which streamlines the otherwise quite cluttered process of re-issuing of coins. The update feature would allow merchants to decide a certain amount of bitcoin that can be pulled from the escrow. Before the update, merchants had to manually authorize the payment, where the sender and receiver had no common platform to connect onto, which made the process complex and challenging.

With the new update, merchants won’t have to send and receive numerous messages as the process is automated, where the refund is generated via invoices without the need for any formal communication between the two parties.

The other notable feature is notifications, which comes with an API integration option and allows merchants to monitor their payment status, whether it is confirmed or not. It would also include the status of partial payment and many other similar payments related notifications. All of these will be managed through a dedicated notification page.

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Author: James W

ING Bank Launches ‘Travel Rule Protocol’ to Ease FATF Compliance for Crypto Businesses

  • Top Netherlands bank, ING, introduces a new protocol system to ease crypto exchanges and firms aiming at implementing the recommended FATF’s Travel rule.
  • The new protocol, Travel Rule Protocol, or TRP, in short, sets ING as the first bank ever to comply with the Travel Rule affecting virtual assets.

In a report released earlier on Tuesday, ING launched the TRP joining forces with Standard Chartered, Fidelity Digital Assets, and several crypto-native firms, including BitGo, Crypto Broker AG, Metaco, 21 Analytics and OSL/BC Group.

The protocol aims to take a “regulatory first approach,” allowing firms dealing with digital assets to comply with the FATF recommendations easily. In a statement released on the launch, Hervé Francois, Blockchain Initiative Lead on Digital Assets at ING said:

“With a regulatory first approach, we are actively involved in different working groups to support standardization of this emerging ecosystem and ultimately pioneer mass adoption.”

The protocol, however, will steer away from the public cryptocurrencies such as bitcoin and ether favoring to work exclusively in decentralized ledger technology (DLT) projects. Hervé continued:

“ING, as an innovation leader on blockchain/DLT, sees increasing opportunities concerning Digital Assets on both asset-backed and native security tokens.”

“More Like SWIFT”

According to the statement, the new partnership aims at developing an infrastructure that offers virtual asset service providers (VASPs) a direct way to “query for the existence of contact or address,” such as a legal entity identifier and essential public information.

One source familiar to the matter stated the platform was more like SWIFT transfers, the interbank messaging and settlement system. The protocol also offers a hybrid system (permissionless and permissioned network) promoting an open, transparent solution to firms having trouble with the FATF Travel Rule compliance.

ING Bank in Blockchain

ING is a big digital assets player since opening its blockchain branch in 2018. Since the Travel Rule recommendation became public in 2019, the bank set out plans to get an understanding and look for opportunities in the crypto space that banks can fit into.

The Travel Rule is a recommendation by the Financial Action Task Force (FATF) to include any virtual asset service provider in the global anti-money laundering and anti-terror financing rings.

In a meeting scheduled for June 24th (tomorrow), the FATF committee will look into the overall progress of the implementation of the rule giving further recommendations.

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Author: Lujan Odera

Market Data Aggregator, Coingecko, Rolls Out Reward System; But It’s Not Crypto

  • Coingecko launches its loyalty points reward system, Candy, which are redeemable for non-fungible tokens (NFTs) and in-built free bonuses.
  • The loyalty points are non-transferrable, at the moment, but a plan to add crypto-based loyalty points is in development.

In a tweet thread sent out by Coingecko’s media team, the crypto analytics firm added its own loyalty based points system to boost user traffic and engagement on the site. The Co-founder and COO of Coingecko Bobby Ong explained:

“You can think of Candy as similar to Reddit karma points, where we reward users for usage. The candies are currently a centralized loyalty points system ,though it is not hard to imagine them as ERC-20 tokens to make them transferable in the future.”

Similar to Candy Crush, the popular mobile-based game, the Coingecko Candy Loyalty Program will offer rewards to users every time they visit the website platform or log into their iOS or Android phone app. Users visiting in seven consecutive days will also receive a big bonus, the post states:

“Beyond providing independent and neutral market data, Candy is our way of saying thanks to all of our supporters.”

Redeeming your Candies!

At the moment, users can only redeem the candies with limited collection NFTs, vouchers from crypto staking wallet, Cobo Wallet, and Coingecko’s merchandise, including its “How to DeFi” book, jumpers, T-shirts, etc.

Some of the limited NFTs will be collected in Blockchain Heroes, Axie Infinity, and Proof of Attendance Protocol.

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Author: Lujan Odera

Capital One Patents An AI-Based System To Enhance Crypto Trading Security

US-based banking group, Capital One Services, announced that it has patented a new system that utilizes artificial intelligence (AI) that will ensure crypto trading and other related activities are more secure.

The firm announced that the new system would leverage the power of AI technology in checking the credibility of crypto-related transactions and information. By leveraging Artificial Intelligence, Capital One hopes to prevent traders from falling into common investment pitfalls, while helping them participate in more well-informed, long-term cryptocurrency trading.

The filed documents explain that people face lots of challenges and obstacles when dealing with cryptos.

The firm states that given the crypto market operates 24/7, it is prudent for investors and traders to understand and be updated on the intricacies and nuance of various protocols. In addition, be updated on different ongoings such as hacks, forks, or airdrops, which emanate from multiple sources like crypto news sites, Twitter, and Medium posts. Such content is not easy to verify.

“In particular, it is difficult to verify the credibility of speculation, rumors, opinions, and other information posted on social media and elsewhere,” the patent titled, “System And Method For Mapping Decentralized Identifiers To Real-World Entities” reads. Capital One’s AI-based verification system was awarded the patent last week by the U.S. Patent and Trademark Office.

According to Capital One, the system can be nuanced and sophisticated in the interpretation of information. This will allow it to detect fake volumes, analyze the speed at which news like exchange hacking starts trending in various social media platforms as well as news sites.

The patent itself, labeled as no.10,679,229, is comprised of three core components:

  1. A specific AI program that keeps an eye on very specific pieces of information, such as social media posts.
  2. Once this information has been obtained, it is then fed into a ‘credibility analysis machine.’ This second component cross-references this information with other historical pieces of information or events to test its credibility.
  3. It then compiles this legitimate information and leverages it to conduct and inform its trading decisions. It then analyzes how the market responded to such an event previously.

Capital One has been upfront about the difficulty involved in finding legitimate information within the crypto market. The firm hopes that its solution can help inform trader activity.

However, the system will not be launched immediately, as further refinement is still needed. The way it is set up, however, would allow it to see a progressive improvement in its performance, especially as it processes more data, and learns from past trends.

This is understandable as the filing of a patent does not necessarily mean that a product or service is going to be launched. This, however, isn’t the only crypto-related patent that Capital One holds, as just last year they secured two other patents: Blockchain-Backed Content Validator and one for Blockchain-based Banking Security and User Authentication.

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Author: Joseph Kibe

AVA Labs Integrates Chainlink’s Decentralized Oracles to Improve DeFi Dapps Development

AVA blockchain, becomes the latest platform to add Chainlink, a decentralized oracle system to its platform. The integration of Chainlink to the Dapp blockchain platform will reduce the development time and allow the creation of new products on the platform such as crypto derivatives, calculation of strike prices and triggering liquidations.

In an official report released on Medium AVA Labs, the development team behind AVA blockchain, will integrate Chainlink’s decentralized oracle system on the blockchain. AVA is a platform that enables developers to create decentralized financial applications on the blockchain.

Chainlink’s multiple sources of data oracles will prevent single point of failure (SPOF) attacks in price data retrieval. Moreover, it reduces the overall development time needed on the DApps, as well as allowing tokenized traditional assets & derivative instruments and expanding the toolkit available to devs. In an official statement to BEG, Emin Gün Sirer, CEO and Co-founder of AVA Labs, said,

“A core design principle for us is to make it dead simple for developers to build without limits on the AVA network, and that means integrating with best-in-class tech that is secure, reliable, and trusted. Any decentralized finance application on Ethereum that uses those tools and Chainlink data will soon be able to dramatically increase the velocity and volume of transactions, while also providing a far superior user experience.”

Chainlink has gained quite a repertoire over the last few months with multiple open finance platforms, exchanges and even other price oracles integrating the system. Several smart contract developers lead the security of the oracle systems on ‘Sybil-resistant’ node operators that source data from premium and trusted data centers. The increased demand in Chainlink has seen the overall number of nodes increase and the fees spiking by 1% as consumption of gas increased in the past month.

Speaking on the latest integration, Sergey Nazarov, Co-founder of Chainlink, showed his excitement in partnering with AVA. He further said,

“Due to the scalability of AVA’s subnets, developers can expect to have large amounts of data available to them for the creation of various DeFi Dapps.”

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Author: Lujan Odera

VeChain to Build Blockchain Medical Data Management System for Cyprus Hospital

The Mediterranean Hospital of Cyprus is all set to deploy a blockchain-based medical data management system built on top of the blockchain tracking platform VeChain in association with I-Dante, a digital healthcare solution provider.

The medical data management platform would be called ‘The E-NewHealthLife.’ The Cyprus hospital, which is set to deploy the DLT-based system, currently has 300 employees and recorded 38,000 patient visits last year.

The need for a DLT-based data management system arose due to inefficiencies caused by an outdated technology infrastructure.

The first phase rollout of the data management system will be for the emergency department of the Cyprus hospital, allowing patients to check waiting lists and manage their medical records from their mobile phones.

VeChain claimed that the new data management system would eliminate middlemen and make it easy for patients to directly connect with the hospital. The firm said:

“Instead of relying on health information exchanges or other ways to aggregate data,” the platform is capable of “eliminating the middleman and accessing patient databases on a large, population scale.”

The Difficulty in Managing Medical Data Led to DLT-Based System

In its announcement, VeChain noted that managing medical data records which included administrative and technical difficulties in pooling data from various record systems and departments led them to turn to blockchain for a solution.

The problem is that a single Hospital with multiple departments can have multiple data management systems with no interoperability amongst them. This makes them increasingly difficult to manage as a means of record storage, and highly vulnerable. VeChain claims that blockchain is perfectly suited to these needs as it is an immutable system.

VeChain believes the DLT medical data management system would not only eliminate unnecessary hurdles created by old-age tech, but also ensure patient privacy; where a patient can decide who can check their medical record and how that medical record is being used.

This is not the first occasion where VeChain is involved with a blockchain-based data management system in the medical field.

Earlier the blockchain tracking platform deployed its DLT system to track the authenticity of KN95 masks coming from China into the United States, amid many cases of flawed batches of medical goods arriving from China.

Not just VeChain, blockchain, in general, has seen a great surge in demand in various fields and firms associated with COVID-19 relief, be it IBM’s blockchain architecture being utilized to develop a coronavirus hotspot tracing system or many other medical supply tracking systems.

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Author: Silvia A

The US Department of Defense (DoD) Issues Contract to SIMBA Chain For R&D Data Storage

The US Department of Defense (DoD) is looking to secure and store their R&D data on a blockchain-based system and has outsourced the contract for developing the same to the SIMBA Chain in the form of a Business Innovation Research contract.

In an announcement made on 12th May, the US Department of Defense awarded a $20,000 contract to SIMBA to develop a proof-of-concept based blockchain system for 4.5 million research and design documents and over 4,000 users managed by the DoD.

This isn’t the first time the US government has shown interest in blockchain-based systems. In fact, the US government has been actively involved in research, development, and utilization of various blockchain use cases in their departments. Earlier, SIMBA Chain was also tasked with developing a system to help the US Navy secure its communications.

[Related: SIMBA Chain also Partnered with US Air Force in 2019, and again with the US Navy back in 2018 to track Aircraft parts]

The ongoing R&D storage project is being dubbed as ALAMEDA for Authenticity Ledger for Auditable Military Enclaved Data Access and is expected to be completed by June, following with trials would then begin for a period of 5 months.

If the project passes the test phase and proves to be a success then another grant of $1 million could be awarded for SBIR Phase II contract. The phase II would focus on commercialization and creating a Github like interface to control and manage documents within projects.

What Would Phase II Bring to the Table?

Phase II’s primary focus would be sharing documents and datasets while ensuring authenticity and integrity. SIMBA would be using its Chain’s cloud-based Smart Contract as a Service (SCaaS) platform to develop and deploy different DApps for iOS, Android, and other platforms without the need for any third-party interference.

Joel Neidig, CEO of SIMBA Chain commented on the latest partnership stating the need for a secure and decentralized data storing and monitoring system in this day and age where a ton of sensitive data is exchanged via mobile phones. He explained:

“The DOD, defence contractors, and enterprise-level businesses have benefited from mobile devices and how easy it has become to access and exchange date.

However, the enhanced flow of information represents a significant security risk. Hence the need for sophisticated blockchain solutions that authenticate and document users, eliminate the third party bad actors, and otherwise allow secure direct connections between trusted sources.”

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Author: Rebecca Asseh