VIDEO OF THE WEEK
HIDDEN GEMS
CRYPTO Page 24
ACTIVISTS AND WEB 3.0 Page 08
Page 56
BEGINNERS GUIDE
Page 18
To invest or not to?
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altFINS: THE RISE AND RISE OF Page 50
HOW TO SPOT A SCAM Page 12
FOUR TYPES OF BLOCKCHAIN Page 18
THE CRYPTO CHAMELEON Page 30
WHEN LAMBO? Page 13
CRYPTO INFLECTION POINT Page 16
THE DIGITAL WALL OF RUSSIA Page 26
VITALIK BUTERIN`S MISSION Page 32
BITCOIN AND ENERGY Page 34
THE EU VOTE Page 36
LOOK BACK CRYPTO EXPO DUBAI 2022 Page 40
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CONTENTS $2 cryptoweeklymag.com march 2022 | Volume 19
07
Adoption Study, Finds Cryptocurrency Payments Most Accepted by Travel Industry
08
Activists Use Web3 Technology to Manufacture Future Corporate Overlords
12
How to Spot Crypto Scams
13
When Marketing? When Lambo?
16
Crypto Nearing Its 'Hyper-Inflection' Point
18
The Four Types of Blockchain
20
Metaverse Event
24
Video of the Week
26
Breaking Through Russia's Digital Electronic Wall
28
Editors Opinion: Ukraine Has Been a Boon for the Crypto Industry
30
Boy George Turns 'CryptoChameleon' byEmbracing NFTs and Metaverse
32
Vitalik Buterin Is On a Mission.
34
Does Bitcoin Have an Energy ‘Problem’?
36
Bitcoin: EU Votes Against Crypto Ban
38
Crypto Scare at Zuckerberg's Facebook
40
Look Back Crypto Expo
48
A success story of newcomers – BitAlpha and partners
50
The rise and rise of altFINS
54
Mysterious Crypto world with Anait CryptoQueen
56
Hidden Gems
58
Who is Jeetu and What is DiFx?
60
UK Crime Agency Calls for Crypto Mixers to be Regulated
CRYPTOWEEKLY CEO Nathan Hill
LETTER FROM
THE EDITOR
nathan@cryptoweeklymag.com Publisher: Colin Woolley Colin@cryptoweeklymag.com Editor: Robert Stone
Welcome to Crypto Weekly
Editor@cryptoweeklymag.com Editorial: Anthony Burton Editorial@cryptoweeklymag.com Director of Advertising and Corporate Relations: Philip Greenwood philip@cryptoweeklymag.com Design: Dilin Web: Bill Trevor
Crypto Weekly Magazine is published by the Crypto Marketing Company 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ
M
y Facebook friends always treat me in a way that I know they wonder about me. I am mysterious to folks somehow. I'm a busy man. I like to talk sometimes so they, and you, will hear from me from time to time, and I may ask how you are doing just because I want to hear what all of you have to say, or maybe I have something I am excited about I am working on, so I want to share.. I love my friends and the folks willing to listen, and I love to hear what all of you have to say. I hope you are prospering at being alive in the world. It gives me a sense of peace to be a part of those experiences as a witness of the presence of you when you express yourselves to all of us, and me, on social media, the things you feel and see from the depths of your being... This is the stuff of a good life to live in this place. So, the reason I am mysterious is only that you remain so to me in many ways or there would be more clarity. It's not like my way of retreating to the depths of emptiness could produce any form of comprehension. So here I am now. I am always here and may inhabit this place of now constantly to be relied upon to listen at any frenetic moment to pause it and be stilled to awareness of everything before me to bless you with presence. Crypto Weekly will answer all of your questions. Whether you're new to crypto or have some experience, we're here to help. Let's get started. This is going to be fun! Now that we have reached the end, it is time to turn the page, but let us know your thoughts. If you would like to see something featured, please get in touch with me.
editor@cryptoweeklymag.com
Follow Us Stay Connected Robert Stone Editor
cryptoweeklymag
NEWS
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Crypto Weekly
Adoption Study, Finds Cryptocurrency Payments Most Accepted by Travel Industry
According to Traders of Crypto, the adoption of crypto payments has been led by travel companies, fast-food chains, and dating sites.
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any large companies and entities have taken advantage of cryptocurrencies from the beginning, including fast-food chains, higher education institutions, and sports teams. As cryptocurrencies become more widely accepted to pay for goods and services, the travel services industry and fastfood chains are leading the way. According to a study by Traders of Crypto, the travel industry is the most crypto-friendly, with 11.5% of companies accepting digital assets. The third-place goes to nonprofits and charities with 9.13%, following e-commerce with 11.06%. Bitcoin traders said in a note that crypto's acceptance "represents a huge shift in public perception and recognition of its
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According to a study, Expedia, McDonald's, and OkCupid are among large companies that are open to crypto.
value by consumers and businesses." Crypto mined public, and specialty news sources, for a report on companies accepting cryptocurrency. The majority of digital tokens are cryptocurrencies such as Bitcoin and Ethereum. Expedia, which allows customers to pay for hotel reservations with Bitcoin, has been "quick to recognize" the growing demand for crypto-payment availability. In addition to AirBaltic, Norwegian Air and LOT Polish Airlines have also begun accepting crypto payments. Many of the world's biggest fastfood companies, including Burger King and McDonald's, have begun experimenting with crypto payment methods. Crypto payments have been used by the company in the
Payments are generally made in Bitcoin and Ethereum, with crypto adoption still in its infancy.
Netherlands, Germany, and Venezuela. McDonald's has been experimenting with Bitcoin in El Salvador - the first country to do so - and KFC has been trying it in Canada. Benfica became an early adopter in the sports world when it accepted Bitcoin and Ethereum for fan merchandise. The Dallas Mavericks, Miami Dolphins, San Jose Earthquakes in soccer, and San Jose Sharks in hockey, take crypto as part of their payment options. According to Traders of Crypto, even our love lives are being impacted by the unstoppable tide of progress, with dating website OkCupid accepting Bitcoin payments as early as 2013. Match Group operates OkCupid. Other dating sites accepting crypto payments include Badoo and Luxy.
March 2022 | Volume 20
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FEATURE Crypto Weekly
Activists Use
Web3
Technology to Manufacture Future Corporate Overlords
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att Damon said that "fortune favors the brave." As he walked through computer-generated scenes of explorers and adventurers, Damon suggested that users should trade cryptocurrencies on Crypto.com to follow in their footsteps. Crypto.com's ad - echoed by many other crypto companies buying 30-second Super Bowl ads for up to $7 million - clarifies that Cryptocurrencies and blockchain are the future. Don't miss this opportunity. Though blockchains have been around for decades, and Bitcoin went live over 13 years ago,
March 2022 | Volume 20
the industry came into its own during the pandemic. They knew they could become wealthy quickly if they parked their money in these digital assets and spent less - either because of stimulus checks or less. Because of salesmanship, Bitcoin's price rose from about $9,000 in March 2020 to almost $70,000 in November 2021. Blockchain and crypto evangelists broadened their pitch with the cash pouring in - from
regular people, wealthy early adopters, and venture capital firms. Cryptocurrency was no longer just digital tokens that were both money and speculation. In a rebranding, Boosters rebranded it as Web3. NFTs, also known as non-fungible tokens, transfer ownership rights to digital files; DAOs, or decentralized autonomous organizations, which aim to replace hierarchical corporations with democratic institutions; and DeFi, or decentralized finance, which seeks to eliminate intermediaries from the financial system.
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The new Internet will be democratic and free of corporate control, where users can earn a living online and own their virtual assets. There has been a lot of excitement about this new Internet. OpenSea, the NFT marketplace, saw its trading volume increase by more than 600x; tech workers left their jobs to join Web3 companies, and venture capital poured in. However, since the crypto and blockchain fever peaked in November, cracks have emerged everywhere. As of the end of January, the value of major cryptocurrencies such as Bitcoin and Ethereum had fallen
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nearly half since the Damon advertisement began running last fall. Bitcoin fell from over $67,000 to just over $35,000 on January 22 as critics became more vocal about their concerns with NFTs, DAOs, and the broader crypto sector. Even though Web3 may not live up to its big promises, it is important to remember other times when big claims were made about an advancement that fell short.
Promises made in the past. Apple published an ad in The Wall Street Journal in 1980 in which Steve Jobs framed
the personal computer as a device that "offers its power to the individual." The ad argued that, in contrast to the mainframes used by corporations and governments, the personal computer would redistribute power to the average person. Silicon Valley's libertarian counterculture and neoliberalism's belief in the supremacy of markets have contributed to the idea that technology can grant individuals power. Job attached these ideas to Apple's tiny, white box, asserting that technology and entrepreneurship would lead to progress. Steve Jobs' claims that the personal computer would set people free began the libertarian
March 2022 | Volume 20
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FEATURE Crypto Weekly
techno-utopia. Personal computers have certainly enabled greater autonomy in some ways, but Jobs' vision of total freedom through technology has not been realized. We live in a computerized society, which has made it easier for corporations to operate globally and dominate more of the economic pie. With the exception of a few professionals, wages for most workers have stagnated since the 1980s. Due to this, new technologies have not provided workers with freedom from their bosses, but have allowed them to be further controlled by them. Tech was used to empower workers in the 1990s. John Perry Barlow, cofounder of the Electronic Frontier Foundation, wrote, "I declare the global social space we are building to be naturally free of the tyrannies you wish to impose on us." He argued that cyberspace would be a place of equality because it would be free from privilege and virtual. Despite this assertion by Barlow, internet users could not escape social, political, and economic structures of existing societies. Barlow said little about corporations that shaped the web for their own profit margins as he slammed governments. As a consequence of the dot-com boom, internet companies attempted to enclose the web so users could engage with it through a few large platforms that made big promises of their own. Despite building a walled-off digital kingdom, Jeff Bezos talked about the need to eliminate gatekeepers in his "connect the world" plan. It has still not been possible to achieve the cyberlibertarian utopia all these years later.
Today, most of what we do is tracked by a few major commercial platforms that are constantly looking for new ways to profit from our interactions. It is Web3's mission to free us from this reality by giving us back our freedom through digital autonomy - giving the power of the internet back to us. That is what its supporters want us to believe, at least.
How does Web3 work? Ethereum cofounder, Gavin Wood, introduced the Web3 concept for the first time in 2014. Web3 is an evolution of the Internet where "all interactions will be conducted pseudonymously, securely, and for many services, trustlessly." For Wood, trusting others or authorities is "almost always a mistake." Rather than human intermediaries, he said he prefers a society that governs all of its interactions with "smart" contracts. Its communications and financial transactions are recorded in a distributed ledger that everyone can see, much like a public spreadsheet. Therefore, if you post something you regret or someone posts your personal information, you won't be able to remove the block. Web3's proponents claim that it will fulfill the utopian promises of earlier versions of the internet. The Web3 platform combines the decentralized nature of a Web1 platform with the advanced features of a Web2 platform. In other words, you'll enjoy the perks of big platforms - ease of use, access to a community, and creative potential - but without any of the drawbacks - no one selling your personal information, no big companies taking high fees, and no government regulations limiting what you
can create. Clinton reaffirmed his promise to displace gatekeepers so that creators, developers, and artists would have more freedom. Web3 evangelists promise to take on the former "disruptors" - the dominant tech companies - while Spotify and Apple take on record labels, and Amazon takes on book publishers. Web3 is also concerned with the fetishization of the early "decentralized" web, but there is a fundamental difference between the two. According to Barlow, "legal concepts of property" would not survive the transition to the Internet and would remain in the physical world, meaning nothing would be owned on the Internet. Early internet users resisted copyrights and intellectual property, and the free sharing of information was considered piracy by some. However, the capitalists behind Web3 don't value that quality. Dixon explained that users in Web3 can own pieces of internet services by owning tokens, and those tokens "give users property rights." Instead of users owning nothing in Web3, Web3 allows us to buy and sell every little part of the Internet. The tokenization of the web, however, calls for skepticism. A history of emancipatory claims shows that commercial pressures tend to get in the way.
We are building the future of the real world. Although Web3 is supposedly decentralized because it relies on peer-to-peer blockchains, the process that facilitates transactions on the blockchain - mining - is highly concentrated. Completing a transaction or adding a new block requires complex math problems. Approximately 50 miners control about half of the mining capacity of Bitcoin, according to a National Bureau of Economic Research report from 2021. Almost half of Ethereum's computational power was controlled by just two mining pools as recently as 2020, according to a report then. By blocking the creation of new blocks and preventing other miners from completing them, a group of miners controlling more than half the power can manipulate transactions on the chain. Despite the proliferation of promising startups in the Web3 sector, it has become
March 2022 | Volume 20
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increasingly concentrated around dominant players in specific niches, such as the crypto exchange Binance, the NFT marketplace OpenSea, and services such as Infura and Alchemy - just as e-commerce, social media, and content platforms did as well. Consolidation will likely continue. Because Bitcoin mining uses a lot of electricity and transactions are difficult, centralized companies will arise to dominate Web3, as large platforms have done with Web 2.0. Former Signal CEO, Moxie Marlinspike, believes centralization makes services easier to use and lowers their technical barriers to entry, as Facebook, Google, and other services have done with the rise of internet users over the past two decades. As most people cannot (or don't want to) figure out the technical details, there is an incentive to simplify the tools. Hence, they're accessible to new users through their own service which is exactly what venture capitalists are doing. David Rosenthal, an authority on peer-topeer and decentralized web technologies, argues that the blockchains underpinning Web3 are largely designed to make mining expensive, encouraging consolidation so that miners can use scale to gain efficiency - and thus increase profits. There are also Web3 firms, and the venture capitalists behind them, that are trying to work with traditional financial systems and shape regulations to ensure their crypto-based platforms become key intermediaries, which Molly White explained creates greater incentives for centralization to comply with
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financial regulations and ensure users can cash out. It is likely that Web3 will look like our current Internet, but with different corporate players.
speculative mania has weakened the economy, which is exactly why discussions of crypto regulation or outright bans are escalating in the U.S. and elsewhere.
Web3 is prone to dependency on cryptocurrencies, which are less currencies and more speculative assets. Gates has called crypto assets "a pure greater fool theory" investment since they are entirely reliant on attracting more people to increase their value. Diehl says that they resemble Ponzi schemes and pyramid schemes, which explains why crypto enthusiasts want you to join them. Wash trading and pumpand-dump schemes boost the value of NFTs artificially before the creators cash out with everyone else's money.
Don't believe the hype.
Regular people are being taken advantage of, but powerful industry players benefit from this state of affairs. Gates has observed that crypto does not create value; it simply redistributes what is already there, like a casino. Thus, it's a negative-sum investment; a number of players, such as the exchanges, are front-running customers' trades while also taking a cut. You will lose every time unless you buy early or have a lot of money to begin with. According to Diehl, crypto's real innovation is getting around securities regulations, which means investors and venture capitalists can cash out without waiting for an IPO. Tokens can be sold at any time, and influential people typically have access to discounted presales for new coins and NFT collections before everyone else. However, the resulting
We believe Web3 is an emancipatory version of the Internet, following on from previous versions of the web that failed to follow through. There is a fundamental conflict between the lofty goals of freedom and decentralization and the interests of venture capitalists flocking to Web3 to build companies that can monopolize their segment of the industry. Crypto space is also prone to scams, with scammers stealing $14 billion in crypto last year. A growing number of people are admitting that crypto trading is similar to gambling, leading to a new kind of addiction in which they lose a great deal of money. There will be serious consequences for the communities that get caught up in the larger crypto pyramid schemes when they implode. Instead of being fooled by flashy promises, we should look critically at what is being built - from the growing financialization, to the artificial scarcity created by extending property rights to digital goods, to the huge energy requirements causing blackouts in many countries - and determine whether the future they are building is actually in alignment with their rhetoric. And, when we see that it doesn't, we can start imagining what should be built instead.
March 2022 | Volume 20
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FEATURE Crypto Weekly
How to Spot Crypto Scams A
s I was researching the number of people falling victim to scams, I observed that as cryptocurrency becomes more popular, so do scams. Fraudsters sometimes trick consumers into investing in fraudulent cryptocurrencies, but others find clever ways to steal the currency. Cryptocurrencies are difficult to track and recover. Fraudsters often use different scams to steal cryptocurrency. At the top of the list, is asking people to convert investments into real crypto and tricking them into transferring them- never to be seen again. With the "gold rush" aspect of crypto glamorized in the media, scammers will convince consumers to invest in a surefire investment through a fake account/ purchasing exchange, which often works as part of an elaborate Ponzi scheme. Scammers will also make fake coins and convince seniors to invest in initial coin offerings or ICOs. Because people are stressed about getting in early, some people may not properly
March 2022 | Volume 20
vet the fake opportunity because they have experience or knowledge about IPO investments in real stocks. In many scams, the scammer pretends to be the police investigating a crime involving the use of someone's identity or accounts. In order to disengage or isolate themselves, they will be asked to transfer assets into a "government account," which will simplify the process of returning their money. The trick doesn't just apply to consumers being tricked into buying cryptocurrency, but also to people being tricked into giving away their cryptocurrency. Online dating apps are one way people are scammed. Approximately 20% of the money lost in romance scams between October 2020 and March 2021 was sent in cryptocurrency, according to the Federal Trade Commission. People are generally tricked into sending cryptocurrency to a compromised wallet by scammers who try to gain private and personal information like security codes.Some people have heard of cryptocurrency and have seen news
reports about the outrageous profits some people have earned. Ponzi schemes and fake cryptocurrencies will be created by scammers using this opportunity. Relationship scammers will often ask for money to invest in "sure-thing" crypto tips. If someone asks you to exchange money for cryptocurrencies, you should be especially wary. Cryptocurrencies are unregulated, unprotected, and uninsured, so it is easy to get away with them and nearly impossible to recover from them. According to the FTC website, if you see a tweet, text, email, or another message on social media that says to pay using cryptocurrency, it is a scam. Anyone who asks you to pay with cryptocurrency is a scam. Anyone who asks you to pay by wire transfer, gift card, or cryptocurrency is a scammer. The FTC has helpful information regarding cryptocurrency and scams. Robert Stone Editor
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FUDDOXX
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Crypto Weekly
When Marketing? When Lambo? When marketing? When Lambo? Are there any questions asked more of a developer. These questions cause developers nightmares driven by investors' impatience in their chat groups and become a constant ringing in the middle ear for those who spend countless hours waiting for project updates. Let's look at the two questions being asked and break them down into the significant relevance each brings to the project. When marketing? This is an important question, and developers do put quite a bit of emphasis on the marketing of a project; however, the marketing strategies genuinely do not line up with most of the marketing ideas of the investor. A developer will be looking to market the project for several reasons, and nine times out of ten, it won't just to get a pump in the charts, as the coin may not be actual utility, unlike a Meme coin which has no utility. They be looking to draw new services to their project or sell their to other services. This doesn't work for most who sit in the
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b e t h e might project c h a t
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FUDDOXX Crypto Weekly
groups day in and day out to only come up with new Gifs to ask the same question and present the question more entertainingly. There are many reasons why marketing is a question that needs to be addressed as much as the when. None of the answers will appease the general public, who are only looking for a quick pump, to which an equally quick dump will usually follow. The sheer impatience of these people demanding marketing is the same people who are then causing the dumps. So, should a developer then question the impatient as to why they have sold their investment and not stuck by the project they originally were so eager to put their money into in the first place? When asking these developer questions, there is no remorse for the words directed at a person who dedicates their life to making the project work and, even more, gets the chart to follow an upward trend. I have seen death threats to developers for not answering "when marketing" questions. Really? It's worth someone's life over a tweet or a YouTube post from a celebrity who has no idea what they are promoting, not to mention the associated fees of using celebrity promoters. Then, when the marketing doesn't put a big green candle on the chart, the vicious cycle starts again "When More Marketing." We then move on to the next question to torment developers who have become the funniest of questions asked in the crypto space, "When Lambo?" This question is easy to answer, and all should pay close attention to these words, "without patience, there will never be a Lambo!" The end. The "when Lambo" questions are usually thrown around by impatient investors searching for a quick profit, but it rarely happens overnight. If you can show some patience and persistence, you might see your investment portfolio grow, but only if you can refrain from pulling your investment out before it grows. So, to all those that feel the need to ask these two questions, stop and think about where you are as an investor and why you are asking "When Marketing." Is it for genuine belief in the project and seeing it progress to benefit you in the long run or are you just a Moon Boy.
March 2022 | Volume 20
"without patience, there will never be a Lambo!" The end. The "when Lambo" questions are usually thrown around by impatient investors searching for a quick profit, but it rarely happens overnight.
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FEATURE Crypto Weekly
Crypto Nearing Its 'Hyper-Inflection' Point I
t is impossible to go through a single day without hearing some mention of cryptocurrency if you watch the news or read it regularly. While many articles laud the phenomenal returns some cryptocurrencies have provided investors, others say that crypto is not really an investment class and that its future is uncertain. Regardless of your position on crypto, it is hard to argue that it is gaining acceptance across the world, from El Salvador's adoption of Bitcoin as legal tender to even Joe Biden stating that the U.S. may consider creating a digital currency. There is some speculation that cryptocurrency
March 2022 | Volume 20
is reaching a point of "hyper-inflection" based on this and other signs. But what does that mean? Keep reading to find out.
How Do Hyper-Inflection Points Work? Investopedia defines cryptocurrency's "hyper-inflection point" as the moment when its critical mass is reached, and when momentum shifts toward rapid expansion and acceptance. According to Wells Fargo's global investment strategy team, cryptocurrency is very close to exploding, much like the internet did in the mid-to-late
1990s. In February and May of this year alone, Crypto.com found that only about 3% of the world's population used cryptocurrency. The "point of no return" may arrive sooner rather than later if adoption rates continue to increase exponentially. Crypto will become as common as Windows and Apple computers when that happens.
Do Current Crypto Investors Stand to Gain from This? Longtime cryptocurrency investors may be sitting on huge gains, but those who purchased in the past year might be facing losses of up to 50%. However, if we are really at a cryptocurrency "hyper-inflection point”, it might be a good time for investors who are sitting on losses to average down and add to their losses. It lowers the average cost of crypto positions and positions investors for future gains.
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Crypto Weekly
“hyper-inflection point” is around the corner by buying cryptos at today's lower prices. You should, however, understand the risks involved and make sure you don't devote too much of your portfolio to these sorts of highly uncertain investments. Hyper-inflection and the potential headwinds. Many technologies and innovations approach the "hyper-inflection point'' but never quite reach it, falling into the waste bucket of history. It's certainly possible that cryptocurrency will never reach the point of global adoption, thanks to a multitude of
There's no guarantee that cryptocurrencies will return, which makes this type of investing risky. They may even lose value eventually. Nevertheless, if you understand the risks and believe that the “hyper-inflection point'' is coming, it can make sense if you have the risk tolerance for this type of investment.
factors. For example, governments may make their own digital currencies or even outlaw cryptos, creating roadblocks that could prevent a “hyper-inflection point'' from ever happening. Or, cryptocurrencies may simply never prove to have great utility in everyday life, limiting their widespread adoption. The old market axiom says, "That's why there's a market." Some investors believe that cryptos will become the next dominant technology, while others consider them to be a passing fad. The truth will come out in due time.
The Inflection Curve Bussiness goes on to new heights
What about new investors? New crypto investors would be thrilled about a coming “hyper-inflection point'', especially those who feel they have already missed out on investing in crypto. In 2021, Shiba Inu posted a 49 million percent gain, which is unfathomable. Investors may not be aware that crypto prices are 75% below peak levels from 2021. There are other well-known cryptos that are also down 50% or more. You should be cheered by cryptocurrency's long-term viability. Crypto investors could do quite well if the anticipated
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Inflection Point
Bussiness declines
March 2022 | Volume 20
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BEGINNERS GUIDE Crypto Weekly
The Four Types of
BLOCKCHAIN If you've heard of blockchain, you're probably curious to learn more. Learning more about the types of blockchain is the first step to understanding its applications. If you're interested in blockchains, you've come to the right place. You will learn more about blockchains, their types, advantages, and disadvantages as you read on.
Public
Pros
Public blockchains are digital ledgers without restrictions and do not require permission to access. A user can become a node on the platform by creating an account with a strong internet connection.
Blockchain types
The public digital network allows members to view current and historical records. Additionally, they can mine, confirm incoming transactions, and perform proof-of-work on incoming blocks.
Cons
This technology has impacted several aspects of financial transactions. Several types of blockchain have been developed as a result of its growth. Here are some types of blockchain and their pros and cons. Public Private Hybrid Consortium
March 2022 | Volume 20
The public platform network is primarily used for cryptocurrency mining and cryptocurrency exchanges. As a result, Bitcoin is among the most widely used blockchain platforms available today.
The public platform is open to everyone Encourages everyone to contribute to its improvement Without the need for intermediaries These ledgers are also secure due to the number of participating nodes
Due to the high number of users, it is impossible to scale Consumes large amounts of energy Bitcoin payments are slow
Cons
Due to the high number of users, it is impossible to scale
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Consumes large amounts of energy Bitcoin payments are slow
Private A blockchain is a great tool for businesses that wish to use private networks. Private blockchains operate within closed networks. Random individuals are unable to access the platform without permission. Furthermore, the organization can configure many network characteristics, such as authorization and accessibility.
A hybrid blockchain can quickly connect private blockchains to numerous public blockchains thanks to its adaptability. In this way, a private user validates a job on a hybrid blockchain within a private network. In addition, the job may be published for public validation.
Pros
The private technology has a variety of applications, each with its own characteristics. The means of access distinguishes public platforms from private platforms. Apart from this, both provide their members with security and fair transactions. Third parties cannot access the records stored on this platform. In addition, private networks tend to be somewhat centralized. Members of the network are controlled by only one authority.
Pros
Transparent and fast transaction With a limited number of users Reduces clustering and congestion Due to the controlled number of participants, it is easily scalable It promotes trust between employers and employees The information can be tracked Without compromising user privacy With minimal energy consumption
Cons
Unlike other types of networks, private networks are not entirely decentralized There is a difficulty in establishing trust because rules are set by one person Has fewer nodes and is less secure
Hybrid
Cons
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Hybrid blockchains can be challenging to upgrade Because people are not financially motivated to join the network Because it is inherently untruthful
Consortium Consortium blockchains are semidecentralized networks in which multiple organizations control the network. Private blockchains are managed by a single entity. As nodes in a blockchain of this type, multiple organizations can exchange data and perform mining. Consortium blockchains are commonly used by banks, government agencies, and large organizations.
Pros
Private and public blockchains are combined in a hybrid digital platform. Thus, this technology enables both closed permission-based and open permissionless systems. On a hybrid network, users can control who can access which data. There can be some public data and records on the network, but the rest remain private.
Provides information to the public while maintaining high levels of privacy The rules can be adapted to suit specific needs This system is 51% secure and can protect the information of its users In comparison with public networks, it has a high degree of scalability
Resources on the platform can be easily customized and controlled by users Compared to standalone blockchains Public blockchains are less efficient than private blockchains A well-defined governance structure is maintained on the platform Through different access controls
Cons
The entire network can be compromised even if it is secure Because it is less transparent
And censorship can adversely affect it Because it lacks anonymity
What are the different types of blockchain? Blockchain's primary function is to conduct and exchange information securely over a network. Bitcoin was the first to introduce it. Anyone could become a node of the digital currency. As a result, they could trade currencies easily with other nodes. It became a public platform that anyone could use. Not every organization can use this function. Similarly, a financial institution cannot expose all transactions to third parties and allow them to interfere with its business. Institutions need a private platform to protect confidential information, which is why they need more privacy. Similarly, some organizations may wish to conceal some information while revealing others. Public technology would be too open, and private technology would be too restricted. The best solution is a hybrid blockchain. A blockchain developer is becoming increasingly dependent on these technologies - but the most important thing is that they make it possible to pay for the work of many other freelancers located around the world. Through smart contracts, it is much easier for any specialist to find crypto jobs and get paid in crypto timely. These examples illustrate why different types of blockchains are needed. Therefore, a variety of technology is needed to meet different needs.
Conclusion You should now be able to determine which blockchain network is best for different situations based on what you've learned about the different blockchain networks. You can use the private blockchain if you want to use this network privately. Public blockchains are better for something more open. The hybrid network, on the other hand, is the perfect mix of both worlds.
March 2022 | Volume 20
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EVENTS & UPDATES Crypto Weekly
METAVERSE EVENT REGISTRATION IS OPEN NOW!
Metaverse Ecosystem Development & Investment Conference-Asia Station will happen on 24, 25, 26 May 2022 online, organized by the MC (Metaverse Club). The Conference will include more than 10,000 global Blockchain Game, NFT, Defi,Technology companies and game & NFT players, crypto investors, artists, metaverse lovers as well as media in the Asia Pacific market (main from China, Japan, South Korea, South East Asia, Dubai), learning about the latest metaverse market news, finding investment and PR opportunities in the Asia Pacific market.
TOPIC FRAMEWORK
March 2022 | Volume 20
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FEATURED SPEAKERS More thann 35 featured speakers have participated in the conference to discuss the Metaverse ecosystem development and the investment opportunities in Metaverse.
MetaTokyo, Takayuki Suzuki, CEO
Michael Kaldasch, Founder/CEO, Aimedis
Justin Edwards, COO, Decentraland
Mahmoud Ali, General Partner, A'Z Angels
Dirk Lueth, Co-Founder, Upland
Raj Kapoor, Founder, India Blockchain Alliance
Harrison Seletsky, Head of Communications, NFTrade
Subgame,Ambassadors
Guy Gadney, CEO, Charisma Entertainment
On Yavin, Managing Partner, Cointelligence Fund
Isabell Welpe, Professor of Strategy, Technical University of Munich
January Barnes, Founder & Tech Reporter ParlayMe
Jesse Johnson, Co-founder and COO, Aavegotchi
Jack-D, COO, Metaverse Club
Musheer Ahmed,Founder & MD, Finstep Asia
David Hoppe, Managing Partner, Gamma Law
Alejandro De Grazia,Head Movies & Entertainment in General, Decentraland
Robert Porter, CEO, Karma the Game of Destiny
Cliff Szu, CEO,Multiverse Labs
Baptiste Tricoire ,Marketing Consultant &Forbes writer
Mik Mironov,CEO, LOCGame
Jay Chang, Co-Founder, Genopets
Miko Matsumura, General Partner, Gumi Cryptos Capital
Gilbert Ng, Partner, Mulana Venture
Bijan Alizadeh ,Partner, Cypher Capital
Jeong Hak Soo, CEO Korea App Inc.
Kwebbelkop,CEO, LaunchMyNFT
To know more about the Metaverse Ecosystem and Investment Conference Asia Station at 24-26, May 2022, please visit the website: metaverse-club.net Tickets Application: https://jinshuju.net/f/sa04NG Sponsorship and Media Exposure enquiries: philip@cryptoweeklymag.com @PhilipGreenwoodCryptoWeekly Or contact the event organisers directly: Shan-mo@metaverse-club.net
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March 2022 | Volume 20
22
NEWS Crypto Weekly
REGULATION AN
'IMPORTANT STEP' FOR 'MATURITY' OF CRYPTO
S
everal major players in the crypto industry applauded President Joe Biden's executive order last week, as it marked the first step towards regulating digital currency so it can be made a legitimate part of the U.S. financial system. Yahoo Finance's David Hollerith reported that Circle, Binance, FTX.US, and Coinbase (COIN) support the initiative. Adam Dell, the founder and CEO of Domain Money, has added his optimism to the chorus of praise for the move. Regulators can increase cryptocurrency's utility by bringing it into the financial mainstream and better protecting investors from the new asset's risks. According to Dell,
brother of Dell CEO Michael Dell, regulation is an important step in this industry's maturity. The U.S. government is studying the impact of digital currencies on financial markets and national security in accordance with the executive order. Although other countries have taken a variety of approaches to digital currency, the move sets the U.S. on the path to regulation. The country of El Salvador became the first country to allow cryptocurrency to be used as legal tender for all transactions in September. In contrast, China banned mining and trading of cryptocurrencies the same month as other countries embraced it.
THE IMPACT OF BIDEN'S NEW LAW ON CRYPTO INVESTORS A
new digital currency that can compete with Bitcoin may soon appear. Today, the Biden administration unveiled its long-awaited executive order on cryptocurrency regulation, but what does it mean for investors? The new order directs agencies to recognize and regulate digital assets in the United States. In addition, it requires the U.S. government to review the technical infrastructure needed for the launch of a central bank digital currency, or 'digital dollar.' After Beijing showcased its digital yuan at the Winter Olympics this year, the U.S. lags behind China in this area. A presidential order ensures responsible innovation in digital assets today. How does this "whole government strategy on digital assets" apply to cryptocurrency investors? Recently, cryptocurrency has been increasing across the globe, with the latest development being Wednesday's legalization of Bitcoin (BTC-USD) in war-torn Ukraine. Accordingly, the executive order by the U.S. government indicates that cryptography will not disappear anytime soon. In the executive order, the government emphasizes the need
March 2022 | Volume 20
to promote the responsible development of the cryptocurrency industry while reducing negative climate impacts. Upon hearing the Biden administration intended to issue a crypto executive order, many investors would have initially panicked, fearing a regulatory shutdown. On the other hand, the order details
suggest that the U.S. government wants to learn about the industry and make America a leader in its development. Treasury Secretary Janet Yellen said yesterday that, "Under the executive order, the Treasury will work with interagency colleagues to develop a report on the future of money and payments."
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BINANCE SAYS ONTARIO USERS ARE RESTRICTED FROM ITS PLATFORM B
inance, the world's largest exchange based on trading volume, has announced it will stop opening new accounts in Ontario. Binance and the Ontario Securities Commission began their dispute in June 2018 when the exchange announced its decision to leave Ontario after a crackdown on crypto exchanges in the province for failing to comply with securities laws. Binance announced in December that it could operate in Ontario despite not being registered there, according to the OSC. Also included in the undertaking was Binance's promise to halt trading in existing Ontario accounts "for investor protection." Binary's business boomed during the COVID-19 pandemic, as retail and institutional investors alike flocked to crypto, but the company faces heavy criticism from regulators worldwide. Reuters reported earlier that the crypto giant withheld information and maintained weak money-laundering checks while welcoming government involvement. Besides reducing or waiving fees for some Ontario users, the crypto exchange said it would hire a third party to oversee its commitments.
EU REGULATORS WARN CRYPTO MAY LEAD TO FINANCIAL RUIN
I
n a joint statement on Thursday, the EU's securities, banking, and insurance watchdogs warned that consumers might lose all their money invested in crypto assets. In a statement, the three EU authorities warned that consumers are very likely to lose all their money if they purchase these assets. It marks a significant increase in the number of direct warnings to consumers about crypto assets by EU authorities, pointing out that consumers did not have any protection or recourse to compensation under existing EU financial services law. Regulators say consumers are buying 17,000 crypto assets, such as Bitcoin and Ether, which account for 60% of the market, without fully understanding the risks.
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March 2022 | Volume 20
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of the
week
NFT
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March 2022 | Volume 20
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26
FEATURE Crypto Weekly
BREAKING THROUGH RUSSIA'S DIGITAL ELECTRONIC WALL A
s Russian tanks rolled into Ukraine, Maria, a 37-year-old mother in western Russia, didn't hesitate to set up a virtual private network, or VPN, to circumvent the blockade she saw coming across the country's Internet. "I read about the conflict with anger, sadness, and empathy," Maria says about the conflict. It was a good instinct. The VPN became invaluable once the Kremlin blocked Western news websites and social networks. Every 10 to 20 minutes, she refreshed news about the war on Facebook and Instagram, communicating with a friend in the United States. Maria says, however, her mother believes what she sees on Russian state TV, which portrays the invasion as a righteous military operation to liberate Ukraine from the Nazis. Maria vowed to stop discussing the war with her mother after a fight left her in tears. Some Russians with ties to the United States and Western Europe are attempting
March 2022 | Volume 20
to burst Russian President Vladimir Putin's propaganda bubble, alienating their own families, friends, and co-workers. War in Ukraine deepens the rift between young, tech-savvy people and an older generation that gets its news mostly from TV and was raised on Putin's vision of the country.
networks, such as Telegram and VK, which many pro-government organizations use. Interviews with a half-dozen people in Russia revealed the ideological divide. Most of them spoke on the condition of anonymity to avoid violating the country's fake news law.
According to World Bank statistics, in the United States, almost 85% of people are online. However, only a small number of those individuals use American social networking sites. Researchers at eMarketer found that in 2022, about half of Russian Internet users use Instagram, while only a fraction use Facebook and Twitter.
Mikhail Shevelev, a Moscow-based journalist, describes the "very serious" and "drastic" divide between those who get their news from independent online sources and those who primarily rely on television. He said it is very difficult for anyone - even Russians who do not reside in Russia - to comprehend the sheer magnitude of absolutely illogical perceptions of information and outright lies.
Many Russians use digital tools to circumvent Russian censorship. People search online for independent news about the war, separating themselves from government propaganda that floods television, government-backed websites, and large sections of public social
Putin is also using increasingly sophisticated censorship measures. Russians over 50 make up the majority of viewers of state television news, which is flooded with reports about U.S. biowarfare laboratories and Ukrainian "Nazis." Apart from the recent restrictions
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placed on Facebook and Twitter, Russia has also blocked the websites of many major Western media organizations, such as the BBC and Deutsche Welle. Sanctions and public pressure have led Apple, Microsoft, and Amazon to stop doing business in the country.
The online attacks on Russians are leading some young Russians to take a more pro-war stance in line with the government. There were memes and posts decrying "Russophobia" on one Telegram channel and saying that Western countries were supporting Ukraine out of hatred for Russians.
Russians, however, seem determined to circumvent the restrictions. According to Sensor Tower, between Feb. 24 and March 13, 6.4 million VPNs were downloaded from Apple's App Store and Google Play store. Only 253,000 VPN apps were downloaded in the three weeks before Russia invaded Ukraine.
A Telegram group with over 110,000 members posted a video of volunteers setting off for Ukraine to help with the invasion. “It is unnecessary to have the whole world with us, dear friends,” the caption under the video reads, "as long as all the Russians are with us." Putin's campaign to control the once-open information ecosystem in Russia resulted in the passage of a law responsible for its "sovereign Internet" in November 2019. Previously, Russian law required Internet providers to install government-issued black boxes on their premises, allowing the government to control Web traffic by slowing down a site's loading time or blocking it.
According to Russians who spoke with The Washington Post, independent Russian news organizations that have moved their correspondents abroad continue to cover some of the events in Ukraine, and VK, the most popular social network in Russia, is still active. There are also some Russians who get their news from independent sources in addition to Telegram and YouTube. Despite the war, Alexander, a tech worker in his 20s from Moscow, knows of people who have unfriended each other online, writing posts about how they'll never shake a person's hand again because of their views on it. His aunt, who he had known for ages, stopped talking to some of her friends. Daria, a Moscow resident in her 20s, says, “Government-linked accounts post pro-government comments on VK. Bots and genuine government supporters are sometimes challenging to tell apart."
Some people in Russia use Tor to access services, an open source system that enables anonymous communication. Facebook and Twitter have built versions of their platforms that support Tor. According to
Roskomsvoboda's Artem Kozliuk, access to basic information in Russia has become increasingly complicated with the use of VPNs and special browser plug-ins. He explained that information is now passed through many intermediaries and obstacles on its way to users. A guide is being prepared by the organization he works for to assist in navigating its services. However, despite the surge in VPN interest, many fear expressing their political views online due to the Kremlin's crackdown. A two-tiered information system still rules Russia. According to Daria, “Most Russians don't comment on social media or share opinions. According to TV viewers, there are no civilian casualties and our government only fights nationalists in Ukraine who oppress Russians. Images of destroyed cities and fleeing Ukrainians don't appear on government-controlled sources." Russian Internet expert, Ilya Yablokov says, “The government uses its censorship capabilities to control the narrative within the country.” He asks, "How long are they going to win?"
Russia's VPN users are being put off by the level of posts and arguments surrounding the war. According to Lucy, a 29-year-old designer from the North Caucasus region of Russia, angry comments about Russians have caused her to cut back on using Instagram. There are relatives in Ukraine who have been forced to flee due to the Russian attack, and she is half Ukrainian herself. However, the tense environment online has made her reluctant to participate in social media. “Initially, I empathized a lot with them. Though I wasn't there, I could feel the pain they were experiencing," she said. Lucy began receiving death threats online, so she unfollowed many of the Ukrainian accounts she followed. She said, "It is extremely difficult to be blamed for something you did not do."
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March 2022 | Volume 20
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FEATURE Crypto Weekly
EDITORS OPINION:
UKRAINE HAS BEEN A BOON FOR THE CRYPTO INDUSTRY
A
ssisting the besieged Ukraine has been made possible by cryptocurrency. In recent weeks, digital money has flooded into Ukrainian coffers, according to Deputy Minister of Digital Transformation Alex Bornyakov. Cryptocurrency enthusiasts tout these donations as proof of the concept they have long been trying to sell to the rest of the world: cryptocurrencies should be the global standard for seamless, secure transactions. Crypto may indeed be closer than ever to its destiny due to this crisis, but not for the reasons they think. Most digital tokens are generally worthless. The world is seeing the
March 2022 | Volume 20
opposite of Bitcoin boosters' claims. The cryptocurrency boom came to Ukraine at the right time. The country ranks fourth in the world in adopting digital currencies, in no small part because the government wants it that way. The Ukrainian Parliament legalized cryptocurrency last month and will shortly launch an e-version of Ukraine's currency, the hryvnia. A deputy minister oversees its digital transformation. Michael Chobanian operates the Ukrainian cryptocurrency exchange Kuna. According to him, Ukraine offers "the perfect balance between absolute anarchy and possibilities." A November 2013
New York Times article described Ukraine as "the Crypto Capital of the World." Subhead: "Where else but Ukraine?" No reason not to, indeed. A notoriously corrupt nation seeking to clean up its act makes a pitch to a notoriously shady industry, which now falls on eager ears. Nondollar contributions are pouring in, including Bitcoin and Ethereum, along with more than 180 donated digital artworks now held by the government as non-fungible tokens, or NFTs. While this may sound exciting, a closer look shows that perhaps the question today isn't
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the unalterable, public record of transactions on the blockchain, which is one of the major benefits of cryptography.
speculators, it's an opportunity to attract desperately needed funds from a class that has plenty of it sitting in - well, not a bank.
Cryptocurrency providers are probably not going to hold on to it. Despite the fact that cryptocurrency is a form of currency, does it provide any more convenience - or, as true believers would have it, any less "friction" than traditional cash and credit? Aid can be accessed by Ukraine through all parts of the traditional global financial system, including online fundraising; this is not available to Russia.
There's a strong possibility that what's happening in Ukraine is the apotheosis of cryptocurrency, but only because the same sad little stories are being told with the world as a stage. Ukrainian officials promised to give crypto donors a free token of a newly created asset as part of an airdrop - a common strategy to attract funds from those hoping to make more than they invested.
‘Apply pressure to the cryptocurrency phenomenon in Ukraine, and squish it’ branding has long been associated with the appeal of this mode of contribution. People want to show solidarity with Ukraine today, with an emphasis on "show." This may, or may not, mean that they are actually helping, but definitely means telling others you are helping. It's a chance for crypto holders to market themselves as forces for justice; for a government already adept at wooing these
Internet tricksters spooked the government into scrapping the plan. In the meantime, the donors received nothing more than a warm and fuzzy feeling for their generosity. The cryptocurrency market's unique blend of genuine belief and self-promotion zeal is nothing to be ashamed of. Bulletproof vests may not be the best use of Bitcoin and Bored Ape NFTs. However, today's hype doesn't mean we'll live life on the blockchain tomorrow; it simply confirms that crypto is mainly a desire originating in the analog world: the desire to look cool.
why not, but simply why. What can Ukraine do with an immutably encoded link to a jpeg that is an NFT? There's not much other than selling it for cryptocurrency, then selling the cryptocurrency for legal tender. In Ukraine, cryptocurrency has been used to purchase fuel, food, and other non-lethal supplies, such as bulletproof vests and nightvision goggles. Besides converting crypto to fiat, the Kuna Exchange also assists the government. Especially when you need lethal supplies, real money is far more valuable. When cryptographic transactions are converted to real money, they lose the "transparency" that has been provided by
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March 2022 | Volume 20
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FEATURE Crypto Weekly
BOY GEORGE TURNS 'CRYPTO-CHAMELEON' BYEMBRACING NFTS AND METAVERSE A
new NFT project by Boy George, CryptoQueenz, has been released. With a creative persona spanning the fields of music, art, and fashion, Boy George is an iconoclast. Away from the snobbery of the art establishment, he enters the world of NFTs (non-fungible tokens). Culture Club's legendary frontman took part in his first gig in the Metaverse at the weekend and revealed his first NFT project, CryptoQueenz. Boy George is the latest star to take to the virtual stage of Vegas City Flamingos Club and talked about the "potential for surrealist digital adventures" with NFTs and the Metaverse. He has spent several months creating a series of NFT generative art. On March 1, the digital pieces were released at the premier Opensea NFT marketplace based on his Scarman designs. As part of each digital canvas sale, the Elton John Aids Foundation and Shelter charities will receive a percentage of the sale.
Boy George discusses his attraction to the NFT art world. In an interview with the Huffington Post, Boy George revealed what motivated him to get involved in the world of NFTs. A collection of iconoclastic NFT art created by the iconoclast is called CryptoQueenz. They are available to view and buy on the OpenSea NFT online marketplace. He spoke about his enthusiastic involvement in this digital frontier, where crypto "Wild West" coders meet curators from the art world. NFTs, according to him, "make it easier for people to express themselves by allowing them to sell and create their work."
disruptive cryptocurrencies, and expanding metaverses. In the words of the songwriter, “If Bowie, Dali, and Picasso were alive today, they would be in the thick of it and claim they invented NFTs." As Justin Sun, founder of the Tron blockchain, said, "The Metaverse is the future of art exhibits since it removes physical limitations, and it's much more fun to experience an art exhibit online than in person." He added, "Today, we are entering the beginning of a new creative movement." According to Tabish Khan, editor of the Londonist's visual arts section, “The art world has begun to notice this disruptive technology.” Several artists are exploring the NFT market, he said. Pussy Riot's Nadya Tolokonnikova, a Russian protest punk rock, and performance artist, helped launch a series of quilts depicting the Ukrainian flag, with proceeds going to humanitarian and defense missions within the country. After Boy George auctioned an ultra-rare CryptoQueenz NFT, all proceeds benefited the Red Cross, Doctors Without Borders, and
Voices for Children charities. The crypto version of an NFT uses a publicly visible ledger, which is a significant difference from a traditional fundraiser. Transparent blockchain-based fund transfers allow all transactions between donors and recipients to be tracked. Pussy Riot's Nadya Tolokonnikova, a Russian protest punk rock, and performance artist, helped launch a series of quilts depicting the Ukrainian flag, with proceeds going to humanitarian and defense missions within the country. Art establishments have, however, had mixed responses to NFTs. It is well known that NFTs receive many negative comments from the art world. Several factors contribute to this, including their carbon footprint, the scattergun quality of current NFTs, and their often ludicrous prices. According to Sun, the traditional art world is resistant to the changes that NFTs are instigating, "because people are afraid of being obsolete and irrelevant," but change is inevitable as it was only last year that people in the art world "kept saying that NFTs would burst quickly." “In contrast, the notoriously closed art world is always up in arms about new media." He claimed that new technology gave the art world jitters of anxiety as "NFTs bypass established galleries and collectors, who were initially in denial, but are now starting to accept them as they try to catch up." An NFT allows collectors to own, authenticate, and trade original certified versions of unique
In an online conversation he had with David Bowie in the 90s, when many believed the internet would not last, he explained the excitement surrounding NFTs. “We live our digital lives on dial-up chat." He compared those days to the restless energy surrounding Web3, with its new financial technologies,
March 2022 | Volume 20
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digital goods using blockchain technology. You can create them digitally or apply them to a physical object. In addition, NFTs can only have one official owner at any given time, and they cannot be duplicated or substituted. NFTs are stored in tamper-proof digital ledgers. When an NFT is purchased, the buyer receives a certificate secured by blockchain technology, making them the owner of that specific digital asset. Due to the limited supply of NFTs, they generate a scarcity, which increases their resale value over time. In support of NFTs, the authors claim that the technology permits digital self-expression and a global market for art that does not require intermediaries. Most NFT artwork has taken on the characteristics of the environment in which it is set, so it tends to be nostalgic and pixelated. More exciting possibilities are now manifesting with art generated by artificial intelligence, such as the Avatars of American photographer, Trey Ratcliff. In addition to visual representations of the blockchain, such as the CryptoArte collection, there is also a subgenre called "On-chain Art." According to the CryptoArte website, each NFT artwork in the array represents 576 consecutive blocks of the Ethereum blockchain. CryptoArte NFT is currently worth 0.125 Ethereum (ETH-USD), or about $250. Modern artists are experimenting with the form and moving beyond NFTs, to digital alternatives of traditional artworks, such as digital illustrations, sculptures, and paintings. The NFT artists create their pieces using code as well as artistic skills. Artificial intelligence and automated systems have been used in
the creative process to determine the features of an NFT piece using computer algorithms and large sets of data. In addition to other cryptocurrencies, NFTs are currently suffering, as many fear the market could be spiraling into the long-anticipated "Crypto Winter." Compared to the beginning of February, the daily trading volume across NFT markets decreased by 76%. Supporters hope that NFT marketplaces like OpenSea, Nifty Gateway, and Rarible will become household names alongside eBay (EBAY) and Amazon (AMZN). OpenSea is the largest NFT marketplace in the world. In February, a phishing attack on the world's largest NFT marketplace, OpenSea, resulted in the theft of $1.7 million worth of NFTs from 32 users. The NFTs worth $2.7m were stolen from OpenSea in October. Despite this, global NFT market capitalization grew from $69m to $16bn last year. NFTs are more like collectible trading cards, such as baseball or Pokemon cards, than fine art, given the real money flows here and the success of PFPs. Among all NFT marketplaces, PFPs, or profile picture artworks, hold the most value, according to NFTGo data. Among the assets in this category are Cryptopunks, Bored Ape Yacht Club, and Art Blocks, which account for 55% of the market's value. NFT artists rarely produce singular, unique pieces but tend to create collections of "unique" sets of 1,000 or 10,000. Creating limited groups of NFTs has allowed for exclusive communities of owners who are incentivized to promote their NFT to increase its value.
If a community can get a celebrity to buy in, then the value of every NFT in the series sky-rockets. Bored Ape Yacht Club members now include Eminem and Paris Hilton. A more recent NFT collection, called World of Women, includes celebrity holders such as Reese Witherspoon and Eva Longoria. Ownership of a particular NFT grants one access to parties in the virtual and physical worlds. Bored Ape Yacht Club owners get entertained by comedian Chris Rock and New York indie rockers The Strokes. Bored Ape Yacht Club merchandise always sells out at these events. This has nudged the interest of multinationals as World of Women, Bored Ape Yacht Club, and Cryptopunks could become the brands of the future. Furthermore, an artist selling their work as an NFT on OpenSea will only pay a commission of 2.5% on every sale instead of the typical 30% to 60% retainment that traditional galleries take. Sun said: "There is no doubt that NFTs are a new way or additional way for artists to bypass galleries and then monetize their works. Artists can also benefit from the revenue generated from every resale." The art world has always been in flux, and NFTs could be described as the new avantgarde, which is slowly being inaugurated into mainstream culture. At first, the public reacted with disregard and contempt, holding the idea: "How could one possibly put a price tag on a jpeg when it can be easily right-clicked on and saved to a computer desktop for free?" NFTs give visual artists a first opportunity to recover the losses sustained by the invention of the Internet, which saw diminishing returns for artists as it offered the public free and endless reproduction of images.It has always been common for Internet users to violate their rights. As a result, visual artists are restricted from displaying their skills on Web2 online platforms such as DeviantArt, ArtStation, and Instagram. They sell prints by post or get ad revenue if they have enough followers on Instagram. However, NFTs offer a direct revenue stream from consumers to digital artists for the first time and "give visibility to those artists outside traditional art platforms, especially to those who worked within digital media before the rise of NFTs.”
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FEATURE Crypto Weekly
VITALIK BUTERIN IS ON A MISSION.
E
thereum evangelist, Vitalik Buterin, wants Ethereum to be used for more than yachts, Lamborghinis, and Bored Ape NFTs. He is 28 years old. After writing a white paper in 2013, he launched the second most traded cryptocurrency: Ethereum. He is worth over $800 million today.
March 2022 | Volume 20
Forbes included him when he was 23 on its 30 under 30 list. TIME magazine called him "The Prince of Crypto." Buterin, a Russianborn Canadian computer programmer, has not achieved what he set out to do -make Ethereum great. “Ethereum should offend some people rather than become
meaningless,” Buterin told Time Magazine. He says the most significant difference between him and his fellow crypto crusaders at Ethereum is, "that most of them care about making money. I did not care about making money."
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Buterin envisioned Ethereum as a token that will enable fairer voting systems, urban planning, universal basic income, and other public works. Despite being one of the youngest crypto millionaires, he is not a typical capitalist. Buterin stated, "If we don't speak up, the only things that get built are the ones that are immediately profitable. And they are often far from what is actually best for the world."
He Goes After the Bored Ape NFT. In addition, he does not support the nonfungible tokens offered by the Bored Ape Yacht Club. He was talking about the Bored Ape Yacht Club NFT, which has captivated our attention this week, and said that it's "a different kind of gambling" when you
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have these $3 million monkeys. The token linked to the Bored Ape Yacht Club had shaky success during the past week. The token, which was airdropped to the Bored Ape NFT owners, saw its price tumble from a high of $39.40 to $7.75 the first day, according to data firm CoinGecko. It was trading at $13.26 at last check. Yuga Labs created 10,000 simian avatars for the Bored Ape Yacht Club. Among the celebrities who have their own apes are Paris Hilton, Jimmy Fallon, and Eminem. While speaking about Russia's invasion of Ukraine, Buterin said, "One positive aspect of the situation in the last three weeks is that it has reminded a lot of people in the crypto community that the purpose of crypto is not to play games with million-dollar monkey pictures, but to do things that are meaningful in the real world."Russia's invasion of Ukraine has
put Bitcoin and other cryptocurrencies centerstage as people look for ways to donate funds. Cryptocurrency is synonymous with volatility. Veterans in the financial world consider it a volatile asset. In addition to being a risky asset, cryptocurrency has also become the target of scams. In 2021, crypto scammers stole more than $7.7 billion in cryptocurrency, an increase of 81% from the previous year. In one scam, Finiko, a Ponzi scheme targeting Russian speakers in Eastern Europe, victims lost more than $1.1 billion, according to Chainalysis. Last month, CNBC reported that money laundering activity linked to Ethereum and Wrapped Ethereum in the NFT market "jumped significantly." In the fourth quarter, that number rose to nearly $1.4 million.
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FEATURE Crypto Weekly
DOES BITCOIN HAVE AN ENERGY ‘PROBLEM’? I
think we should instead focus on Bitcoin's emissions instead of Bitcoin's energy use. Before we get into the details, let's clarify what Bitcoin (BTC) mining is, and why it needs so much energy. Mining is the mechanism that provides the Bitcoin network with its financial infrastructure, and it is energyintensive by design to ensure security.
This graphic is intended to demonstrate that playing a comparison game is usually a waste of time. A lot of bitcoiners do this unproductively, comparing Bitcoin mining energy consumption to Christmas lights and the like, and just leaving it at that (Christmas lights do use quite a bit of energy, however). I compared it with video games in my report last April.
Bitcoins. (The shortest short answer is "antispam.") To successfully decentralize trust in a network, you need to ward off attackers. The mining process is energy-intensive, making it prohibitively expensive to attack Bitcoin. Mines do not use energy to validate transactions; energy consumption is the price for securing the entire network.
The comparison game.
In that report, I probably made a cardinal sin by trying to justify Bitcoin's energy consumption because it is a "global, trusted, permissionless payment settlement network and a digital, aspirational store of value." Let's leave the morality lecture for another time and assume Bitcoin is worthwhile for argument's sake.
Energy consumption of Bitcoin networks.
The best way to demonstrate that Bitcoin's energy use "doesn't matter" is to append Bitcoin's energy use to the United States' energy consumption and ask whether it looks like Bitcoin is using too much energy. Since China consumes 79% more energy than the U.S., China has an even bigger energy problem than the U.S. Cryptocurrencies, like Bitcoin, consume less energy than China and the U.S. combined, just 1.9% and 3.5% respectively. The rest of the conversation follows a similar pattern.
March 2022 | Volume 20
What is the purpose of Bitcoin mining? There is no shorter answer than, Satoshi Nakamoto thought the best way to fairly distribute Bitcoins was to share them between miners who exchanged something valuable - energy - in exchange for the right to claim the
Bitcoin's energy density is interesting to compare with something like Visa, because that is how transactions are validated. There are only seven Bitcoin transactions per second compared to 24,000+ Visa transactions per second. However, Bitcoin doesn't use energy when it validates transactions. Miners add blocks of data to the chain, secure the network, and win Bitcoin in return. They do that to earn Bitcoin. The transactions are not their primary concern. Bitcoin full nodes, who do not mine Bitcoin, are primarily tasked with
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establishing consensus as to the network's true state. Furthermore, Bitcoin transactions differ from those conducted by Visa or other payment processors. (Probabilistic) finality is provided by Bitcoin transactions, but not by Visa transactions. The Visa system must be separated. Visa does not have its own "token."
Let’s talk about Bitcoin’s wemissions instead. Organizations increasingly recognize the value of investing and implementing internal mandates in the areas of environmental, social, and governance (ESG). As an investor, I believe it is necessary to consider the environmental impact of Bitcoin's energy use, even when we ignore the "SG" (which are of great importance and relevance to Bitcoin). Rather than the amount of energy it consumes, Bitcoin's environmental impact is largely determined by greenhouse gas emissions (mainly carbon dioxide) associated with the mining process. For now, renewable energy sources such as solar, hydro, and wind power
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will be considered "clean" (ignoring their negative externalities). A cleaner energy mix has a lower impact on the environment. Mining Bitcoins received the most environmental criticism due to the fact that the majority of miners were in China (over 80% in February 2020), a country heavily dependent on coal-fired energy (although Chinese miners used a surprising amount of clean energy). In May 2021, China banned crypto mining, which resulted in miners moving to the United States, Kazakhstan, and Russia. It will take some time for those miners to decide to use clean energy sources, but at least in the U.S., they seem largely determined to do so. Bitcoin mining uses a respectable percentage of renewable energy. As predicted by a 2020 study, in 2019, 39% of Bitcoin mining energy will come from renewable sources (up from 28% in 2018), with 76% of miners using renewable sources. The Bitcoin Mining Council (BMC), an organization of Bitcoin miners dedicated to promoting energy transparency, sharing best practices and
educating the public about the benefits of Bitcoin and Bitcoin mining, reports that 58.5% of global Bitcoin mining is powered by renewable energy (66.1% among BMC members). This is a relatively clean image. There is a possibility that the survey results have a social-desirability bias since inclusion in the BMC is entirely optional.
Where do we go from here? I could have covered plenty of other ESG related topics in this article, like how Bitcoin mining could stimulate renewable energy production, improve electrical grid stability, revitalize local economies, empower poor communities, or act as a "load-balancing economic battery." Bitcoin mining and its energy use are complicated, multidisciplinary subjects. As an example, I believe that investing in Bitcoin could be considered ESG, since it may have an impact on energy generation. This column on its own doesn’t represent a full defense of that thesis because there are so many angles that weren’t considered. This should, at the very least, inspire more discussion of Bitcoin's true energy purity and wider impact.
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FEATURE Crypto Weekly
BITCOIN: EU VOTES AGAINST CRYPTO BAN T
he European Union voted against a ban on crypto after a plan to regulate the crypto industry failed to receive enough votes. The European Parliament voted against a new provision in a crypto regulatory framework that could have banned Bitcoin and Ethereum in Europe. The parliament's economic and monetary affairs committee amended the markets in Crypto Assets (MiCA) draft
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legislation introduced in 2020. Recently, a text was added banning the offering of services relating to cryptos that rely on the proof-of-work (PoW) mining mechanism. This increased the pressure on the crypto industry as nations tightened regulations. As part of last week's amendments, a licensing regime on the continent and uniform rules for
members was established to strengthen the regulation of digital assets. A cryptocurrency that relies on an energy-intensive process like PoW, where computers solve complex mathematical puzzles to generate new digital asset units, would be banned. In the end, 32 MEPs voted against and 24 in favor of the proposal, which would have forced
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new Bitcoins, and the first step to mining is to start participating in this PoW activity. Miners are rewarded with Bitcoin for securing and processing the blockchain. According to the draft, crypto-assets "shall be subject to minimum environmental sustainability standards for their consensus mechanisms for validating transactions," which refers to cryptos that use PoW. Also, cryptos that are energy intensive must undertake a "phased rollout plan" to ensure compliance. However, there are "dominant risks" in the short term, since Ethereum plans to move from PoW to PoS, but Bitcoin cannot transition to PoS. That said, Marcus Sotiriou with GlobalBlock, a London-based broker of digital assets, said, “Bullish and bearish catalysts are on the horizon.” The German CDU's Stefan Berger tweeted last week that, “An earlier outline didn't mention a PoW concept.” “Members of MICA have paved the way for future-oriented crypto regulation by voting for my proposal,” Berger tweeted on Monday. Berger has been tasked with overseeing the bill and submitted it last week. It is now up to the final vote to approve the whole report & send a strong signal for innovation. Previously, the cryptocurrency community and industry have opposed the controversial proposal. The CEO of Ledger, one of the world's largest crypto wallet providers, said,
“Ledger always defends freedom and selfcontrol. Let your Member of the European Parliament know that you oppose a ban on Bitcoin in Europe by contacting the Bitcoin Association." Environmental activists and lawmakers have called for regulations in light of crypto mining's environmental impact. They claimed that proof-of-work cryptocurrency activity was energy-intensive. A cryptographic algorithm is solved simultaneously by everyone in a PoW blockchain network. A blockchain's design makes solving it harder as more computers attempt to solve it. So much computational power, and therefore energy, is expended verifying each block. The Bitcoin mining process is how new Bitcoins enter circulation and how the network confirms transactions. Miners are crucial to the development of the blockchain ledger. A change to the PoW method will adversely affect Bitcoin as it is considered an outstanding network feature. Since Bitcoin is highly decentralized and governed by the social consensus of 150,00 full-node operators and miners. In a long-awaited executive order last week, Biden's administration instructed federal agencies to recognize and regulate digital assets.The bill also requires the government to review the technology necessary to create a digital currency backed by the central bank, which could ultimately reduce Bitcoin's dominance.
PoW cryptocurrencies to switch to more ecofriendly mining. If the new rules are adopted, Bitcoin and other cryptocurrencies will have to phase out proof-of-work and switch to proof-of-stake. Using proof-of-stake, you can stake coins and create your validator nodes. Cryptocurrencies such as Bitcoin use proofof-work, although Ethereum plans on using a proof-of-stake system that requires far less power. A vital component of the Bitcoin blockchain is the proof-of-work (PoW) system, under which miners contribute their computing power to the network. Miners need to solve a numeric problem in order to earn
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FEATURE Crypto Weekly
CRYPTO SCARE AT ZUCKERBERG'S FACEBOOK A
fter facing severe allegations, Facebook is again at the center of a controversy concerning its crypto practices. Last October, the social media giant, which changed its name to Meta Platforms (FB) - Get Meta Platforms Inc. Class A Report, had difficulty managing its practices. In a lawsuit filed by the ACCC (Australian Competition and Consumer Commission), Meta is accused of participating in celebrity scams on Facebook, which have cost some Australians hundreds of thousands of dollars. Meta has advertised scams featuring prominent Australians. The ACCC alleges that this conduct violated the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act).
Ads associated with false celebrities. Meta is alleged to have assisted and abetted the advertisers' false, and misleading, conduct and representations. There may have been
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a perception among Facebook users that advertisers were advertising on behalf of celebrities such as Dick Smith and David Koch. There was no official endorsement of the schemes by the individuals featured in the ads, and they were actual scams. According to the regulators, the ads contained fake media articles that included quotes from public figures in the ads endorsing cryptocurrency or money-making schemes. "After signing up, scammers contacted users and used high-pressure tactics, such as repeated phone calls, to entice them to deposit money into the scams." "We contend that Meta is responsible for these advertisements it publishes on its platform," ACCC Chair Rod Sims said. "Meta's business is to help advertisers target users most likely to click on the link in an ad and visit the landing page. Facebook generates substantial revenue from these visits to landing pages." "We know of one horrifying instance in which a consumer lost more than $650,000 after
one of these scams was falsely marketed as an investment opportunity on Facebook. This is disgraceful," Mr. Sims said. Meta is alleged to have known that the celebrity endorsement cryptocurrency scam ads were being displayed on Facebook but failed to resolve the issue. Facebook displayed the celebrity endorsement cryptocurrency scam ads despite complaints from celebrities around the world that their images and names had been used in similar advertising without their consent. The regulator also seeks costs and other orders in addition to penalties. TheStreet contacted Meta but didn't hear back. However, Meta has indicated it will defend the proceedings, as reported by other news outlets.
A 'malicious technique' has been alleged against Facebook. "We don't allow ads that seek to scam people out of money or mislead people on Facebook - they violate our policies and don't serve our community well. Technology
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helps us detect and block scam ads, and we stay ahead of scammers' attempts to evade detection," a Facebook spokesperson told me. "To date, Meta has cooperated with the ACCC investigation." Between October and December last year, Meta pulled 1.7 billion fake accounts and 1.2 billion spam pieces more than 99.9% and 99.6% of each were eliminated before reporting to the ACCC. Basant Gajjar was sued in 2020 by Mark Zuckerberg's company. "As LeadCloak, Gajjar provided cloaking software and services designed to circumvent automated ad review systems, and ultimately ran deceptive ads on Facebook and Instagram," Facebook said in April 2020. According to the company, Cloaking is a malicious technique that impairs ad review systems by hiding the nature of a website linked to an ad. Ads are cloaked when a company's ad review system identifies an innocuous product such as a sweater. Still, the user sees an entirely different website promoting deceptive products and services, which are often forbidden. "In this case, LeadCloak software was used to hide websites that contained scams related to COVID-19, cryptocurrency, pharmaceuticals, diet pills, and fake news pages," said Jessica Romero, Facebook's director of platform enforcement and litigation, in a blog post at the time.
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LOOK BACK CRYPTO EXPO Dubai 2022
CRYPTOWEEKLY
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Best NFT Consultancy & Development Company in the Middle East. BitAlpha. Crypto Expo Dubai, 2022.
A success story of newcomers – BitAlpha and partners
N
o doubts that Crypto Expo in Dubai each year attracts more and more visitors, generating new business opportunities in the crypto sector and serving as an incomparable place for networking for crypto community members and investors. This year was no exception, and numerous international crypto companies have presented their services and innovations. One of them - BitAlpha, a Dubai-based crypto investment, and de-
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velopment company, exhibited with its partner companies as a Platinum sponsor. Although newly established and present on the UAE market recently, the number of its visitors and interest in its services and business activities exceeded initial expectations. BitAlpha and its partner companies have been recognized as significant crypto innovators. Partner company, Dubai-based crypto exchange YBETA, presented the first crypto vending machine in the UAE and nu-
merous instant crypto services. Besides fast and low fees crypto to fiat and fiat to crypto transactions, YBETA enables its customers to make any purchase instantly with crypto, including purchasing real estate with crypto. In partnership with Modern Living, a specialized real estate brokerage company that offers high-end and luxurious properties around Dubai, offers fast and secure property purchase with crypto through fully compliant blockchain transactions.
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The interests of BitAlpha`s visitors were both concentrated on investing in different areas and securing the funds for new projects around its Crypto Incubator operations. Unique interest visitors have shown in NFTs. The questions ranged from building NFT from scratch to the market placement of already created artworks. Managing NFTs is one of three key business areas of BitAlpha`s operations, and the company takes great pride in supporting NFT artists to place their art on the market. As recognition for its continuous effort to support NFT artists and their art, Crypto Expo Dubai awarded BitAlpha with Best NFT Consultancy & Development Company in the Middle East prize. This recognition strengthened BitAlpha`s position as a prime place for NFT artists for mentoring, financing, and market placement. Ongoing NFT project supported by BitAlpha – Booty Heaven will have a presale on 28th of March and two more sales on 4th and 11th of April. BitAlpha investors are selecting the most promising projects, and Booty Heaven stood up as a unique piece of art worth raising funds and being brought and presented to the NFT fans and community members.
It’s a unique 100/100 NFT collection, portraying inspiring motives and a variety of vibes. Created by crypto portfolio manager David Czibulka, who extended his crypto passion to its artistic skills, Booty Heaven opens a new perspective of perceiving and assessing the value of one NFT project. Booty Heaven promises a lot to its stakeholders - from numerous and exciting utilities to the added artistic value of the NFT industry. Therefore, beyond the exclusive power of possessing a unique piece of art, given to its future owners, each Booty Heaven artwork resembles an inexhaustible source of inspiration, positive emotions, and a variety of pleasant and dynamic vibes. For more information about the collection, visit www.bitalpha.io and www.bootyheaven.io. An essential part of BitAlpha`s organizational culture is striving for excellence through networking and the circulation of ideas and capital. Therefore, all BitAlpha`s business endeavors are guided by this principle, positioning the company as a unique place where individuals can raise funds to develop their projects or, on the other hand, the ultimate place where investors can place their capital and see its growth
Best NFT Consultancy & Development Company in the Middle East. BitAlpha. Crypto Expo Dubai, 2022.
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March 2022 | Volume 20
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SPECIAL REPORT Crypto Weekly
The rise and rise of
altFINS
S
ourcing the right Trading and analytical platforms have always been a bit complicated for traders of different pedigrees, and in the Crypto space, this issue has tended to be magnified. Whilst there are more platforms to execute trades than you can frankly swing a stick at, analytical and trade discovery providers have been rather sparse on the ground. Many professional mid-level traders simply do not have the analytical tools they normally use when working with analytical tools used for trade discovery on traditional assets classes such as Equity, Bonds, Stocks, commodities, FX and alike. One barrier to entry has been the 100,000’s of hours of development time and extremely specialist knowledge needed to create such a feat. That was until one day a man decided to devote every fibre of his being, intellect
March 2022 | Volume 20
By Philip Greenwood and energy into tackling this obviously, and some might say, embarrassing problem that exists for traders in the crypto space. Meet Richard Fetyko, a man who is ahead of the curve and providing a platform that simply isn’t available on the market. A man that has stayed the course over the last 5 years to bring a platform to the Crypto space that is currently in a league of its own. As I sit down to talk to Richard, a calm, quiet yet engaged and relaxed man, I begin to pour over questions to understand exactly who he is, why altFINs is developing an almost cult like following with crypto trading geeks, elites, intellects and plain old “when Lambo” fanboys alike!
Ok Richard, just what is altFINS? I spent 14 years on Wall Street as an equity research analyst at investment banks like Janney Montgomerry Scott, covering Internet and Tech sectors, and then 7 years as a portfolio manager at a family fund, Twin Capital. Launched in 2020, altFINS is a cloud-based platform for retail and institutional investors to conduct technical and fundamental investment analysis, trade and track digital assets across exchanges and wallets. It is now used by tens of thousands of active crypto traders to discover trading ideas and strategies. Do you have a story or anything to say about who and why altFINS was created, also is there a backstory to that story? When was the PLATFORM founded and Why? I caught the crypto bug in 2017 during the ICO craze. Frustrated with a lack of robust analyt-
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ical tools that I was used to working with (Bloomberg, etc.), I and a team of local developers decided to develop one. altFINS launched in August 2020 after two years of development.
is really data intensive. One of the big challenges that exist in our ecosystem is that it is very fragmented – there are perhaps as many as 400 crypto exchanges. This makes the price data for those coins very fragmented as well. The platform is ingesting market data from 30 exchanges and that means that we are ingesting around 600 million data records a day. After ingesting the data, the platform calculates around 120 different types of analytics in 5 different time frames across 6,000+ assets. What all that means is that our platform is doing well over 1 billion calculations a day, which has to be stored and backed up. The result, however, is that the users can screen the market quickly and easily and find the coins that fit their investment criteria.
What is the ultimate business goal of your Platform.? Like the big vision. altFINS platform will focus on pre-trade analytics, becoming an indispensable tool for crypto traders and investors seeking information about crypto projects and their digital tokens. We will keep adding data and analytics, both off- and on-chain analytics, but also research content. What made you come to the Crypto space? After years spent analysing emerging tech trends and companies, I was itching to create a start-up and go through the entire process from an idea to product design, development, product launch, funding, marketing, partnerships and building a team. It’s been a rewarding experience, albeit as volatile as the crypto market itself. It’s a challenge building a business in an entirely new technology space that is rapidly evolving. How much experience did you have when you created the platform? This is my first start-up but I’m leveraging years of knowledge accumulated while researching emerging tech sectors and startups. Admittedly, I’m learning a lot on the go. How does altFINS stack up against market competitors? Most fintech providers in the digital assets space focus simply on trade execution or just asset tracking, but
they neglect the pre-trade analysis that is required to answer investor’s key question: “which digital asset should I own, why and when?”. altFINS is building a tool that covers the entire investment workflow from pre-trade analysis to trading and post-trade analysis and tracking of digital assets. How long did it take to develop the platform and what were some of all the challenges and hurdles of development in the early stages and what development challenges do you see today? The platform took twice as long (2 years) and was 2-3x more costly than we initially expected. It took us a lot of time because it
What are the current features of your offering and what new features do you have planned for the future. altFINS seeks to bring efficiency into the investment process in the digital assets space by covering the entire workflow from 1) pre-trade analysis (investment idea generation, technical indicators, fundamental data, screening, charting, alerts, news, research), to 2) trade execution across exchanges, and 3) post-trade analysis (asset tracking, P&L, NAV, risk analysis). We still have a lot of wood to chop on the latter two areas. Need to add more exchange connectivity and tools for users to analyse and track their trading performance. In 2022, altFINS will launch a Community-Driven Research Marketplace. There is a dire need for research coverage of the growing list of altcoins. Centralised research providers cannot keep up. Instead, our Research Marketplace will empower and reward all users to contribute their research and insights. Both contributors and readers will need to stake altFINS, our native token, to participate in the Marketplace. This will align participants’ interests to benefit the entire investor community and create a more equitable mechanism for users to share in the value they create. What things do you do to keep the platform relevant or connected with your customers? for example a newsletter or holding contests or rewards? During 2022, altFINS will be launching its native token, altFINS. The intention of the altFINS token is to stimulate adoption of the altFINS platform among the crypto community. By
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rewarding our community for the use and contribution to the platform, the community awareness and utility value of the platform will grow, attracting additional users. Growing user base and fee revenues should drive more demand for AFINS tokens through staking and buy-backs / burns, which could exert upward pressure on token price, further rewarding our community and ecosystem. What do you see as the current state of the trading analytics platforms Exchange market landscape, in terms of the general state of current offerings on the market? Our closest competitor on the trading analytics and market screener solution is TradingView, although it appears a bit of an afterthought for them since their bread and butter is their charting app and mostly in equities. altFINS has created a workflow for traders that is unmatched in the crypto space currently. In terms of on-chain data, there are many emerging providers including Dune Analytics, Glassnode, Coinmetrics, Sentiment and Nasen. The problem is that their data and analytics are overwhelming the users, it is
unclear what is actionable and what is just noise. We will integrate on-chain analytics into our platform this year but we will focus on a subset that is most valuable to the traders and investors. Is altFINS aimed just at private traders and retail, or does altFINS seek to offer its services to institutions and trading houses/prop desks/investment fund and investor clubs etc? Well, to answer this, we need to break the landscape in accordance with what segment of the users is the app targeting. Let us think of the user base as a pyramid. At the bottom of the pyramid, there are the investor novices – these are the people who are just learning how to invest in cryptocurrencies, exploring various strategies and technical indicators. Next, we have intermediate investors, who are used to trading; they’re not day traders but are actively managing a portfolio of cryptocurrencies. At the top of the pyramid are the very advanced users some of whom even code their own strategies. There are various competitors for each segment of the user base. At this stage of our development, I would say that we are
aiming at the bottom and middle segments of this pyramid. In fact, there are a lot of platforms that provide automation of trading and algorithmic trading and that are intended for the top segment of the pyramid, so for now we are targeting the other two segments, which make up the majority of the estimated 200 million crypto investors worldwide currently. Do you offer altFINS a white-label service for other businesses looking to enter the space? This year, we will be launching plug-in widgets that 3rd party websites (crypto media sites or trading apps) can easily integrate. These widgets will include some of our analytics and content, such as coins in an uptrend, or with strong momentum, or coins that are breaking out. These are essentially trading ideas and building blocks for traders. Does your platform also provide Liquidity reports on the exchanges they are integrated with? NO What exchanges are you integrated with? For trading, we have integrated seven exchanges: Binance, Binance US, Kraken, Bitfinex, Bittrex, HitBTC, Poloniex. For analytics, we ingest data from 30 exchanges. To see for yourself how altFINS can elevate your trade discovery on the alternative coin market take a free trial and see for yourself BY using the barcode below or code: 154 on the website.
March 2022 | Volume 20
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Screen, analyze, trade altcoins
FIND COINS WITH UPTREND, MOMENTUM OR BREAKOUT !
Automated trading signal Ethereum (ETH) is approaching resistance level
Want to know what happens next?
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SPOTLIGHT Crypto Weekly
Mysterious Crypto world with
Anait
CryptoQueen 6 most popular activities for those who missed the first waves in crypto I suggest checking these main options for entering this amazing industry: 1. I ’d like to start with the trading activities. A crypto portfolio includes both investing, I mean buying crypto for a long term, as well as trading itself when you buy and sell like you do on the stock market. “How to buy Bitcoin?” has been the most common question I receive from beginners for several years.
Anait Ambartsumyan
2. D evelopers. This for two sides:
point
is
great
Author of the book “Mysterious Crypto world”, lecturer, blogger, founder of a crypto channel, crypto enthusiast by philosophy, trader, investor.
a) blockchain developers (who knows solidity, simplicity, CX coding languages) have a large demand creating higher salaries, and
Let me begin by saying that I believe cryptocurrency is the next step in the evolution of money. It’s normal that so many people and institutions are still wary of crypto - every step forward is initially rejected, followed by understanding, and then a long period of mass adoption. So here we are right now.
b) blockchain companies need as many developers as the industry can provide because it is rapidly expanding.
Even though Bitcoin was created in 2008, it is still a relatively new development, so you can be one of those early crypto adopters even if you join now. I’m here to help you with your first steps, so you can avoid any possible risks and failures on your journey to our mysterious crypto world.
March 2022 | Volume 20
So if you know some coding, it’s time to turn to the blockchain. 3. M ining is still a big interest among beginners. Even though it became less profitable, many noobies want to start their crypto journey with mining. I think this point needs some explanation also, so message us if you are interested. 4. N FTs have become one of the most talked-about topics inside and outside the industry over the past several months. Why? Probably because they have been sold for millions. And who can enter this
market? Creators with an amazing imagination, those who can make those visual masterpieces digital, those who can promote, and so on. Again, waiting for your questions, if interested. 5. M etaverse. Buying land and building construction on the planet Earth are in the past, everything has its owner. Another situation is in the virtual world, construction here just began so everyone can take their piece of the cake. The more creative you are, the more you’ll take. 6. O ther roles. Despite the differences between traditional marketing and crypto marketing, the industry still needs good professionals. Economists, as someone has to count the tokenomics, new world parts prices, DAO’s structure, and so on. And of course, the industry needs designers, community managers, sales, event managers, too etc. This industry changes not every day, but every hour, so when you are here you’ll need to research a lot, get ready. But at the same time, we are here to help, so don’t hesitate to send us your questions. We’ll check which is most popular and will explain the topic in our next edition. Also, which of the mentioned above occupancies are the most interesting for you? I can go deeper and share some details. Entering the crypto world is much easier with us.
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FROM CONCEPTION TO LAUNCH
THE CRYPTO MARKETING COMPANY OFFERS A ONE STOP SHOP FOR ALL YOUR MARKETING NEEDS www.thecryptomarketingcompany.com
TheCryptoMarke2
INSIDE_CMC_INFO
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HIDDEN GEMS Crypto Weekly
PROJECT 1
military.finance
Military.Finance
Military.Finance announced its partnership with the Heart of a Lion Foundation in parallel with launching a new cryptocurrency some months ago now. It is the company's goal to provide financial assistance and support to the families of service members who have returned from war. This is a fully decentralized, community-built project, first launched on BSC, and soon to be launching on Ethereum network with the sole purpose of helping veterans and charities. Veterans and veteran organizations can take part in receiving donations from Military.Finance. In its core, the project helps connect members of the armed forces and charitable organizations to cryptocurrencies. With Military.Finance, veterans can farm, lend, stake, and earn passive income. Military.Finance's project aims
PROJECT 2
adacash.io
to empower community members and reward them for helping those in need. As well, Military.Finance rewards those who buy and hold $MIL tokens. As well as achieving its mandate, the project will build trust and transparency. Military.Finance ($MIL) is expected to be a hot topic at the upcoming Crypto Expo in Dubai on March 16-17, to which Crypto Weekly Magazine is an official sponsor. Over 60 other speakers from over 30 countries will attend the conference, including Nathan Hill, co-owner of the CMC group, which owns Crypto Weekly. The event is expected to attract over 10,000 traders and investors, and Stumpf is keen to raise awareness of Military.Finance's goals: "The token empowers the public to make a significant impact on restoring the lives of veterans across the country. This is a project for those heroes, backed by heroes."
ADAcash (ADAcash)
adacashtoken
ADACash is the step forward in yield-generating contracts on the Binance Smart Chain (BSC). A revolutionary new token that earns you ADA reflections just for holding. On each transaction 10% is distributed between all holders as CARDANO every 60 minutes dependant on volume. You receive rewards distributed in ADA rather than token reflections and the contract employs a static reward system. This allows rewards to extend outside of simply holding the coin as would a reflection-based coin operate.
March 2022 | Volume 20
Mil_Finance
Mil_Finance_NFT
adacashbsc
ADACash’s Tokenomics:
Token supply of 100,000,000,000,000 ADACash
15% Buy and Sale Tax* • • •
10% ADA is redistributed among holders 2% is used to increase the liquidity pool. 3% is allocated towards funding the marketing wallet.
NOTE: you must hold 200,000,000 or more ADACash tokens to be eligible for the ADA dividends.
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PROJECT 3
fasttoken
Fasttoken
fasttoken_com
fasttoken_eng
FasTToken is a full-fledged blockchain ecosystem designed to deliver the benefits of the technology to all the industries that our partners operate in.
exchange, NFT marketplace, and ultimately, our unique blockchain solution, based on the Ethereum network, as well as supporting numerous decentralized applications.
We build scalable, unique solutions that will streamline business operations and open up the gates towards cryptocurrencies and decentralization.
Besides this, FTN is the official cryptocurrency of SoftConstruct, which means, 1 million active users and 700 partners all over the globe, want to be one of our partners or just a friend. Come and say "hi", we would love to tell you more about the future of our business, and how we are helping move the crypto revolution forward, with synergy as the catalyst.
Our product line includes the FasTToken cryptocurrency, cryptocurrency payments and terminals, cryptocurrency
PROJECT 4
FuddoxxToken
FudDoxx Token (FDOX)
FudDoxx
FudDoxx
Building on security, FudDoxx offers a wide range of services to benefit the entire crypto space. The team has compiled a list of projects that have passed their extensive verification process. FudDoxx offers doxxing services to bridge the gap between investors and developers. The doxxing info received by the team is securely stored for use in the event that a project scams, and is proven as far as possible, then that information would be released to the public and authorities. FudDoxx Audit service goes beyond the detailed analysis of solidity code. Not only tearing apart the smart contracts, but their risk assessment factors in the audited projects vision, team, maturity, funding, and community.
name a few. The simple navigation process streamlines buying and selling digital art.
The FudDoxx team has also incorporated a beautiful, userfriendly NFT marketplace in their ecosystem, (see for yourself, FudCoinNFT.com), where you will find everything from pixelated images, audio, video, and unique sports memorabilia NFT's, to
FudDoxx Token (FDOX) launched on Binance Smart Chain with a total supply of 100 trillion and has 328 holders at the time of writing. A 12% tax is attached to every transaction which breaks down to 7% LP, 3% marketing in BNB, and 2% native reflections.
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Fuddoxx doesn't stop there!
Swap platform: Complete (Swap.FudDoxx.com) Staking and Farming platform: In development ICO launchpad: In development
With so many avenues for continual success in crypto, FudDoxx truly covers every base with their comprehensive suite of revenue-generating, and security, features.
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INTERVIEW Crypto Weekly
WHO IS
JEETU and what is
D
DiFX?
igital Financial Exchange is a centralized crypto exchange committed to bringing forth a new financial order for the digital economy. A true exchange that bridges the gap between traditional and digital assets. Founded by Jeetu Kataria, a serial fintech entrepreneur and early adopter of the crypto revolution.
He has established himself as a highly desired holistic investor with diverse core competencies through multiple entrepreneurial endeavors and has worked as a financial consultant for reputable family offices in the Middle East and South-East Asia. DIFX, to him, is the culmination of years of passion and effort to redefine the financial industry and bring into a new era. hen was the exchange founded and Why? Please explain W what you mean by the new world financial order. The DIFX exchange has been in the making since 2019, with an adamant vision to find a solution to integrate traditional trading with cryptocurrencies. The exchange was launched in September 2021 with a unique dual ecosystem that hosts a custom MT5 and spot exchange that lets users cross-asset trade seamlessly. The world is changing at a pace that no one can fathom, that is especially true in the world of crypto, blockchain, and the fintech industry
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as a whole. Even with such strides in innovation, the everyday man finds it hard to follow along with the quick pace. The DIFX Cross-asset Trading Platform allows users to transact seamlessly between traditional assets and cryptocurrencies. It is an award-winning, fully insured platform. DIFX users can trade between over 600 different instruments, such as BTC & gold, Ethereum & Apple stocks, and many other exotic combinations. In my experience as a lifelong multi-asset trader and venture capitalist, it seemed impossible that I could trade on different platforms for different assets. I had to constantly switch between my traditional assets, like commodities, forex, stocks, and cryptocurrencies, once I began investing in digital assets. My idea was to develop a platform that would offer a multi-asset trading environment that was insured to solve this inconvenience for many other people who were experiencing the same problem as me. My team and I formed a strong development team, which set out to create a cross-asset platform that would enable cryptocurrencies to be traded with traditional assets by using cross-pairs between each asset. Consequently, we created “DIFX” to provide traders with the convenience of trading on a variety of assets from a single platform. That is why DIFX is resolute in creating a new financial order that educates, empowers and bridges the gap of knowledge and digital trading.
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INTERVIEW
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Crypto Weekly
hat is the ultimate business W goal of your exchange.? Like the big vision. The goal is really quite simple and straightforward. It is to create an ecosystem that is beneficial to all traders, whether newbies or old-timers.First of all, DIFX stands for Digital Financial Exchange - DIFX was created to signify our traditional roots and digital forward-thinking. We wanted to create a platform that is central for all types of financial individuals and institutions. Similar to how there is a mall with multiple shops and stores in it, we wanted to create a digital environment that would host all types of financial assets under one roof. A place for digital traders to come to and choose from any type of asset to trade/invest in! We had a great first-mover advantage as we were the first CEX to hit the market that allowed us to do cross-asset trading all while being fully insured. ow is DIFX different from H competitors? With so many players in the industry, we stand out because of our fully insured crypto wallet and our 24/7 customer support chat that has real people to answer your questions and queries. We are able to confidently say we are fully insured due to our unique partnership with Fireblocks, who is one of the leading digital asset custodians of the industry. We are also partnered with Sum & Substance (Sumsub) who give us the top notch KYC features that help us ensure that our exchange is secure and free of any threats. Karm Legal, who are highly respected in the crypto field, also serves as our legal partners and sits on our board of directors. We have also partnered with Crypton Media to help with all our global marketing efforts. Some of our USPs would definitely be having the ability to do cross-asset trading, having a single wallet to trade on both MT5 and spot exchange. In addition, we created our own Digital Financial Exchange token (DIFX) which is the native token associated with the cryptocurrency exchange DIFX. Based on the Ethereum/Binance Smart Chain blockchain, this digital asset is ERC-20/BEP-20 compliant and decentralized. DIFX’s value is
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dependent in part on the reputation of its crypto exchange.
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Furthermore, a key factor that sets us apart from the rest is our mission to help the masses understand and adopt blockchain and cryptocurrencies. For this, we have created our very own DIFX Academy which is a set of carefully curated content that explains everything there is to trading and cryptocurrencies. The academy is a completely free service that requires only downloading the app/visiting our website to access it!
Instagram: https://www.instagram.com/difx.io/ Twitter: https://twitter.com/difx_io?lang=en Facebook: https://www.facebook.com/difxexchange Telegram: https://t.me/difx1 Medium: https://difxio.medium.com/ Reddit: https://www.reddit.com/r/ difx_exchange/
hy are you going through a W brand relaunch? The brand relaunch is our strategy to present DIFX with a cleaner, updated look. It is to align ourselves with our upcoming features, updated trading experience, and exciting integrations that will allow global crypto adoption to flourish. We, as an exchange, are committed to listening and solving our users’ concerns and to continually facilitate that relationship we will be updating ourselves. With DIFX, we want to ensure endless possibilities for all our users and clients. ould you tell the community how C to contact DIFX and the social media pages? To contact us please feel free to drop us an email at info@difx.com or chat with one of our live support teams on the website and exchange. For a detailed FAQ and exchange related information, visit https://help.difx.com/
hat are your plans for DIFX in 2022, W and the future in general? For 2022, we are looking forward to having more people adopt cryptocurrencies and increase the number of users on our exchange. On top of that we will also be looking to get our token, DIFX, listed on the top crypto exchanges of the world. We plan to use blockchain technology to make remittance services more accessible and to provide value to our customers through wise digital asset use. Adoption is key, and we will promote a global adoption of blockchain and the perks involved not only for the old-timers, but also for the newbies. ow about we talk about the mileH stones you have achieved so far and about your future plans. I am proud to say that DIFX - Digital Financial Exchange is the fastest and the most-secure cryptocurrency exchange. By Forex Expo and Entrepreneur Middle East, DIFX has been named “Best New Trading Platform - 2021” and Crypto Expo Dubai awarded us “the most trusted cross-asset trading platform”. On top of that we are officially a member of the Blockchain and Crypto Assets Council - https://www.bacc.co.in/ We have been part of several big conferences, including the Future Blockchain Summit, World Blockchain Summit, as well as the Expo 2020, in Dubai. We’ll be building a hybrid cross-asset exchange with more than 2000 cross pairs between cryptocurrencies, commodities, forex, stocks, and indices between centralized and decentralized exchanges with atomic swaps over the next 1 and a half years.
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FEATURE Crypto Weekly
UK CRIME AGENCY CALLS FOR CRYPTO MIXERS TO BE REGULATED
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cryptocurrency technology that facilitates anonymous dark web Bitcoin transactions is being considered for regulation by the UK's crime agency. UK law enforcement has called for the regulation of a cryptocurrency that can disguise transactions on blockchains and facilitate the anonymous movement of dark web Bitcoin (BTC-USD). Known as 'decentralized crypto mixers,' these applications help criminals launder money on the dark web without being detected. These open-source programs have flourished in recent months, becoming a favorite of darknet criminals transferring funds from nefarious activities. In the UK, tax dodgers have also used these mixers to obfuscate cryptocurrency transactions, leading to calls for a regulatory crackdown. The National Crime Agency (NCA) has now called for regulation of this technology, which combines several transactions and makes it
March 2022 | Volume 20
difficult to track payments made in Bitcoin and other cryptocurrencies. In a statement to the Financial Times, Gary Cathcart, head of financial investigation at the NCA, said: "These services can be used to layer criminal money, obscuring its origins and audit trail, in the same way that cash businesses could be used to legitimize cash through the banking system."
source software can obscure who sends what to whom.
According to the UK crime agency, mixers will be required to comply with money laundering laws by regulation. Those using mixer technology would have to perform customer checks and audit transactions passing through their platforms. Due to the nature of blockchains, which is publicly visible, transactions on blockchains are normally easy to track. However, mixers, or tumblers, allow cryptocurrency movements to be completely anonymous. By jumbling up the cryptocurrencies in private pools before releasing them to a recipient, the open-
What makes these open source applications challenging to regulate is that they are not centralized and the actual application is decentralized on the blockchain. The centralized mixers, such as Blender.io, may be required to provide their records in an audit and reveal users' interconnected transactions. Generally, monetary movements recorded on blockchains are much more retrievable than through traditional methods. You can find a complete history of all Bitcoin transactions since it was first conceived in January 2009 through a blockchain explorer application.
Rather than receiving Bitcoin from a sender's wallet, the recipient will receive it from a sort of black box containing Bitcoin from several wallets at once. Then, it becomes impossible to track which cryptocurrency payment was sent from one wallet to another.
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