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KoinBay is a centralized cryptocurrency

by with No Comment Uncategorized

KoinBay is a centralized cryptocurrency exchange operating under the license of Unicapital LTD (“Service Provider”), holding license number 2023/C0010-0008 and incorporated on July 07, 2023, under the Companies Act No. 21 of 1994 of the Commonwealth of Dominica. It’s designed as a user-friendly platform, offering numerous features along with competitive low fees, making it an ideal choice for crypto-to-crypto trading.

You’ve Never Heard of This Before. Get Cash Rewards for Crypto Trading at KoinBay!

KoinBay, a leading cryptocurrency exchange, introduced the “Rewards Hub,” a unique program that incentivizes trading activity with attractive rewards. This initiative moves beyond traditional loyalty programs, offering a tangible benefit for every user, regardless of their experience level.

KoinBay’s “Rewards Hub” presents a straightforward approach to earning rewards. Regular platform engagement, such as consistent logins or completing first-time trades, is acknowledged with USDT bonuses. For instance, maintaining a consecutive 7-day login streak grants a 0.05 USDT reward, a direct and immediate benefit for active users.

SCALE UP YOUR TRADING, SCALE UP YOUR REWARDS

Experienced traders are not left behind. KoinBay recognizes increased trading volumes with progressively higher rewards. Achieving a daily trading volume exceeding 100 USDT in Spot, Margin, or Futures markets unlocks the potential for rewards exceeding 100 USDT. This tiered structure caters to diverse trading styles and encourages further engagement with the platform.

BEYOND THE BASICS OF THE REWARDS HUB

The “Rewards Hub” extends beyond everyday activities. KoinBay offers additional avenues for reward, including:

  • First-Timer Bonus: New users receive a welcome reward upon completing their first spot or margin trade or making a minimum deposit of 10 USDT.
  • Exclusive Events and Promotions: KoinBay regularly hosts events and promotions with limited-time bonus opportunities. Staying informed ensures maximizing rewarding potential.

TRANSPARENCY AND EFFICIENCY

KoinBay prioritizes clear communication and timely updates. The platform clearly outlines the eligibility criteria and timeframes for claiming rewards. Additionally, the reward status is updated within minutes of completing a task, providing users with real-time feedback on their progress.

WHAT IS THE KOINBAY CRYPTO EXCHANGE?

KoinBay is a prominent cryptocurrency exchange platform facilitating convenient trading of digital assets. Whether you’re a seasoned trader or just starting your crypto journey, KoinBay offers a user-friendly interface and a diverse range of features to cater to your needs.

It offers a wide range of essential features, including:

  • Trading a diverse selection of cryptocurrencies: Buy, sell, and trade popular cryptocurrencies as well as emerging tokens with high potential.
  • Competitive trading fees: Enjoy transparent and competitive fee structures that incentivize active trading and minimize transaction costs.
  • Spot, Margin, and Futures markets: Choose from a variety of trading options to suit your risk tolerance and trading goals. Spot markets offer straightforward buy and sell transactions, while Margin and Futures provide opportunities for leverage and advanced trading strategies.
  • Intuitive platform: Navigate the platform with ease, regardless of your technical expertise. A user-friendly interface and clear information display make trading accessible and efficient.
  • Robust security: KoinBay prioritizes user safety with industry-leading security measures, including multi-factor authentication and secure cold storage for your crypto assets.
  • Reliable customer support: Get access to responsive and knowledgeable customer support around the clock, ensuring you have the assistance you need when navigating the platform or resolving any issues.

KoinBay’s “Rewards Hub” stands out as an innovative approach to incentivize trading activity. The program’s simplicity, tiered reward structure, and additional opportunities make it appealing to a broad user base. When coupled with the platform’s overall strengths, KoinBay presents a compelling option for individuals seeking a secure, rewarding, and comprehensive cryptocurrency trading experience.

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Top 20 Most Popular Cryptocurrencies To Watch In 2024

by with No Comment Cryptocurrency

When Bitcoin was first released to the world, no one could have predicted quite what the market would look like today. Bitcoin is now but one of many cryptocurrencies. The market itself is worth over a trillion. Billions are traded every day, and the applications blockchain and cryptocurrency have birthed are mind-boggling.

If you managed to avoid getting caught up in the hype before, it’s impossible to ignore the crypto sector any longer. It’s officially reached the mainstream and is worth paying some attention to.

“Crypto and NFTs are only going to grow, so businesses that get in there first with the right kinds of fintech firms and banks will be the ones that thrive long term. Many organizations are still looking for the right use cases and reasons to get behind crypto as a payment method, and I predict that we’ll see more of those use cases come to light this year.”

What are Cryptocurrencies?

A cryptocurrency is a virtual or digital currency that uses cryptography to secure its transactions and control the creation of new units. This technique protects electronic information by converting it into a code that is difficult to crack.

What’s unique about cryptocurrency is that it is distributed in a somewhat anonymous fashion. It’s also 100% transparent.

Every transaction is recorded on a digital ledger called a blockchain. The blockchain contains a public record of every transaction that has ever occurred. This system is why cryptocurrencies are often referred to as being “decentralized.” There is no one central authority that oversees or regulates the currency. The blockchain facilitates this movement and tracking without the need for a central authority.

Blockchain technology is an important feature of the crypto ecosystem. By design, it is open-source, meaning that any developer can view and build on this technology. Hence the incredible number of crypto-backed financial products we now see on the market.

Is An Altcoin Different From a Cryptocurrency?

When looking into cryptocurrencies, you will have come across the term “altcoins.” This can be confusing as many cryptocurrencies are referred to as altcoins. It’s sort of considered that Bitcoin is the original. Other coins are alternative coins: altcoins.

In the grand scheme of things, they’re all still cryptocurrencies. As blockchain technology is built upon, new types of coins are developed. All are crypto, but they can have different functions and be created in different ways. Such as:

Mining-based coins

Mining-based coins use the same system as Bitcoin: requiring computer networks to mine coins into circulation. This process takes a lot of energy, prompting environmentalists and others to wonder if the cost justifies the benefit.

Stablecoins

Stablecoins are connected to other assets to make them less vulnerable to the wild fluctuations typical of the cryptocurrency market. That asset is usually a fiat currency, such as the US dollar. Tether and USD Coin are two of the biggest in this category.

Security tokens

Acting almost like a receipt, security tokens represent a fractional interest in other assets. Companies could have security tokens that validate ownership. It could also be applied to art to verify ownership. There are many applications for this type of blockchain-based, crypto-like token.

Memecoins

Everyone will have seen Dogecoin and Shiba Inu, even if you don’t know much about them. These are the coins with memes as the brand which take on strange popularity due somewhat to the ridiculousness of the coin. Just because they’re silly does not mean they’re not valuable. One tweet for Tesla’s Elon Musk is all it takes to throw value behind otherwise absurd-looking meme coins.

What are Cryptocurrencies Used For?

Many people buy crypto as an investment, but most crypto can now be used to purchase goods and services. For merchants, this poses a great benefit to accepting more transactions.

“As customers change the ways they shop and pay, merchants will have to offer a wider range of alternative payment methods that not only offer consumers options at checkout but also reduce their cost of acceptance. For SMBs, the largest line-item cost can often be acceptance of payments. With that in mind, they want to offer consumers more peer-to-peer payment options…”

– Menda Sims, Chief Payments Officer, Stax.  

As crypto holders hold their crypto (there are no financial institutions in the middle), these transactions are peer-to-peer, making it easier for merchants and friends to transfer easily between one another.

For investors, decentralized financial services (Defi) solutions make it easy to not only collect and hold cryptocurrencies. Holders can stake their crypto, trade, and use their crypto to invest in other blockchain-based projects and decentralized organizations. Anything you can do in the traditional financial markets, there is a crypto equivalent operating on the blockchain.

Below, as we look at the most popular cryptocurrencies, we will uncover each of their specific uses.

Are Cryptocurrencies Regulated?

In the US, regulation is underway to find a middle ground where cryptocurrency and its positive implications can flourish. Without crumbling the systems that are essential for societies to function. In March 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets.

Essentially, the Executive Order acknowledges the potential of the industry and the need for cross-department research to address risk.

Watch out for new developments to best understand what that means for you when investing in or transacting with cryptocurrencies.

20 of the Most Popular Cryptocurrencies to Watch in 2023

Looking at both those that are currently in favor and those that look to be on the rise, we have listed the most widespread crypto assets, how they’re used, and why they’re so popular.

1. Bitcoin (BTC)

Bitcoin is the original cryptocurrency and is still the most well-known. It was created in 2009 and is currently the largest cryptocurrency by market capitalization.

Often seen as a way to store value, Bitcoin is seen by many as “digital gold.” It’s considered a good investment with a long history of steady growth. Although this is not guaranteed, it is the cryptocurrency that most people place the most value in. Therefore, its value continues to go up.

Bitcoin is the most common cryptocurrency for use, similar to traditional currencies. Many shops accept Bitcoin. Many online purchases can be made with Bitcoin. So far, it is the cryptocurrency of choice for buying both real-world and digital goods and services.

2. Ethereum (ETH)

Ethereum was created in 2015 and quickly rose to become the second-largest cryptocurrency. It is quite different from Bitcoin, designed to serve a different purpose, and is now used for a variety of interesting decentralized applications (DApps).

Ethereum is a decentralized platform that runs smart contracts. These are applications that can be built on top of Ethereum’s blockchain. These contracts are programs that run exactly as programmed without any possibility of fraud or third-party interference.

Smart contracts allow for a wide range of possibilities, from games to financial applications. Ethereum was the blockchain birthplace of NFTs. Through smart contracts, NFTs could be created, sold, and programmed in a variety of interesting ways to enable artists to get royalties or NFTs to have unique utilities. These utilities are what make it possible for gamers to buy outfits and tools with Ether and use them in the game.

3. Tether (USDT)

Tether is a stablecoin that is pegged to the US dollar. Currently, it is the third-largest cryptocurrency and one of the most popular stablecoins.

The main use for Tether is to “tether” or stabilize other cryptocurrencies. When the crypto market fluctuates a lot, investors often move their money into USDT so they don’t lose as much money. This helps to stabilize the market and provides a way to buy cryptos when prices are low and sell when they are high.

4. USD Coin (USDC)

USD Coin is a stablecoin created by Circle and Coinbase. It is backed 1:1 with the US dollar and is available on Coinbase.

Like Tether, USD Coin is used to stabilize other cryptocurrencies. Because it is available on Coinbase, it is one of the more accessible stablecoins. Coinbase is one of the most popular crypto exchanges and allows for buying, selling, and transferring crypto easily.

5. BNB (BNB)

BNB is the native token of Binance, one of the most used platforms for buying, selling, and transferring crypto.

BNB can be used to pay fees on the Binance platform. These fees are often lower than if you were to pay them in another currency. It can also be used to buy other cryptos on the Binance platform.

6. Binance Coin USD (BUSD)

Binance USD is another stablecoin. It was created by Binance and is backed 1:1 with the US dollar.

Like other stablecoins, it is used to stabilize cryptocurrencies. Because it is from Binance, it can be used to pay fees on the Binance platform and to buy other cryptos.

7. XRP (XRP)

XRP is the native token of Ripple, a payment network for banks and financial institutions. Created on its blockchain platform, called XRP Ledger, Ripple is used by banks and financial institutions as a way to settle transactions quickly and cheaply.

Because of its useful application for financial institutions, XRP has been adopted by some of the largest banks in the world.

8. Cardano (ADA)

Cardano is a smart contract platform created in 2015 by Charles Hoskinson, one of the co-founders of Ethereum.

What makes it unique is that it uses a proof-of-stake consensus algorithm instead of proof-of-work. This makes it more energy-efficient than other blockchain protocols. For context, Processing Bitcoin transactions consumes around 110 Terawatt Hours per year—which is equivalent to the annual energy draw of small countries such as Sweden. Cardano, on the other hand, is said to be 1.6 million times more energy-efficient compared to Bitcoin, as cited by Forbes.

Currently, they are working on integrating a new programming language called Plutus, which will make it easier to develop smart contracts.

9. Solana (SOL)

Solana is a high-speed blockchain protocol that can process thousands of transactions per second. It was created in 2017 by Anatoly Yakovenko, the former Chief Technical Officer at Qualcomm.

Solana’s main selling point is its speed. It can process transactions much faster than other protocols like Ethereum. This makes it ideal for applications that need to process a lot of transactions quickly, such as video streaming or gaming.

10. Dogecoin (DOGE)

Dogecoin started as a joke in 2013. It is based on the Doge meme, which features a Shiba Inu dog.

While it may have begun as a joke, it has since grown to become one of the more popular cryptocurrencies. This is largely due to its low price, which makes it accessible to everyone.

It’s a coin for the people and has been used for charitable causes, such as sending money to Kenya to build water wells.

11. Polkadot (DOT)

Polkadot was created in 2016 and is a “next-generation” blockchain protocol. It is designed to be scalable, flexible, and interoperable.

What makes Polkadot unique is that it uses “parachains.” These are chains that can be used for specific applications. This allows for a more customizable and efficient use of resources.

Polkadot is also working on something called “Polkaswap,” which is a decentralized exchange. This will allow users to trade DOT, ETH, and other assets in a trustless manner.

12. Dai (DAI)

Dai is a stablecoin that is backed by the US dollar. It was created by MakerDAO, a decentralized autonomous organization (DAO) on the Ethereum blockchain.

What makes Dai unique is that it uses a system of “collateralized debt positions.” This means that it is backed by other assets, such as ETH or BAT.

This makes Dai a very stable coin, as it is not subject to the same volatility as other cryptocurrencies.

13. Polygon (MATIC)

Polygon is a “scalability solution” for Ethereum. It is a “layer 2” solution, which means that it sits on top of Ethereum and helps to improve its scalability.

One of the main features of Polygon is “sidechains.” These are separate chains that can be used to process transactions. This off-loads some of the work from the Ethereum blockchain, which helps to improve its scalability.

Polygon is also working on “stake-mining” that will allow users to earn rewards for staking their tokens on the network.

14. Shiba Inu (SHIB)

Shiba Inu is another cryptocurrency that was created as a “joke coin” in 2021. It is based on the Dogecoin meme, which features a Shiba Inu dog.

However, unlike Dogecoin, which has a market cap of $1 billion, Shiba Inu has a market cap of $5 billion. This is because it was created on the Ethereum blockchain, which allows for “token cloning.”

This means that anyone can create their version of Shiba Inu. As a result, there are now over 100 different versions of the coin.

15. TRON (TRX)

TRON is a decentralized entertainment protocol that was founded in 2017. It is designed to “decentralize the web” and allow for a more open internet.

TRON has its blockchain, which is designed to be scalable. It can also process transactions very quickly.

TRON is working on several different projects, such as the TRON Arcade, which is a gaming platform. It is also working on something called “Project Atlas,” which is a project to decentralize the internet.

16. Avalanche (AVAX)

Avalanche is a “platform for launching decentralized finance applications and enterprise blockchains.” It is designed to be scalable, secure, and interoperable.

Avalanche is based on a “proof-of-stake” consensus model, which means that users can earn rewards for staking their tokens on the network.

Working with smart contracts, they are improving the usability of the platform.

17. UNUS SED LEO (LEO)

UNUS SED LEO is a token that is used to power the Bitfinex exchange. This means it can be used to pay for fees on the Bitfinex exchange. Users can then get a discount on fees if they use UNUS SED LEO to pay them. It was created in 2019 and is backed by the US dollar.

UNUS SED LEO allows users to earn rewards for staking their tokens on the exchange. Staking is a practice in which users lock up tokens to help improve the security of the network. Rewards are paid out in the form of LEO tokens.

18. Litecoin (LTC)

Litecoin is a cryptocurrency that was created in 2011 as a “lightweight” version of Bitcoin. It has several different features that make it unique, such as faster transaction times and improved storage efficiency.

Litecoin is often used as a “testnet” for Bitcoin. This means that developers can test new features on Litecoin before implementing them on Bitcoin. As one of the older cryptocurrencies, outside of Bitcoin, it has a large community of supporters.

19. Stellar (XLM)

Stellar is a payments network that allows for fast, cross-border transactions. It is designed to be scalable and to work with existing financial infrastructure. It’s based on a “consensus protocol,” which means that it does not require mining to validate transactions. This makes it more energy-efficient than other cryptocurrencies.

In addition to its cryptocurrency, Stella is working on projects like “StellarX,” which is a decentralized exchange. And “Lightning Network,” designed to make Stellar even faster and more scalable.

20. Bitcoin Cash (BCH)

Bitcoin Cash is a “fork” of Bitcoin. This means that it is a copy of Bitcoin with some changes. The main change is the block size, which is eight times larger on Bitcoin Cash. This allows for more transactions to be processed per second.

Bitcoin Cash also has a different mining algorithm than Bitcoin, which makes it more accessible to miners who do not have access to specialized equipment.

Crypto For Merchants

Although Stax does not currently offer acceptance of cryptocurrencies, we strongly believe in paying close attention to the new ways customers are choosing to transact.

As the government investigates deeper and the news speaks more regularly about the normalcy of transacting in crypto, customers are bound to begin to explore these payment options. It pays to stay informed. Monitor the currencies that are most in use and explore what other crypto-based financial solutions could add value to your business.

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What is blockchain technology?

by with No Comment Uncategorized
In a few words, a blockchain is a digital ever-growing list of data records. Such a list is comprised of many blocks of data, which are organized in chronological order and are linked and secured by cryptographic proofs.
The prototype of a blockchain dates back to the early 1990s when computer scientist Stuart Haber and physicist W. Scott Stornetta applied cryptographic techniques in a chain of blocks as a way to secure digital documents from data tampering. The work of Haber and Stornetta certainly inspired the work of Dave Bayer, Hal Finney, and many other computer scientists and cryptography enthusiasts – which eventually led to the creation of Bitcoin, as the first decentralized electronic cash system (or simply the first cryptocurrency). The Bitcoin whitepaper was published in 2008 under the pseudonym Satoshi Nakamoto.

Although blockchain technology is older than Bitcoin, it is a core underlying component of most cryptocurrency networks, acting as a decentralized, distributed, and public digital ledger that is responsible for keeping a permanent record (chain of blocks) of all previously confirmed transactions.

Blockchain transactions occur within a peer-to-peer network of globally distributed computers (nodes). Each node maintains a copy of the blockchain and contributes to the functioning and security of the network. This is what makes Bitcoin a decentralized digital currency that is borderless, censorship-resistant, and that does not require third-party intermediation.

As a distributed ledger technology (DLT) the blockchain is intentionally designed to be highly resistant to modification and frauds (such as double-spending). This is true because the Bitcoin blockchain, as a database of records, cannot be altered, nor can it be tampered with without an impractical amount of electricity and computational power – which means the network can enforce the concept of “original” digital documents, making each Bitcoin a very unique and un-copyable form of digital currency.

The so-called Proof of Work consensus algorithm is what made it possible for Bitcoin to be built as a Byzantine fault tolerance (BFT) system, meaning that its blockchain can operate continuously as a distributed network, even if some of the participants (nodes) present dishonest behavior or inefficient functionality. The Proof of Work consensus algorithm is an essential element of the Bitcoin mining process.
The technology of blockchain may also be adapted and implemented in other activities, such as healthcare, insurance, supply chain, IOT, and so on. Although it was designed to operate as a distributed ledger (on decentralized systems), it may also be deployed on centralized systems as a way to assure data integrity or to reduce operational costs.
MetaVerse

What is the Metaverse? An Explanation and In-Depth Guide

by with No Comment AltcoinMetaverse

What is the metaverse? An explanation and in-depth guide

The metaverse is described as the inevitable evolution of the internet. But what exactly is the metaverse, and what will it become? Learn what businesses need to know now.

By

Published: 18 Sep 2023
Imagine a virtual world where billions of people live, work, shop, learn, and interact with each other — all from the comfort of their couches in the physical world.In this world, the computer screens we use today to connect to a worldwide web of information have become portals to a 3D virtual realm that’s palpable — like real life, only bigger and better. Digital facsimiles of ourselves, or avatars, move freely from one experience to another, taking our identities and our money with us.

This is known as the metaverse and, hype notwithstanding, it does not exist today.

What are enterprise leaders to make of a fast-evolving, hyped-up concept that could fundamentally change how humans live? TechTarget’s in-depth guide to the metaverse breaks down where this nascent technology revolution stands today and where it is headed. Topics include the technologies and platforms that support the metaverse, its benefits and challenges, how to invest in it, its history, why the metaverse is important, and its impact on the future of work.

Throughout the guide, there are hyperlinks to in-depth explorations of these and other relevant topics, as well as to definitions of important concepts in the metaverse such as interoperability, digital twins, spatial computing, and Web 3.0.

Why is the metaverse important?

“Metaverse” became a household word when Facebook rebranded its corporate identity to Meta in October 2021 and announced plans to invest at least $10 billion in the concept that year. In addition to Meta, tech giants including Google, Microsoft, Nvidia, and Qualcomm are also investing billions of dollars in the concept. Management consultancy McKinsey & Company has bullishly predicted that the metaverse economy could reach $5 trillion by 2030. E-commerce is expected to be the dominant engine, with gaming, entertainment, education, and marketing in the metaverse also becoming important sectors.

Today, companies use the term to refer to many different types of enhanced online environments. These range from online video games like Fortnite to fledgling virtual workplaces like Microsoft’s Mesh or Meta’s Horizon Workrooms to virtual dressing rooms and virtual operating rooms. Rather than a single shared virtual space, the current version of the metaverse is shaping up as a multiverse: a multitude of metaverses with limited interoperability as companies jockey for position.

The combination of uncritical enthusiasm for the metaverse and deep uncertainty about how it will pan out has sparked some backlash. Industry watchers have questioned if the metaverse will ultimately be much different from the digital experiences we have today — or, if it is, whether the masses will be willing to spend hours a day in a headset navigating digital space.

Other futurists, however, argue that while it is early days for the metaverse and fundamental technical barriers still exist, the metaverse will happen. And, it will arrive with a big bang.

The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.

The metaverse isn’t fully in existence, but some platforms contain metaverse-like elements. Video games currently provide the closest metaverse experience on offer. Developers have pushed the boundaries of what a game is by hosting in-game events and creating virtual economies.

Although not required, cryptocurrencies can be a great fit for a metaverse. They allow for the creation of a digital economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse would also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask. Also, blockchain technology can provide transparent and reliable governance systems.

Blockchain, metaverse-like applications already exist and provide people with liveable incomes. Axie Infinity is one play-to-earn game that many users play to support their income. SecondLive and Decentraland are other examples of successfully mixing the blockchain world and virtual reality apps.

When we look to the future, big tech giants are trying to lead the way. However, the decentralized aspects of the blockchain industry are letting smaller players participate in the metaverse’s development as well.

Introduction

The connections between the financial, virtual, and physical worlds have become increasingly linked. The devices we use to manage our lives give us access to almost anything we want at the touch of a button. The crypto ecosystem hasn’t escaped this either. NFTs, blockchain games, and crypto payments aren’t just limited to crypto geeks anymore. They’re now all easily available as part of a developing metaverse.

What’s the definition of a metaverse?

The metaverse is a concept of an online, 3D, virtual space connecting users in all aspects of their lives. It would connect multiple platforms, similar to the internet containing different websites accessible through a single browser. 

The concept was developed in the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future.

The metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the metaverse.

You can already see some aspects of the metaverse in existing virtual video game worlds. Games like Second Life and Fortnite or work socialization tools like Gather. Town brings together multiple elements of our lives into online worlds. While these applications are not the metaverse, they are somewhat similar. The metaverse still doesn’t exist yet. 

Besides supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain the potential to power this future technology.

Why are video games linked to the metaverse?

Because of the emphasis on 3D virtual reality, video games offer the closest metaverse experience currently. This point isn’t just because they are 3D, though. Video games now offer services and features that cross over into other aspects of our lives. The video game Roblox even hosts virtual events like concerts and meetups. Players don’t just play the game anymore; they also use it for other activities and parts of their lives in “cyberspace”. For example, in the multiplayer game Fortnite, 12.3 million players took part in Travis Scott’s virtual in-game music tour.

How does crypto fit into the metaverse?

Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility. But what do these mean exactly?

If, in the future, we work, socialize, and even purchase virtual items in the metaverse, we need a secure way of showing ownership. We also need to feel safe transferring these items and money around the metaverse. Finally, we will also want to play a role in the decision-making taking place in the metaverse if it will be such a large part of our lives.

Some video games contain some basic solutions already, but many developers use crypto and blockchain instead as a better option. Blockchain provides a decentralized and transparent way of dealing with the topics, while video-game development is more centralized.

Blockchain developers also take influence from the video game world. Gamification is common in Decentralized Finance (DeFi) and GameFi. It seems there will be enough similarities in the future that the two worlds may become even more integrated. The key aspects of blockchain suited to the metaverse are:

1. Digital proof of ownership: By owning a wallet with access to your private keys, you can instantly prove ownership of an activity or an asset on the blockchain. For example, you could show an exact transcript of your transactions on the blockchain while at work to show accountability. A wallet is one of the most secure and robust methods for establishing a digital identity and proof of ownership.

2. Digital collectibility: Just as we can establish who owns something, we can also show that an item is original and unique. For a metaverse looking to incorporate more real-life activities, this is important. Through NFTs, we can create objects that are 100% unique and can never be copied exactly or forged. A blockchain can also represent ownership of physical items.

3. Transfer of value: A metaverse will need a way to transfer value securely that users trust. In-game currencies in multiplayer games are less secure than crypto on a blockchain. If users spend large amounts of time in the metaverse and even earn money there, they will need a reliable currency.

4. Governance: The ability to control the rules of your interaction with the metaverse should also be important for users. In real life, we can have voting rights in companies and elect leaders and governments. The metaverse will also need ways to implement fair governance, and blockchain is already a proven way of doing this.

5. Accessibility: Creating a wallet is open to anyone around the world on public blockchains. Unlike a bank account, you don’t need to pay any money or provide any details. This makes it one of the most accessible ways to manage finances and an online, digital identity.

6. Interoperability: Blockchain technology is continuously improving compatibility between different platforms. Projects like Polkadot (DOT) and Avalanche (AVAX) allow for the creation of custom blockchains that can interact with each other. A single metaverse will need to connect multiple projects, and blockchain technology already has solutions for this.

What is a metaverse job?

As we mentioned, the metaverse will combine all aspects of life in one place. While many people already work at home, in the metaverse, you will be able to enter a 3D office and interact with your colleagues’ avatars. Your job may also be metaverse-related and provide you with income directly usable in the metaverse. These kinds of jobs already exist in a similar form.

GameFi and play-to-earn models now provide steady income streams for people worldwide. These online jobs are great candidates for metaverse implementation in the future, as they show that people are willing to spend their time living and earning in virtual worlds. Play-to-earn games like Axie Infinity and Gods Unchained don’t even have 3D worlds or avatars. However, it’s the principle that they could be part of the metaverse as a way to earn money entirely in the online world.

Metaverse examples

While we don’t yet have a single, linked metaverse, we have plenty of platforms and projects similar to the metaverse. Typically, these also incorporate NFTs and other blockchain elements. Let’s look at three examples:

SecondLive

SecondLive is a one-stop web3 metaverse marketing solution. It provides a plethora of features, including enhanced Intelligent AI Agents, AI Spaces capabilities, venue AMA features, and virtual dance V-Dance capabilities. These solutions drive towards the realization of precise and engaging marketing solutions, enabling users to connect with brands and builders in a way that inspires self-expression and action on the fly.

SecondLive utilizes cutting-edge XR and spatial computing technology to create commercial-ready digital avatars and spaces. The project also provides a unique blend of AI & AR capabilities, allowing for intricate connections between brands and builders. 

Recently, SecondLive unrolled its AIGC toolchain, a generative AI toolchain for the web3 metaverse, focusing on two key aspects: Intelligent AI Agents and AI Space Editor. The automated assistance these AI Agents offer, and the on-chain asset generation and trading capabilities unlock new avenues for creating economic value.

Axie Infinity

Axie Infinity is a play-to-earn game that provides players in developing countries an opportunity to earn consistent income. By purchasing or being gifted three creatures known as Axies, a player can start farming the Smooth Love Potion (SLP) token. When sold on the open market, someone could make roughly $200 to $1000 (USD) depending on how much they play and the market price.

While Axie Infinity doesn’t provide a singular 3D character or avatar, it gives users the opportunity for a metaverse-like job. You might have already heard the famous story of Filipinos using it as an alternative to full-time employment or welfare.

Decentraland

Decentraland is an online, digital world that combines social elements with cryptocurrencies, NFTs, and virtual real estate. On top of this, players also take an active role in the governance of the platform. Like other blockchain games, NFTs are used to represent cosmetic collectibles. They’re also used for LAND, 16×16 meter land parcels that users can purchase in the game with the cryptocurrency MANA. The combination of all of these creates a complex crypto-economy.

What’s the future of the metaverse?

Facebook is one of the loudest voices for the creation of a unified metaverse. This is particularly interesting for a crypto-powered metaverse due to Facebook’s Diem stablecoin project. Mark Zuckerberg has explicitly mentioned his plans to use a metaverse project to support remote work and improve financial opportunities for people in developing countries. Facebook’s ownership of social media, communication, and crypto platforms gives it a good start combining all these worlds into one. Other large tech companies are also targeting the creation of a metaverse, including Microsoft, Apple, and Google.

When it comes to a crypto-powered metaverse, further integration between NFT marketplaces and 3D virtual universes seems like the next step. NFT holders can already sell their goods from multiple sources on marketplaces like OpenSea and BakerySwap, but there isn’t yet a popular 3D platform for this. At a bigger scale, blockchain developers might develop popular metaverse-like applications with more organic users than a large tech giant.

Closing thoughts

While a single, united metaverse is likely a long way off, we already can see developments that may lead to its creation. It looks to be yet another sci-fi use case for blockchain technology and cryptocurrencies. If we will ever really reach the point of a metaverse is unsure. But in the meantime, we can already experience metaverse-like projects and continue to integrate blockchain more into our daily lives.

Meme Coins

Meme Coins?

by with No Comment Meme Coins?

Disclaimer: This article is for educational purposes only. Binance has no relationship to these projects, and there is no endorsement for these projects. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.

TL;DR

In 2021, the meme coin market saw exponential growth, especially the dog-themed meme coins. As of November 2021, one of the most popular “breeds” is Dogecoin (DOGE) and its rival Shiba Inu (SHIB). 

Meme coins are meme-inspired cryptocurrencies. They tend to be highly volatile compared to major cryptocurrencies like bitcoin (BTC) and ether (ETH). This is likely because meme coins are heavily community-driven tokens. Their prices are usually influenced by social media and online community sentiments. This often brings a lot of hype but also FOMO and financial risk. While it’s true that some traders became rich with meme coins, many lost money due to market volatility.

Introduction

Some say 2021 was the year of “dogs” for crypto. The doggy duo Dogecoin (DOGE) and Shiba Inu (SHIB) led the meme coin pack and skyrocketed in price and market capitalization. As of November 2021, DOGE has gained over 8,000% since the beginning of the year and is ranking #9 by market capitalization on CoinMarketCap. Its competitor, SHIB, has pumped more than 60,000,000% since January.

What are meme coins?

Meme coins are cryptocurrencies inspired by memes or jokes on the Internet and social media. The first meme coin created was Dogecoin (DOGE). Launched in 2013 as a parody, DOGE was inspired by the popular Doge meme of a Japanese Shiba Inu dog.

Meme coins tend to be highly volatile. They are mainly community-driven and can gain popularity overnight due to online community endorsements and FOMO. Still, their price can also slump unexpectedly when traders turn their attention to the next meme coin.

Another characteristic of meme coins is that they often have a huge or unlimited supply. For example, Shiba Inu (SHIB) has a total supply of 1 quadrillion tokens, while DOGE has no maximum supply, and over 100 billion tokens are already in circulation. As meme tokens generally do not have a coin-burning mechanism, the huge supply explains their relatively low prices. With just $1 USD, you can buy millions of meme tokens.

Why are meme coins so popular?

While it’s hard to define specific reasons, some say that during the COVID-19 pandemic, the crypto market grew as retail investors wanted to hedge against inflation. Meme coins also boomed amidst the hype, growing both in market capitalization and variety.

It all started after the “meme stock” saga of GameStop (GME) and AMC Entertainment (AMC) in late 2020, where the Reddit community pumped up the prices of these shares to as much as 100 times in a few months. In January 2021, a Reddit group joked about pumping up the price of DOGE to create a crypto equivalent of GME. The trend caught on, and along with the influence of Tesla CEO Elon Musk’s tweets, DOGE price rallied. Dogecoin reached a new all-time high of $0.73 USD, with an increase of over 2,000% in five days.

However, in May 2021, Elon Musk joked about DOGE publicly on TV, and many say it was the cause of the following price drop. Several traders then turned to other meme coins on the market, such as the “Dogecoin killer” SHIB. At the same time, retail investors were FOMOing into meme coins hoping to become millionaires overnight, sparking yet another meme coin rally.

Another reason why retail investors find meme coins attractive is that they typically only cost a few cents or even a fraction of a cent. Technically, the low price doesn’t mean much because these coins have huge supplies. Still, holding millions of a certain meme coin feels different than holding a fraction of ETH or BTC. Traders can get thousands or even millions of DOGE, SHIB, or Akita Inu (AKITA) tokens with just a few dollars.

Apart from the potential profits, the meme coin frenzy is also driven by their respective community sentiments. As mentioned, meme coins are inspired by popular Internet memes, intended to be fun and sometimes considered an “insider joke” for a community. Buying meme coins, in a way, is showing support for their respective community. Following the GME stock market saga, meme coin traders inspired by the Reddit group SatoshiStreetBets started a “David vs. Goliath” battle to bet against the mainstream cryptocurrencies. The crypto market in 2021 was therefore flooded with community-driven meme coins.

 

Potential risks of investing in meme coins

Meme coins might have seen exponential growth in 2021, but like all cryptocurrencies, trading and investing in meme coins carries high financial risk.

First of all, the tokenomics of meme coins can be concerning. Take Bitcoin as an example. It has its blockchain, a well-written whitepaper, an established ecosystem, and a deflationary nature. We are seeing more institutional adoption of bitcoin in recent years as well. Compared to BTC, most meme coins are inflationary with no maximum supply. Their ecosystem, use cases, and fundamentals are often defined by the collective jokes of the community. Only a few meme coins were built on the technology of major cryptocurrencies. For example, DOGE’s technology was derived from Litecoin (LTC), and SHIB was built on the Ethereum blockchain. 

Another potential risk is that meme coins are heavily community-driven and are more speculative than the larger market capitalization cryptocurrencies. This volatility constantly leads to unexpected pump and dump. The lifecycle of meme coins is generally short-lived. Their prices can rocket thousands of times from celebrity shilling or FOMO, or crash unexpectedly when the community decides to move on to the next meme coin.

As the meme coin market continues to grow, you should be aware that there might be projects taking advantage of the hype to scam traders. For example, Squid Game (SQUID), a meme coin inspired by the popular Netflix show of the same name, surged over 86,000% in a week. However, the development team rug-pulled suddenly and caused the price to plummet by 99%. What’s worse is that holders were not allowed to sell their SQUID tokens. Therefore, you should always be careful and DYOR before trading or investing in meme coins.

Leading the meme coin market with the highest market capitalization are Dogecoin (DOGE) and Shiba Inu (SHIB). After the success of DOGE and SHIB, a large number of dog-themed meme coins entered the market and gained traction within the second half of 2021.

Dogecoin (DOGE)

Dogecoin (DOGE) was created in 2013 by software engineers Billy Markus and Jackson Palmer. It was inspired by the meme of a Shiba Inu dog and was intended to be a joke cryptocurrency to attract mainstream attention. As a fork of Litecoin (LTC), DOGE adopts the same Proof of Work (POW) mechanism, and it has no maximum supply. For a more comprehensive overview of DOGE, check out What Is Dogecoin?.

Shiba Inu (SHIB)

Shiba Inu (SHIB) is the rival of DOGE and is often referred to as the “Dogecoin killer”. SHIB is also named after a Japanese dog breed. It was created by an anonymous developer named Ryoshi in August 2020. The main difference between DOGE and SHIB is that the latter has a limited supply of 1 quadrillion tokens, of which 50% were burnt and donated to charity. SHIB’s ecosystem also includes a decentralized exchange, an NFT art incubator, NFTs, and an NFT game.

To learn more about SHIB and its ecosystem, check out What Is Shiba Inu (SHIB)?.

Dogelon Mars (ELON)

Dogelon Mars (ELON) closely follows the doggy duo in terms of popularity. As the name suggests, ELON is named after Tesla CEO Elon Musk and his passion for his company SpaceX. ELON is a fork of Dogecoin and has a circulating supply of 557 trillion tokens. As of November 2021, ELON has surged over 3,780% since its launch in April 2021.

Akita Inu (AKITA)

There are many other meme coins using Japanese dog breeds as their mascots, such as Akita Inu (AKITA), Kishu Inu (KISHU), and Floki Inu (FLOKI). AKITA was heavily inspired by DOGE. It was launched on Uniswap as an ERC-20 token in February 2021. Its tokenomics is very similar to SHIB. Like SHIB’s developer Ryoshi, the AKITA team locked 50% of its total supply on Uniswap, while the remaining 50% was sent to Ethereum co-founder Vitalik Buterin. However, AKITA only has a total supply of 100 trillion tokens, which is 1/10 of the total supply of SHIB. AKITA gained traction alongside its fellow doggy coins in May 2021 and is seen by some community members as another “Dogecoin killer”.

Samoyedcoin (SAMO)

Samoyedcoin (SAMO) is a dog meme coin project built on the Solana blockchain. At launch, 13% of SAMO supply was airdropped to members of the community. According to their website, SAMO roadmap includes burning events, airdrop tools, a decentralized exchange (DEX), and the creation of NFTs. Samoyedcoin recently gained popularity due to a sudden increase in price. SAMO grew over 4,300% within a month. In October 2021, the price went from $0.005 to over $0.22 in roughly 30 days.

Kishu Inu (KISHU)

Kishu Inu (KISHU), another canine-themed meme coin, has grown exponentially since it launched in April 2021. KISHU includes participation rewards for active users, non-fungible tokens (NFTs), and a DEX called Kishu Swap. It has been growing in popularity and recorded over 100,000 holders and 2 billion dollars market capitalization within one month after its launch.

SafeMoon (SAFEMOON)

Another meme coin newcomer that capitalized on the rally was SafeMoon (SAFEMOON). It is a BEP-20 token launched on the BNB Smart Chain (BSC) in March 2021. SAFEMOON rewards long-term holders by penalizing those who sell the token with a 10% exit fee, of which half of the fees will be distributed to existing SAFEMOON holders, and the other half will be burnt. It attracted retail investors’ attention after it soared in April. As of November 2021, SAFEMOON has a 9418.54% ROI, according to CoinMarketCap.

How to buy meme coins on Binance?

You can buy the more popular meme coins, such as DOGE and SHIB, on cryptocurrency exchanges like Binance. For other less prominent meme coins, you can go to decentralized exchanges. 

Let’s take DOGE as an example.

1. Log in to your Binance account. Then, head to [Trade] at the top bar to select the classic or advanced trading page.

2. On the right side of the screen, type “DOGE” on the search bar to see a list of the available trading pairs. We will use DOGE/BUSD as an example. Click “DOGE/BUSD” to open its trading page.

3. Scroll down to the [Spot] box and enter the amount of DOGE to purchase. You can select different order types to buy DOGE. We will use a Market order in this example. Click [Buy DOGE] to confirm the order, and you will see the DOGE you purchased in the Spot Wallet.

Here’s How High Bitcoin and Altcoins Will Rise Reapdaily

by with One Comment Altcoin
Renowned for their spot-on predictions, crypto strategist Rekt Capital hints at a potential Q1 2024 altcoin hype cycle. With a substantial following in the crypto community, Rekt Capital’s insights suggest a sync between Bitcoin’s Pre-Halving Rally and Ethereum’s price predicament, setting the stage for altcoin hype cycles

Analyzing Altcoin Market Cap

In a recent analysis, Rekt Capital, a pseudonymous analyst, offers a glimpse into the possibility of an impending altcoin rally. The strategist’s observations on altcoins unfold against the backdrop of the recent turmoil market.

New edition of the Rekt Capital Newsletter is live 🔥

Altcoin Q1 Hype Cycle Around The Corner? – PART 2

Features analysis on the Altcoin Market Cap, #BTC‘s Pre Halving Rally phase, Altcoin Hype Cycles and $ETH, $LINK & $SOL

Sign up to read it here:https://t.co/65oqHg7JNk

— Rekt Capital (@rektcapital) February 7, 2024

Focusing on Altcoin Market Cap over recent weeks, Rekt Capital observes a consolidation pattern towards the apex (depicted in black). This consolidation indicates that it is preparing for a significant change in its overall trend.

The fact that the Altcoin Market Cap is now right at the center of this pattern suggests that a crucial decision on its trend might happen in the upcoming week. This consolidation follows a series of historical retest attempts.

The first retest, marked by a green circle, centered on the green area. In 2023, this area transformed into a new support level, having acted as resistance in 2022 (as indicated by the red circle).

Subsequently, a second historical retest, marked with a yellow circle, focused on the red horizontal level of $182 billion. Sequential retests of the green area and horizontal red level mirror historical patterns

Altcoin Hype on the Horizon?

As of today, Altcoin Market Cap is undergoing the yellow circled retest, periodically dipping into the red horizontal $182 billion level over recent weeks. Despite this, the retest of the red level remains successful, creating stability and potentially paving the way for the Altcoin Market to revisit the $250 billion area over time.

In essence, the Altcoin Market Cap is building a base of support at the new Range Low of the red $182 billion level before embarking on an upward move toward the new Range High resistance at $250 billion.

The crypto community eagerly watches for these patterns, anticipating a potential Q1 hype cycle for altcoins.