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Category Archive Crypto Press Release

ByDavid Adamson

Cryptocurrency Laws in India – Legal vs Illegal

The Indian government is considering a proposal to introduce cryptocurrency regulations. This article details what the government is thinking and which laws might be affected by the proposal. The Indian government has been thinking about regulating cryptocurrencies since early 2018, when it formed a committee to study how they were being used in the country.

According to a report by news agency Press Trust of India (PTI), the panel recommended that crypto assets should not be allowed for payments and settlements.

However, it acknowledged the benefits of blockchain technology, which is used in cryptocurrencies. Grains, gold, and even land records can be kept in blockchain form

Cryptocurrency exchange regulations in India have grown increasingly harsh.

While technically legal, in April 2018 the Reserve Bank of India banned banks and any regulated financial institutions from “dealing with or settling virtual currencies”.

The sweeping regulation prohibited trade of cryptocurrencies on domestic exchanges – and gave existing exchanges until 6 July 2018 to wind down.

India has a number of laws that currently apply to cryptocurrency. A new Cambridge University report explains some of these laws. We have taken notes from the report and simplified it for you. Hope it will clarify your cryptocurrency knowledge and its operation.

While the Indian Government is working on drafting the legal framework specifically for cryptocurrency, several existing laws apply to crypto assets in addition to the infamous RBI circular that prohibits all regulated entities from providing services to crypto businesses.

For cryptocurrencies that are deemed securities, Securities Contracts Act 1956 may apply.

However, the report states that “Currently, there is regulatory uncertainty regarding applicability” of this law to tokens but some “may fall within its remit if, inter alia, they are issued by an identifiable issuer and backed by the underlying assets of the issuer.”

Companies Act and Payment Systems

The regulations under the Companies Act, 2013 and rules will be applicable on all token types cryptocurrency. On of the author of the report explained in detail, “These are primarily the Companies (Acceptance of Deposits) Rules, 2014 (Deposits Rules) which specify when the receipt of money, by way of deposit or loan or in any other form, by a company would be termed a deposit, and also provides certain exemptions from its applicability.”

“Payment tokens may also be subject to the Payments and Settlements Systems Act 2007 (PSSA). The Cambridge report claims that there is nothing in this act “to exclude virtual currency, since only the term payment is referred to, as opposed to currency, legal tender or money.”

“Therefore, if a cryptocurrency activity “were to constitute a ‘payment system’ or other regulated activity, the issuer would need payment system authorisation from the RBI under PSSA and would require compliance with KYC/AML norms.”

Money Laundering

The use of cryptocurrencies may further fall under the Prevention of Money Laundering Act 2002 (PMLA), which carries statutory penalties of up to 10 years imprisonment.

However, the report clarifies that it is unclear whether the reporting obligations prescribed under Chapter IV of the PMLA extend to wallet operators, crypto asset exchanges or third-party bitcoin services.

 It added, “A majority of crypto asset trading platforms are self-regulatory and follow extensive KYC/AML norms.”

Unregulated Deposit Schemes

There is also the Banning of Unregulated Deposit Schemes Bill 2018 which has been tabled in Parliament. It proposes to prohibit all unregulated deposits which could apply to initial coin offerings (ICOs).

The author explained that the bill “provides a schedule of regulated deposit schemes, and all unregulated deposit schemes are prohibited.”

Additionally, “The term deposit includes ‘an amount of money received by way of an advance or loan or in any other form, by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or in the form of a specified service, with or without any benefit in the form of interest, bonus, profit or in any other form, but doesn’t includecertain enumerated categories”

He elaborated, “An ICO might be regarded as an ‘unregulated deposit scheme.’ So, virtual currency token issuers would need to ensure, in order to be outside the purview of the Ordinance, that (A) the scheme is regulated and/or (B) there should be no liability of returning any money received.”

He added that this bill “was passed in the Lok Sabha (House of Commons) on Feb 13, 2019 but will lapse in the House of Representatives (Rajya Sabha) after the dissolution of the Lok Sabha due to elections in May this year.”

He further remarked, “Ordinances are usually required to be approved by the Parliament within 6 weeks or they lapse, in this case, no official confirmation about its approval by the Parliament has been made yet. Considering the elections, I am sure the 2019 Ordinance would take another few months (at least) to be made into a law.”

Hope our interpretation and explanations be some help to you.

ByDavid Adamson

Cryptocurrency Regulation in Singapore: TOP Points to Know

Singapore is widely known as one of the most popular countries for establishing a cryptocurrency business in the East. The great popularity of this business encouraged local legislative and regulatory authorities to implement separate legislation and regulations to make the market more transparent and safe for investors.

So, launching and running any crypto project in this region surely promises to be a highly profitable endeavor as the market is huge here thanks to the ensured transparency. 

At the same time, it is necessary to observe strictly regulatory requirements and get authorization to start a crypto business in Singapore. Prifinance Company helps with getting a Singapore crypto license by overcoming effectively possible bureaucratic formalities that may cause the rejection.

Entrepreneurs who are preliminarily interested in realizing the crypto business objectives in Singapore may need to be aware of the next highlights of crypto regulation in the jurisdiction. 

Basic Highlights about Crypto Regulation in Singapore

The legislation of Singapore may be characterized as one of the most crypto-friendly around the globe. It clearly regulates the operations associated with the circulation of crypto assets. The Monetary Authority of Singapore (MAS) makes a proactive effort towards adaptation of the local legislation to the market demands, including the need for investors’ protection.

From 2022, all traditional and token-based transactions are regulated by the separate Payment Services Act. Simultaneously with this Act, the MAS also adopted Notice PSN02 which is related to the prevention of money laundering and counters terrorism financing.

This legislation and regulations are aimed at implementing clear rules for closing crypto deals and preventing money laundering in any form. Such legal rules are proven to be effective for detecting and stopping possible illegal money flows through Singapore and are generally not considered to be too burdensome by a business. 

The scope of licensing activities is limited in this jurisdiction. In most cases, the need of getting a license is associated with the cases when crypto assets have features attributed to the securities.

At the same time, an entrepreneur who is aiming at running a crypto exchange is obliged to get a license for this activity in advance. Mining is not forbidden in this jurisdiction but the costs for making it are higher compared with similar ones in other jurisdictions. 

How Prifinance Lawyers Are Ready to Help You 

If establishing your crypto project in Singapore appeared as a recent objective on your agenda, Prifiance lawyers are ready to facilitate the realization of this goal through applying these legal measures:

  • assessing the background of your case and business objectives – suggesting the best registration solutions in your existing case;
  • gathering must-have documents and particulars to launch the license application process;
  • starting a new legal entity that will serve as an authorized operator in the Singapore region;
  • supporting opening bank accounts and cooperation with EMI that may be necessary to run a future crypto project in Singapore and worldwide;
  • handling all registration-related and other negotiations with the local officials;
  • helping with closing deals and resolving other issues that may be in place during the operation of your newly formed crypto project. 

Share the details  of your business case and objectives with Prifinance lawyers to get instant and helpful solutions to the point.

ByDavid Adamson

The Complaints For $8 Are Raising for Twitter, Where Is This Leading?

Elon Musk after becoming the new owner of the microblogging site is definitely giving Twitter a facelift. All new scenarios are seen around Twitter and right now we all know that the personality of Mr. Musk and his humorous replies are full of drama. Since the news broke about his takeover, we can barely think a day about what is awaiting next.

Initially, Elon Musk fired the top four Twitter executives including the former CEO, ex-finance chief, and ex-legal affairs & policy chief. Later, he gave an estimate to the company’s employees having the time base till November 7 to forge Twitter’s verification. 

Some of the proven reports mention that verified users are advised to pay $20 monthly. In fact, after due consultations, the requisite fee was brought down to $8.

We can now relate that these two things are bound to happen. Firstly, the verification fee was sure to stay. Next, the monthly fee that employees need to pay is $8, and you cannot do anything about it. Regarding the recent mocks and discussions going on the web, Elon Musk is not bothered about the complaints raised by users.

Instead, he tweets an absurd expression “To all complainers, please continue complaining, but it will cost $8”. This already specifies anyone can complain about whatever things but the price isn’t changing. 

Earlier, Elon Musk also declared that he plans to launch an $8 Twitter subscription service to authenticate and authorise subscribers, enhance the visibility of their posts, and enable the subscribers to view fewer ads.

According to his tweets and thinking, at odds with what everyone thinks, the verification tick is not introduced only for celebrities, instead, it is also for firms or individuals. 

Following such a mindset are people having the tendency to attract and propose several followers. These individuals and firms usually accord fake accounts initiated by criminals. Lastly, the verification tick is a strategy to recognize and differentiate the official account from the parodies.

This resulted in charging fees 

As a result, the great Elon Musk switched his Twitter certification naming to “Twitter Complaint Hotline Operator”. Not only the name but he also changed his display image avatar into a little boy answering the phone. 

A series of improved measures after Musk joining Twitter has given rise to dissatisfaction among several users. At the moment, he is emotionless about user dissatisfaction.

Looking at the wavering situations of Twitter and employees, all should focus on how to gain upper hand on any platform you choose that will surely promise secure social media networking and a heads up. 

I Found Twtzer 

While scrolling up the stuff, Twtzer impressed me in terms of a new project hosting the crowdfunding event of IPO giving almost 49% of the total shares in terms of TWTZ assets to the crowd saving the rest shares for development, team management, liquidity, and other purposes.

The Initial holders of 49% equity will receive lifetime dividend from project profit of ads and other services.

Nowadays, it’s difficult to find such potential platforms that offer you a great deal. While other social media platforms like Twitter, Facebook, TikTok, and Instagram, are taking users and security for granted, you are indirectly treated as a product instead of an entity. In the other scenario, this is a decentralized social networking platform built with blockchain security layers and sophisticated smart contracts. Check out more details about this new project on its official page. 

ByDavid Adamson

Gagarin Crypto News – A Global Cryptocurrency News Portal

Welcome to the most user-oriented crypto trading website! Gagarin News is a global cryptocurrency news portal. The online platform, created for you by the creators of the world’s first entertainment show about cryptocurrencies Gagarin Show, is designed to popularize the new age of blockchain technology, which is changing our world.

Readers will get access to the latest news, events, analytics, opinions, videos, interviews and more from the world of cryptocurrency . Also, the media is aimed at both advanced crypto-adepts and those who are just starting their way in this sphere.

Nowadays more and more people are interested in blockchain technology. After all, the blockchain confidently entered the geopolitical arena and became a lever of global processes in the economy and society. However, for many, this modern technology still remains unknown.

Therefore, the mission of trading platform Gagarin news is to promote blockchain and popularize the technology, provide quality content and in-depth analytics that will be useful to both those who are new to the industry and those who have been in it for a long time.

We are glad to show you only up-to-date news and exchange rates. Here you can find a lot of cool features. This is the space where all who are interested in crypto are welcome.

We collected the most recent news about cryptocurrencies and the best exchange rates. There aren’t any restrictions. No matter if you are a beginner or a professional trader. Our crypto space has a lot of possibilities for all the people who come here.

There are two modes: beginner mode and professional mode. The first one offers you various useful articles about crypto trading for a good start. Here new users can learn about blockchain, trading principles, different kinds of currency and so on.

In the second mode users can find much important information for experienced crypto traders. There is a lot of interesting news specially for you. Users can choose what they would like to know about and dive deeply into the world of crypto trading.

Join us and see how we work! We are happy to see you. Gagarin News the most interesting news. All users – both new and experienced – are always welcome.

ByDavid Adamson

How Bitcoin Cloud Mining Changes Your Financial Future in 2022 and Beyond?

Bitcoin cloud mining aids people in mining Bitcoins without involving in managing the miners. Bitcoin mining or other crypto mining is not an easy task and does not always benefit the miners. Because problems such as high electricity tariffs, currency price fluctuations, network difficulties, as well as lack of skills, time, or money to invest, are facing the miners.

Bitcoin cloud mining not only has solved these problems but also has provided the opportunity to make a profit without having to buy hardware or set up mining systems. Simply put, Bitcoin cloud mining is the process by which you lease the processing power of other mining devices to participate in cryptocurrency mining.

In this method, you buy the processing power of interconnected devices that are located in a mining farm equipped with a certain amount. After the mining process is performed by these servers and devices, the obtained cryptocurrency will be transferred to your wallet.

The advantage of this system is that the user will not be involved in issues and costs of mining operations. It also receives a share of the mining profit as much as the processing power it rents.

What are the advantages and disadvantages of bitcoin cloud mining?

The benefits of Bitcoin cloud mining include:

  • You will not need to use noisy cryptocurrency mining equipment at home.
  • You do not need to buy expensive mining systems.
  • You will not pay for extra electricity.
  • You will not encounter problems operating the equipment ventilation system.
  • You will not encounter hardware and software problems with mining devices.
  • You will not have the hassle of buying or selling mining equipment.

    Disadvantages of Bitcoin cloud mining include:
  • There is a risk of fraud in the way the cloud mining company works and how much it earns.
  • You will earn less than the normal mining process.
  • If the price of digital currencies being mined changes, there is a possibility that mining operations will stop.
  • Subscribers who become members of Bitcoin cloud mining do not have control over their assets.
  • You will not learn the mining method.

To eliminate the disadvantages of this method, it is necessary to know the reputable cloud mining companies and become a member of one of the reliable companies.

What are the benefits of Bitcoin cloud mining over bitcoin mining?

You can experience the easiest, fastest, safest, and cheapest way to earn money from bitcoin mining by using the services that Bitcoin cloud mining offers.
There are several advantages for Bitcoin cloud mining:

  • No machine setup: There is no need to set up complex mining devices with Bitcoin cloud mining. You can participate in Bitcoin mining immediately after purchase.
  • Minor and transparent maintenance fee: For bitcoin cloud mining, a small and completely transparent monthly fee is charged for electricity, maintenance, and fixing hardware, and the salary of a specialist for device maintenance, from the Miner rental subscriber.
  • Full interest payment: In Bitcoin cloud mining, all the customer’s interest is paid to him in proportion to the amount he has invested.
  • High stability and security: Bitcoin cloud mining has a more stable income. Also, income security is more than personal mining.

What is the efficiency of cloud mining?

Mining cryptocurrencies always has a lot of risks that if you are aware of them and can make the right decisions, it will guarantee you a profit.

One of the important points in partnering with Bitcoin cloud mining companies is to calculate the amount of cloud mining profit. Cloud mining contracts at some service providers may be profitable in the first few months, but you may see a decline in profits for two reasons:

  • Increase mining difficulty,
  • Reduce the price of mined cryptocurrencies.

To solve this problem, the revenue from bitcoin mining can be reallocated to buy a new hash. You should buy more mining contracts from the cloud mining service.

A Bitcoin mining profitability calculator can be used to calculate the estimated profit. If you want to make sure that you do not lose money by participating in Bitcoin cloud mining, you should choose a company that manages to keep cloud mining away from risk and in the best position.

To choose the best sites that provide Bitcoin cloud mining services, you should first research your desired service on social networks and ask experts in this field. Because investing in cloud mining services and websites, like any other investment, requires time to scrutinize.

During its activity, Minerland Company has shown that it is one of the most reputable Bitcoin cloud mining systems. Minerland is without a doubt the safest and most reliable mining system.

By leasing hashing power to the cryptocurrency mining process, MinerLand offers one of the most profitable bitcoin cloud mining centers to its subscribers. By choosing a plan, each member can see a fundamental change in their financial future.

How to invest in Bitcoin cloud mining?

1.     First, the user must register in the registration system. When registering on the platform, the user must type information including their name, mobile number, email, and country.
After entering the user panel, the user can select his avatar. Then enter more information to complete your profile.

2.     Members can then invest in plans offered in Bitcoin Cloud Mining.  Each member can choose one or more plans to subscribe to cloud mining programs and include them in their shopping cart. Each cloud mining company has several payment methods for users. Members can pay with acceptable cryptocurrencies or other Fiat currencies. Most cloud mining companies now accept BTC and Visa Card or Mastercard.

3.     At this stage, mining for investors begins.
Bitcoin mining profitability calculator starts immediately after members subscribe and invest. Investors can monitor mining performance from the central panel of Bitcoin cloud mining.
People who join Minerland and invest in more valuable plans will make a significant difference in their financial future. They can add to their hash power to earn more money and have the best coins to mine in 2022.

4.     Finally, it is time to withdraw deposits.
When the amount of bitcoin those investors receive from Bitcoin cloud mining reaches the minimum amount required for withdrawal, they can transfer their bitcoin income to their bitcoin wallet.

What are the ways to earn income through Bitcoin cloud mining?

Investors are also advised to reinvest their profits in the Minerland cloud mining company. In this way, their income will increase and they can illuminate their financial future.

As the bitcoin network hash rate improves, it shows that the Chinese government has greatly reduced its strictures on the mining industry. Therefore, it is likely that by the end of 2022, the price of bitcoin will improve and reach above $ 49,000 and more.
As China lowers barriers to bitcoin mining, users will be able to enter the bitcoin mining space more easily, making it possible to take advantage of rising and falling markets.

Entering the bitcoin mining industry, investors can receive bitcoin as a mining bonus and do not need to buy it directly from the market. However, with the growth of this industry and the expansion of its field of work, individuals or companies that can provide the cost of electricity and maintenance of the required and expensive hardware for mining operations have set up bitcoin mining farms.

Another option that investors can use to store BTC and other cryptocurrencies, even with low capital, is to get more bitcoins by buying Bitcoin cloud mining contracts.

What are Bitcoin cloud mining contracts?

From the earliest days of Bitcoin, the cloud mining industry began to grow. Because users who were interested in bitcoin mining but did not have a place to start mining devices, or could not provide hardware mining equipment, or could not provide the power needed for the equipment, they came to Bitcoin cloud mining platforms.

Famous companies that were among the first companies to present cloud mining services include Genesis Mining and HashNest. Of course, the demand for users to partner with these companies and use their services has increased so much that it is beyond their ability. Even all their bitcoin cloud mining contracts have been purchased by users.

Minerland is a Georgia-based company that has been operating for several years and is connected to data centers in various locations.

Through the services provided by Minerland, users can rent mining equipment and pay for the equipment without having to go through the hard work of mining, while the mining company has tasks such as providing a physical location and providing the machine. Also, it is responsible for operations and maintenance.

Users can also purchase hash power by purchasing the contracts of Minerland. Once the contracts have been purchased, the proceeds from Bitcoin Cloud Mining will be credited to the Bitcoin wallets of the subscribers. The wallet has been specified by the users themselves. Users can withdraw these bitcoins or re-invest in mining by buying another contract to make more profit and secure their financial future.
Of course, keep in mind that all Bitcoin cloud mining corporations warn their members about the dangers that may arise in providing cloud mining services. Some of them may not guarantee any level of profit.

Various conditions can occur that cause these risks. These conditions include:

  • Electricity power price fluctuations,
  • Increases or decreases of the price of Bitcoin,
  • Promoting mining technology that increases the difficulty of the mining network,
  • Old equipment will lose its capability.

What plans can investors in Minerland use in 2022?

Minerland has 4 different plans with different amounts of investment at the cloud miner center, which are:

·        Soldier Minerland Plan: Members of this platform must pay $ 15.99 to participate in the Soldier Plan. The user can pay 50 points earned from different designs instead of buying this design. Investors who have purchased this plan can receive 150 Satoshi as a daily profit and 1 point. If an acquaintance introduced to Minerland buys this plan, they can earn 5 points. Of course, they can share in the mining of currencies generated by SHA-256 algorithms.

·         Major Minerland Plan: Investors of this platform must pay $ 49.99 to participate in the Major Plan. The previous fee that the user had to pay was $ 69.99. The user can pay 200 points earned from different designs instead of buying this design. Investors who have purchased this plan can receive 700 Satoshi as a daily profit and 5 points. If an acquaintance introduced to Minerland buys this plan, they can earn 20 points. Of course, they can share in the mining of currencies generated by SHA-256 / Ethash algorithms.

·        Captain Minerland Plan: The user must pay $ 444.9 or have 2000 points to participate in the Captain plan. They receive 6250 Satoshi Daily Profit and get 60 points. The affiliate person to the user of Minerland gets 200 points. The previous fee that the user had to pay was $ 599. 9. They can participate in mining currencies mined by SHA-256, Scrypt, and Ethash algorithms.

·        Lord Minerland Plan: Members of this platform must pay $ 1999 to participate in the Lord Plan. The previous fee that the user had to pay was $ 2499. The user can pay 8000 points earned from different designs instead of buying this design. Investors who have purchased this plan can receive 28000 Satoshi as a daily profit and 280 points. If an acquaintance introduced to Minerland buys this plan, they can earn 800 points. Of course, they can share in the mining of currencies generated by SHA-256 / Ethash / Scrypt algorithms.

Minerland members can earn more by participating in projects. This is possible if they use the following methods:

  • All Minerland contracts are for one year, but if users buy into any of the plans and invest in longer periods, they can earn more profit and points.
  • Minerland members can purchase any of the plans offered by the company. They can even have two or more designs at the same time. In this case, a person’s income is the sum of the income that a person will have from all programs.
  • Investors can use the profits they have earned again to buy Mainland projects, in which case they can make more profit.

For more information on the various Minerland apps, interested users can visit Miner-

ByDavid Adamson

Can Digital NFTs Hold A Store Of Value Like Bitcoin?

NFTs have been the talk of the crypto community for a few years now, and with each passing year, their potential seems to grow. What was once the preserve of digital art collectors and highly speculative investors is now something that could be used on everything from subscription services to online bitcoin casinos, giving players a chance to unlock extra content, features, and more.

But can these digital tokens hold a store of value just like bitcoin and precious metals? Do they have as much potential as an asset, and what does the future hold for NFTs?

What is a Store of Value?

Before we discuss the potential benefits of NFTs as a store of value, we need to address what this term actually means.

A store of value is simply an investment that holds its value. It is an asset or commodity that does not rapidly depreciate over time, allowing the investor to dip into their investment and withdraw as needed. 

Gold and silver are some of the best examples, as the market has valued these metals since the dawn of civilization, and they tend to hold their value over long periods of time. If you have a large store of gold, you know you’ll always have a reliable investment that you can add to and withdraw as required.

On the flip side, a classic car is not a store of value asset. It might have a high value to begin with and it might even be considered a collectible, but it’s a car and it will deteriorate both in quality and—probably—price as long.

A nation’s currency is also a store of value, as it’s an asset to which a value is assigned. When you’re given your paycheck every month, you’re relying on that money to have a certain value, one that hasn’t changed greatly from the previous paycheck.

Is Bitcoin a Good Store of Value Asset?

Bitcoin has a lot of potential as a store of value asset. As with gold and silver, it can be collected, stored, and then sold as needed. And unlike bonds and other potential store of value assets, it doesn’t need to be sold in its entirety.

You can sell fractions of bitcoin and withdraw only as much money as you require. More importantly, your bitcoin collection is 100% digital, so you don’t need to go to the trouble of finding a dealer, negotiating a price, and then lugging your gold halfway across town to sell it.

Bitcoin is not as stable as silver or gold, but if you look at its price over the long term, and focus on the bigger picture, it has been pretty reliable.

NFTs as a Store of Value

NFTs definitely have potential as a store of value asset, and that potential is already being realized.

What makes them so unique is that they are non-fungible, which means every token is completely unique. A fungible token, such as a bitcoin, is just like every other, and 1 can always swap for 1. 

A non-fungible token is more like a personalized coin or a signed baseball card in the sense that it can’t simply be swapped for other coins or baseball cards as the value is not the same.

Multiple tokens can also be created for a single item, such as a piece of art, and this creates more liquidity as it means the seller only needs to find a part-buyer.

Imagine, for instance, that you own the Mona Lisa, and it has been valued at $500 million. It’s a hefty asset, but you’ll have a hard time selling it. Not only do you need to find the auction house capable of handling such an expensive piece of art, but you also need to find the buyers who have half a billion dollars to spend on a painting.

On the flip side, if you were able to break that artwork down into 500 pieces, each selling at $1 million, you’d never have an issue selling one or more of those pieces, as more people are willing to spend that sum of money on artwork. 

It means you don’t need to worry about selling at the right time or through the right people, and that creates a sort of liquidity that is often lacking in the collectibles sector.

Every single person who owns that painting will be given their own unique code—their own segment of the Da Vinci masterpiece. They’re not just “1 of 500”. They are “Mona Lisa 234”, and that’s something that only they can have, and only they can sell.

It’s not just about artwork and other collectibles, either. NFTs can also be used to purchase other expensive assets, such as real estate. They provide the means of breaking large and unachievable investments into small and affordable chunks, without losing any of the innate value in the process.

That’s what NFTs can do for investors and for the financial sector on the whole, and that’s one of the many reasons that so many people are getting excited about them right now.

Article written by Cloudbet – the leading bitcoin casino

ByDavid Adamson

Footprint Analytics: Stellar Aims for Rebound in 2022

Last month, the Stellar Development Foundation (SDF) participated in a cryptocurrency hearing hosted by the U.S. House Committee on Financial Services.

CEO Denelle Dixon presented the technology of the Stellar decentralized payment system and its applications. With the recent news that Ukraine and Mexico will be using Stellar to run their digital currencies, Stellar is once again in the spotlight.

What is Stellar?

Launched in 2014, Stellar is a platform that supports cross-border transactions between currency pairs and aims to solve global payments problems through blockchain technology.

The global payments and settlement system is complicated by various fiat currencies and each country’s financial and regulatory systems.

Stellar aims to solve this problem by making transfers between different currencies efficient (within 5 seconds) and low cost (under 1 cent USD) through decentralized transaction validation.

The current status of Stellar

In its seven years of development, Stellar used to have an illustrious history.

It was once a top 10 blockchain project in terms of Market Cap. And even set a record for a 100x increase in token price before DeFi Summer.

Unlike projects in the crypto world, Stellar has built many partnerships with the traditional financial community, including IBM and national financial institutions.

Footprint Analytics - XLM Price

However, according to Footprint Analytics, Stellar is currently growing slowly.

After years of growth, it has a TVL of around US$1.5 billion to date, ranking it 40th among public chains, and this rate is far less than that of the up-and-coming public chains that are just starting.

Stellar’s ecosystem is highly underdeveloped, with only two projects at present and very homogeneous.

Reasons for Stellar’s Slow Growth

Poor Ecosystem Incentives

At the time of Stellar’s creation, an inflation mechanism was set up to prevent a reduction in the circulation of XLM.

Each year the inflation scheme generates tokens equal to 1% of Stellar’s total supply and accounts for more than 0.05% of Stellar’s total share receiving additional XLM coins.

The purpose of the inflatable mechanism is to incentivize. However, analysis by Coinmetrics shows that 98% of the XLM incremental coins went to the SDF (Stellar Development Foundation) and did not benefit the Stellar project.

One reason for this is that the foundation has been involved since the early days and therefore can participate in the annual distribution of newly generated tokens.

The second reason is that most Stellar participants joined during the 2017 burst and are speculative users with little involvement in the ecosystem.

The Omission of SDF

The foundation holds a large number of tokens due to inflationary mechanisms. However, the foundation has failed to use these tokens to help the project function better. Crypto Slate analysts stated in 2019[1] [2]  that the foundation has only consumed $40,000 for community projects. Having a large amount of money but not using it well maps out the inaction of the foundation.

In 2019, the Stellar Development Foundation initially mitigated the token mismatch by ending its inflation plan and destroying more than 50% of its tokens. However, XLM still needs to expand its usage scenario.

The Road Ahead for Stellar

Although Stellar ended up lagging since it’s launch, it is set to make a comeback from 2021.

With the explosion of DeFi projects, multi-currency, cross-chain transfers are a current blockchain pain point, and Stellar offers one of the solutions that define a new standard for global payments.

Stellar has gained market recognition through expanded payment companies, national banks, financial institutions, and more, gaining recognition from multiple parties and several strong partners as a global solution for cross-border payments.

EVM Compatibility

The incompatibility of Stellar contracts with EVM means that developers cannot quickly deploy projects on Ethereum to Stellar in February 2021.

FlareNetworks has announced the integration of Stellar Lumens (XLM) with its smart contract platform, thus enabling compatibility with the Ethereum blockchain. If successfully landed, Stellar will be even more scalable.

Summary

Stellar’s recent moves show that it continues to interface with the financial community and bridge the gap between traditional and on-chain payments.

We can keep an eye on Stellar and look forward to its continued development in solving global payments challenges.

ByDavid Adamson

Drive to crypto businesses with more payment options at UTORG on-ramp

Drive to crypto businesses with more payment options at UTORG on-ramp

Crypto FinTech firm UTORG broke down some more silos that stymie mass crypto currency adoption by adding 5 alternative payment methods to its solution. With more checkout options on board, this on-ramp service extends the comfort zone where buying popular coins is fast and easy to almost 200 countries on all continents and in all regions, except for Antarctica. 

Indeed, the vast majority of on-ramp services only allow checking out with a bank card, while UTORG exchange keeps improving and accelerating the flow; more and more users can choose familiar and trusted payment gateways and avoid entering any sensitive financial information when buying crypto. 

Now available on UTORG are: 

  • Apple Pay and Google Pay
  • NeoSurf
  • Instant bank transfers via 20+ Asian banks
  • UPI
  • MULTIBANCO
  • MISTERCASH

Clearly a benefit for end-users and crypto enthusiasts all over the world, this improvement makes UTORG widget a true weapon of mass adoption any crypto business can integrate into their flow within 24 hours to get more new customers, achieve higher sales figures, reduce attrition often caused by suboptimal checkout process, enhance user experience and overall quality of service. 

UTORG is a crypto fintech company operating in almost 200 countries in both B2C and B2B segments. It’s key offer is a payment widget that can be easily integrated with any app or website and allows buying crypto in several clicks. Benefits of thе service include a friendly user-interface, fast integration, low fees, varied payment options, and short AI-based identity verification. The service has valid licenses, obtained a level 2 PCI DSS certificate that proves compliance with strictest personal data and information security requirements, in particular, GDPR. All payment systems available at UTORG also use top-notch data-protection tools, e.g. 3-D Secure protocol implemented by MasterCard and Visa.

ByDavid Adamson

New Announcement – Soon YearnNFT Are Launching YFNFT Minting Model!

Explore the limitless ocean of NFTs with YFNFT Minting Model. Non-Fungible Tokens are bringing Binance Smart Chain blockchain applications to the mainstream. In this article, we will cover following points and context in details.  

  • A short introduction to the current market scenario
  • What is NFT, who can create NFTs and how are NFTs made?
  • Binance Smart Chain and YFNFT Minting Model
  • Best application to use while NFT minting and trading
  • YFNFT Minting Process

Introduction

The advanced in art and graphic distribution is now popular as a Non-Fungible Token, due to its unique value, built and stored on the blockchain. Mainly, NFTs are created, traded and stored on the Binance blockchain however, there are several other tokens that can leverage the creation and storage of NFTs. For the YFNFT Minting Model let’s consider the Binance blockchain.

What is an NFT?

An NFT portray any digital file including but not limited to:

  • Art and Collectible Items
  • In-game tokens
  • Video and Audio

Who can Create NFTs and How to Make NFTs?

Any enthusiasts who possess the ability to create a digital file can freely mint an NFT. The person interested in creative designs and collections can get their hands-on using any trusted minting platform.

If the user can easily access a device to surf online items and data or a person with a little amount of patience can make their very own NFT. Not only make the NFTs but also can proceed to opt for a sale.

Binance and Minting NFTs

There are diverse blockchains and crypto assets that can create, trade, and store NFTs, wherein, in the current framework Binance Smart Chain is the most popular, trusted network. This blockchain enables your NFT to be affordably and easily traded in NFT marketplaces that can be considered as online store to purchase and reserve NFTs.

The user needs a crypto wallet containing BNB to create, trade or mint an NFT. You should initially buy Binance tokens by trading on top recommended exchanges. Else, you can opt for the more prudent approach i.e., purchasing Binance assets using fiat currency like the US Dollar to mint the NFT.

The least recommended amount to budget for NFT minting should be $100 USD in BNB per NFT you want to mint, however, based on the complexity of your NFT, you might look for allocating a larger amount. Though, $100 seems a good base minimum.

Best Application to Use to Mint and Trade NFTs

The easy and most suggested decentralized application to use while minting your NFT is Metamask. Metamask is basically a free app available in Google Play store as well as iTunes.

Mint Your NFT On YFNFT Minting Model

YFNFT DApp does not charge a fee to mint an NFT, however, the user needs to pay a fee depending on the final sale price of your NFT. The payment tokens are utilized to purchase and sell your NFTs. This project supports Binance smart tokens and other crypto coins for trades.

More importantly, the user should connect their crypto wallet to start minting, buying, and selling of NFTs. We highly recommend Metamask wallet to use on YFNFT Minting App, however, any BSC supported crypto wallets are acceptable on YFNFT Minting Model.

YFNFT Minting Process

We offer fairly straightforward minting process for your NFTs.

Getting Started

Visit the YFNFT Minting official site, check for an option to-

  • Explore/create an NFT
  • Few exclusive YFNFT drops
  • Trending NFTs
  • Resources to get started
  • Browse by categories

Connect your Metamask wallet

  • To create a YFNFT account you need to connect your Metamask wallet.
  • Click on the wallet icon located at the top-right corner
  • You will find a list of supported wallets
  • Select Metamask from the list

Once you connect the wallet, you need to set up your profile by feeding a username, profile image, cover and other required details to proceed. Sign in to each update using your Metamask account to apply the necessary changes to your YFNFT Minting account.

Explore and Purchase an NFT

You can now start exploring the NFTs that creators mint across the domain browsing by category / clicking on Marketplace and searching for All NFTs.

To buy an NFT, select an asset from the given list. The user also has a chance to apply filters for price sorting, categories, etc.

Click on ‘Buy Now’, and agree to the YFNFT Minting Model terms.

Metamask will show you a pop up to authenticate your transaction. It will also display the gas costs for proceeding the transaction.

Tap on ‘Accept’, and wait a few moments to confirm your purchase on the Binance blockchain.

You can cross check the BSC link to make sure, and verify the asset is shown in your Metamask wallet and your YFNFT profile as well.

Minting an NFT

We have a simple 4-step procedure to mint your initial NFT collection. As we have already connected a wallet and set up the user profile, move on to the ‘Create’ section for adding your assets.

The user needs to add an appealing description, social links / profile, and banner images. You can freely choose fixed-price listings, auctions, and declining-price listings.

Check out a quick rundown on how to mint your own NFT: –

  • Create a collection

Add some details including name, images, URL [link], description, blockchain with respect to the NFT and payment tokens etc.

  • Add a new item to your collection

Add a description and other required details related to a particular item like supply limit.

  • Set prices and post your listing

The user has an option to set a highest bid, fixed price, or bundle to list their NFT.

  • Confirm from your wallet

Sign the transaction using your wallet which will ask for gas fees. Once done, your item will be finally listed for sale on our YFNFT marketplace.

Congratulations on minting your NFT!

Presale of YFNFT Tokens

The YearnNFT Finance project recently initiated their YFNFT token presale to distribute 40% of the total token supply. This presale was divided into 2 Rounds- Round 1 and Round 2 respectively, each allocated with 20% token supply.

Though Round 1 was a great success, we are headed with Round 2 with a price of 1 YFNFT = 0.16 BNB. The YFNFT token presale is destined to extend due to the market hike in prices and user demands to stretch the closing date.

We will inform you about the end details once decided and the announcement will be made officially. Looking forward to your participation in this event to make it more successful and enormous.

YFNFT Minting Final Thoughts

NFTs are seen attaining strong moment in the form of an emerging asset class. Though this domain is volatile, as per expert’s prediction it will be very lucrative for new beginners and traders.

If you are among the personalities that can create digital art, YFNFT minting can be your new revenue stream that you won’t regret. No, this instance, go forth, mint your NFTs, collect the points/rewards, and make tons of money with YFNFT Minting Model.

Follow our social media channels for more updates and stay tune.

Twitter | Telegram | Medium | Reddit | Facebook | Official Website

ByDavid Adamson

Interesting and Effortless Ways to Earn Cryptocurrency Today

Cryptocurrency is such an interesting topic today that everyone wants to understand. As the price of the coins appreciates by the day, people want to get a share of them. While many people may find it easy to buy their preferred digital assets such as Bitcoin and Ethereum from an exchange broker, others prefer earning and accumulating crypto through other methods.

If you are interested in knowing how to earn cryptocurrency, this article is for you. We have lined up different interesting and effortless methods for you. As you will notice, earning Bitcoins, altcoins, or stablecoins remains the most popular and simplest option.

Earn Cryptocurrency by Buying

The demand to earn cryptocurrency has increased exponentially over the years. With the emergence of new altcoins such as Dogecoin and stablecoins such as Terra, investors have hundreds of different coins they can buy.

Buying your preferred digital asset is as simple as clicking a button on a website or app and buying. Better still, you can walk to a physical exchange or a Bitcoin ATM to buy digital assets worth as much as you can afford.

However, buying incurs transaction fees charged by the platform that facilitates the process. But even if you buy directly from a seller, there is a blockchain fee. So, bear this in mind.

Get Paid by Joining Airdrops

Free Airdrop Submission Sites List 2019

You can earn cryptocurrency by joining a few airdrop projects that are reliable. These are aimed at creating awareness of certain products. Essentially, it involves distributing certain cryptocurrencies to various digital wallets, and those who participate earn tokens.

The more you participate in airdrops, the more tokens you earn. The good news is that you can trade your tokens for other digital coins or fiat cash.

Get Paid to Promote Microtasks

Microtasks given by different companies can help you earn cryptocurrency within a short time. A task as simple as reviewing a video, commenting on a social media platform, writing an article, or any other can give you a bounty, which you can later exchange for cash or use to build your crypto portfolio.

It is important to know where to look for microtasks to avoid being scammed. Once you get a lead, this opportunity to earn cryptocurrency is not only rewarding but effortless.

Earn Cryptocurrency Through Yield Farming

Yield farming or liquidity mining is an interesting passive way to earn cryptocurrency where the investor locks up savings and earns interest on it. The interest is often in the form of a DeFi or governance token. The deposited digital assets provide liquidity for various platforms such as exchanges and crypto lending to run their operations. If you are looking for a growing community to help you with yield farming, Loop should be your starting point.

Earn Cryptocurrency Through Yield Farming

You need to learn how to go about yield farming to get the most from it. If you are just starting with cryptocurrency, you should talk to an expert to guide you.

Crypto Mining

Bitcoin Mining

Cryptocurrency mining is one of the oldest options to earn cryptocurrency. However, not all cryptocurrencies are open to mining, and miners need to have the relevant hardware to solve the algorithms. The best part of crypto mining is that it is quite rewarding because your machines are used to process transactions.

One can earn a lot of tokens because tasks are always available. If you join the mining communities for your preferred coin, you must learn a lot about the process of mining before you can set up the systems needed for the task.

Work and Get Paid Using Cryptocurrency

Token Process Work

It is possible to earn cryptocurrency by accepting digital assets for work done. This is what freelancers who are hired on a contract basis often do. You may work remotely as an independent contractor or physically in companies that are flexible in offering to pay using Bitcoins, XRP, Ethereum, or any other crypto.

Accept Cryptocurrency in Your Business

Small Business Digital Marketing

As mentioned, cryptocurrency is shaping the e-commerce world. If you have such a business, this is a prudent direction to take. It all starts by setting up the systems that will enable you to accept crypto as a form of payment. However, you need to know the best crypto to accept or synchronize your payment with an exchange that will automatically process the payment to the cryptocurrency of your choice.

Final Word

Fortunately, there are many ways to earn cryptocurrency. Some are more interesting and effortless than others. Therefore, it is up to you to choose one that suits your needs in the best way. Now that you have the information, make the right decision.