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DeFiMAGIC‌ ‌Demonstrates‌ ‌NFT‌ ‌Use‌ ‌Case‌ ‌on‌ ‌Ardor‌

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DeFiMAGIC‌ ‌Demonstrates‌ ‌NFT‌ ‌Use‌ ‌Case‌ ‌on‌ ‌Ardor‌

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2020 saw a surge in defi and non-fungible token (NFT) activity happening on Ethereum as excitement grew around the prospect of yield farming and investing in the new world of digital collectibles.

Inspired by this growing interest, members of the Ardor community set out to develop DeFiMAGIC, harnessing the features of the multi-chain platform including its Singleton Asset and Data Cloud. While there is still room for optimization and cost reduction, DeFiMAGIC is a great example of both the defi and NFT potential of the Ardor blockchain.

So what is it about Ardor that makes it ideal for such a use case and what does DeFiMAGIC bring to the table?

Why Is Ardor Ideal for NFTs?

Launched in 2018 by the same developers responsible for Nxt, Jelurida, Ardor is a multi-chain proof-of-stake blockchain platform with a unique parent-child chain architecture and powerful customization opportunities. 

In this system, the security of the entire network is provided by the parent Ardor chain that runs using the ARDR token. The interoperable child chains then operate with their own native tokens, delivering rich functionality with the flexibility necessary for a variety of use cases, including NFTs.

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Ignis is the main child chain on the public Ardor blockchain network delivering out-of-the-box features including a decentralized Asset Exchange, the issuance of NFTs as Singleton Assets in just a few clicks, and the Data Cloud for users to upload content to the blockchain that is easy to search and retrieve.

The combination of these features provides the ideal architecture to issue unique and unalterable NFTs representing verifiably scarce digital collectibles that can be stored on the blockchain and bought, sold, or traded across a decentralized marketplace.

DeFiMAGIC Showcases Ardor Utility

DeFiMAGIC is a Twitter bot with NFT capability offering a range of functionalities. DeFiMAGIC originated from a parody of the more established defi projects built mainly on Ethereum but quickly became a showcase for how easy it is to operate smart contracts and features on the Ardor blockchain.

From DeadFish to DeFiMAGIC

DeFiMAGIC started when @ZarkMuckerbarn issued a decentralized asset token called DeadFish (DeFi) on Ardor, instantly available on the Ardor DEX, and began distributing the DeFi token over Twitter, attracting the attention of the wider Ardor community. Shortly after, a faucet with gamified distribution was set up by @wire_master to automate the process and DeFiMAGIC was born, distributing tokens to any account tweeting #DeFiMagic followed by an Ardor address. 

The bot was then further developed to manage defi functionality via hashtags. For example, users could access yield farming opportunities using #DeFiMAGIC DEPOSIT, loans using #DeFiMAGIC BORROW, and transfers using #DeFiMAGIC SEND. The bot then takes care of the rest. 

This success has led to an expanding roadmap of development for the project, but what about the NFT function?

DeFiMAGIC NFTs

Witnessing the phenomenon of NFTs on Ethereum that followed the 2020 defi craze, @wire_master drew inspiration from DeadFish’s parody roots to do the same with NFTs using DeFiMAGIC. This is where Ardor’s Singleton Asset comes in. Like its NFT counterpart on Ethereum, a Singleton Asset has only one unit that can be traded on the Ardor Asset Exchange or transferred from an owner to another Ardor address.

That functionality provided a token to represent the value of the NFT and facilitate trade but the actual item the token represented, usually a picture, also needed to be stored somewhere. Given the pixelated nature of the original parody NFTs, the converted image data size was under 1kb, small enough to squeeze into the blockchain. But if this took off, was there a way to add more data to store larger images on the blockchain?

The Ardor feature set provided a solution for this again, utilizing the Data Cloud on Ignis to create a permanent bond with the asset. By storing the hashes of the Data Cloud data in chunks within the immutable asset description, 630kb of data could now be stored on the blockchain, opening up the possibility for more sophisticated community designs with easy access NFT creation.

The DeFiMagic bot could then fetch that data from the asset description on the blockchain and convert it back into an image visible on Twitter along with the current asking price and owner details, all with no external database required. 

Rise of the NFT Market

The NFT market is growing fast. Weekly NFT transaction volume hit $2 million by December 2020, doubling the level from just a few months earlier. With legacy auction houses like Christie’s now getting in on the act, it has the potential to disrupt a collectibles market valued in the trillions. 

In the shorter-term, integration with the defi space presents the greatest growth potential, and merging the technology, by using NFTs for liquidity farming for example, is an exciting prospect. What’s key to both fields on the path to mass adoption is improving the user experience, simplifying these complex processes, just as DeFiMagic has shown.

Although the DeFiMAGIC project originated from parody, the possibilities it provides by leveraging the Ardor blockchain at negligible cost are no joke. With a growing community of users behind it, DeFiMAGIC may well become the Dogecoin of defi and NFTs.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/defimagic-demonstrates-nft-use-case-on-ardor/

Blockchain

Da Vinci Capital Reportedly Requests $100 Million from Telegram for TON’s Failure

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A large investor in Telegram’s failed Open Network (TON) has reportedly requested $100 million in compensation from the company. Otherwise, the investor – Da Vinci Capital – has warned with taking legal actions against the messaging platform.

TON Investor Demands $100M

Telegram’s TON initiative was among the most widely-discussed blockchain-related projects in the past few years. However, the endeavor faced almost immediate backlash from the US Securities and Exchange Commission (SEC) as a US court decided at one point that the native currency – GRAMS – is a security token, which couldn’t be sold in the US or anywhere else.

Telegram attempted on multiple occasions to fight the court’s decision and to prove that GRAMS is not a security. However, to no avail and Pavel Durov, the company’s CEO ultimately had to throw the towel by saying that “Telegram’s active involvement with TON is over.”

Although the company has distanced itself from the failed blockchain project, the problems keep following it, according to a recent report by Forbes Russia. Citing anonymous people familiar with the matter, the coverage said that Da Vinci Capital, an investor in the $1.7 billion initial coin offering, has requested compensation for TON’s failure.

Lawyers from the Moscow-based investment company have reportedly sent a letter of intent to file a claim to Durov, Telegram Vice President Ilya Perekopsky, and other executives and lawyers involved with the project.
The report says that Da Vinci Capital had demanded roughly $100 million as compensation.

Two Weeks to Answer

Forbes’ coverage further explained that Durov and his colleagues have two weeks to transfer the funds or notify the lawyers from the investment company if they decide to reject it.

However, if Telegram fails to answer in the provided timeframe, Da Vinci Capital has the right to take the matter to court.

Apart from these allegations, Telegram recently negotiated funding round to raise at least $1 billion in a private bond placement to accredited investors from Russia, Europe, the Middle East, and Asia. Those bondholders would be able to convert debt into shares at a 10% discount to the offering price if Telegram decides to go public in the next five years, revealed the conditions of the round.

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Source: https://cryptopotato.com/da-vinci-capital-reportedly-requests-100-million-from-telegram-for-tons-failure/

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ChiliZ To Expand Operations, Will Invest $50 Million in the US

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Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.

ChiliZ To Set Up New York Office

Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :

“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”

On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.

The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.

Aims To Double Up on 2020 Revenue

Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:

“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”

Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.

Big Market For ChiliZ?

For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.

“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”

NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days.  Perhaps, ChiliZ is taking a cue from this to target the American sports market.

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Source: https://cryptopotato.com/chiliz-to-expand-operations-will-invest-50-million-in-the-us/

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Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

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BCB Group, a crypto payment/trading services provider, today announced it has closed a $4.5 million investment round. The strategic funding was co-led by North Island Ventures and Blockchain.com Ventures; with participation from Pantera, L1 Digital, and Pack Capital.

As a dual regulated institution, BCB Group offers an end-to-end suite of payment processing, cryptocurrency trading, and custody. Services are accessible through a unified API-enabled platform; allowing clients to access a full range of crypto-asset products in one place.

Funding

The proceeds of the round will be used to fund investments in several new initiatives…

These initiatives include: BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset. BCB Yield Accounts, a product offering clients a return on their positions. And BCB Wealth Partners, a comprehensive crypto service for private wealth clients.

“There’s so much more we want to offer our clients; and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
– BCB Group Founder and CEO, Oliver von Landsberg-Sadie

Previously, back in March 2019, BCB Group received funding from NKB Finance and a private investor in a $1 million seed round; which brought the company much-needed talent in engineering and operations.

Source: bcbgroup.io

Source: https://www.cryptoninjas.net/2021/03/02/crypto-services-firm-bcb-group-raises-4-5m-led-by-north-island-ventures-and-blockchain-com-ventures/

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