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hi Launches hi Dollar Token to Build Services for Mass Adoption 

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hi Launches hi Dollar Token to Build Services for Mass Adoption  | Crypto Briefing

















Fast-growing crypto mobile app hi has launched its own native token.


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The not-for-profit financial services platform’s token has launched on the Ethereum blockchain. 

hi Launches Native Token

hi, a not-for-profit fintech bridging the divide between traditional fintech and crypto, has announced the launch of the hi Dollar (HI)—the platform’s native membership and utility token—as its membership base surpasses 650,000 in less than three months of operation.

Membership and Utility Token: The hi Dollar entitles members to benefit from a growing number of financial services provided by hi. With roughly 4 billion smartphones worldwide, hi provides its services initially through some of the world’s most popular social media messengers—hi is already on most phones. Members will earn great rates, send funds, make payments, and exchange both traditional currencies and cryptocurrencies with no added fees and no markups. hi recently launched its web app and will soon release a mobile app. Further, the latest update to the hi Whitepaper shares additional details on hi’s blockchain, the hi Protocol.

Weekly Minting: HI is based on the Ethereum blockchain (ERC-20) with weekly minting to match the growth in the hi membership base. Initial minting of 351 million tokens will be distributed to members and contributors thus and fund corporate wallets as detailed in the hi Whitepaper to develop the hi ecosystem of services.

Token Sale—Options with Daily Release: HI tokens will be sold with options for 1 or 4 years of lockup with a proportional, daily release of tokens. Purchased tokens will be deposited into the member’s Vault. Shortly after token generation, withdrawals will be enabled on the hi platform, in any case, no later than Aug. 10.

Sean Rach, the co-founder of hi, said of the update:

“We have been overwhelmed by the enthusiastic response to hi and our roadmap from our growing community. This token launch enables members to participate directly in the development of our services as we build them including the hi Protocol. We’re dedicated to the mission of driving mass adoption and a fairer financial system. This is just the beginning of a journey where we will address real needs many have with the traditional financial system and strive to make the user experience as simple as possible. All the while acting in a secure and compliant way. The hi Dollar enables us to build a radically different, community-based and not-for-profit structure that is unlike anything else seen both in crypto and fintech.”

Proven Team and Blue Chip Backing: hi is composed of a team from leading crypto and tech companies such as Bitcoin.com, Crypto.com, Tencent, and Alibaba, as well as financial services firms such as JPMorgan, Morgan Stanley, and GLG. Recently, hi announced investments from Longling Capital, Hashed, and HashKey.

Rapid Development of Platform Underway: Details of hi services, hi Dollars, rewards, the hi Protocol, a robust roadmap, and a whitepaper which details the phased development of the hi platform are provided at hi.com.

Notes: Persons domiciled in or purchasing from the United States of America are excluded from participating, either directly or indirectly, in this Token Sale

Purchasing, holding, or using cryptographic tokens carries significant potential financial, regulatory, and other risks, including the potential loss of the entire value of Payment.

SIMETRI Research
Blockone Settlement

The availability of the products and services of hi are subject to jurisdictional limitations. hi may not offer certain products, features, and/or services in certain jurisdictions due to potential or actual regulatory restrictions.

hi is leveraging blockchain technology to build services that are community-powered. Members of hi are the key stakeholders of this ecosystem and the business is committed to maximizing membership value—not profits. Our first product is a digital wallet that provides members with the most seamless payment experience via social messengers (initially Telegram and WhatsApp, next LINE, Facebook Messenger, and others).

Learn more and get hi at hi.com.

For more information, contact Sam Christian ([email protected]).

This news was brought to you by Phemex, our preferred Derivatives Partner.

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Source: https://cryptobriefing.com/hi-launches-hi-dollar-token-to-build-services-mass-adoption/

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Evolve or die: How smart contracts are shifting the crypto sector’s balance of power

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One of the familiar themes seen in previous crypto market cycles is the shifting market caps, popularity and ranking of the top 10 projects that see significant gains during bull phases, only to fade into obscurity during the bear markets. For many of these projects, they follow a recognizable boom-to-bust cycle and never return to their previous glory. 

During the 2017–2018 bull market and initial coin offering (ICO) boom, which was driven by Ethereum network-based projects, all manner of small smart contract-oriented projects rallied thousands of percentage  to unexpected highs.

During this time, projects like Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR) and ZCash (ZEC) also rotated in and out of the top 10 ranking, but to this day, investors still argue about which project actually presents a “useful” use case.

While all of these tokens are still unicorn-level projects with billion-dollar valuations, these large-cap megaliths have fallen far from their previous glory and now struggle to stay relevant in the current ecosystem.

Let’s take a look at a few of the current projects that threaten to unseat these dinosaur tokens from their perch.

Dollar-pegged stablecoins take the stage as the most “transactable” currency

Bitcoin’s (BTC) original use case stipulated that it would simplify the process of conducting transactions, but the network’s “slow” transaction time and the cost associated with sending funds makes it a better store of value than a medium of exchange when the other blockchain networks are considered as options.

Terra (LUNA), a protocol focused on creating a global payment structure through the use of fiat-pegged stablecoins, has emerged as a possible solution to the issues faced when trying to use the top proof-of-work (PoW) projects as payment currencies.

The main token used for transacting value on Terra aside from LUNA is TerraUSD (UST), a U.S. dollar-pegged algorithmic stablecoin that forms the basis of Terra’s decentralized finance (DeFi) ecosystem. The market cap of UST has steadily been increasing throughout 2021 as activity and the number of users in the ecosystem increased.

UST supply changes. Source: SmartStake

The recent addition of Ether (ETH) as a collateral choice for minting UST on Anchor protocol has given token holders a way of accessing the value in their Ether without having to sell and create a taxable event.

This opens the possibility for other tokens such as BTC to be utilized as collateral to mint UST that can be used in everyday purchases.

As it stands, the borrowing APR for UST on Anchor stands at 25.85%, while the distribution APR is at 40.67%, meaning users who borrow UST against their LUNA or Ether actually earn a yield while borrowing against their tokens.

From privacy coins to privacy protocols

Privacy is also a cornerstone characteristic of the cryptocurrency sector and privacy-focused projects like XMR and ZEC offer obfuscation technologies that support covert or what, for a time, were thought to be untraceable transactions.

Unfortunately, regulatory concerns have made it more challenging for users to access these tokens, as many exchanges have delisted them for fear of drawing the ire of regulators and the overall demand among crypto users has declined alongside their availability.

Their lack of smart contract capabilities has also limited what these protocols are capable of and, so far, users do not appear to be too excited about utilizing Wrapped Monero (WXMR) for use in DeFi, as the token loses its privacy capabilities in the process.

These limitations have led to the development of privacy-focused protocols such as the Secret Network, which allows users to create and use decentralized applications (DApps) in a privacy-preserving environment.

Privacy features are not common among smart contract capable platforms in the crypto ecosystem, which makes Secret something of an experimental case in the ever-evolving Web 3.0 landscape.

Decentralized applications on the Secret Network. Source: Secret

Secret is also part of the Cosmos ecosystem which means it can utilize the Inter-blockchain Communication (IBC) protocol to seamlessly interact with other protocols in the ecosystem.

The network’s native SCRT can be used as the value transfer medium on the platform as well as to interact with protocols that operate on the network, including Secret DeFi applications and the network’s NFT offering, Secret Heroes.

New enterprise solutions aren’t better but they come without controversy

One of the ways cryptocurrency projects sought to differentiate themselves from the “medium of exchange” label was to offer enterprise solutions as a way to help corporations navigate the transition to a blockchain-based infrastructure.

XRP and Stellar (XLM) are two of the veteran protocols that fit this bill, but continual controversy and slow development has resulted in these early movers now playing catch up with newer networks that also don’t have the legal controversy that has followed Ripple for years.

Hedera Hashgraph has emerged as a competitor in this field and data shows that the network is capable of processing more than 10,000 transactions per second (TPS), with an average transaction fee of $0.0001 and a time to finality of 3-5 seconds.

These statistics are comparable to both XRP and XLM, which have indicated that their ledgers reach consensus on all outstanding transactions every 3-5 seconds with an average transaction cost of 0.00001 XRP/XLM.

Hedera is also smart contract capable, meaning users can create both fungible and nonfungible tokens, and developers can build decentralized applications to accompany the network’s decentralized file storage services.

For each sector (stablecoins, privacy and enterprise solutions), the main difference between the old-school and next-generation projects has been the introduction of smart contract capabilities and plans to develop within the side-chain and DeFi sectors where the top protocols exist. This gives newer projects additional utility, allowing them to meet the demand of investors and developers, thus increasing their token values and market caps as a result.

With smart contracts, the ability to interact with the growing DeFi landscape comes built-in, whereas the legacy tokens like LTC, XMR and BCH require special wrapping services which insert middlemen and thus insert additional fees, rigor and risk into the process.

Newer protocols have also embraced the more eco-friendly proof-of-stake consensus model that aligns with the larger global shift toward environmental awareness and sustainability. A plus is that holders can also stake their tokens directly on the network for a yield.

It remains to be seen if the slow march of time will eventually lead to a capital migration from older large cap projects to the newer generation protocols or if these legacy blue-chips will find a way to evolve and survive into the future.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/evolve-or-die-how-smart-contracts-are-shifting-the-crypto-sector-s-balance-of-power

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‘Overlooked’ Part of Senate Infrastructure Bill Renews Worries From Crypto Lobby

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The $1 trillion infrastructure bill, which passed in the Senate in early August and is expected to be approved by the House, is the gift that keeps on giving.

At first, it was about roads, bridges, and clean water. Then a pay-for provision promised to give American crypto users new tax reporting requirements. And now there’s a new twist.

A report published today by the Proof of Stake Alliance (POSA), an advocacy group that counts Coinbase Custody and Solana as members, details an “overlooked” amendment to the tax code within the 2,700-page bill that will make it a felony to incorrectly report receiving cryptocurrencies, NFTs, or other digital assets.

Writing in his role as an advisor to the POSA, law professor Abraham Sutherland details how the infrastructure bill amends Section 6050I of the tax code. The amended section 6045 that caused so much consternation when it made it through the Senate changed the definition of “broker” to cover those handling cryptocurrencies. 

Industry lobbyists and cryptocurrency advocates such as the think tank Coin Center argued that the bill as written would force Bitcoin miners and validators on other networks to file 1099 forms for the people whose transactions they were processing—even though they lacked the personal information needed to do so.   

Section 6050I, on the other hand, deals with the tax reporting requirements of those who ultimately receive the cryptocurrencies. While Americans must already report their crypto gains to the IRS just as they would with other investments, Sutherland says the amended provision goes much further: They must tell the government who sent it, including reporting social security numbers, when the value of the digital assets is more than $10,000. Not doing so within 15 days constitutes a felony.

This raises at least two issues. First, as Sutherland notes, it’s just as unwieldy as the section 6045 amendment: “This provision demands the impossible because the digital assets might not be ‘received’ from a person whose personally identifiable information can be verified and reported—including cases where the digital assets are not ‘received’ from a person or entity with a tax ID number, period.”

Second, as Sutherland alludes to and as Coin Center Research Director Peter Van Valkenburgh hammered home in a blog post, it might just be unconstitutional. The tax code currently mandates that people report such information to the IRS when they receive $10,000 in cash. That passes Constitutional muster because the bank acts as a third party; otherwise, authorities would need a warrant under the Fourth Amendment. But in cryptocurrency, a peer-to-peer transaction doesn’t have a third party

Writes Van Valkenburgh: “One person to a two person transaction is obligated to collect a load of sensitive information from her counterparty and hand that to government officials without any warrant or reasonable suspicion of wrongdoing.”

Though he writes that Coin Center usually doesn’t “object to equal treatment of cash and cryptocurrencies,” in this case the “provision is a draconian surveillance rule that should have been ruled unconstitutional long ago. Extending it to cryptocurrency transactions would further erode the privacy of law-abiding Americans.”

Sutherland also calls into question the process by which the amended IRS code will become law—via a bill on completely unrelated topics. “A statute creating felony crimes for users of digital assets should be debated openly, not quietly inserted into a spending bill,” he wrote.

Source: https://decrypt.co/81236/overlooked-part-senate-infrastructure-bill-renews-worries-crypto-lobby

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