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NULS Community Briefing



Second Half of July 2021

NULS heterogeneous cross-chain ecosystem NerveNetwork adds support for Harmony, Polygon, and KCC network assets.

  • Technical Progress
  • SCO
  • Trading
  • Other News
  • Community Governance

Technical Progress

  • Released the NerveNetwork mainnet 1.13.0 version, supporting access to the chain networks Harmony, Polygon, and KCC.
  • Updated the Nerve wallet and browser to support Harmony, Polygon, and KCC.
  • Continued testing of the community governance products with Nabox, and currently adjusting the docking agreement based on the test results.

July 19: Shawn Jiang, Head of the Chinese Community of TOM, participated in an AMA at NULS Community. TOM enables pet owners to register their (physical) pet as an NFT, creating an on-chain genealogy and creating value for the pet’s offspring. Also, TOMNFT will provide an auction platform.

July 20: TOM launched its project on the NULS SCO platform. Users can to stake their NULS in the TOM SCO project and receive TOM tokens. Welcome! TOMNFT.

July 21: NerveDEX listed the TOM (NRC20) — /bTOM (BEP-20) trading pair. The NRC20 and BEP-20 TOM tokens can be swapped 1-to-1. Users who stake in the TOM SCO project earn TOM tokens.

July 21: BonFi announced the BNF token is available on PancakeSwap. BonFi released a PancakeSwap Liquidity Staking Pool on the BonFi Platform. Users earned double rewards on providing liquidity to the PancakeSwap BNF-BNB pair. BNB is the Binance coin. Owners of the ERC20 BNF asset can transfer funds across the BSC network using NerveDex. Owners of the NULS (NRC20) BNF can swap their NRC20 BNF for the eBNF using NerveDex and then transfer the eBNF to the BSC network. (Users can stake NULS in the NULS SCO BonFi project and receive NRC20 BNF tokens.) Thank you! BonFi.

July 22: NerveDEX has listed the APPN (NRC20) — bAPPN (BEP20) trading pair. The NRC20 and BEP20 APPN tokens can be swapped 1-to-1. Users who stake in the APPN NULS SCO project earn the NRC20 APPN token.

July 26: CobaltLend, Earhart, FarSwap, and Interop Finance from the NULS SCO projects participated in the first Crypto Corner hosted by NULS and managed by the SCO Commission — a consortium of the SCO projects. Initially structured as an AMA, Crypto Corner is now primarily a telegram Voice Chat. Join our SCO projects every Monday in NULS Community at 2 PM UTC. Each Monday is different with different people, different topics — meet the leaders of our SCO projects, listen to their view of all and anything crypto and blockchain, and maybe earn some tokens.

July 30: NULS is pleased to announce that LiveNFT will join the NULS SCO platform in August. The LIVENFT project aims to build the world’s largest decentralized NFT marketplace to celebrate art & artists across the globe. Welcome! LiveNFT.

July 30: NULS is pleased to announce that Kesef Finance will join the NULS SCO platform in August. Kesef Finance is a cross-chain defi project that provides a “way to trade, store, send, and earn interest on your crypto in a simple wallet with a debit card.” ( Welcome! Kesef Finance.

July 16: Kalata, a Derivatives Trading Platform for synthetic assets, will add NULS as a synthetic asset.

July 21: Nabox invited its community to participate in the beta testing of the Nabox Android & iOS apps. The testing was from July 21–31. Testers were to notify Nabox via telegram of their wish to participate, and testers received Nabox tokens. To all the testers, thank you! for your testing and feedback and your commitment to NULS and Nabox.

July 24: Nulswap, whose website is signed by the “unknown developers crew” announced that “DEFI IS COMING TO NULS GET READY”. Welcome! Nulswap, we are READY and curious.

July 28: NULS and Helmet announced their future collaboration with a tweet and giveaways. “Helmet is a decentralized protocol implemented on the Binance Smart Chain (BSC). It was developed using Options Trading Logic, and it seeks to permit anyone to create an insurance policy — which essentially is a price-fluctuation shield.” The winners have been announced.

July 27: ASwap ( launched NABOX-USDT Liquidity Pool with Nabox rewards.

July 28: CocoSwap, based on Heco ecology, and NULS have reached strategic cooperation. Welcome! CocoSwap.

July 31: CocoSwap launched the NULS-USDT trading pair. Its project leader COCO was a guest in the NULS community chat to share the project.

July 30: NerveNetwork released mainnet node version v1.13.0. The new version supports the cross-chain of assets for the blockchains Polygon, KCC, and Harmony. NerveNetwork enables cross-chain transactions between 8 supported chains. Congratulations! and great work, NerveNetwork.

July 30: & Nabox have formed a partnership. This collaboration provides two opportunities: 1.) “Become a liquidity provider of NABOX-BUSD farming pair and get NABOX-BUSD-LP for staking on Biswap Farms. This powerful LP token will multiply your BSW with a profitable APR.” 2.) Stake BSW in two NABOX Launchpools and earn NABOX rewards.

July 16–31: The NerveBridge DApp empowers KALATA, LAS, FOX, NMX, MBOX, BABYDOGE, and other assets to realize multi-chain interaction.

July 16: Berzeck, the Founder of NerveNetwork, participated in an AMA with the Bingoo & YF communities. The AMA topic was “NerveBridge cross-chain bridge helps YF and Bingoo community users to achieve multi-chain interoperability of assets”. The NerveBridge DApp enables YP to execute cross-chain transactions from the HECO chain to BSC/OKExChain/NULS. The Bingoo Wallet will use the NerveBridge DApp in the near future.

July 23: Mario Blacutt, AKA Berzeck, Director of the NULS community, Founder of Nerve Network, spoke at the Aviation Blockchain Webinar hosted by Earhart Solutions. Aviation and blockchain experts explored the future of aviation plus blockchain. Congratulations! to Earhart Solutions, the webinar was informative and thought-provoking.

July 24: NFTCircle has launched! NFTCircle brings visual art to the NULS blockchain, where the art can be shared and exchanged. The NFTCircle Market supports NABOX, and all sales are in NULS. Welcome! NFTCircle.

July 30: MyTrade (Heco network) launched the NULS-USDT trading pair. To coincide with the launch, DZ, MyTrade Co-Founder, participated in an AMA in the NULS Community. Thank you! DZ, for an informative AMA.

July 31: NULS, NerveNetwork, and Nabox launched the “NULS August Twitter Giveaway”. Hosted by NULS, NerveNetwork, and Nabox there is four weekly prizes and two grand prizes.

The voting for the contributors of the NULS community, second-quarter 2021, is complete. Congratulations to Andace and 游击手 (shortstop). Thank you! for your dedication and hard work in the development of the NULS community.

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




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.


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Avalanche (AVAX) bumps to near $70 after reveal of $230 million fundraise




High-speed blockchain Avalanche jumped to highs of $68.30 today after several influential crypto investors revealed the close of a private funding round involving $230 million worth of AVAX tokens in June, CryptoSlate learned in a release.

The Avalanche Foundation, a non-profit that oversees the development of the Avalanche blockchain, disclosed participants in the multimillion-dollar funding round were led by PolyChain Capital and Three Arrows Capital, and included R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, and Lvna Capital.

What happens to Avalanche now?

Proceeds from the private sale will be used to support the burgeoning Avalanche ecosystem—one that has been positioned as a top contender against Ethereum for its high speed and low fees. 

Part of the funds will be funneled to support DeFi (decentralized finance) projects on Avalanche as well as enterprise applications through grants, token purchases, and other forms of investments.

Avalanche’s smart contract is able to execute Ethereum Virtual Machine (EVM) contracts, making it possible for developers to ‘reuse’ their codebase if they have a working/testnet product on the Ethereum blockchain.

Converting assets on-chain using a ‘bridge’—a way for two separate blockchain to communicate with and transfer value between each other—are also simple as applications querying the Ethereum network can be adapted to support Avalanche by changing API endpoints and adding support for a new network. 

Meanwhile, the news caused a surge in AVAX prices last night. The token jumped 30% to over $68.30 to set a new all-time high, reaching a $14 billion marketcap and becoming the 12th-most-valuable cryptocurrency by that metric.

At press time, AVAX continues to trade above its 34-period exponential moving average, a metric used by traders that determines asset trends using historic prices. It has been been in a gradual uptrend since breaking the $15 mark in late-July, and has returned several multiples to investors in the past three months alone.

Image: AVAX/USD via TradingView.

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Can NFTs impact the economic livelihood of artists in developing nations?




TL;DR Breakdown

  • Aversano deployed the first NFT portrait photography.
  • The total sales volume of NFTs in the art segment rose from $64 million to $774 million.
  • NFTs ensure an artist is paid royalty whenever their art is used.

As of July 2021, the NFT industry had garnered an estimated $2.5 billion worth of sales compared to only $13.7 million during Q1 and Q2 of 2020. 

Aversano, an artist known for deploying the first-ever NFT portrait photography, says he sold more than 100 NFT portraits between February and June. He said the sales earned approximately $130,000 within five months. The Twin collection in which he sold the 100 portraits are photographs of twins, which he says are in memory of his fraternal twin.

What are NFTs?

NFTs are non-fungible tokens which are real-life assets that are sold on digital platforms. The viability of NFTs depends on the uniqueness and the utility of possession. This means that tokens can only be relevant to an owner if he can prove ownership of the token. The tokens can range from unique pieces of art from artists to current assets like cars. The digital platform gives an easy and availed proof of ownership.

Non-fugitive assets are made more desirable by the fact that they are unique and one of a kind. This makes them very valuable.

According to Statista, the total sales volume of NFTs in the art segment rose from $64 million to $774 million within a record period of 30-days (August 15 – September 15, 2021). The chart below shows the fluctuation of NFT sales per 30-days period between April and August. 

NFTs sales
NFT sales volume between Apr-Sept by Statista

How can NFTs make artists’ lives better?

As the digital world takes significant steps ahead, more investors try to get a niche to explore the same fruits. When Jack Dorsey sold his first tweet at $2.9m, it started a buzz on and around NFTs. Not only for the amount of money fetched but the ‘absurdity’ of buying a tweet when there are millions of them already. However, there is much more to it. It brought about the concept of owning a one-of-a-kind piece of art which for sure is an advantage to artists.

First, NFTs guarantee immutability to the artist. There is uniqueness where the artist has complete copyrights on his art. This is enabled by the ID or metadata issued to an artist to prove possession of the art. It is offered to give essential data about the piece of art. 

Second, there are no intermediaries during the trading of art on cryptocurrency platforms. Once there is an interested party, they are connected to the individual artist who lays out the asset’s guidelines to change possession. This is advantageous to the artist since transactions are done on his terms. It also keeps in place his profile and reputation as an artist. The artist also cuts the marketing cost and the issue of art brokers.

Next, there is exposure for the artist. When trading NFTs, artists are at ease to do collaborations with other artists. This is a guarantee as the platform is a haven where artists can interact and flourish while teaming up with even more significant expertise in different fields. Apart from collaborations, there is a world market availed. Geographical borders or any particular divisions do not limit the crypto platforms. Once an artist avails art on a digital platform, the piece is available for everybody.

One other factor pulling artists to NFTs is smart contracts. This is a feature that keeps a contract in code form. It works best for decentralized platforms. Smart contracts are programmed to suit an investor’s interest in trade.

For example, smart contracts can be used by artists dealing with NFTs to store data or be used to get royalties each time the piece of art changes possession. This means that the artist keeps reaping from the art long after the sale. A smart contract can be programmed to work without involving a party to set it up time and again.

On the other hand, since the buzz around NFTs began, more people are trying to get into the trade in an attempt of minting. This is leading to flooding in the market and the uniqueness of NFTs diluting. However, this is not a guarantee for the near future failure of NFTs. Artists can reap much from the NFTs.

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