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Uhive social network enables users to mint their profiles into NFTs

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Uhive is the world’s first blockchain-based, AI-powered social platform. This disruptive social network is shaking up the social media sector using a unique and innovative interest-based content discovery model, alongside tokenized content creation within Uhive’s decentralized economy and its very own cryptocurrency – Uhive Token HVE2.

At the center of Uhive’s groundbreaking app resides the Oasis; an interactive, VR-supported physical-esque dimension comprising an infinite number of ‘spaces’. These spaces are similar to profiles, or pages on other social platforms, but that is where the similarities end. 

What are Uhive spaces?

Think of Uhive spaces as parcels of virtual land some with and some without properties. Their intrinsic value fluctuates and is dependent upon many factors including, but not limited to; location, the level of engagement a space receives, and the amount and quality of followers a space has (follower quality is determined by their social scale).

As far as social networks are concerned, the concept of virtual real-estate is unique to Uhive, but Uhive takes it one step further by turning spaces into non-fungible tokens (NFTs). As far back as 2018, Uhive foresaw the benefits of rewarding content creators and so from the get-go, the Uhive team designed these spaces as non-fungible tokens (NFTs).

What are NFT’s and how are they created?

If you haven’t heard of NFT’s, or nifties, don’t worry, you are not alone. With COVID dominating the 2021 news cycle it is no wonder that most are unaware of this $338 million (Non-fungible) market taking the digital world by storm. Demand is skyrocketing and it’s no wonder that everyone from artists to businessmen to sports franchises is creating their own version of these unique, high-value, digital assets in their attempt to cash in on the burgeoning demand.

In addition to virtual land, some other forms of collectibles that have undergone this digital transformation are original works of art, songs, sporting highlights, and even digital pets that have become some of the most valuable, sought-after NFTs.

Non-fungible tokens are created by coding a collectible’s unique identifying information into a smart contract. The resultant digital file becomes an unforgeable and indivisible digital collectible. Once cryptographically encoded onto a blockchain, a copy of this file is then uploaded to an NFT auction market where it can be purchased and/or resold with cryptocurrency. 

So, how do NFT’s apply to Uhive? 

In Uhive’s case, designing each space as its own NFT gives the end-user something tangible; a unique, immutable, and valuable collectible that becomes owned as the underlying distinguishing data also acts as the spaces certificate of authenticity/ownership. Included in this data is the NFTs unique token address specific to each space’s physical location within the Oasis.

This digital land deed grants the owner exclusive rights to the space in question, all of its content and followers, and allows them to withdraw the NFT to their preferred wallet in order to sell or trade the space. If you’re still not convinced of the possible value these digital lands and property nifties can hold, consider just one outrageous example of an exorbitant sum being spent in some other virtual communities, such as this virtual property which sold for a whopping $1.5 million in Ethereum!

Uhive’s idea to make spaces available as NFTs is brilliant and aligns perfectly with one of the platform’s core values; rewarding the original creators whose content is responsible for a majority of the platform’s success.

Spaces can be purchased using Uhive’s very own ERC-20 cryptocurrency – Uhive Token HVE2. HVE2 which resides on the Ethereum blockchain not only powers transactions across the Uhive network, but also abides by the compliance guidelines that allow a token to be a tradeable asset. Investors and traders alike can now purchase the platform’s native currency on LATOKEN using Tether or Ethereum trading pairs or on PROBIT exchange with bitcoin. 

Uhive’s user-centric business model goes against the grain of traditional social platforms. Facebook, Twitter, Instagram, and others have actively ignored their users by designing a social environment solely beneficial to those running the show.

Conversely, by creating a social network that rewards the end-user, Uhive will not only promote a self-sustaining economy but also position itself to benefit greatly from the network effects inherently produced by the platform. This creator-first and feature-rich social network have set its sights on becoming a major competitor and position itself among the social media giants while redefining the entire category.

To learn more visit www.uhive.com

Contacts

Jay El-Anis

Telephone: +44 20 8638 6083

Email: [email protected]

Written by Samuel Cole

Disclaimer: This article is a paid post and must not be considered as news/advice. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/uhive-social-network-enables-users-to-mint-their-profiles-into-nfts

Blockchain

Cathie Wood’s Ark Funds Now Hold Over One Million Coinbase Shares 

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Cathie Wood’s Ark funds has purchased a total of $352 million worth of Coinbase shares, two days after making its debut on the Nasdaq stock exchange under the ticker, COIN. 

Ark Funds’ COIN Acquisition Spree

Citing data received by email, Bloomberg reports today that Wood’s funds, including the Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation ETF together added 341,186 COIN to their holdings yesterday. 

This is the second investment in a roll that Wood’s Funds have made in Coinbase. Ark’s funds earlier purchased 749,205 Coinbase shares moments after it went live on Nasdaq. The shares were acquired at approximately $250 million, with each unit priced around $333.67. 

With the latest acquisition, Wood’s funds now hold a combined 1,090,388 Coinbase shares, valued at around $352 million, at the time of writing. 

According to Bloomberg, the emailed data suggests that Ark funds sold some of its stake in New York Stock Exchange owner Intercontinental Exchange for two consecutive sessions. 


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Wood Receives Indirect Bitcoin Exposure

Despite its large purchase of Coinbase shares, Tesla stock (TSLA) remains the top holdings of Wood’s funds even after selling about $170 million worth of shares of the electric car company. 

Ark funds’ investments in Coinbase and Tesla, increase their indirect exposure to bitcoin and other cryptocurrencies. 

As reported, the American electric car company had purchased $1.5 billion worth of bitcoin in February 2021, thus boosting the cryptocurrency’s popularity among various institutional investors and wealth managers. 

Coinbase Performance on Nasdaq

Coinbase has continued to gather attention globally following its direct listing on Nasdaq on Wednesday. Even after getting a reference price of $250 for a unit of its share, COIN opened at $381 and subsequently surged to $429.54, before retracing back to $310. 

The share closed around $328.28 on Wednesday, which saw the popular crypto trading firm’s market cap set at $85.8 billion. 

Unfortunately, the stock slumped further on Thursday and closed 1.7% lower, bringing the exchange’s value below 43% of the $112 billion it hit in its debut.

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Source: https://cryptopotato.com/cathie-woods-ark-funds-now-hold-over-one-million-coinbase-shares/

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Blockchain

Turkey to Ban Cryptocurrency Usage as Payment Instruments From April 30

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Turkey’s government has introduced a new regulation that will prohibit cryptocurrency assets from being used as payment methods as of April 30th, citing significant risks. Nevertheless, banks are excluded from the legislation, meaning that users can still deposit the Turkish Lira on crypto exchanges through their banking accounts.

Turkey’s Ban on Crypto Usage as Payment Methods

According to the official statement from the Central Bank of the Republic of Turkey, the country plans to implement a new regulation on interacting with cryptocurrencies starting from April 30th.

Essentially, it will prohibit cryptocurrency investors from utilizing their holdings as instruments for payments or to use them “directly or indirectly in the provision of payment services and electronic money issuance.”

The last part means that payment providers will also be banned from providing cryptocurrency-related services. The bank listed numerous security risks connected with digital assets as the primary reasons behind the new regulation.

Those include lack of “regulation and supervision mechanisms,” severe market volatility, alleged usage in illicit activities, and irrevocable transactions.


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“Recently, some initiatives have emerged regarding the use of these assets in payments. It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors, and they include elements that may undermine the confidence in methods and instruments used currently in payments.” – reads the statement.

It’s worth noting that banks are exempt from this regulation, and users can still deposit the Lira on exchanges using wire transfers from their banking accounts.

CryptoPotato recently reported the rapidly increasing demand for bitcoin in Turkey. After President Tayyip Erdogan removed the governor of the central bank, the Lira plummeted by 15% in a day against the dollar. At the same time, the number of BTC Google searches and transactions on peer-to-peer exchanges skyrocketed.

Turkey Behind Today’s Price Slumps?

Shortly after the statement from Turkey’s central bank today, the cryptocurrency market sharply tanked in value, raising the question if the FUD coming the country could be behind the adverse developments.

Bitcoin traded at nearly $64,000 before a sharp price drop drove it south by roughly $3,000. Ethereum followed with a nosedive of its own, and so did most alternative coins. Ultimately, the cumulative market capitalization of all crypto assets lost more than $80 billion since yesterday’s high and dipped beneath $2.2 trillion briefly.

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Source: https://cryptopotato.com/turkey-to-ban-cryptocurrency-usage-as-payment-instruments-from-april-30/

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Blockchain

$600 Million in BNB Gone: Binance Completes the 15th Token Burn

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Binance announced the completion of the 15th BNB burn earlier today of just shy of 1.1 million tokens. Although the amount in coins has substantially declined compared to the past several such events, it set a record in terms of USD with almost $600 million. 

  • The announcement from the Malta-based cryptocurrency exchange from earlier today reads that the company has completed the 15th quarterly BNB token burn “in accordance to the Binance whitepaper.” 
  • The amount of coins destroyed is 1,088,888. Interestingly, this is actually the fourth-smallest amount burnt in terms of BNB and is considerably less than the previous event – 3,619,888 BNB. 
  • However, the price growth of Binance’s native token has helped it set a new ATH in terms of the US dollar. The company said the 15th BNB token burn was worth $595.3 million.  
  • The popular crypto exchange has vowed to buy and destroy BNB worth a certain percentage of its quarterly profits until it brings down the token supply to 100 million. After the latest event, the BNB supply is down to 154.5 million.  
  • Binance Coin is among the best performers price-wise since the start of the year. BNB entered 2020 beneath $40 but has rapidly appreciated in value. 
  • CryptoPotato reported the latest record reached earlier this week when the cryptocurrency skyrocketed to $640.  
  • Although BNB has fallen by more than $100 since then and currently trades just shy of $520, it’s still up by about 1,200% YTD. 
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Source: https://cryptopotato.com/600-million-in-bnb-gone-binance-completes-the-15th-token-burn/

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