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Waivlength Revolutionizes Social Media Platforms With The Power Of Blockchain Technology

Waivlength

The post Waivlength Revolutionizes Social Media Platforms With The Power Of Blockchain Technology appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The Social Media Platform Allows Users To Interact In A More Open And Trustworthy Environment Social media, nowadays, lacks a serious component in its framework – authenticity. Currently, everybody can create, manage, and use numerous accounts, without really knowing who is behind the avatar. Waivlength aims to solve this issue by implementing a know-your-customer (KYC) solution, …

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The Social Media Platform Allows Users To Interact In A More Open And Trustworthy Environment

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Social media, nowadays, lacks a serious component in its framework – authenticity. Currently, everybody can create, manage, and use numerous accounts, without really knowing who is behind the avatar.

Waivlength aims to solve this issue by implementing a know-your-customer (KYC) solution, which will eliminate the biggest headaches of modern social media – duplicate accounts, bots, and anonymous trolls. This way users can interact in a more open and trustworthy environment.

The project will integrate with existing KYC solutions to manage the user verification process. Personal data, used in the verification process, will not be monetized or sold to external businesses or advertisers.

The problem with data leakage really took off with documentaries such as ‘The Great Hack’ regarding the Cambridge Analytica data scandal and ‘The Social Dilemma’ about the dangerous human impact of Social Media. Those privacy-related films have highlighted the need for an emerging platform that can bring together only the best aspects of social media.

Waivlength Platform

The platform would offer the same functionalities as mainstream social media platforms, like creating and sharing text-based, image-based, and video-based content publicly, among friends, or with selected individuals or groups.

The platform would also facilitate a private messaging service, which enables users to choose whose content they want to see. Further feature implementation and service updates are set in Waivlength roadmap.

The team behind Waivlength plans to revolutionize the user interface to produce a fresh new way to interact with the platform. Mainstream social media platforms all suffer from a very linear approach to content consumption. Waivlength aims to break down the linearity with a state-of-the-art user interface for easier and tailored to each individual user experience.

WAIV Token

The backbone of the platform is the WAIV governance token. It is operating under Binance’s BEP-20 token standard. The tokenomics of the governance token suggest a deflationary model, meaning the total supply is finite, and constantly shrinking down. A 10% tax for WAIV transactions is implied, but as with other deflationary projects like Safemoon and Elongate, the tax is divided into three sections. 50% of the tax would go back to WAIV holders, while 25% would ensure there is enough liquidity in the WAIV liquidity pool. The rest would be relocated to the burn address, community giveaways, marketing, and charity.

A total of 1 Quadrillion WAIV tokens were put as supply, with 40% dedicated to the pre-sale (400T), 20% dedicated to PancakeSWAP liquidity (200T), 20% burnt (200T), and 20% locked for 6 months for future development (200T).

In order for users to buy WAIV tokens, they have to do it on PancakeSwap v2. The platform’s team, however, plans to keep pushing the project on various exchanges and listing sites, such as CoinMarketCap and CoinGecko​. Furthermore, Waivlength would collaborate with influencers and future ambassadors for the project, as well as attract investors and VC funding to inject more capital to accelerate the project.

Waivlength Roadmap

The roadmap includes activities like finalizing the front-end concepts for the social platform, continuing marketing strategies, targeting partnerships with bigger influencers, establishing connections with venture capital funds, as well as launching the platform in November 2021.

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Source: https://coinpedia.org/news/waivlength-revolutionizes-social-media/

Blockchain

Winklevoss-Led Exchange Launches Gemini Green to Help Decarbonize Bitcoin

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The US cryptocurrency exchange – Gemini – announced a long-term initiative called Gemini Green, aiming to add environmentally conscious practices into its business. The trading venue partnered up with Climate Vault and plans to purchase 350,000 metric tons of carbon – a move striving to decarbonize bitcoin.

The Crypto Platform That Will Offset Its Own Emissions

Gemini – the crypto trading venue founded by the Winklevoss twins Cameron and Tylor – announced in a press release that it had launched Gemini Green. Its mission would be to solve Bitcoin’s environmental issues by decarbonizing it.

“As bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations. We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of bitcoin.” – commented Tylor Winklevoss.

The partner of the exchange in the initiative is the non-profit Climate Vault. This collaboration would allow the crypto platform to acquire carbon permits directly from government-regulated cap-and-trade markets and remove them from circulation. Michael Greenstone – co-founder of Climate Vault – noted:

”Slowing and ultimately reversing the total amount of CO2 entering the atmosphere is vital to preventing disruptive climate change. Climate Vault is providing a simpler, faster, and more reliable path to net-zero emissions, not just for traditional businesses, but now – thanks to Gemini – for the innovative world of cryptocurrency.”

The amount of CO2 that Gemini intends to purchase is 350,000 metric tons and thus offset its usage of the Bitcoin Network. Interestingly, this quantity of carbon equals roughly a billion miles driven by an ordinary passenger automobile.

Crypto Exchanges That Vowed to Go Carbon Neutral

Following the environmental debates, which Elon Musk caused with his recent tweets, two of the leading cryptocurrency trading venues announced they would become carbon neutral.


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First, the San Francisco-based exchange – FTX declared such intentions. It reminded that there are bigger consumers of energy than bitcoin, but the exchange would still take a serious part in the world’s green future:

”BTC isn’t the biggest use of energy but we take our impact on the world seriously. To that end: FTX is committed to being carbon neutral.”

In addition, the exchange pledged to donate $1M this year to some of the most effective CO2 offsetting organizations.

Shortly after, the Seychelles-based derivatives exchange BitMEX followed. It confirmed it would begin a carbon offsetting regime immediately. Its first step would be to donate $0.0026 for every $1 of blockchain fees their clients pay, but it is still looking for future partners:

”We are currently researching which organizations would be the most effective to partner with, and we also commit to publishing details of how much and who we donate to.”

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Source: https://cryptopotato.com/winklevoss-led-exchange-launches-gemini-green-to-help-decarbonize-bitcoin/

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After Bitcoin Dipped Below $30K: Is Bear Market Confirmed? Industry Experts Weigh In

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With BTC’s price going through a severe correction this week, reaching a near six-month low, the question arisen within the community if we have officially entered a bear market.

Dumping to more than 50% south from its peak, which came just two months ago, certainly has some arguing that the bears are indeed in control. To find out more expert views on the matter, though, CryptoPotato reached out to some of the most prominent names in the industry.

Those include the host of Keiser Report – Max Keiser, Jason Deane – Bitcoin Analyst at Quantum Economics, CoinGecko’s Bobby Ong, and the renowned DJ turned crypto analyst – Scott Melker, better known with his Twitter handle – The Wolf Of All Streets.

Version One: Bear Market It Is

After the previous bull market in 2017/2018, bitcoin’s price started to fall quickly and saw a half of its value slashed in a few months. Fast-forward to the middle of 2021, and the situation is quite similar.

BTC peaked in mid-April at $65,000 before it started to decline in value gradually. FUD, initially propelled by Elon Musk and intensified by China, resulted in more vigorous movements that culminated (so far) days ago when the cryptocurrency fell to around $28,500 – the lowest price tag since January 2020.

The Co-Founder and COO of CoinGecko, Bobby Ong, believes this drop has officially marked the start of the 2021 bear market but raised questions about its longevity.

bobby_ong_coingecko
Bobby Ong. Source: CoinGecko

“Bitcoin trading at its current levels has already made the current market a bear one as it is down 50% from its ATH. The question now is how long and how deep the bear market will be.”

He outlined a few differences between the start of this bear market and the previous ones as “there is no blow-off top, and this has been a gradual decline over the past month. How long this bear market will last will be anyone’s guess as well.”

The Wolf Of All Streets supports Ong’s stance to some extent. He noted that a 50% retracement from the top means the asset is “not in a bull market” because “it’s not a healthy correction anymore.” But that’s only when zoomed-in on a smaller timeframe.

If one looks at a more macro scale, seeing that BTC is still up by more than 200% in less than a year, the most logical conclusion is that BTC is “absolutely” in a bull market.” As such, he believes “much higher prices are likely.”

Scott_Melker
Scott Melker

The Relationship Between Price and Hashrate

China has received most of the blame for the adverse price developments. The Asian Superpower took its negative stance on the industry a step further by going after BTC mining and ousting miners.

Being the country responsible for over 60% of the hash rate until that moment, its actions had an immediate impact on the metric, which went down by roughly 50% in a matter of a month.

Jason Deane, a Bitcoin Analyst at Quantum Economics, touched upon this topic and debunked the idea that BTC’s price and hash rate are actually correlated. His company doesn’t see this as the start of a bear market, as the correction was mostly fueled by sentiment and momentum instead of actual fundamentals.

“This is most likely the case here, with that momentum almost certainly sparked, among other things, by the widely held (and incorrect) belief that lower hash rate is a hard driver for lower prices. It is true that this is a period of adjustment, but the network continues to run perfectly and will continue to do so, just as it was designed to do.”

Furthermore, he believes China’s actions will make the Bitcoin network “far more decentralized than ever before, and this move is considered to be extremely positive in the medium to long term.” Interestingly, recent reports indicated that miners are relocating from China to other countries, like Kazakhstan and the US, which would indeed loosen the nation’s grip on the mining industry.

“Fundamentals remain intact. In our view, therefore, this is far more likely to be a period of market overreaction that will ultimately correct in due course.” – Deane concluded.

Not The Worst Correction

Max Keiser, who has been a permanent BTC bull for over a decade, reassured the masses that such retracements are somewhat expected for the asset. In fact, he has been through “15 major pullbacks” since 2011, and this one “is not as bad as several I have seen.”

He also attributed it to the migration of mining out of China, but “the miners will be up and running soon enough in new regions. And it’s a huge positive to be out of China, in my view.”

Max Keiser. Source; Yahoo
Max Keiser. Source; RT

Additionally, he believes there’re far more critical factors to consider when examining BTC’s actual value.

“If you are asking whether or not this pullback is a bear market, keep in mind that Bitcoin’s fundamental value proposition is not price-sensitive; it’s block-sensitive. As the price has pulled back, so has the difficulty adjustment ensuring that blocks keep coming right in schedule. So in effect, nothing has changed. Blocks keep coming no matter what the price is.

For those looking at price only, keep in mind this one important axiom: Fiat money, over time, has zero volatility and a guaranteed loss of purchasing power. Bitcoin, over time, has some volatility and guaranteed increase in purchasing power.”

Keiser also referred to BTC as “sound, unconfiscatable money separated from the state, and a perpetual bull market.”

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Source: https://cryptopotato.com/after-bitcoin-dipped-below-30k-is-bear-market-confirmed-industry-experts-weigh-in/

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Ethereum Testnet Burns 88K ETH in Preparation for EIP-1559

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Ethereum’s London hard fork launched on the Ropsten testnet on June 24 in preparation for the mainnet rollout in July.

The upgrade will usher in the implementation of the highly anticipated EIP-1559 modification that will adjust the Ethereum transaction fee calculation mechanism.

The next phase in the London hard fork rollout is deployment on the Goerli testnet which is scheduled for June 30. Following that, it will be launched on the Rinkeby testnet on July 7 and then mainnet later in the month.

Watch The Burn

Part of the EIP-1559 mechanism, aside from changing the fee auction structure, is to burn the “base fee” which will make the Ethereum economy deflationary over time.

A website called Watch The Burn has been set up to see this in action. At the time of press, 88,483 ETH had been burned on the testnet. This is equivalent to around $177 million at current prices.


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Ethereum software solutions firm ConsenSys estimates that the annual supply change will be minus 1.6 million ETH. At current prices, this equates to the burning of $3.2 billion in ETH which will reduce the annual supply rate by 1.4%.

The deflationary properties of the network will be further compounded when proof-of-stake launches on mainnet for ETH 2.0 in 2022 some time and the asset is no longer mined.

In February, Predictions Global founder Ryan Berckmans detailed how, in his opinion, Ethereum prices could surge to five figures through these deflationary mechanisms. He argued that this effectively gives ETH back to holders and not miners as the asset increases in scarcity through fee burns.

Unfortunately, hopes of major gas savings from the upgrade have been dashed. ConsenSys confirmed that it was not the intent of the EIP, adding:

“As a side effect of a more predictable base fee, EIP-1559 may lead to some reduction in gas prices if we assume that fee predictability means users will overpay for gas less frequently.”

Ethereum Prices Lackluster

Ethereum prices had regained the psychological $2,000 level at the time of press. The asset has gained 4.2% on the day but remains in a downtrend.

CoinGecko has reported a 20% decline in the price of ETH over the past fortnight. The world’s number two crypto asset is currently 54% down from its all-time high of $4,350 on May 12.

So there may be a bit longer to wait before these properties of scarcity and demand are reflected in its price action.

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Source: https://cryptopotato.com/ethereum-testnet-burns-88k-eth-in-preparation-for-eip-1559/

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