Chainlink Labs – a smart-contract oracle service provider – recently signed on former Google CEO Eric Schmidt as a strategic advisor. Schmidt’s duty will be to help guide Chainlink in building “a world guided by truth.”
Schmidt Joins Chainlink
Chainlink announced its recruitment of the Ex-Google chief in a statement this Tuesday. The team is focused on aggregating and implementing real-world data to be used as smart contracts built on various blockchains. This is accomplished by using oracle networks, which connect web 3.0 systems with legacy databases.
In aggregate, Chainlink has helped secure over $80 billion in total value locked across multiple smart-contract chains.
“Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption,” said Chainlink co-founder Sergey Nazarov. “ Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”
Eric Schmidt helped Google scale its infrastructure, including a $23 billion IPO, while presiding over the launch of Gmail, Google Maps, Chrome, Adsense, and Fiber. He was also chairman of the Department of Defence’s innovation board, and National Security Commission on Artificial Intelligence. Today, he is the co-founder of Schmidt Futures and chairman of the Broad Institute of MIT and Harvard.
Schmidt believes blockchain’s lack of connection to the physical world is one of its glaring weaknesses, which Chainlink helps alleviate:
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“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionising business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”
Eric Schmidt. Source: Vox
Chainlink’s Connections
Chainlink is focused on building a multi-blockchain ecosystem and has proven successful in expanding its network thus far. In October, the company partnered with Cardano – a top ten blockchain ecosystem – to bring oracle systems to Cardano’s smart contracts. This was remarkable timing, given that Cardano had only recently implemented smart contracts onto their chain.
More recently, the Associated Press announced that it will run a Chainlink node, used to provide smart contract developers with verifiable data from a highly reputable source.
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CEOs and executives from several leading crypto firms testified on stablecoins in front of U.S. Congress today.
Those executives told the House Committee on Financial Services that stablecoins will strengthen the U.S. dollar.
Representatives from Coinbase, FTX, Circle, Stellar and other companies appeared during the hearing.
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U.S. Congress conducted a hearing on crypto assets today, hearing testimonies from the industry’s most notable executives.
Crypto Executives Defend Stablecoins
The hearing was held by the House Committee on Financial Services in the U.S. Congress. Chairwoman Maxine Waters hosted a hearing on the topic of “Digital Assets and the Future of Finance.”
During the congressional hearing live-streamed on YouTube, executives from leading crypto firms gave their testimonies. Witnesses included Circle CEO Jeremy Allaire, Bitfury CEO Brian Brooks, Paxos CEO Charles Cascarilla, Coinbase CFO Alesia Haas, FTX CEO Sam Bankman-Fried, and Stellar CEO Denelle Dixon.
One topic extensively discussed was stablecoins, or tokens are that are price pegged to traditional currencies such as the U.S. dollar.
The topic is relevant to several of the executives: Circle and Coinbase are responsible for the USD Coin stablecoin (USDC), while Paxos is responsible for its own Paxos dollar (USDP).
Allaire and Brooks Emphasize Competition
Circle CEO Jeremy Allaire argued that rather than causing harm, stablecoins may help the global dominance of the U.S. dollar.
Allaire argued independent U.S. stablecoins will continue to dominate the crypto market even as competing alternatives such as China’s digital yuan, issued by its central bank, emerge on the market.
Whereas dollar stablecoins have carried out “trillions of dollars of transactions,” China’s digital yuan has done “only $10 billion worth of transactions so far,” Allaire observed.
He explained that the U.S. crypto industry wants the dollar to play a critical and strategic role, and as such, supporting U.S. stablecoins should be a “national security priority” for regulators.
Bitfury CEO and ex-OCC chair Brian Brooks agreed with Allaire in his testimony. Brooks said that., at a time when inflation is rising, stablecoins can help the U.S. dollar become utility-driven and “not just a monetary system created after World War II.”
Brooks endorsed U.S. stablecoins, arguing that their online nature will allow the dollar to “compete on features, not only on history.”
Others Discuss Stablecoin Security
Allaire went on to argue that stablecoins provide security. He noted that the assets backing stablecoins “are safer than dollars in bank accounts because [the latter] are fractionally reserved and lent out.” This, he said, poses more risk to the U.S. economy than stablecoins.
Paxos CEO Charles Cascarilla also testified to the security of stablecoins. Addressing concerns of a bank run caused by stablecoins, Cascarilla affirmed that stablecoins are “backed by money sitting in FDIC-insured bank accounts or money sitting in Treasury bills.”
This, he said, means there is “no risk of a run.” Cascarilla explained further: “It’s liquid cash, and you have tokenized a dollar. There is very good utility for such assets.”
Responding to criticism that stablecoins could be ripe for illicit activities, FTX CEO Sam Bankman-Fried said that “advanced policies are already in place” and that the “digital asset industry has a pretty strong standard” for KYC/AML procedures.
The other witnesses, Coinbase CFO Alesia Haas and Stellar CEO Denelle Dixon, discussed how stablecoins can help the unbanked.
They also suggested that greater clarity is needed from regulators, a point that is in line with Coinbase’s recent policy proposal, which suggests that a new regulatory framework should be created.
Reception to Hearing Was Positive
The majority of the committee members who spoke during the hearing supported the idea of not stifling innovation in the crypto sector. While several questions were posed as to how regulators can ensure investor protections, the general outcome of the discussion was positive and encouraging for the cryptocurrency space.
Jake Chervinsky, a notable crypto lawyer and the head of the Blockchain Association, commented on the hearing by calling it “the most positive, constructive, and bipartisan public event on crypto.”
Committee ranking member Patrick McHenry has called the cryptocurrency sector the “next generation of the internet.” He added that U.S. Congress must collaborate in a non-partisan way to regulate the burgeoning sector.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Bitcoin on-chain signals have remained green despite the recent red week. Bitcoin’s price had taken a plunge towards $40K and had brought a lot of losses with it as billions of dollars in long positions were liquidated on December 4th in one of the sharpest declines of the year. Mostly this has brought down a number of metrics associated with the asset but on-chain signals remain resistant.
On-chain data all ranging from miner revenues, transaction fees, hashrate, and daily transaction volumes have all shown positive trends for bitcoin. None of this has been affected by the price decline.
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Hashrate Continues Recovery Trend
Bitcoin hashrate had taken a big heat with the China crackdown on mining that took place earlier in the year. The region had gone from providing about 70% of the mining power to almost zero in a matter of weeks, leaving the hashrate to suffer greatly. This has since been rectified as bitcoin miners have found new locations to resume their mining activities.
BTC hashrate recovers post-market crash | Source: Arcane Research
Since then, hashrate has been gradually picking back up and in the past week saw a significant increase. Bitcoin hashrate is up for the past seven days after the first difficulty reduction following ten difficulty adjustments. As the difficulty has dropped, so has the profitability of mining activities increased. Given this, more miners have gotten back in the game and set up their mining rigs once more, leading to a rise in hashrate.
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Arcane Research also reported that this increased hashrate has led to an increase in block production rate. As more miners come back on board, an average of 6.46 blocks have been created each hour in the past week. This represents a significant increase of 11% in the same time frame.
BTC loses footing at $50,000 | Source: BTCUSD on TradingView.com
Bitcoin Transaction Fees Rise
Bitcoin transactions fees have remained low through the past weeks, but there was a recorded increase in fees in the past seven days. On average, bitcoin transaction fees grew by 33%. This growth however does not do much for miner revenue. Even though fees are up, they are still relatively meager and only bring in about 1.7% of the total miner revenues.
Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale
Average transaction value also jumped in the past week. As investors rushed to sell their holdings during the crash, the average transaction volume climbed by 8.3%. This was mostly due to holders who hold larger volumes moving their BTC to exchanges to sell, not only increasing average transaction volume, but also transaction fees at the same time.
Bitcoin daily miner revenues in the first week of December was $52,271,223 compared to daily revenues of $49,975,895 from the previous week. Fees per day, as well as transactions per day, were up at $891,499 and 276,680 respectively.
Featured image from PSU Watch, charts from Arcane Research and TradingView.com
Decentralized finance (DeFi) offers one of the most widely applicable use-cases for distributed ledger technology and today it is one of the main avenues for the wider adoption of blockchain technology.
Last week, as the wider crypto market corrected and Bitcoin (BTC) dropped by 22%, DeFiChain (DFI) bucked the trend and rallied 76% to establish a new high at $5.70 on Dec. 6 as its 24-hour trading volume surged from an average of $3.6 million to $24.3 million.
DFI/USDT 4-hour chart. Source: TradingView
Three reasons for the price breakout for DFI include the launch of decentralized assets on the DFI mainnet, a surge in transactions and users on the network and an increase in the total value locked on the protocol.
Traders pile into decentralized stocks and cryptocurrencies
The biggest source of momentum for DFI in recent weeks has been the launch of decentralized assets on the DeFiChain network and staking options for holders.
Users of the platform now have access to multiple pools that include large-cap cryptocurrencies like Bitcoin and Ether, as well as synthetic versions of popular stocks and indices, including pairs for Tesla (TSLA), Apple (APPL) and the S&P 500 (SPY). In addition to having exposure to these assets, stakers also benefit from the higher-than-average yields available on the platform.
DeFiChain DEX pool pairs. Source: DeFi Scan
Other d-asset options available to users include Gold (GLD), Silver (SLV), the ARK Innovation ETF (ARKK) and the iShares 20+ Year Treasury Bond ETF (TLT).
Transaction volumes surge
Another reason for the strong performance seen from DFI has been an increase in transactions on the network following the release of decentralized assets.
The surge in network activity is largely the result of the new use cases made possible by the launch of decentralized assets, including the creation of assets, liquidity mining and arbitrage trading.
The added features have also helped to attract new users to the DFiChain ecosystem, with the number of unique wallets holding DFI reaching a new record high of 42,555 on Dec. 8.
Related:Nasdaq to provide price feeds for tokenized stock trades on DeFiChain
Total value locked hits a new all-time high
DFI has also seen a steady increase in total value locked on the DeFiChain protocol, which is now at an all-time high of $1.83 billion according to data from Defi Llama.
Total value locked on DeFiChain. Source: Defi Llama
The spike in value locked coincides with the launch of decentralized assets on the network and it’s claer that users rushed to deposit funds to gain access to the high yield opportunities available to liquidity providers.
Aside from the staking features offered on the DeFiChain DEX, larger DFI holders with at least 20,000 DFI also have the option of locking their DFI tokens up in order to run a masternode on the network and earn rewards in return for helping to verify transactions and secure the blockchain.
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.
The tone of Congress towards crypto was markedly changed from past years.
Crypto executives received encouragement from both Democrats and Republicans with one exception.
Top executives from Coinbase, Circle and four other cryptocurrency firms appeared before members of Congress on Wednesday—an event that in past years would have triggered indignation and scoldings. Instead the crypto execs were greeted with curiosity and even encouragement.
The five-hour hearing took place before the U.S. House Committee on Financial Services where six CEOs, including Sam Bankman-Fried of FTX, testified about the growing importance of crypto and the industry’s desire for regulation.
While such hearings in the past have focused almost entirely about the criminal use of Bitcoin, Wednesday’s session saw members inquire about everything from the security advantages of blockchain technology to the potential for crypto to provide greater financial inclusion.
“Web3 can empower anyone,” said Rep. Anthony Gonzalez (R-Oh), using a relatively new term that describes an emerging stack of applications that don’t rely on a centralized authority to function.
Gonzalez and others repeatedly invoked the prospect of the U.S. losing out on crypto-related innovation as a result of cumbersome regulation, and asked if the industry would benefit from a more cohesive policy from the U.S. government.
The crypto CEO, unsurprisingly, agreed with the sentiment and urged Congress to clarify the overlapping jurisdictions between agencies like the SEC and CFTC, and to allow companies like Circle—which has issued more than $30 billion in stablecoins—to come into existing banking system.
The committee members and crypto executives also noted on numerous occasions that other countries, including Canada, have allowed products like a Bitcoin ETF even as the U.S. continues to bar them.
“If a whole bunch of customers want to buy a Bitcoin ETF, why won’t we let them?” asked Rep. Bryan Steil (R-WI), who then asked Alesia Haas, Coinbase’s CFO and US CEO, if the company had asked the SEC for details about why the agency has told it why it can’t issue a lending product tied to stablecoins, tokens that are pegged to fiat currencies such as the U.S. dollar.
“We have [asked] and we still do not have clarity on why our product can’t proceed,” replied Haas.
Some Democrats on the committee took a more skeptical view of the crypto industry, with Rep. Rashida Tlaib (D-MI) asking about Bitcoin mining’s growing carbon footprint, while Reps. Sylvia Garcia (D-Tx) and Alma Adams (D-NC) both pressed the companies to provide data about diversity in their corporate ranks and user base—a request to which every CEO agreed.
But even as they expressed such concerns, the Democratic members praised the potential for crypto and blockchain wallets to provide lower-cost alternatives to the existing banking system. Rep. Ritchie Torres (D-NY), who represents one the country’s poorest district’s in the South Bronx, described how crypto offered a cheaper and faster way for many of his constituents to send remittance payments.
Meanwhile, both Republicans and Democrats raised concerns about whether quantum computing may pose a threat to blockchain security, and whether crypto might undermine the U.S. dollar as the world’s reserve currency—though while also expressing support for the technological potential of crypto.
Only one member of the Committee, Rep. Brad Sherman (D-CA), broke from the cordial tone of the hearing, mocking the crypto industry for adopting a “vibe [of] stick it to the man” while allegedly receiving support from powerful Wall Street interests. Sherman also blasted Coinbase for sending Haas rather than its top executive, Brian Armstrong, suggesting that Armstrong would eventually have to experience hearings like ones Congress has meted out to Facebook CEO Mark Zuckerberg.
While Sherman’s withering attitude to crypto would have become in Congress even three years ago, his comportment on Wednesday made him an outlier among the other members of the committee.
The tenor of the hearing won praise from many in the crypto community who have often expressed frustration with perceived hostility and lack of knowledge among members of Congress.
Today’s HFSC hearing was the most positive, constructive, & bipartisan public event on crypto I’ve seen in Congress — ever. I mean that literally.
It’s a testament to the effectiveness of industry & community engagement in DC in recent months. We’ve made shockingly big progress.
— Jake Chervinsky (@jchervinsky) December 8, 2021
It is not immediately clear what the upshot of Wednesday’s hearing will be, though several members of the Committee declared they would being working on bills to streamline crypto regulation and support the industry.
“The rules of the road for Web3 can be bipartisan,” said Jake Auchincloss (D-MA).
Kickstarter has announced that it will transition to blockchain.
Kickstarter’s user experience will remain the same, but blockchain will add governance and reward features behind the scenes.
The new blockchain platform will make use of Celo, a proof-of-stake-based carbon negative blockchain.
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Crowdfunding platform Kickstarter has announced that it will soon integrate its main service with blockchain technology.
Kickstarter Will Transition to Blockchain
Kickstarter says that will create a “decentralized version of [its] core functionality” that will “live on a public blockchain.”
The company noted that blockchain will make it easy to reward participation in new ways, and that it will also allow for the mixing of different protocols and software components.
Kickstarter’s platform will be built on Celo, a mobile-focused DeFi blockchain platform. The firm also drew attention to Celo’s carbon-negative features, namely the fact that it relies on proof-of-stake and uses its token to offset greenhouse gas emissions.
Blockchain Will Add Governance Features
Kickstarter will also establish a governance lab that will help direct the development of the protocol. The firm noted the growth of alternative governance models and believes there is an “important opportunity to advance these efforts using the blockchain.”
While this will involve voting rights, Kickstarter did not indicate whether it would create a governance token for this purpose.
More details will be revealed in a whitepaper set to be published by the company in the coming weeks.
Changes Are Behind the Scenes
Development will be led through an independent organization called Kickstarter PBC. Kickstarter itself will later be transitioned to this platform, albeit in a way that works behind the scenes.
“You won’t see the [blockchain] protocol, but you will benefit from its improvements,” Kickstarter explained in its blog post, assuring users that the overall user experience will remain the same.
Kickstarter was created in 2009 and has handled more than $6 billion of pledges for 200,000 projects. Along with Patreon and GoFundMe, it is one of the largest creator funding platforms.
The company’s closest blockchain competitors at the moment are monetization platforms like Coil and Gitcoin, as well as specific crowdfunding DAOs such as ConstitutionDAO.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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DAOs have been called the new GoFundMe or Kickstarter. Well, what if Kickstarter is the new DAO?
The crowdfunding platform is creating a new organization tasked with building a blockchain-based version of its platform. The new organization, which does not yet have a name, should begin developing the platform early next year. Kickstarter plans to switch over to the new platform when the protocol is ready; it’s aiming for 2022, per reporting fromBloomberg.
“We think bringing all that we’ve learned about crowdfunding since 2009 to inform the development of a decentralized protocol will open up exciting new opportunities for creative projects to come to life,” founder Perry Chen and CEO Aziz Hasanwrote today. “In the coming weeks, a white paper will be released outlining the technology and plans for the protocol.”
Kickstarter was one of the original web-based fundraising platforms. It works like this: Someone has an idea but they need money to make it a reality. Rather than lose equity to venture capital firms or take out an interest-laden loan from the bank, they use Kickstarter to pitch their idea to the hoi polloi. If people want the idea to become reality, they can pledge money to it—typically in exchange for an eventual version of the product and some bonus goodies; essentially, they pre-order it.
Peloton—now a publicly traded company—produced its first bike using Kickstarter; the Oculus virtual reality headset—now owned by Facebook parent company Meta—started off on the platform as well.
But decentralized autonomous organizations may be eating into Web 2 platforms’ market share. Like crowdfunding platforms, DAOs can also be used as mechanisms for pooling money together to buy something—whether that’s a copy of the U.S. constitution at auction, an NBA team, or collectible NFTs. DAOs raise millions by selling their own digital tokens—typically via the Ethereumblockchain—that represent voting shares; the more tokens you have, the more sway over the DAO’s decisions you have.
DAOs have a few potential advantages over legacy platforms. For starters: fees. Kickstarter takes 5% of all funds raised. That’s after grabbing 3-5% in payment processing fees per pledge. Blockchain tech has the potential to cut down on those numbers by making payments more efficient, though it’s not without complications.
While DAO members don’t tithe to their organization, they do have to cover on-chain transaction fees. Ethereum rates over the past year make Kickstarter’s take look tiny.
Kickstarter won’t be using Ethereum; it’s opted for Celo due to its “carbon negative blockchain platform.” The company intends to establish a “governance lab” run separately from the current and new platform.
The California state-chartered bank, Silvergate, is eyeing to secure $461.3 million as per the latest filing with the US Securities and Exchange Commission (SEC) through the sale of 3.31 million of common stock. The proposed maximum offering price per share is $145.
Silvergate’s Public Offering
The official document revealed that the financial institution had granted the underwriters 30 days to buy over 496.6k additional shares of its common stock. It also estimated the generation of approximately $461 million net proceeds from this offering after underwriting discounts deductions and evaluated offering expenses payable by Silvergate.
However, the figures may be as high as $530.2 million if the underwriters “exercise in full their option to purchase additional shares.”
Silvergate plans to deploy the net proceeds from this offering to further boost its regulatory capital levels in addition to other general corporate purposes. A part of the proceeds may also be offered to assist the company’s expansion organically or through strategic acquisitions. Silvergate also intends to use the capital for Bank’s SEN Leverage product, custody, and other services associated with digital assets.
Serving as joint book-running managers for the offering are Goldman Sachs, JP Morgan Securities, and Keefe, Bruyette & Woods, A Stifel Company.
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The filing read,
“This is a public offering of shares of Class A Common Stock, or common stock, of Silvergate Capital Corporation. We are offering all of the shares in the offering. Our common stock is listed on the New York Stock Exchange, or NYSE, under the ticker symbol “SI.” The last reported sale price of our common stock on December 6, 2021, as reported on NYSE, was $165.37 per share.”
Silvergate Joins Hands with CryptoCom
Silvergate has emerged as a major crypto-focused bank that gained significant popularity for supporting the rollout of El Salvador’s crypto wallet Chivo.
The latest development comes a week after Silvergate announced a partnership with the digital asset exchange CryptoCom. The main objective behind the move was to introduce USD deposits and withdrawals to the bank’s institutional consumer base. This new feature would enable CryptoCom’s institutional clients to transfer USD funds from their bank accounts to the exchange and vice versa, free of cost.
Besides, Silvergate announced joining forces with Facebook’s digital currency project, the Diem Association, to release a stablecoin pegged to the USD in May this year.
Featured Image Courtesy of SDBJ
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