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KuCoin Labs Rolls Out Incubation Program with Univers Network to Boost Web3 Exploration

by Blockchain NewsAugust 13, 2022

KuCoin Labs, the incubation and investment arm of crypto exchange KuCoin, has launched an incubation program with Univers Network to aid the exploration of the Web3 space.

Lou YU, the head of KuCoin Labs, pointed out:

“KuCoin Labs aims to enhance Web-2 entrepreneurs’ understanding and adoption of Web-3. KuCoin Labs is advising Univers Network in various aspects, sharing knowledge regarding Web-3 community incentives, technical structures, business strategy, marketing orientations, fundraising, as well as go-to-market plans, etc.”

As a metaverse infrastructure project aimed at revolutionizing Web3 and empowering communities, Univers Network comprises more than 50 developers currently creating an SDK for metaverse interconnectivity.

The incubation program also seeks to bridge the gap between E-Sports and blockchain technology, given that one of the primary objectives of the Univers Network is the unification of game engines.

Per the report:

“The Univers Network is developing a proprietary mechanism called ‘Choose-to-Earn’, which will connect developers and users while creating value for the user bases of both projects involved. Its Decentralized Publishing Company (DPC) will be launched later this year, with additional projects and development studios to be involved in their ecosystem.”

Through the strategic partnership with Univers Network, KuCoin Labs seeks to have the resources and scalability to be a leading metaverse and innovative infrastructure solution.

Crypto exchange KuCoin has shown its commitment to enhancing Web3 exploration, given that it recently rolled out a decentralized product dubbed KuCoin Wallet, Blockchain.News reported.

The wallet supported multi-chain aggregation powered by the KuCoin ecosystem. As a result, users can create a decentralized account for Web 3.0 in seconds and send, receive, and store BTC, ETH, USDT, USDC, BNB, and more tokens in one place.

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Russia’s Central Bank Plans to Launch its CBDC-Digital Ruble across all Banks in 2024

by Blockchain NewsAugust 13, 2022

The Bank of Russia launched a digital ruble experiment in 2022 to explore business models and innovative use cases for central bank digital currencies (CBDCs).

The Central Bank of Russia emphasized that the pilot project aims to better understand the regulatory, legal, and technical aspects of CBDCs, and plans to launch an official digital ruble within a few years.

Russia’s central bank’s latest monetary policy said the country plans to connect the digital ruble platform to all banks and credit institutions by 2024.

In March 2024, a new round of elections will be held on whether the current Russian President Vladimir Putin will be re-elected. By then, the digital ruble is expected to have completed customer-to-customer transaction trials and customer-to-business and business-to-customer settlements.

To facilitate the rollout of the digital ruble, the Bank of Russia will also conduct a beta test of the digital ruble-based smart contract with a limited number of participants in 2023.

At the same time, it is expected that in 2025, the offline mode of the digital ruble will be completed.

The Central Bank of Russia stated:

“The phased process of introducing the digital ruble will provide market participants with the opportunity to adapt to new conditions.”

The Bank of Russia noted that the Russian economy is increasingly digitized, thus requiring an advanced payment system based on a government-backed digital currency.

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Tagged : Bank Of Russia / Bitcoin / Blockchain / CBDC / Digital Ruble

CFTC Sues Ohio Resident Rathnakishore Giri Fraudster Involving in a $12M Ponzi Scheme

by Blockchain NewsAugust 13, 2022

The U.S. Commodity Futures Trading Commission (CFTC) has charged Ohio resident cryptocurrency scammer Rathnakishore Giri and his company with illegally defrauding up to $12 million in a Ponzi-like scheme.

The Commodity Futures Trading Commission (CFTC) filed injunctive proceedings in the Southern District of Ohio against Rathnakishore Giri (Giri) and its companies SR Private Equity, LLC and NBD Eidetic Capital, LLC.

The suspect and his companies, SR Private Equity, LLC and NBD Eidetic Capital, LLC, claimed to investors that they were operating a private equity investment fund focused on investing in digital assets, soliciting funds from investors, and attracting more than $12 million in cash and bitcoin. to, and promises to invest in the pool of funds and pay the profits.

The funds were not invested, the CFTC said, but were redistributed among the contracted participants in what can only be called a Ponzi scheme.

According to CFTC Commissioner Kristin N. Johnson, “Under the guise that he operated a private equity investment fund with a focus on investing in digital assets, Giri seized upon the contemporary fervor for digital asset investment opportunities and lured unwitting investors to contribute over $12 million in cash and bitcoins to his funds with the promise of exceptional returns without the risk of financial loss.”

In fact, according to the indictment, it was an elaborate textbook Ponzi scheme that didn’t use the funds for cryptocurrency exchanges, but for their own pleasure, buying valuable goods or making high-volume transactions. Spend, from private jets, yacht charters, and luxury vacation homes, to luxury cars, and more.

Most of the enforcement actions carried out by the CFTC revolve around the cryptocurrency ecosystem. Regardless of size, the CFTC plays an important role in combating cybercrime, especially those that seek safe havens in digital or virtual assets.

Its official document reads: “This case illustrates these dangers, underscores the ever-present threats, and demonstrates that—no matter the asset class—effective enforcement and customer protections must be among our highest priorities.”

The CFTC now requires Giri to cease all fraud-related activities and expects to turn over any monetary benefits “directly or indirectly” related to this, and compensate defrauded customers.

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Tagged : Bitcoin / Blockchain / Legal

Ethereum Founder Vitalik Buterin Speculates the Merge Will Happen on September 15

by Blockchain NewsAugust 13, 2022

Vitalik Buterin, Ethereum’s co-founder, has hinted that the much-anticipated merge might occur around September 15.

The transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism called the merge is speculated to be the biggest software upgrade in the Ethereum ecosystem. Nevertheless, it has been quite elusive since it was launched in December 2020.

Despite these revelations by Buterin, ETH developers are anticipated to come up with a conclusive date next week, given that the final test called Goerli was finalized earlier this week.

A recent developers’ call had suggested September 19 as the most probable date for the merge.

Once the merge rolls out, the PoS algorithm will enable the confirmation of blocks in a more cost-efficient and environmentally friendly way because validators will stake Ether instead of solving a cryptographic puzzle.

Meanwhile, American multinational investment bank Citigroup or Citi recently disclosed that transitioning to a PoS consensus mechanism would make Ethereum a deflationary asset.

As a result, the second-largest cryptocurrency would become a “yield-bearing asset.”

Citi also pointed out that the merge would slash the overall Ether issuance by 4.2% annually, making it deflationary. Therefore, shifting to a PoS consensus mechanism would enhance Ethereum’s quest to become a store of value.

Therefore, as a “yield-bearing asset,” Citi added that ETH would experience more cash flows. As a result, prompting more valuation methods that were not available before.

On the other hand, Buterin recently acknowledged that MakerDAO’s consideration to depeg its native token DAI from stablecoin USD Coin (USDC) was a risky and terrible idea, Blockchain.News reported.

This decision might have been reached based on tornado sanctions because MakerDAO intends to replace USDC as collateral with Ethereum.

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Tagged : Ethereum / Industry Expert / Merge / Proof Of Stake / Proof-Of-Work / Vitalik Buterin