Global Efforts to Classify Cryptocurrencies

A significant cryptocurrency data aggregator known as CoinGecko and a cryptocurrency investment company known as 21Shares have teamed forces to develop a universal standard for categorizing the many different types of crypto assets.

The Global Crypto Classification Standard study was published on February 8 by CoinGecko and 21Shares. It outlines a standardized technique that can be used to classify cryptocurrency assets. The purpose of this work is to assist investors and regulators in gaining a better understanding of the particulars of each asset class in the cryptocurrency business, including the possibility for failures such as those that the sector experienced in 2022.

“In contrast to conventional financial assets, the nature of crypto assets may have a wide range of variations, both in terms of the asset itself and the protocol that underpins it,”

At the time this article was written, the website of CoinGecko listed more than 12,000 distinct cryptocurrencies, and each coin has its own set of traits and features that marked it apart from the others. The classification method used by CoinGecko and 21Shares is based on three main layers of categorization, which differentiate these hundreds of assets according to stack, market sectors, industries, and taxonomy.

The first level, known as the “crypto stack,” organizes crypto assets into categories such as centralized apps, decentralized applications, interoperable blockchains, and smart contract platforms, amongst others. The technique does not refer to the underlying token at any point in the first two tiers; rather, it exclusively discusses networks and protocols.

The second level is referred to as “market mapping by sectors and industries,” and it further divides cryptocurrencies into categories such as infrastructure, metaverse, and decentralized finance (DeFi), in addition to groups such as payment platform, lending, and developer tooling, amongst other categories. The technique makes an effort to classify the assets according to the category that is the most relevant to their use in situations when certain standards may be applied to more than one industry.

Based on the cryptocurrency taxonomy approach that was suggested by crypto analyst Chris Burniske in 2019, the third level was referred to as the “taxonomy of crypto assets.” Within this level, crypto assets were categorized according to related asset “superclasses.” The methodology developed by Burniske is based on a study written by Robert Greer in 1997 titled “What is an Asset Class Anyway?” Putting crypto assets into their respective superclasses, such as capital assets, assets that can be consumed or transformed, and assets that may be stored as value.

Dogecoin (DOGE), Bitcoin (BTC), Monero (XMR), and Zcash (ZEC) are some of the examples that may be found in the category of store of value assets (DOGE). This particular kind of crypto asset “cannot be consumed,” and it also does not provide any form of revenue. “However, it does have worth; it is a store of value asset,” is how the proposed categorization standard puts it.

The attempt by CoinGecko and 21Shares to bring about a worldwide crypto categorization standard is only one of the numerous efforts being made all around the world to classify cryptocurrencies. The Australian Department of the Treasury issued a consultation paper on “token mapping” on February 3, with the goal of developing its own taxonomy of crypto assets. Prior to this, Belgium’s Financial Services and Markets Authority was also soliciting comment on its categorization of crypto assets as securities, investment instruments, or financial instruments in July of 2022. This was done in order to make an informed decision.

According to Gonzalez, “while the categorization of digital assets is quite prevalent, many classification attempts are one-dimensional and mislead conventional investors by combining crypto assets, the investable tokens, directly with the protocols that are behind them.”

The executive also expressed optimism that the newly suggested standard would be able to appeal to retail and institutional investors, as well as governments all over the globe, as a result of 21Shares’ work with CoinGecko, a leading independent cryptocurrency statistics website.

Source

Tagged : / / / / / /

PolyU 1st in Hong Kong to Offer Metaverse & Blockchain Post-grad Programmes

Hong Kong’s Polytechnic University (PolyU) is offering a postgraduate course in the metaverse and blockchain-related technology from September 2023.

shutterstock_521995273 o.jpg

In doing so, it has become the first university in Hong Kong to launch a postgraduate programme in metaverse technology, beating other academic insitutions in a race to stay on top of emerging trends, including Web3.

According to the Polytechnic University’s website, the one-year Master of Science in Metaverse Technology programme will be under the engineering faculty’s computing department, cost at least $309,000 HKD (around $40,000) to meet graduation requirments.

However, the course will only commence depending on the number of students registered.

The university’s website reads, “the subjects offered will depend on the availability of teaching resources and the number of students registered.” It also states the “programme is offered subject to approval.”

The aim of this programme, according to Polytechnic University, is to provide students with “an in-depth understanding of the nature of metaverses,” an understanding of the fundamentals of the technology, “the ability to integrate various technologies into metaverse applications,” and “the vision of metaverse development as a multidisciplinary coevolutionary process.”

Meanwhile, the university’s Master of Science in Blockchain Technology for next September entry as well – which, according to the university the first of its kind.

The ability of metaverse technology to provide an immersive virtual world where people can interact through digital representations of themselves, has boosted in popularity in recent years.

Along with the metaverse, web3 – also popularly known as the next generation of the World Wide Web – has amassed a huge following due to the concept of decentralisation through the use of blockchain and similar technologies.

Image source: Shutterstock

Source

Tagged : / / / / / /

BaaS Startup Domineum to Train 100k Nigerian Students in Blockchain Solutions

Domineum, a London-based Blockchain-as-a-Service (BaaS) startup, is set to train as many as 100,000 students under the umbrella of the Nigeria Association of Computing Students (NACOS) in blockchain and emerging technologies. 

NIG2.jpg

As announced, the partnership seeks to ensure the youths, which are considered the future leaders in digital technologies, gain the adequate skills they need to be changemakers and contribute their quota to the Nigerian economy.

Africa has often been seen as an untapped region when it comes to blockchain-related initiatives. While the region is known as a major hub in terms of the growth and adoption of blockchain-related innovations.

When it comes to crypto trading activities, Nigeria has consistently been ranked above a number of other African countries, as well as emerging countries in other parts of the world. The move from Domineum to train budding professionals will seek to bridge the gap in what Nigeria currently lacks and what it needs to stay well visible on the radar as one of the most renowned crypto hotspots in the world.

“The NACOS / DOMINEUM partnership is a strategic collaboration that will bring a significant change to all students studying computer-related courses in tertiary institutions across Nigeria,” said Geoffrey Weli-Wosu, Chief Executive Officer of Domineum Blockchain Solutions, adding that “Youths hold the future of IT in Nigeria, and it is paramount that they should be invested in and supported with the necessary resources, connections, and opportunities to excel.”

Crypto and blockchain-related education account for one of the most proactive ways to build capacity in the nascent ecosystem and empower the next generation of developers. Stakeholders in the crypto world, including exchanges and Layer-1 and 2 protocols, are investing heavily in blockchain-related education.

Thus far, most of these programs have led to a series of hackathons from which innovative projects serving the broader crypto ecosystem have emerged.

Image source: Shutterstock

Source

Tagged : / / / /

Pakistan Eyes Educating 1 Million Youths on Crypto and Web3

To expand the knowledge base of 1 million youths on blockchain-based technologies, crypto and web3, the Pakistan administration has partnered with Fasset and JazzCash through the Prime Minister’s Youth Program (PMYP).

Based on Pakistan’s Vision 2025 of propelling domestic digitization among its young population, the PMYP is seen as a stepping stone toward this objective. 

Shaza Khwaja, the Special Assistant to the Prime Minister on Youth Affairs of Pakistan, stated:

“It is the Prime Minister’s vision to work on areas with great economic impact – like digital skills for the future. This forms the basis of PMYP’s partnership with Fasset. I hope our youth utilize this opportunity to learn from qualified industry practitioners & the world of opportunities that unfold.”

Fasset intends to enhance awareness and web3 education as a global digital asset gateway. Therefore, the partnership will be pivotal in propelling the financial literacy of youths in Pakistan through digital mediums. 

Mohammad Raafi Hossain, Fasset CEO, noted:

“We believe that with the right building blocks the talented youth of Pakistan can unlock $100bn of potential economic growth.” 

JazzCash is the biggest telco in Pakistan, comprising more than 75 million customers. Therefore, it will be instrumental in pushing the Skills for Future Agency agenda as the financial enabler.

Murtaza Ali, the acting CEO of JazzCash, stated:

“JazzCash is proud to be the financial enabler for any transactions required to be carried out for upcoming phases of the programme. We are keenly interested in forging alliances with like-minded organizations to further our mission of a financially-included Pakistan.”

Since Pakistan is one of the biggest communities of freelancers worldwide, Fasset believes equipping the nation’s youth with in-demand skills will enhance the freelancing economy.

Hossain added:

“Pakistan is amongst the top 3 Web3 adopting nations in the world. In addition to that, Pakistan is home to some of the world’s best and brightest developers, researchers and scientists when it comes to tokenization, digital assets and blockchain technology.”

Meanwhile, Fasset recently launched a peer-to-peer platform in the nation to drive financial inclusion, Blockchain.News reported. 

Image source: Shutterstock

Source

Tagged : / / / / /

Malaysian Universities to Expand Women’s Blockchain Knowledge Base with Programmers Course

Women in Blockchain Asia (WIBA) has partnered with various Malaysian universities to propel the number of female blockchain developers and coders in Malaysia.

WIBA.jpg

Through the partnership, the women-centric blockchain programmers course will be offered by seven Malaysian universities, including Raffles College of Higher Education, Universiti Malaysia Kelantan, Asia Pacific University, Universiti Teknologi Malaysia, Universiti Malaysia Sabah, and Universiti Tunku Abdul Rahman.

 

Ivy Fung, a founding WIBA member, pointed out:

“This is the first-ever initiative in Malaysia focused on increasing the number of female blockchain builders in Malaysia, and we are excited by the response we have had thus far. The programme will involve online tutorials and discussions, followed by an intervarsity hackathon at the end of the course.” 

The course has attracted approximately 150 students, with the application scheduled to close on September 4. 

 

Based on WIBA’s objective of propelling the participation and role of women in all digitization levels and blockchain comprehension, the non-profit group has also collaborated with the Algorand Foundation and REACH.

 

The Algorand Foundation strives to create a frictionless and borderless economy on decentralized and public blockchain technology. As a result, it’s focused on educating and engaging its community.

 

Ida Mok, WIBA president, stated:

“Since our launch in May, we have been busy creating linkages domestically in Malaysia and regionally to further the cause of increasing the participation of women in blockchain technology. Collectively we believe the future is in our younger generation; hence this initiative is our first.”

Meanwhile, a study by global market researcher Appinio and mobile crypto wallet Valora revealed that crypto was no longer a men’s club as more women entered the space, Blockchain.News reported.  

Image source: Shutterstock

Source

Tagged : / / / / / /

UK Consumers Need Better Education on BNPL & Crypto Payments: Research

A recent research study published by ECOMMPAY, an international payment service provider and direct acquirer of bank cards, on Sunday, July 31, shows that although 75% of U.K. consumers consider themselves financially savvy regarding their understanding of the impacts of using Buy Now, Pay Later (BNPL) payments, 24% still require a better understanding of such methods.

Besides that, the study highlighted that more than half of business leaders (54%) still experience several challenges in supporting online financial education for their customers and partners.

ECOMMPAY research also disclosed that 64% of consumers feel financially literate concerning opening up banking and understanding the impacts of payment options. Only 14% of consumers fully understood open banking compared to the previous year.

In terms of cryptocurrencies, the research showed that more than half of the respondents felt they were financially savvy about using crypto assets for payment. However, 46% said they do not understand cryptocurrency or know what it is.

Almost 50% of business leaders surveyed felt it was the responsibility of banks to educate consumers about online financial education, followed by governments (41%) and payment providers (40%).

Paul Marcantonio, ECOMMPAY UK & Western Europe CEO, commented about the development: “Our research has shown that consumers rely heavily on their financial education and are generally smarter when it comes to using the latest financial tools.”

“However, further education and support is still required to ensure that all new payment options can be used responsibly and that consumers are not left in the dark about the implications of trading cryptocurrencies or accepting BNPL schemes. As businesses work to recover and consumers navigate the cost of living crisis, financial education must be a constant to harness the potential of these innovative payment options,” the executive elaborated.

Leadership Taking Charge

While the benefits of crypto lending are clear, consumers must be aware of risks and ways to protect themselves as they navigate the growing new industry.

The recent market crash that has seriously hit several crypto lending firms and their customers warrants importance to consumer education.

With the recent growth of cryptocurrency lending, more consumers are realizing a new way of financial freedom. Thanks to the benefits of decentralized financial protocols and blockchain technology.

Customers who cannot get a traditional loan because of a bank’s minimum deposit requirement, fees, or a low credit score now have options available to them through crypto lending.

In the U.S., a new non-profit organization, the Digital Asset Advocacy Group (DAAG), was launched in April to educate consumers on the opportunities and risks associated with cryptocurrency lending.

In March, the Treasury Department ordered the Financial Literacy and Education Commission (FLEC) to form a new digital asset financial education subgroup to create consumer-friendly, trustworthy and consistent educational materials, tools and outreach to help consumers make informed choices about digital assets.

During that time, the U.S. Under Secretary of the Treasury for Domestic Finance, Nellie Liang, said that history has shown that, without sufficient safeguards, forms of private money have the potential to pose risks to the financial system and consumers.

Image source: Shutterstock

Source

Tagged : / / / / / /

BNB Chain Partners with the University of Zurich to Boost Blockchain Education

Binance-backed smart contract platform BNB Chain has announced a new partnership with the Blockchain Center of the University of Zurich to participate in the forthcoming three weeks of the University’s International Summer Schools for blockchain education.

ED2.jpg

With a central theme to explore a “Deep Dive into Blockchain,” students will be educated on the essentials of crucial blockchain concepts,, including the Consensus Model, assets in the ledger, data storage in blocks, identity, governance, and smart contracts. Per the announcement, BNB Chain will be represented in the program by Alvin Kan, its Ecosystem Coordinator for Games and NFT and Director of Data & Research.

“BNB Chain wants to accelerate the development of blockchain technology and empower students to build innovative projects. This collaboration is an opportunity for the students to dive deeper into blockchain technology and contribute to the future of Web3, as well as for us to amplify the mass adoption of blockchain,” said Alvin in a statement.

Specifically, Alvin will help in designing a section of the course on fundamental blockchain concepts and host an NFT workshop for students. He will also help develop a use case that will see a group of 5 students collaborate on projects utilising BNB Chain’s strength. 

Participation in the program will be accompanied by an issued certificate and a Proof-of-Achievement certificate in the form of NFT. The broader Binance ecosystem is well in tune with the inherent innovations of blockchain as a disruptive technology in several areas of the economy. 

The exchange raised $500 million earlier this month to drive blockchain innovation and Web3 adoption, with education a crucial element of this vision. The trading platform also recently signed a pact with the government of Kazakhstan in which it will look to foster blockchain education as the country seeks to align more with digital transformation.

Image source: Shutterstock

Source

Tagged : / / / /

Crypto Exchanges Have a Collective Responsibility to Educate Investors, Bitkub CEO Says

As part of collective responsibility, cryptocurrency exchanges should take up the mantle of enhancing financial knowledge about digital assets so that investors are aware of downside factors, says Topp Jirayut Srupsrisopa, the CEO of Thailand-based crypto exchange Bitkub.

Volatility in the crypto market has emerged as one of the largest downside risks. This is an issue that Srupsrisopa highlighted because bearish prices do not hinder uptrends in cryptocurrencies. He noted:

“You have to differentiate between a short-term shock that is happening in the market and a long-term view.”

For instance, Bitcoin (BTC) slipped below the psychological price of $20K for the first time in 18 months based on tightened macroeconomic factors like increased interest rates.

Nevertheless, the leading cryptocurrency has gained momentum and reclaimed this level because it was hovering around $21,100 during intraday trading, according to CoinMarketCap. 

With proper financial education, crypto users will be able to make smart decisions, according to Srupsrisopa. The Bitkub CEO commented:

“We have always said not to put all your eggs in one basket and not to borrow money to speculate. We need to get the right financial education, not just in cryptocurrency but in the entire stock market.” 

As the largest crypto exchange in Thailand, Srupsrisopa acknowledged that Bitkub welcomes the regulations taking a leading role because they will make the industry safer. He added:

“Everyone is doing their job. Regulators are trying to reduce risk and make sure things are in place in terms of consumer protection and financial stability. We are trying to build a digital infrastructure for the country.”

Meanwhile, Sam Bankman-Fried, the CEO of crypto exchange FTX, noted that the Federal Reserve (Fed) was responsible for the downturn in cryptocurrencies. 

Image source: Shutterstock

Source

Tagged : / / / / / / / /

Binance Provides Blockchain Education to Francophone Africa, Narrowing the Financial Gap

To offer lifelong financial and career development to French-speaking Africans, leading crypto exchange Binance is offering blockchain education in Cameroon and Francophone Africa.

Binance has been carrying out multiple educational events to enlighten the French-speaking Africans about the opportunities rendered by the crypto space and how they can make a living from them. 

The crypto exchange has already educated more than 541,000 Africans about cryptocurrencies and how to detect bad actors or scams since the Binance Masterclass Education Series was launched in January 2020. Per the announcement:

“Through regular skills training and the services provided, Binance is creating new job opportunities for Cameroonians – and many are being brought out of poverty and learning new skills in order to remain employable globally.”

By hosting hackathons and bootcamps, Binance is helping African learners to improve their crypto and blockchain skills by working on real-time projects. Some alumni have been absorbed in the workforce, created their own companies, and started crypto trading. 

Moreover, the Binance P2P Merchant Program has enabled French-speaking Africans to make a living from the comfort of their home. George, one of the beneficiaries, pointed out:

“I decided to become a Binance P2P merchant after reading up on their mode of operations. I saw how much safer it was when my first trade on the platform was so smooth and fast. I have been able to add a car to my garage, and eventually, I’ll be able to get an even better car — all thanks to Binance.”

Binance recently established a Crypto Academy in Togo, Ivory Coast, Cameroon, and Benin to render a monthly training program.

Binance has shown its commitment to giving back to the community. For instance, the crypto exchange launched a charity project dubbed ‘Crypto Against COVID’ in March 2020. 

The funds were to purchase medical equipment for countries worst affected by Coronavirus

Image source: Shutterstock

Source

Tagged : / / / / / / /

Binance Provides Blockchain Education to Francophone Africa, Narrowing the Financial Gap

To offer lifelong financial and career development to French-speaking Africans, leading crypto exchange Binance is offering blockchain education in Cameroon and Francophone Africa.

Binance has been carrying out multiple educational events to enlighten the French-speaking Africans about the opportunities rendered by the crypto space and how they can make a living from them. 

The crypto exchange has already educated more than 541,000 Africans about cryptocurrencies and how to detect bad actors or scams since the Binance Masterclass Education Series was launched in January 2020. Per the announcement:

“Through regular skills training and the services provided, Binance is creating new job opportunities for Cameroonians – and many are being brought out of poverty and learning new skills in order to remain employable globally.”

By hosting hackathons and bootcamps, Binance is helping African learners to improve their crypto and blockchain skills by working on real-time projects. Some alumni have been absorbed in the workforce, created their own companies, and started crypto trading. 

Moreover, the Binance P2P Merchant Program has enabled French-speaking Africans to make a living from the comfort of their home. George, one of the beneficiaries, pointed out:

“I decided to become a Binance P2P merchant after reading up on their mode of operations. I saw how much safer it was when my first trade on the platform was so smooth and fast. I have been able to add a car to my garage, and eventually, I’ll be able to get an even better car — all thanks to Binance.”

Binance recently established a Crypto Academy in Togo, Ivory Coast, Cameroon, and Benin to render a monthly training program.

Binance has shown its commitment to giving back to the community. For instance, the crypto exchange launched a charity project dubbed ‘Crypto Against COVID’ in March 2020. 

The funds were to purchase medical equipment for countries worst affected by Coronavirus

Image source: Shutterstock

Source

Tagged : / / / / / / /
Bitcoin (BTC) $ 26,504.10 0.91%
Ethereum (ETH) $ 1,836.95 0.27%
Litecoin (LTC) $ 87.54 0.53%
Bitcoin Cash (BCH) $ 111.43 0.56%