Category: Market Insights

Blockchain Democracy App Released by Georgia Opposition Party Prior to Elections

In brief The United National Movement has introduced United Space, a blockchain-based application intended to encourage civic engagement and voter turnout by providing incentives for participation, ahead of Georgia’s parliamentary elections. The app, which is powered by Rarimo, presents a liquid democracy paradigm and allows anonymous voting.

Blockchain Voting with United Space

In a move to address low voter turnout, Georgia’s United National Movement, an opposition party, has launched United Space, a blockchain-powered identity app. United Space leverages the Rarimo zero-knowledge protocol to reward citizens for participating in democratic processes and enable anonymous voting. The party plans to better link United Space with the country’s Public Service Hall in order to investigate experiments with Universal Basic Income and other digital governance alternatives if elected.

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Voting Security and Anonymity

Rarimo’s Freedom Tool, a zero-knowledge proof technique for confirming citizenship, is the foundation upon which the app is based. Voters can take part in the democratic process with unparalleled privacy by uploading their encrypted identification documents onto a safe, on-chain registry. Given Georgia’s political unrest stemming from authoritarian worries, this degree of anonymity is essential.

Civic Involvement and Benefits

Through a points system, United Space promotes greater civic engagement in addition to voting. By participating, citizens can accrue points and become stakeholders in strategic assets and public services. While Kitty Horlick of Rarilabs highlights the app’s function in transforming citizens into direct stakeholders in public resources, Giorgi Vashadze, MP and head of the United National Movement, views United Space as a tool to strengthen democracy in Georgia and beyond.

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Ethereum Engineer Criticizes Solana’s Potential as a “Global Backbone” Blockchain

In brief, According to Ryan Berckmans, an engineer and member of the Ethereum community, Solana does not have the infrastructure necessary to function as the cornerstone of an international financial system. Solana’s lack of decentralization, high bandwidth requirements, and technical limitations, he says, provide a more sustainable model than Ethereum’s Layer 1 and Layer 2 environment.

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Solana’s Shift from “Monolithic” to Layered Solutions

Solana initially promoted itself as a high-throughput, single-chain platform capable of handling global transactions. Since then, though, it has begun implementing Layer 2 (L2) solutions, renaming them “Network Extensions.” This change is more in line with Ethereum’s proven L2 approach, which has allowed a number of applications to create unique L2 appchains on the platform.

Technical Difficulties Preventing Solana from Developing a Global Backbone

Berckmans claims that there is an issue with Solana’s single-client strategy, which just uses the agave rust client. At least three independent customers with a balanced stake distribution are necessary for a robust global backbone. Firedancer, Solana’s second client, has had delays that have been made worse by a lack of research resources and protocol specification. Furthermore, the platform’s reach in areas with lower network capacity is restricted by Solana’s 10Gbps upload suggestion, which raises centralization issues. The outage history of Solana was also brought to light by Berckmans, who pointed out that the protocol-level fallback mechanisms required for continuing block production during finalization issues are absent from the system.

Decentralization and Market Share Concerns

Berckmans raised concerns about Solana’s decentralization, citing that around 98% of Solana’s initial token allocation went to insiders, in contrast to Ethereum’s 80% public sale. He also points to the emergence of zero-knowledge (zk) proof aggregation, which enhances L2 settlement capabilities, as a challenge to Solana’s reliance on Layer 1 execution scaling.

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The Benefits of Ethereum for Corporate Adoption

Solana’s market share will probably decrease if big companies like Coinbase, Sony, and Visa choose Ethereum L2 solutions, according to Berckmans. He claims that although Solana has performed exceptionally well in several domains, its structural flaws prohibit it from acting as the foundation of an international financial system.

Google Cloud Joins MANTRA Chain as Validator

An overview

In collaboration with MANTRA Chain, Google Cloud will now be the layer-1 blockchain network’s main infrastructure supplier and validator. The partnership will use MANTRA’s accelerator program, which is scheduled to begin in early 2025, to promote innovation in tokenized real-world assets (RWA).The program will offer resources like cloud credits and technical support from Google’s web3 and AI teams to developers building within the ecosystem. The OM token saw a 2% increase following the announcement, as staking went live on the MANTRA mainnet.

Boosting MANTRA’s RWA Initiatives

On Oct. 23, MANTRA Chain, an L1 blockchain designed for tokenized real-world assets, announced Google Cloud as its primary validator and infrastructure partner. Known for its crypto partnerships with networks like Flare and Aptos, Google Cloud will now help MANTRA Chain extend its ecosystem’s developer support through initiatives like a testnet faucet on Google’s web3 Portal, providing developers with free MANTRA testnet tokens for application testing.

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RWA Accelerator Program

The MANTRA-Google Cloud collaboration will also roll out an RWA accelerator in Q1 2025, giving select projects cloud credits and access to web3 and AI support from Google. To execute this, MANTRA has partnered with the AI solutions provider BCW Group.

OM Token Sees Boost

Following the Google Cloud announcement, the OM token saw a 2% gain in 24 hours. MANTRA mainnet users can now bridge and stake OM tokens to MANTRA validators, including the new Google Cloud validator, marking an expansion of the platform’s staking capabilities.

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Bittensor’s TAO Soars with Major Gains and Trading Volume Spike: What’s Next?

Summary

Bittensor has been popping off lately, getting heights by jumping up to 7.12% in a matter of just 24 hours and leaving every other AI altcoins in the dust. TAO’s trading volume has also been overflowing as it has almost shot up by a whopping 104.58%. This has brought major hype regarding this coin.

Bittensor has taken crypto market scene by a storm after its token, known has TAO rose its trading volume by a staggering 104%. With the already increasing crypto market with Bitcoin (BTC) reaching heights like $71,500 as of writing, TAO is also making huge progress. This overall upswing of the market have also benefitted other AI altcoins but Bittensor just stands out with what it has managed to achieve.

Just in the last 24 hour, TAO managed to rise by over 7.1%. At the time of writing, TAO’s is priced at $544 after its 7% increase. Its overall trading volume surged by 104.58%. It makes the average volume $211 million in a day, this milestone has not been reached by most other AI altcoins. This proves Bittensor is on a constant upward rise lately. In comparison, other altcoins like Injective (INJ) rose by 6.53% and even Near Protocol (NEAR) rose by just 5.84%. Other altcoins like Artificial Superintelligence Alliance  and Internet computer also show similar results. Hence we can conclude that this upswing has benefitted Bittensor the most, and it has also further increased investor favorability for AI-themed coins.

Therefore, with such positive rise and being backed by heavy investors, the alt-coin is sure to get more gains. If this condition continues, it will retake the $584 resistance level.

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IntelMarkets (INTL) 2025 Price Forecast: Can Quantum AI Propel It Beyond XRP?

Summary

Cross-border payments are becoming faster and cheaper all thanks to XRP, but with quantum computing and AI tech advancing, people question if Ripple and old-school blockchain can keep up with the pace. In the midst of this there comes IntelMarkets, a new Quantum AI platform that combines machine learning and quantum level trading speed. This setup results in faster trades and easier to read data, making IntelMarkets a major contender for crypto investors aiming big in fututre.

Ripple offers a digital payment platform designed for fast, low-cost international transactions. Its token is called XRP, no one can match XRP when it comes to cross-border payments. A transaction made through Ripple takes almost no time, breaking through all of the complications associated with banking systems. This Ripple system benefits banks too as it makes whole economic operations simple.

But a new crypto platform, IntelMarkets is looking to take the stage with Quantum AI. It called out many platform for their security issues and is ready to break down their threats, including Ripple which hasn’t addressed these issues. Quantum computing sector is being backed by many big companies, with IBM even betting on developing “cryptographically relevant quantum computer” by 2030. This, therefore seriously threatens existing blockchains.

IntelMarkets enters, changing the rules of the game through its Route X21 mission. Route X21 is a ledger that is build with impenetrable armor for quantum hacking. It is being backed by millions of dollar from major companies. Moreover, by concentrating on the application of modern security methods, IntelMarket is constructing a system capable of resisting the advances of computer power, which Quantum technology will bring.

This far sight of IntelMarkets has led to $1.6 million in presales attracting over 2,200 investors. As of October 29 2024, INTL price is $0.0365 and it has a huge potential to rise much higher.

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AurumXchange Owner Indicted for Money Laundering

In brief

Maximiliano Pilipis, the proprietor of AurumXchange, was charged by U.S. officials with laundering money connected to the Silk Road and could face jail time and heavy fines.

AurumXchange Owner Indicted for Money Laundering Silk Road Funds

American authorities have indicted Maximiliano Pilipis, owner of cryptocurrency exchange AurumXchange, on allegations of laundering funds tied to the Silk Road darknet marketplace, as stated by the U.S. Department of Justice (DOJ) on Oct. 28.

Pilipis, a 53-year-old from Indiana, allegedly facilitated over $30 million between 2009 and 2013, partly from accounts linked to Silk Road. Silk Road, the pioneering darknet marketplace launched in 2011, was shut down in 2013 with founder Ross Ulbricht sentenced to life for charges including money laundering and drug trafficking.

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AurumXchange allegedly carried out over 100,000 transactions without a license, according to the DOJ. While the platform was in use, Pilipis allegedly earned about 10,000 BTC in fees, or $1.2 million. Investigators claim AurumXchange, a Dominican company registered under the name Aurum Capital Holding, laundered money through a number of wallet addresses, some of which were used to invest in real estate in Indiana, allegedly without disclosing the associated earnings on tax forms.

In January 2024, IRS agents seized close to $10 million from Pilipis’s Morgan Stanley accounts, stating he knowingly used illicit funds. A federal grand jury initially charged him with one money laundering count, later adding five counts and two counts of tax filing failures.

Pilipis can be sentenced to 10 years in jail and fined up to $250,000 if found guilty

A Greater Attention to Crypto Money Laundering Worldwide

Authorities throughout the world have increased their scrutiny of bitcoin exchanges for potential money laundering. In Sweden, authorities recently labeled many exchanges “professional money launderers,” and in Germany, authorities closed 47 exchanges for breaking anti-money laundering regulations. Significant exchanges including Binance, KuCoin, and OKEx have faced similar inquiries or accusations in recent years.

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Hex Trust Teams Up with Clearpool to Launch Ozean

A decentralized finance protocol, Clearpool has joined forces with crypto custodian Hex Trust to launch Ozean. Ozean is a blockchain plaform which aims to yield Real-World Assets (RWA)

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Ozean Set for Traction in RWA Space

Ozean is designed to enhance Hex Trust’s infrastructure and institutional client base, with the help of Clearpool’s lending expertise. Clearpool has successfully amassed over $620 million in loans, serving clients like Jane Street, Flow Traders and Wintermute.

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Hex Trust’s Key Role in Ozean Expansion

With more than $5 million in custody and over 270 institutional client, Hex trust has positioned itself to play a significant role in expansion of Ozean. The platform will provide their clients, including banks, exchanges, funds and decentralized applications (dApps) with essential access to RWA.

Ceo and co-founder of Hex Trust, Alessio Quaglini, stated:

“Hex Trust will bring its vast and growing client base, along with our cutting-edge technology infrastructure, to take Ozean to the next level to unlock this trillion-dollar market opportunity.”

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Hong Kong Strengthens AI and Crypto Investments to Stay Ahead in Global Finance

Summary

Hong Kong is going all in on tech. Its putting all its major energy in AI and crypto to keep financial scene lit. With AI powered crypto friendly policies, the city’s making sure it stays a boss in the global game, setting itself to always stay on top.

The Hong Kong Monetary Authority (HKMA) did a complete breakdown of their strategy to position Hong Kong as a global financial hub. They will do so by capitalizing on emerging technologies, detailed in speeches on Monday by Paul Chan, Financial Secretary, and Christopher Hui, Secretary for Financial Services and the Treasury, at Hong Kong FinTech Week 2024.

Reportedly, Hong Kong is developing a unified regulatory framework that is set to provide clarity and consistency for financial institutions. This is all done to harness the power of AI. The main concern of this framework is to balance innovation with risk mitigation ultimately ensuring the development and deployment of AI technologies. Some local universities are actively developing on advanced AI models designed to serve the specific needs of the financial industry. These models will empower financial institutions to make data-driven decisions, enhance risk management, and improve customer experiences, Hui, secretary for financial services and the treasury of Hong Kong, said.

Additionally Hong Kong is also looking closely on cryptocurrency as the key driver of future growth. With its recent take down of fraud empire many people have restored faith in Hong Kong’s security. Hong Kong is making tax breaks to include investments in virtual assets, making the city an active market for crypto related businesses. This move also works together with their plan to embrace blockchain and cryptocurrencies. As of October 2024, only three virtual assets are being traded on Hong Kong- OSL Exchange, HashKey Exchange and HKVAX. Although the SFC has granted them an official license, the regulator stated that it is expediting the licensing procedure and anticipates awarding the first set of formal licenses to deemed-to-be-licensed VATP applicants by the end of this year.

Cardano Anticipates Major Shift as Crypto Paves the Way for AI Integration

Summary

Cardano’s price has been seeing a steady upward momentum lately, and experts think it might even hit $25 soon. Even during this hype, it is still nowhere near ETFSwap (ETFS), which is a new player expected to skyrocket with an 8000x rally.

A popular new ETFSwap has been getting a massive 8000x rally potential for investors. Cardano is leaping behind of ETFSwap on the race during this bull run. ETFSwap (ETFS) provides a decentralized finance platform for trading cryptos and ETFs, including real-world assets. The main attraction is its 8000x upshot and easy to use ETF platform, this has been the main reason for fallout of Cardano. It allows investors to trade anonymously without passing through the hassle of KYC verification which has immensely boosted the ongoing presale of the ETFSwap, their tokens formally known as ETFS. ETFS tokens have been projected to experience a massive rally in its value and crypto enthusiasts and investors have taken note of this promising presale token.

Meanwhile, its rival Cardano is also getting positive response as its steadily increasing in value, it too chasing a potential rally. Market experts say, this renewed strength of the Cardano price could make a breakthrough of notable resistance levels and rally to $25 if bullish sentiments continue. However, this Cardano price uptrend highly depends on favorable market conditions and broader adoption of its blockchain technology.

Nevertheless, the movement of Cardano price weekly and monthly chats show a notable positive movement. As of 25 October 2024, the price of Cardano token ADA is $0.3888 with a 24 hour trading volume of $378,473,569. This represents 2.78% decline from last 24 hour and a 2.60% decline in the past week. While it does look like upward momentum of Cardano has declined, experts are still betting on it because Cardano holds 12th position in crypto scene with a circulating supply of its tokens of staggering 36 Billion ADA’s and a market cap of 12,110,504,682.

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Blockchain.com Executives on Trial for Failing to File Financial Reports on Time

Summary

Blockchain.com executives are facing legal charges over late Financial Filing, with hearing scheduled in November.

Executives Face Court Over Financial Delays

Blockchain.com’s co-founder Nicolas Cary and operations executive AI Turnbull are currently facing a lawsuit because of their company’s inability to submit their own financial filings on time. Both of them were called by Companies House in May, with legal proceedings starting in September. A follow-up court hearing is scheduled for November.

Missed Filings Attributed to Restructuring

The lawsuit revolves around Blockchain.com’s late submission of financial accounts for 2022, while the company only filed accounts for 2020 as of October. The firm attributed the delay to a major reconstructing and workforce reduction, which they claimed required time to stabilize. This is a serious issue as, failure to comply with filing regulations could result in significant fines for the executives.

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Valuation Drop Amid Market Challenges

Blockchain.com, founded in 2011, once boasted a valuation of $14 billion but has seen that figure drop to less than half, exacerbated by a $270 million loss tied to the collapse of Three Arrows Capital. Despite these setbacks, the company remains optimistic, stating it has addressed the necessary regulatory paperwork and expects the matter to be resolved quickly.

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