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CoinShares Loses $21.7M In Q2 Earnings, Terra Crisis To Blame

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CoinShares Loses $21.7M In Q2 Earnings, Terra Crisis To Blame

Coinshares joins the list of crypto firms that have had to bear the negative impact of the Terra crash. 

Yesterday, August 2nd, the European-based cryptocurrency investment firm, coinshares coinshares [email protected] On-Chain Followers : 0 View profile  disclosed its Q2 earnings for 2022. As per the reports, the firm’s income has dropped from 19.6 million pounds ($23.89 million) to 14.2 million pounds ($17.31 million). Additionally, the total earnings declined from Q1’s 26.6 million pounds (32.42 million) to 0.1 million pounds ($0.12 million).

CoinShares reveals that these losses were primarily associated with the Terra (LUNA), now known as Terra Classic (LUNC), crisis in May 2022. The firm further claims that the de-pegging of Terra (LUNA) brought a loss of 17.7 million pounds to the Capital market business.

CoinShares never held any position directly with any company. However, one of the firm’s books was connected with TerraUSD stablecoin, resulting in huge losses.

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CoinShares’s CEO, Jean-Marie Mognetti, expressed his positive thoughts regarding the firm’s upcoming functionality. The CEO claims that the firm has enough funds to move the markets at the time of volatility and says it’s all possible because of strategy, balance sheet, and a unique team.

While talking about future plans, the firm claims that they are planning to get listed in the Nasdaq Stockholm Main Market, but this can happen only after acquiring Alternative Investment fund Manager licenseIn Q2, CoinShares introduced five physical commodities: CoinShares Physical FTX Token, CoinShares Physical Chainlink, CoinShares Physical uniswap uniswap [email protected] Decentralised Exchange Followers : 0 View profile , CoinShares Physical Staked Polygon, and CoinShares Physical Staked cosmos cosmos Blockchain Network Followers : 0 View profile . The firm has gained 220.8 million pounds ($269.15 million) as a total asset in Q2 as well. 

While discussing the future, the firm claims they plan to get listed in the Nasdaq Stockholm Main Market, but this can happen only after acquiring an Alternative Investment fund Manager license.

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HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

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HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power.

Last week, HUMAN Protocol announced the introduction of the Routing Protocol, a new layer to coordinate and incentivize the various third parties that operate the network. This upgrade sets the stage for a new wave of utility for HMT. It is a vision of decentralization by allowing third parties to come to an agreement on standards for fees, crypto staking, slashing models, and voting.

Voting: proposition for a governance minimization model

This proposal focuses on alternate conviction voting, whereby voting power increases with each vote, along with the voter’s reputation (i.e., voting power will increase if, for example, you refer to valuable projects, solve tasks, or contribute to overall development). This model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Such a system provides strong incentives to contribute to the HUMAN project.

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What will the Routing Protocol do?

The Routing Protocol incentivizes contributions to the network by the community. One way it accomplishes this is to provide the framework to make these incentives possible through, for example, staking, slashing, and reward mechanisms.

The RP will also provide a blueprint to coordinate third-party agents who contribute to the Protocol. Through the RP, businesses and tool vendors (Recording and Reputation Oracles, for example) can commit HMT to access the network.

This operates on a Proof of Balance model. Someone who wishes to participate in the network must put up a sum of HMT, much like a security deposit, to incentivize good behavior. The balance can be slashed if the user behaves poorly (see slashing below). It also plays an important role in determining operator priority in receiving work.

Separately, there is governance staking, whereby any user or network operator can stake HMT in return for vHMT, a token used for governance voting. This incentivizes active participation in the network by the community.

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How staking in crypto works

With cryptocurrencies, that use the proof-of-stake model, transactions are added to the blockchain through staking.

First, participants pledge their coins to the cryptocurrency protocol. From those participants, the protocol chooses validators to confirm blocks of transactions. The more coins you pledge, the more likely you are to be chosen as a validator.

Every time a block is added to the blockchain, new cryptocurrency coins are minted and distributed as staking rewards to that block’s validator. In most cases, the rewards are the same type of cryptocurrency that participants are staking. However, some blockchains use a different type of cryptocurrency for rewards.

If you want to stake crypto, you need to own a cryptocurrency that uses the proof-of-stake model. Then you can choose the amount you want to stake. You can do this through many popular cryptocurrency exchanges.

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HUMAN Protocol’s Layer-1 Integrations Improve Blockchains

The creation of the world’s first smart contract-capable blockchain and the many Layer-1 iterations have birthed many realms of possibilities. Layer-1 solutions hasten blockchain technology’s adoption. The influx of third-party vendors within blockchains creates network traffic. Routing Protocol as one example helps maintain ecosystem stability through impartial coordination among participants via the ability to allocate fees individually.

Layer-1 integrations also give room for further innovation. HUMAN’s Routing Protocol provides higher levels of expression or innovative ideas within the ecosystem by improving value exchange, as employers and potential workers have different wants and needs. On one level, many of these are taken care of by the network core. The dynamic nature of the 21st-century workplace environment requires more than “one pair of eyes” to attend to the various issues that occur when matching tasks with talents.

These integrations give blockchains extensible value and improve utility scenarios. Combined with oracles, they pack a punch. Blockchains deploy oracles, combined with the Layer-1 solutions give network users further use-case options.

Data storage is one thing. Deployments and use-cases are another. Routing Protocol enables enhanced deployments and use-cases while foundational data processes remain with HUMAN Protocol core, giving the job spaces a new identity, function, and mission.

The post HUMAN Protocol’s Big Announcement on V2 Upgrade with Routing Protocol appeared first on .

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How To Figure Out The Winning Web3 Startup And Invest In Them?

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How To Figure Out The Winning Web3 Startup And Invest In Them?

Crypto and Web3 startups have already—in the six months of 2022—raised more than US$1 billion in funding across 43 deals.

The web3 community in India has risen significantly in response to the desire to bring Cryptocurrencies into the mainstream last year. India has an inflow of developers interested in establishing a wide range of decentralized services, which is among the intriguing array of projects involving Cryptocurrency and other connected sectors. These initiatives piqued the general public’s interest in 2021, but this year might be the year of stabilization. As the markets face turbulence, investor perception over Web3 investments tends to be lukewarm, with most becoming skeptical about their ability to weather the crisis. In the case of Bitcoin, for example, some thought it was doing well as it reached an all-time high while the crypto market, in general, shrank from US$3 trillion in November 2021 to US$1 trillion as we begin the second half of 2022.

Crypto and Web3 startups have already—in the six months of 2022—raised more than US$1 billion in funding across 43 deals. In 2021, by comparison, the space attracted US$536 million across 39 deals, according to data provider Venture Intelligence. Top deals include Polygon’s US$450 million fundraise by SoftBank, Tiger Global, and Sequoia India in February, cryptocurrency exchange CoinDCX’s US$136 million fundraise in April, and treasury management platform Coinshift’s US$15 million fund raise in May, even as TerraUSD, the so-called stable coin which promised to match the value of the US dollar, collapsed, wiping out investors of more than US$40 billion.

Considering everything, experts believe that it is high time investors to think about putting their hard-earned cash into Web3 startups because these startups are the future.

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Top 7 Web3 startups that are making a revolution in 2022
Vayupankh

This firm was established in 2021 with its headquarters in Chattisgarh. The Bengaluru-based company Vayupankh.io provides a technological platform that lets companies create their own chains, build NFT markets, and generate tokens and swaps to utilize with their other systems. Dapps for gaming will be available on the platform soon.

Polygon

2021 has been an incredible year for Polygon, India’s largest Cryptocurrency, and blockchain venture. Polygon was founded by Indian businessmen Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun. It is based on Ethereum blockchain technology but seeks to address various fundamental concerns. The blockchain technology and architecture enable developers to create decentralized apps and services on it by utilizing Ethereum, which eliminates the high fees and transaction delays associated with the latter.

StaTwig

It was established in 2016 and is based in Hyderabad. StaTwig helps companies combat supply chain problems, such as forgery, black-marketing, and excess inventory, by tracking the movement of every product in the supply chain during its travel. Sid Chakravarthy started this company, which has collaborated with AWS, Tech Mahindra, Twilio, Intel, and UNICEF. Its core product is a VaccineLedger, which assists numerous health agencies with the Covid-19 vaccinations.

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Biconomy

Biconomy, which provides a cross-chain transaction protocol, was invented by Ankit Jindal, Ahmed Al-Balaghi, and Sachin Tomar. The latter functions over many blockchains, with the ultimate objective of providing a simple API for services to incorporate a decentralized payment gateway. Biconomy’s goal is to make blockchain-based payments accessible to the general public. It secured $9 million in investment last year in anticipation of the debut of its native token, Bico.

PredictRAM

It was established in 2020 and is headquartered in Delhi, NCR. DeFi technology called PredictRAM manages risk using a blockchain-based artificial platform. The firm tokenizes customers’ IT assets and develops artificial tokens that enable decentralized derivatives’ creation, configuration, and trading.

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3bewte

It was established in 2021 and is headquartered in Bengaluru. In 3bewte, users can create communities to form a decentralized, autonomous community built on web3 technology. The firm, founded by Krishna K V and Vighnesh Velayudhan, allows users to create their own communities and earn $BEW, the startup’s token, for follower involvement. Customers may then utilize the $BEW to make in-platform transactions.

KoineArth

MG Motors India, a Chinese-owned British vehicle company, partnered with KoineArth, an Indian platform aiming for organizations with web3 services, in 2021 to make it more popular. The latter collaborated with KoineArth to provide consumers with a decentralized driving data platform via blockchain. This data, which may only be transmitted with the user’s express agreement, can subsequently be used to aid launch insurance claims and other duties.

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Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement

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Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement

The upcoming Ethereum blockchain upgrade has received different reactions and comments within the crypto industry. The launch of the upgrade, also known as the Merge, is to be within August 2022.

Many experts in the system have confidence that Merge could be a bullish event that would positively impact the blockchain. But there are still some concerns about the possible post-merge hard forks on the network.

When it comes to the cryptocurrency space, every network has a consensus mechanism for its operations. This is what helps in the validation of transactions and to maintain the security of the ecosystem.

Also, it ensures the positive sustainability of the network by creating new blocks and tokens. The most popularly used mechanisms are the Proof-of-Work (PoW) and Proof-of-Stake (PoS).

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The Ethereum blockchain has been using the PoW mechanism, which requires a mining process for its transaction validation. The process consumes a lot of electricity or energy as it requires using computing machines. Also, most miners use fossil fuels to generate power, creating environmental pollution through carbon emissions.

But the Merge is a formidable change for Ethereum as the network would finally shift from PoW to PoS consensus mechanism. Moreover, the transition would solve the issues of energy usage inefficiency and reduce carbon threats in the atmosphere.

The blockchain must rely on staking for transaction validations and adding new blocks. But some setbacks could follow the transition.

Most of the concerns are centered on miners’ hard fork of the Ethereum network. According to Kevin Zhou of Galois Capital, there could be up to three hard forks on the blockchain with the launch of Merge.

Concerns About Post Ethereum Merge Hard Forks Increase

There are growing concerns in post-merge hard forks as the launch of Merge gets closer. The founder of Tron and Poloniex Exchange, Justin Sun, has pledged his support for any Ethereum hard forks.

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However, for Barry Silbert, the founder of Digital Currency Group, support is only for Ethereum and Ethereum Classic. He maintained that he has no support for any post-merge hard fork on the blockchain.

Ethereum gaining momentum on the daily candle Source: ETHUSDT Tradingview

On its part, Chainlink has stated its support for Ethereum’s Proof-of-Stake layer. The protocol made its stance public through a blog post. It mentioned that it would not facilitate any hard fork from the Ethereum blockchain. Furthermore, Chainlink confirmed that Ethereum’s move to PoS is a unanimous decision by the community, and it agrees with such a change.

Also, in its advice, Chainlink pointed out how smart contracts could circumvent possible issues with post-merge. However, there should be a hold on their operations once they lack a distinctive strategy for migration after the Merge.

Featured image from Pixabay and chart from TradingView.ccom

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