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Plugin Partners With Inclusive Growth Chain to Implement the ‘Project Pollution Check’

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The Plugin and Inclusive Growth Chain have collaborated to implement the ‘Project Pollution Check’. The Pollution Check is designated to collect and tabularize the data regarding air pollution. And further help end-users like air purifier producers, realtors, and the environment conversalists both in public & private sectors.

In this context, let’s investigate the Plugin and Inclusive Growth Chain partnership and the way the ensuing blockchain-based answers will assist to enhance real-time air-pollutants tracking and ease the development of specific blockchain outcomes.

Today, poor ambient air quality is one of the most crucial public health concerns around the globe. Exposure to polluted air causes more than 6.6 million premature deaths each year and makes up close to 8% of the global burden of disease. What’s more, exposure to air pollutants reaches far beyond respiratory illnesses. Research shows that there are links between air pollution and non-communicable diseases like diabetes, cancer, and more recently COVID-19 health outcomes.

While air quality is a global sustainability issue with varying severity and effects across nations, there’s a need to adopt novel approaches to manage the issue. One approach to the problem is technology. Leveraging tech will help overcome factors that put pressure on ambient air quality.

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On that note: blockchain technology and its novel use cases holds a lead position in helping track air pollution in real-time using data feeds from authoritative off-chain sources.

Plugin & Inclusive Growth Chain: Who they are and what they offer

Plugin is a decentralized oracle platform providing cost-efficient solutions to smart contracts that run on the XDC Network Ecosystem. The novel solution focuses on providing cost-efficient solutions to users that need reliable data on their smart contracts. And being a fork of Chainlink open-source technology built to benefit the XDC Network Blockchain Ecosystem, Plugin enables smart contracts to communicate seamlessly with the outside world and store data gathered from reliable partners. Plugin guarantees dedicated support, reliable data feeds, thoroughly tested platform for quality, and enterprise-grade service level agreements.

On the other hand, Inclusive Growth Chain (IGC) is an integrated blockchain, artificial intelligence, and machine learning platform that seeks to address social and environmental problems. Recently, the organization won the top prize for creating a blockchain-enabled platform that aggregates air pollution data with high accuracy and at minimal costs. The platform also works with Farmer Producer Organizations (FPOs) in India, helping redistribute value chain gains to farmers.

Plugin—Inclusive Growth Chain Partnership

Through the Plugin—IGC partnership, the entities will work towards implementing the “Project Pollution Check”. Given the benefits to be accrued upon launching the project, it has been touted as a more impactful decentralized application on the XDC network, which leverages PLI.

So, what’s “Project Pollution Check”?

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Pollution check is a blockchain-enabled use case that allows air pollution tracking and tracing in real-time. Conceptualized by IGC, the project proposes to collect real-time data on air pollution, helping users with air pollution-related health issues or allergies make appropriate decisions. Worth noting, that the solution will be available to users across the globe.

In this project, the Plugin will act as an oracle service to bridge the data (Air pollutants) from the external world into a decentralized application. What’s more, the air pollution tracking and tracing application will target end-users like real estate properties provider and developers, real estate buyers, air purifier companies, and government agencies tasked with protecting the environment.

For real estate property providers and developers, Pollution checks will help them decide where to construct housing that meets their client’s air quality index (AQI) requirements. As well, this may help with pricing real estate properties—that is, areas with lower AQIs can fetch a premium as compared to those with significantly higher AQIs.

On the other hand, Pollution-check will help real-estate buyers determine—in real-time— the pollutant levels in an area prior to making purchase decisions. To illustrate, Pollution-check will help families with kids and elderly members to avoid buying or renting homes in areas whose air has high levels of carbon monoxide.

Air purifier companies will also leverage the solution. With accurate data on pollution in different locations, air purifier companies may tailor their services and offer models that are most effective for specific regions. This will help reduce air pollution-related issues for clients in different locations.

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Government agencies tasked with safeguarding the environment can leverage Pollution-check to pass laws on appropriate mechanisms to reduce air pollution. For instance, government agencies may introduce policies favoring the increase of electronic vehicles. This will help reduce air pollution resulting from diesel and petrol-powered engines.

That said, what other areas will the Plugin and IGC partnership touch on?

Well, in addition to “project pollution-check”, IGC and Plugin also plan to collaborate on other solutions in the Private & Public Blockchain space. IGC will also avail Big data, Machine Learning & Artificial Intelligence expertise on a demand basis, helping strengthen Plugin’s technology landscape.

As well, plugin seeks to onboard IGC as a masternode operator following the MOU. This will happen after consultations with respective network community members.

While air pollution remains a major concern around the globe, the inception of novel technologies through the PLI-IGC partnership holds the potential to reduce and reverse some resulting effects. For example, the inception of “Pollution check” holds significant potential in mitigating air pollution-related issues. By allowing real-time checking of air pollution levels in different locations, the solution will enable end-users like real estate property providers and developers, real estate buyers, air purifier companies, and government agencies to make appropriate decisions.

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As well, the PLI-IGC partnership helps leverage each firm’s capabilities to boost their respective abilities.

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Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.”

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That’s despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it’s received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled “Financial markets based on distributed ledger technology.” While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it’s struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola · 42 seconds ago · 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

1 min read

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

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The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league’s first dive into digital collectibles.

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The partnership, of which the NHL’s players and Alumni’s association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL  joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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What Lido staking dominance may mean for Ethereum’s future

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What Lido staking dominance may mean for Ethereum’s future Abdulrasaq Ariwoola · 2 hours ago · 2 min read

The Ethereum community has raised fears of lido staking dominance leading to centralization. What does that mean for ETH 2.0?

2 min read

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Updated: June 25, 2022 at 3:33 am

Cover art/illustration via CryptoSlate

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Lido DAO token holders have commenced voting to determine whether the DeFi platform should reduce its staking pool. The vote is a follow-up to a governance proposal released on June 24.

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The voting process results from a month-long deliberation over Lido’s staking dominance and whether it should limit itself to curb potential centralization risks.

Lido currently holds 31% of all staked Ether on the Ethereum proof-of-stake blockchain, the Beacon chain. The staking dominance has raised fears within the Ethereum community, and critics fear it will threaten Ethereum’s decentralization.

The vote is expected to end on July 1, and the result will determine whether Lido will self-limit or not. Should the majority of voters vote in favor, another vote will take place on how the self-limiting process should work.

Concerns over stETH dominance

In the governance proposal, Lido stated that its staking dominance would give it more voting power once the Beacon chain goes live. As a platform that started to counter centralized exchanges, it argued that such centralized voting power poses an existential threat to the blockchain.

The Ethereum community has raised similar fears about the centralization of voting powers. The DeFi platform currently has around one-third of all staked Ether, which could give voting leverage once the transition to the Beacon chain is complete.

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Vitalik Buterin, the Ethereum co-founder, has argued that no single protocol should have a majority in staking ETH. He opined that such dominance, combined with Lido’s governance structure, is potentially a dangerous point of centralization.

Further, it stated the proposition is premised on the belief that other liquid staking protocols would also limit their exposure. This would effectively allow smaller protocols to meet the supply shortfall.

What Lido staking dominance means for ETH2.0

Ethereum’s transition to a PoS blockchain means it will rely on validators to validate transactions on the blockchain. Unlike a PoW blockchain that requires miners to expend excess energy to solve complex mathematical problems.

However, to operate a validator node, a user must deposit 32 ETH, which is a long shot for many users. Lido, on the other hand, as a staking service provider, allows users to bypass this requirement and earn staking rewards.

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According to data from Etherscan, roughly 12.6 million ETH is staked in the ETH2.0, which amounts to 10.6% of the circulating supply of ETH. Of the 12.6 million ETH staked, approximately 4.2 million have been staked through Lido by 73,369 stakers, making Lido the most used staking pool on Ethereum.

This means, should Ethereum transition to its PoS blockchain with Lido still having the lion’s share of the staking dominance, it would give the DeFi platform excessive influence over transaction verification which many warn could pose a risk. Some concerns include validator slashing, governance attacks, and smart contract exploits.

On the other hand, Lido’s staking dominance could help prevent a takeover by a centralized exchange and ensure the blockchain remains decentralized.

stETH remains depegged

The staked Ether, which is supposed to be pegged to ETH, remains depegged after a wave of massive sell-offs. Speculations have profused about the security of the token and whether its depegging could spell more chaos for the crypto ecosystem.

On June 16, Alameda Capital, one of the largest holders of stETH, dumped its stETH holdings, a massive $57 million. This is coupled with the continued financial troubles of Celsius and Three Arrows Capital, both large holders of stETH.

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As of the time of press, stETH has not gained parity with ETH and is trading at $1,173.

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