MegaHoot Technologies Successfully Achieves TPS Milestone with HootDex Stress Test
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MegaHoot Technologies Successfully Achieves TPS Milestone with HootDex Stress Test
MegaHoot Technologies, a leading blockchain and AI technology solutions provider, made a significant breakthrough with the decentralized digital asset swapping system HootDex. On August 1, 2023, MegaHoot Technologies, in collaboration with several traditional financial high-frequency trading institutions, conducted an intense stress test on HootDex to push the boundaries of transactional throughput.
The goal of the stress test was to achieve 50,000 transactions per second (TPS) in a live on-chain environment. HootDex, built as a layer-2 system on the robust Pecu Novus Blockchain Network, underwent a rigorous examination to assess its capabilities under real-world conditions.
Unlike typical stress tests that rely on theoretical scenarios in a sandbox environment, this test used actual transactions, ensuring authenticity and accuracy. The test provided a true testament to HootDex’s capabilities and the impact it could have in the world of HFT digital asset trading.
The MegaHoot Technologies team, along with the partnering financial institutions, embarked on a 24-hour nonstop challenge, bracing themselves for the results. The outcome surpassed expectations, as HootDex impressively achieved a remarkable 110,000 TPS, effectively doubling the target. This milestone moment delivered valuable insights to the team, affirming the stability, scalability, and potential for further enhancements.
Key findings from the stress test include:
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Accurate Theories: The stress test confirmed the team’s theories and demonstrated the system’s robustness under extreme pressure.
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Enhanced Scalability: HootDex showcased exceptional scalability, providing a clear path for future improvements to further enhance transactional throughput.
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Continued Advancements: The stress test demonstrated that HootDex’s transactional throughput can be further enhanced to handle even greater numbers of transactions per second effectively.
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Stellar Stability and Scalability: HootDex’s success highlighted the exceptional stability and scalability of the Pecu Novus Blockchain Network, solidifying its position as the ideal foundation for the HootDex platform.
HootDex was primarily developed as a powerful tool for institutional traders seeking on-chain transactions while maintaining control of their digital assets within a decentralized environment. The platform’s limit order and stop loss systems, built as smart contracts, seamlessly worked along side of market orders during the stress test. The SynthCryptos, Derivative CryptoPairs and Project tokens all faired extremely well during the stress test in all circumstances.
This stress test is only the beginning of the enhancement process, with the MegaHoot Technologies team continuously advancing the technology to bolster system stability, security, and scalability. Each advancement further strengthens the capabilities of the Pecu Novus Blockchain Network. In the coming weeks, after thorough sandbox and real time stress testing, HootDex will begin to release documentation on it’s Prime REST API for order placement and historical data, FIX API for High Frequency Trading/Swapping and Prime Websocket Feed for real time market data.
During the fourth quarter of 2023, MegaHoot Technologies will be stress testing the NFT marketplace, Fortis Auction Blockmarket “FortisAB”, system to push the limits of scalability, security and efficiency. FortisAB is a layer-2 system that is built on the Pecu Novus Blockchain Network and is being enhanced to improve the overall system. As a security measure FortisAB only list NFT’s that are created via the MVault, the MVault is a comprehensive digital safety deposit box with escrow and cold storage capability for all things created on the Pecu Novus Blockchain Network, including NFTs.
Moving forward, MegaHoot Technologies plans to conduct additional stress tests pushing HootDex to its limits to optimize and refine its performance even further for the benefit for all HootDex members, retail and institutional.
About MegaHoot Technologies, Inc
MegaHoot Technologies is an innovative and diverse American software and technology company that is building a global ecosystem that will incorporate comprehensive tools for business that include Artificial Intelligence (Facial Recognition, Computer Vision, Biometric), Machine Learning, Secure Collaboration Technology, Advanced Blockchain Technology, eCommerce and Gaming platforms, as well as other disruptive technological innovations. MegaHoot’s core focus is on developing such disruptive technology in these arenas in order to provide cost effective and advanced solutions for global enterprise, municipalities and individual use via a SaaS (Software as a Service) model. www.megahoot.com www.hootdex.com
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful, and qualification under the securities laws of any such state. This press release contains forward-looking statements. The use of any of the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “can”, “will”, “should”, and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the receipt of required regulatory approval. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Binance Banned in Nigeria, Implications for Africa
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Binance Banned in Nigeria, Implications for Africa
In a major development, the Nigerian Securities and Exchange Commission (SEC) has imposed a ban on Binance, the world’s largest cryptocurrency exchange, from operating within the country. The SEC cited Binance’s lack of registration and engagement in “unauthorized investment activities” as reasons for the ban. With over 2 million users in Nigeria and its significant role in driving cryptocurrency trading activity, the ban on Binance will not only impact the exchange but also reverberate throughout Africa, including countries like Ghana, Kenya, and beyond.
The ban is a major blow to Binance, which has been growing rapidly in Africa. The exchange has over 2 million users in Nigeria and has been responsible for a significant increase in cryptocurrency trading activity through out many African nations.
The ban is also likely to have a ripple effect across Africa. Other cryptocurrency exchanges may be hesitant to operate in countries where Binance has been banned, for fear of being targeted by regulators. This could stifle the growth of the cryptocurrency industry in Africa.
The SEC’s ban on Binance has been met with mixed reactions. Some have praised the SEC for taking action against an unregulated exchange, while others have criticized the ban as being too heavy-handed.
It remains to be seen how the ban will impact Binance’s operations in Nigeria but it definitely doesn’t look good for Binance. The exchange has said that it is “disappointed” by the decision and that it is “exploring all options” to continue serving its Nigerian customers.
Implications for other African countries
The ban on Binance in Nigeria is likely to have implications for other African countries. Regulators in other countries may be more likely to ban cryptocurrency exchanges, or to impose stricter regulations on them. This could make it more difficult for Africans to access cryptocurrency exchanges and to trade cryptocurrencies utilizing centralized cryptocurrency exchanges.
The ban on Binance is also likely to dampen investor sentiment towards cryptocurrencies in Africa. Investors may be less willing to invest in cryptocurrencies if they are concerned about the regulatory environment. This could slow the growth of the cryptocurrency industry in Africa but there is a glimmer of hope for the African cryptocurrency market and decentralized exchanges may be it.
One possible solution to the problem of regulatory bans on cryptocurrency exchanges is the use of decentralized exchanges (DEXs). DEXs are not subject to the same regulations as centralized exchanges, as they are not controlled by any single entity. This makes them a more attractive option for users in countries where cryptocurrency exchanges are banned.
DEXs are still in their early stages of development, but they have the potential to revolutionize the cryptocurrency industry. As they become more widely adopted, they could help to make cryptocurrency trading more accessible and affordable for people all over the world.
Decentralized exchanges such as Uniswap, PancakeSwap, HootDex, DYDX and SushiSwap allow users to trade and swap cryptocurrencies directly with each other, without the need for a third party. This makes them a more secure and private option for trading and swapping cryptocurrencies.
“The SEC’s decision to ban Binance is a significant development for the cryptocurrency industry in Africa. It is a reminder that regulators are taking a close look at this space and that exchanges need to be compliant with local laws and regulations. This could make it more difficult for Africans to access cryptocurrency exchanges and to trade cryptocurrencies.” – John Smith, CEO of a cryptocurrency exchange
“The ban on Binance is a setback for the cryptocurrency industry in Africa. However, it is important to remember that the industry is still in its early stages and that there will be challenges along the way. I am confident that the industry will continue to grow in Africa but via decentralized exchanges and as guidelines are set forth exchanges like Binance will emerge again but that potentially may not be for some time as the fallout has not been accessed yet.” – Jan Emerson, a specialist of cryptocurrency regulation in Africa
The future of cryptocurrency in Africa
The future of cryptocurrency in Africa is uncertain but it is looking more like it would be in a decentralized way. The recent ban on Binance is a setback for the centralized cryptocurrency industry, but it will give rise to decentralized cryptocurrency trading and swapping platforms. Decentralized exchanges could provide a way for Africans to continue to access cryptocurrency exchanges, even if they are banned in their home countries.
The cryptocurrency industry is still in its early stages of development, and it is likely to continue to grow in Africa. The continent has a young and tech-savvy population, and many people are interested in cryptocurrencies. As regulation is installed and centralized cryptocurrency exchanges adhere to them country by country, then CEX’s like Binance will rise again but as more people understand the value of DEX’s in this young economy they may find themselves using both. DEX’s have the potential to bring significant economic benefits to Africa once embraced.
Blockchain Technology is Not Faulty, Centralized Platforms Are in Question
This recent ban on Binance by the Nigerian Securities and Exchange Commission (SEC) has raised questions about the safety and security of blockchain technology. However, it is important to note that blockchain technology itself is not faulty. The problem lies with centralized platforms directly that are used to trade and exchange cryptocurrencies.
It is important to note that blockchain technology itself is not faulty, it is a decentralized distributed ledger that allows for secure, transparent, and tamper-proof transactions of all types. Basically it is a beacon of truth where bad actors have no place to roam or act. It is the underlying technology behind cryptocurrencies like Bitcoin, Ethereum. XRP and Pecu Novus. This needed to be made abundantly clear so that the general public is aware.
Centralized platforms, on the other hand, are owned and operated by a single entity. This means that they are subject to the same risks as any other company, such as fraud, theft, comingling of customer funds/assets and mismanagement. In addition, centralized platforms often require users to provide personal information, give up ownership of their digital assets and basically this can be a security risk.
The SEC’s ban on Binance is a sign that regulators are concerned about the risks associated with centralized platforms but those concerns are not directed at decentralized platforms. The problem lies with the centralized platforms that are used to trade and exchange cryptocurrencies.
There are a number of decentralized exchanges (DEXs) that allow users to trade and swap cryptocurrencies without the need for a third party. DEXs are more secure and private than centralized exchanges, and they are not subject to the same regulatory scrutiny.
As the cryptocurrency industry continues to grow, it is likely that decentralized exchanges will become more popular. This is because DEXs offer a number of advantages over centralized exchanges, including security, privacy, and regulation.
Remember this and it rings so true especially now, “Not Your Keys, Not Your Crypto”
James Cullen
Technology/Digital Assets Desk
UCW Newswire
Unlocking the Potential of Blockchain and The Hurdles of Interoperability Across Networks
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Unlocking the Potential of Blockchain and The Hurdles of Interoperability Across Networks
Blockchain technology has revolutionized industries by offering decentralized and transparent systems. However, for its full potential to be realized, achieving interoperability between different blockchain networks is crucial. Being involved in this space for close to a decade certain realities have surfaced with no solutions until now. So I am going to go over the concept of interoperability, the challenges it poses, and the solutions being developed. I also want to touch on the costly mistakes made in the past that resulted in massive losses and highlight the need for improved security practices.
Understanding Interoperability in Blockchain
Interoperability refers to the ability of different blockchain networks to communicate and exchange data seamlessly. It enables the transfer of assets and information between distinct blockchains, fostering collaboration and enhancing the overall efficiency of the decentralized ecosystem. This capability is especially vital in the realm of decentralized finance (DeFi), where smooth asset transfers and data sharing are essential. Sounds simple enough but it is not that simple and I’ll go over this as we move along.
Approaches to Achieving Interoperability
Various methods have been employed to achieve interoperability in blockchain networks. One common approach is the utilization of bridges, this acts as software applications facilitating asset transfers between different blockchains. Just think of you traveling from Brooklyn to Manhattan, without a bridge to cross it would be pretty difficult to get there. Bridges create digital representations of assets on one blockchain and utilize smart contracts to enable their transfer to another blockchain.
Another method is the implementation of sidechains. Sidechains are separate blockchains connected to a main blockchain, enhancing scalability, performance, and experimentation with new technologies without impacting the main blockchain. Now although both of these processes are used today, there are better methodologies that have not been explored which are more secure and simpler to implement. These processes are not for mass adoption as of yet as they are proprietary however in the very near future there will be systems available that will allow various layer-1 blockchain networks to interact with each other in a very secure way. Now who wouldn’t want a complicated task to be made very simple to use, it’s coming just be patient. Let’s move on to touch on some of the current challenges and why I am writing this article in the first place.
Challenges in Achieving Interoperability
Several challenges need to be addressed to achieve seamless interoperability between blockchain networks. One challenge arises from the diverse consensus mechanisms employed by different blockchains. These mechanisms, responsible for verifying transactions and maintaining security, can differ significantly in terms of performance and security characteristics. Harmonizing consensus mechanisms is crucial to enable smooth communication between blockchains.
Another obstacle stems from the use of different programming languages across blockchains. This variation makes it challenging to develop smart contracts that can facilitate asset transfers between diverse blockchain networks. Moreover, differing governance structures among blockchains pose coordination challenges when developing interoperability solutions.
These have been the challenges and bridges and sidechains that have been created to date do have security flaws that could result in massive issues. Interoperability isn’t simple, it have been tried on many different levels however the beta testing has resulted in users losing their digital assets. What needs to be understood is that blockchain technology is more than a coin, it has so many different use cases across many different industries. The implementation of layer-2 systems benefit from the security of the blockchain itself and that is where most layer-2 systems promoting interoperability stop and the danger begins.
Learning from Past Mistakes
The blockchain ecosystem has witnessed significant mistakes leading to substantial losses. One notable example is the DAO hack in 2016, where a vulnerability was exploited to steal $50 million worth of Ether. This incident exposed security vulnerabilities and underscored the need for enhanced security practices within the DeFi space.
Another major incident was the Mt. Gox hack in 2014, where $460 million worth of Bitcoin was stolen from the popular Bitcoin exchange. This incident severely impacted confidence in cryptocurrencies and highlighted the importance of robust security measures. Now bare in mind the two examples are not a reflection on the blockchain itself and they are actually layer-2 systems either, it is a reflection on the lack of security involved in these platforms. Even higher end security protocols if not integrated seamlessly can be subject to security breaches. These same incidents that can take places with digital assets such as Bitcoin and Ethereum can happen with sensitive documents if a platform is utilizing subpar security integration.
Solutions for Interoperability Challenges
To address the challenges of interoperability, various solutions need to be developed and in the case of MegaHoot Technologies are being developed but it is a process. It is important that the establishment of interoperability standards is a crucial first step but it is only a first step. Standardization ensures that different blockchain networks can effectively communicate and exchange data without fear of a security breach.
Decentralized protocols offer another solution. These protocols, not controlled by any single entity, help to avoid censorship and manipulation while ensuring open and transparent interoperability solutions. This is a good step but what it actually does not solve the security breach part of it unless a system is truly decentralized and supported maintenance wise.
Government involvement can also play a significant role, just imagine if governments provided funding for research and development of interoperability solutions, that would be great if they embraced innovation. Most fear that government involvement would defy what decentralization is supposed to signify and creating interoperability for private blockchains probably wouldn’t get much government funding. If they did fund for R&D in this area it would more than likely lead to enacting blockchain regulations and governments may force the adoption and implementation of interoperability standards. This opens up a can of worms, this is why the private sector needs to steer this ship.
Interoperability stands as a critical component for the future of blockchain technology, there is zero question about that, the question is how and who will bring it to the table. Enabling seamless communication and data exchange between different blockchain networks will be a gamechanger in this space and such interoperability paves the way for the growth of DeFi and broader blockchain adoption.
The security aspect is what becomes the most critical component of it all, overcoming these challenges by having standardized paths in place integrating that with decentralized protocols would be good second steps. The blockchain industry as a whole is evolving every day, blockchain is more than Bitcoin, it is a much bigger picture than that. I will leave you with this, there is little doubt that in the very near future you will be using systems that you use today but they will be blockchain enabled, protecting your data, securing your transactions and making the world an even smaller place where transfers of all types of digital assets can happen in micro seconds across the globe.
Welcome to the future but it is only bright if it’s secure.
Louis Velazquez
Managing Partner – FGA Partners
Elizabeth Warren Calls on SEC to Crack Down on Binance
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Elizabeth Warren Calls on SEC to Crack Down on Binance
U.S. Senator Elizabeth Warren (D-MA) on Thursday called for the Securities and Exchange Commission (SEC) to crack down on Binance, the world’s largest cryptocurrency exchange.
In a letter to SEC Chairman Gary Gensler, Warren alleged that Binance has engaged in “a pattern of deceptive and manipulative conduct” and that the exchange “has operated largely outside the reach of U.S. law.”
Warren specifically cited Binance’s failure to register with the SEC as a securities exchange and its alleged role in facilitating insider trading.
“Binance’s actions have harmed investors and undermined the integrity of our financial markets,” Warren wrote. “The SEC must take immediate action to protect investors and ensure that Binance complies with U.S. law.”
Binance has denied the allegations made by Warren. In a statement, the exchange said that it is “committed to working with regulators around the world to ensure that we are in compliance with all applicable laws and regulations.”
The SEC has not yet commented on Warren’s letter.
Warren’s call for action against Binance comes at a time when the SEC is under increasing pressure to regulate the cryptocurrency industry. In recent months, the SEC has brought enforcement actions against several cryptocurrency companies, including Kraken, BitMEX and Poloniex.
The SEC’s enforcement actions have been met with mixed reactions from the cryptocurrency community. Some have praised the SEC for taking action to protect investors, while others have criticized the agency for being too aggressive.
It remains to be seen how the SEC will respond to Warren’s letter. However, the letter is a sign that the SEC is taking the issue of cryptocurrency regulation seriously.
In addition to her letter to the SEC, Warren also tweeted about her concerns about Binance. “Binance is a major cryptocurrency exchange that has engaged in a pattern of deceptive and manipulative conduct,” she wrote. “The SEC must take action to protect investors and ensure that Binance complies with U.S. law.”
Warren’s comments have put a spotlight on Binance and the cryptocurrency industry as a whole. It remains to be seen how the SEC will respond to Warren’s concerns, but her comments are a sign that the SEC is taking the cryptocurrency industry seriously.
Here are some additional thoughts on Warren’s letter:
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Warren’s letter is a sign that the SEC is taking the issue of cryptocurrency regulation seriously. The SEC has been under increasing pressure to regulate the cryptocurrency industry, and Warren’s letter is a sign that the agency is taking that pressure seriously.
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Warren’s letter is also a sign that the cryptocurrency industry is still in its early stages of development. The industry is still largely unregulated, and there is a lot of uncertainty about how it will be regulated in the future.
It remains to be seen how the SEC will respond to Warren’s letter. The SEC could take a number of actions, including bringing enforcement actions against Binance, requiring Binance to register with the SEC, or issuing guidance on how cryptocurrency exchanges should comply with U.S. law. Bringing forward general guidelines for centralized cryptocurrency exchanges to comply with would be the most logical and allow companies such as Coinbase to comply with such guidelines.
James Cullen
Technology/Digital Asset Desk
UCW Newswire
First the CFTC and now the SEC files suit against Binance, the worlds largest crypto exchange
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First the CFTC and now the SEC files suit against Binance, the worlds largest crypto exchange
The Commodity Futures Trading Commission (CFTC) filed suit against the worlds largest centralized cryptocurrency exchange and its co-founder ChangPeng Zhao “CZ” March 27, 2023 and the Securities and Exchange Commission (SEC) have filed their own lawsuit on June 6, 2023 against Binance and its co-founder. The CFTC complaint also charges Samuel Lim, Binance’s former chief compliance officer, with aiding and abetting Binance’s violations.
The CFTC alleges that Binance violated the Commodity Exchange Act (CEA) by operating a futures trading platform without registering with the agency. The SEC alleges that Binance offered and sold securities without registering with the agency.
The lawsuits are a major development in the regulation of cryptocurrency exchanges. They could have a significant impact on the business of Binance and other centralized exchanges.
The CFTC’s lawsuit alleges that Binance operated a futures trading platform without registering with the agency. The CFTC requires that all futures trading platforms register with the agency in order to protect market participants from fraud and manipulation.
The SEC’s lawsuit alleges that Binance offered and sold securities without registering with the agency. The SEC requires that all securities offerings be registered with the agency in order to protect investors from fraud and deception.
The Securities and Exchange Commission filed 13 charges against Binance and its co-founder CZ, alleging that both comingled billions of dollars worth of user funds and sent them to a European company controlled by Zhao. Binance earned $11.6 billion in revenue, most of which came from transaction fees, from June 2018 through July 2021, the complaint said. Since its inception, the exchange has “at first overtly and later furtively” worked to entice U.S. customers, at the direction and control of its founder Zhao, the SEC alleged.
The lawsuits could have a significant impact on the business of Binance and other centralized exchanges. If Binance is found to have violated the law, it could be fined or even shut down. The lawsuits could also discourage other cryptocurrency exchanges from operating in the United States.
The SEC alleged that Binance and Zhao violated “critical” provisions of federal security laws, including self-dealing and market manipulation, through Merit Peak Limited and Sigma Chain, both of which Zhao controlled and owned.
The lawsuits are a sign that regulators are taking a closer look at cryptocurrency exchanges. They could lead to more regulation of the industry, which could make it more difficult for exchanges to operate and could make it more difficult for investors to trade cryptocurrencies.
Here are some of the potential impacts of the lawsuits on the business of Binance and other centralized exchanges:
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Increased regulatory scrutiny: The lawsuits could lead to increased regulatory scrutiny of Binance and other centralized exchanges. This could make it more difficult for exchanges to operate and could make it more difficult for investors to trade cryptocurrencies.
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Increased costs: The lawsuits could lead to increased costs for Binance and other centralized exchanges. This could be due to the need to hire lawyers and compliance officers, as well as the need to implement new regulations.
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Decreased trading volume: The lawsuits could lead to decreased trading volume on Binance and other centralized exchanges. This could be due to investor concerns about the safety of trading on these exchanges.
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Increased competition from decentralized exchanges: The lawsuits could lead to increased competition from decentralized exchanges. Decentralized exchanges are not subject to the same regulatory scrutiny as centralized exchanges, which could give them an advantage in attracting users. Those decentralized exchanges that protect their customers and integrate some level of KYC and AML on their platforms will be the shinning stars as these lawsuits take form.
The lawsuits are a significant development in the regulation of cryptocurrency exchanges. It remains to be seen how the lawsuits will be resolved, but they could have a major impact on the business of Binance and other centralized exchanges.
Beneficiaries will be decentralized exchanges that promote transparency and on-chain discovery.
Terry Jones
Digital Asset Desk
UCW Newswire
Coinbase, Binance and Kraken, How Could Partnerships with Decentralized Crypto Exchanges Strengthen Their Global Positions
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Coinbase, Binance and Kraken, How Could Partnerships with Decentralized Crypto Exchanges Strengthen Their Global Positions
Coinbase, Binance, and Kraken are the top cryptocurrency exchanges in the world, they have grown during the height of the crypto rise and will continue to grow as this space further expands. While they all share the common goal of facilitating the buying, selling, and trading of cryptocurrencies, each platform has its unique business model and operational approach. Let’s explore these exchanges individually and discuss how partnerships with decentralized exchanges could strengthen their positions globally.
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Coinbase is a prominent cryptocurrency exchange based in the United States. It focuses on providing a user-friendly platform for individuals and institutions to buy, sell, and store various cryptocurrencies. Coinbase primarily caters to retail investors and emphasizes regulatory compliance and security. It has gained popularity for its intuitive interface and extensive range of supported cryptocurrencies. Coinbase generates revenue through transaction fees, custody services, and its Coinbase Pro trading platform, which charges lower fees for more active traders.
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Binance is one of the largest, if not the largest and most active cryptocurrency exchange globally. It offers a broad range of cryptocurrency trading pairs and features an advanced trading platform suitable for both retail and institutional traders. Binance has expanded its services to include spot trading, futures trading, options trading, lending, staking, and more. It operates its native cryptocurrency called Binance Coin (BNB) and provides various fee discounts and benefits to users who hold BNB. Binance earns revenue through trading fees, listing fees for new projects, and other value-added services.
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Kraken is a US-based cryptocurrency exchange known for its robust security measures and advanced trading features. It caters to a diverse range of users, from retail traders to institutional investors. Kraken offers a wide selection of trading pairs, including fiat-to-crypto options, and supports various funding methods. The platform provides advanced trading tools, including margin trading and futures trading. Kraken generates revenue through trading fees, margin interest, and other services such as staking.
Now, let’s discuss the potential partnerships with decentralized exchanges (DEXs) and their long-term implications:
Decentralized exchanges operate on blockchain networks and allow users to trade cryptocurrencies directly with each other without relying on a centralized intermediary. They offer benefits like enhanced privacy, reduced reliance on trusted third parties, and potentially lower fees. Some notable DEXs include Uniswap, HootDex, Kine Protocol, and Balancer Protocol.
Partnerships between centralized exchanges like Coinbase, Binance, and Kraken and decentralized exchanges can be mutually beneficial. By collaborating, centralized exchanges can gain access to the liquidity and innovative token offerings available on DEXs. This allows them to offer a more diverse range of assets to their users. Additionally, partnerships can facilitate interoperability between centralized and decentralized exchanges, offering users seamless and secure experiences across platforms.
For instance, Coinbase has shown interest in decentralized finance (DeFi) by integrating with protocols like Compound and dYdX. Binance has also launched its decentralized exchange called Binance DEX. These moves demonstrate the exchanges’ recognition of the potential of DEXs and their aim to adapt to the evolving cryptocurrency landscape.
Partnerships with decentralized crypto exchanges outside of their ecosystem can prove to be a true value add, these are some DEX potential opportunities that a CEX could expand long term with :
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Uniswap is a decentralized exchange (DEX) protocol built on the Ethereum blockchain, and its uniqueness lies in its innovative business model and approach to listings. Unlike traditional centralized exchanges, Uniswap operates as an automated liquidity protocol, enabling users to trade ERC-20 tokens directly from their wallets without the need for intermediaries. Uniswap employs a unique listing mechanism called permissionless listings, which means that any ERC-20 token can be listed on the platform as long as it meets the technical standards. This open approach to listings has led to a wide array of tokens being available for trading on Uniswap, allowing users to access a vast range of projects and investment opportunities. Additionally, Uniswap’s business model relies on liquidity providers who supply tokens to the platform’s liquidity pools, earning fees in return.
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HootDex is a decentralized exchange (DEX) built on the Pecu Novus Blockchain Network that brings unique features and functionalities to the world of cryptocurrency trading and swapping. HootDex stands out through its focus on SynthCryptos, CryptoPairs, and Project Tokens. SynthCryptos are synthetic cryptocurrencies that replicate the value of real-world assets, allowing users to gain exposure to traditional markets within the crypto space. CryptoPairs enable the swapping of various combinations of crypto and other assets in one token, providing users with increased flexibility and diverse trading opportunities. Project Tokens on HootDex represent tokens issued by specific projects, allowing users to participate in the growth and success of those projects directly on the platform and operates as an automated liquidity protocol. These tokens have the ability to be listed on centralized exchanges which expands the potential reach of the entire platform.
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Kine Protocol is a decentralized derivatives trading platform, and its uniqueness stems from its innovative business model and approach to listings. Kine Protocol enables users to create and trade various types of financial contracts, including futures and options, on the Ethereum blockchain. What sets Kine Protocol apart is its permissionless listing mechanism, which allows users to create and list their own derivative contracts on the platform. This gives Kine Protocol a vast array of listings, as it relies on the creativity and entrepreneurial spirit of its users to bring new derivatives to the market. By providing a decentralized infrastructure for derivatives trading and empowering users to participate in the creation and trading of contracts,
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Balancer Protocol is a decentralized liquidity protocol that stands out due to its unique business model and approach to listings. Unlike traditional automated market makers (AMMs), Balancer allows users to create and manage automated portfolio-balancing pools with multiple tokens of varying weights. This flexibility enables users to customize their liquidity pools, resulting in more sophisticated trading strategies and opportunities. Balancer’s uniqueness also lies in its approach to listings, as any ERC-20 token can be included in a Balancer pool with a specific weight, providing a wider range of token listings and trading pairs.
These DEXs contribute to the long-term picture by fostering decentralized and open financial systems. They promote financial inclusion, reduce reliance on traditional intermediaries, and empower individuals to have greater control over their assets and investments. As the cryptocurrency space continues to evolve, partnerships between centralized and decentralized exchanges can facilitate the adoption of innovative technologies and drive the growth of the overall ecosystem.
Expect to see these types of partnerships in 2023 as the cryptocurrency market continues to evolve and adhere to regulation globally.
Terry Jones
Digital Asset Desk
UCW Newswire
HootDex Launches Education Center to Empower the Public with Cryptocurrency Knowledge
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HootDex Launches Education Center to Empower the Public with Cryptocurrency Knowledge
HootDex, a growing decentralized digital asset swapping system, is thrilled to announce the launch of its new Education Center, a comprehensive resource hub dedicated to educating visitors and members on various cryptocurrency-related topics. This initiative underscores HootDex’s commitment to serving the public by providing valuable information and fostering a deeper understanding of digital assets, including popular cryptocurrencies like Bitcoin, Ethereum, Pecu Novus, Litecoin, Solana and more.
The Education Center on the HootDex information website serves as a one-stop destination for individuals seeking to enhance their knowledge of cryptocurrencies and the underlying technologies. It offers a range of educational materials, including beginner-friendly guides, informative articles, video tutorials, and frequently asked questions (FAQs) addressing common queries related to digital assets. The Education Center will continue to evolve and update for the benefit of the public.
Key features of HootDex’s Education Center include:
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Comprehensive Cryptocurrency Guides: The Education Center provides in-depth guides that cover the fundamentals of cryptocurrencies, blockchain technology, and various digital assets. These guides serve as valuable resources for individuals who are new to the cryptocurrency space or seeking to expand their understanding.
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Informative Articles: The Education Center features a collection of well-researched articles that delve into specific cryptocurrency topics, industry trends, and market analysis. These articles offer valuable insights and help readers stay informed about the latest developments in the dynamic world of digital assets. (coming soon)
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Video Tutorials: HootDex understands the importance of visual learning, and thus, the Education Center includes engaging video tutorials from various sources. These tutorials offer step-by-step guidance on topics such as creating cryptocurrency wallets, executing trades on HootDex, and understanding advanced trading strategies.
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FAQ Section: To address common questions and concerns, the Education Center houses a comprehensive FAQ section. This resource serves as a go-to reference for individuals seeking clarification on various cryptocurrency-related concepts, platform functionalities, and security measures.
With the launch of the Education Center, HootDex aims to empower the general public with the knowledge and tools necessary to navigate the world of digital assets confidently. By providing easily accessible and comprehensive educational resources, HootDex seeks to bridge the information gap and promote a greater understanding of cryptocurrencies and their potential benefits.
HootDex invites visitors and members alike to explore the Education Center and take advantage of its valuable resources. Whether one is a beginner seeking a foundational understanding or an experienced investor looking to deepen their expertise, the Education Center caters to all levels of cryptocurrency enthusiasts.
To access the Education Center and learn more about HootDex, please visit https://main.hootdex.com .
About HootDex
HootDex is a decentralized digital asset swapping system built on the robust Pecu Novus Blockchain Network. It offers members a secure and user-friendly platform for swapping various SynthCryptos, CryptoPairs and Project Tokens. With a focus on transparency, security, and innovation, HootDex is dedicated to providing an exceptional user experience for cryptocurrency enthusiasts worldwide.
Benefits of the HootDex Digital Asset Swapping System
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Benefits of the HootDex Digital Asset Swapping System
HootDex is a decentralized, layer-2 blockchain-based digital asset swapping system built on the Pecu Novus Blockchain Network. It uses a Proof of Time (PoT) consensus mechanism to secure the network and features unique tokens such as SynthCryptos and Crypto Pairs that derive their pricing from the underlying pricing of the digital assets as well as Project Tokens that represent various viable projects globally.
As a user/member of HootDex, you can expect several benefits from using the platform. Here are some potential advantages:
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Decentralization: HootDex is a decentralized digital asset swapping system, which means that it operates without a central authority or intermediary. This allows for greater transparency, security, and censorship resistance.
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Fast and Scalable: HootDex is built on the layer-2 blockchain system of the Pecu Novus Blockchain Network. Layer-2 solutions are designed to improve scalability and transaction speeds compared to traditional blockchain networks. This means that you can expect faster and more efficient transactions on HootDex.
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Stable System: HootDex utilizes artificial intelligence and machine learning to ensure a stable and scalable system for future upgrades. This means that the platform can adapt and evolve over time, improving its performance and user experience.
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Unique Tokens: HootDex features unique tokens such as SynthCryptos, Crypto Pairs, and Project Tokens. SynthCryptos and Crypto Pairs derive their pricing from the underlying pricing of digital assets, providing you with a diverse range of trading options. Project Tokens represent viable projects globally, allowing you to invest in promising initiatives.
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Proof of Time Consensus: Pecu Novus Blockchain Network, the backbone of HootDex, uses a Proof of Time consensus mechanism (PoT). This consensus algorithm ensures that transactions are verified based on the amount of time a node is active by the participants, promoting fairness and security within the network. Pecu Novus nodes are also low powered so it increases inclusion globally and is set for traditional Bitcoin mining operations to integrate to supplement their revenue stream, which benefits HootDex.
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Global Accessibility: HootDex is a decentralized platform, which means that it is accessible to anyone with an internet connection, regardless of their geographic location. This global accessibility opens up opportunities for users around the world to participate in digital asset trading.
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Security and Privacy: With decentralization comes enhanced security and privacy. HootDex leverages the underlying blockchain technology to provide robust security measures, protecting your assets and transactions from unauthorized access.
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Low fees: HootDex charges low fees for swapping digital assets. This makes it a more affordable platform for those interested in swapping various unique digital assets.
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Ease of use: HootDex is an easy-to-use platform. This makes it a good option for users who are new to trading or swapping digital assets.
It’s important to note that the specific benefits may vary based on the implementation and development of HootDex, as well as the market conditions and user adoption. HootDex will continue to enhance its systems for the benefit of its members both today and in the future.
To learn more about HootDex go to www.hootdex.com , for the latest on HootDex go to HOOTDEX UPDATES.
Self Custody Peer to Peer Digital Asset Swapping System HootDex to Open to the Public
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Self Custody Peer to Peer Digital Asset Swapping System HootDex to Open to the Public
It was announced on May 12, 2023 that after over eight months of ground up development the decentralized digital asset swapping system HootDex will be available globally to the public on or about May 18, 2023.
HootDex is an internationally based self custody peer to peer digital asset swapping system that provides security, scalability, speed, cost effectiveness and opportunity. It is a system that was developed from the ground up as a layer-2 decentralized platform on the Pecu Novus Blockchain Network. HootDex was built for growth and as a layer-2 platform on the Pecu Novus Blockchain Network it allows for robust innovation to be brought to the forefront. Self custody is key, as members simply need to connect their digital wallet to the platform to participate and disconnect when they are done. Their digital assets are always in their possession and not held by any central authority such as a centralized cryptocurrency exchange.
The Pecu Novus Blockchain Network is a robust decentralized layer-1 blockchain network with over 1000 active validator nodes and growing globally. The nodes are what powers any blockchain network whether it is Bitcoin or Ethereum, it strengthens the network, increases security, scalability and transparency. More commonly referred to as miners as coined by the creator of Bitcoin, Satoshi Nakamoto in 2008, nodes are the backbone of decentralization. As more mining companies seek to onboard Pecu Novus nodes to supplement their revenue steam, especially as the Bitcoin Halving approaches on April 27, 2024 and Ethereum switching to a Proof of Stake system, it will increase the activity on the network. PECU is the digital asset for the network and is without a central issuer such as a Bitcoin and other layer-1 decentralized blockchain networks are, basically mining is how new coins are created on the network by validators.
This growth will bring forward more innovative projects being built on the Pecu Novus Blockchain Network and eventually being listed on HootDex.
There are currently close to one-hundred unique tokens listed on the platform that range from SynthCryptos, which are synthetic representations of widely held cryptocurrencies, Crypto Pair Derivatives, which is a unique token that derives its pricing from two or more assets (digital and other) and Project Tokens, which represent innovative projects being developed by some great innovators and founders globally.
The focus of some of the projects range from artificial intelligence, manufacturing tech, real estate tech, medical tech, beverage and spirits, material science, precious metal mining, composite building material, narrow artificial intelligence, Cybersecurity, film production and many other areas in the near future.
The next three phases of development include a full derivatives platform for digital assets that will allow members to gain exposure to various digital assets through digital asset options. NFT fractionalization through tokenization to unlock value and introduce liquidity to what could be an illiquid or expensive market. Lastly the integration of a digital asset payment portal that would increase utility, scalability and exposure of the entire HootDex system.
The beta mode of HootDex has solely consisted of institutional groups to insure that stability and functionality were at its optimum level. In time various stable coins should be introduced by issuers that would have cross-chain opportunities in order to create liquidity and increased utility for all tokens listed on HootDex.
To learn more about HootDex please go to www.hootdex.com.
About HootDex
HootDex is comprehensive decentralized digital asset swapping system that allows peer to peer swaps of various digital assets. The system was developed by MegaHoot Technologies, Inc, an innovative and diverse American software and technology company, and is internationally based. For more information go to www.hootdex.com
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or digital assets, nor shall there be any sale of securities or digital assets in any jurisdiction in which such offer, solicitation or sale would be unlawful, and qualification under the laws of any such jurisdiction. This press release contains forward-looking statements. The use of any of the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “can”, “will”, “should”, and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the receipt of required regulatory approval. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Artificial Intelligence and Blockchain: Startups That Are On The Right Path To Disruption
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Artificial Intelligence and Blockchain: Startups That Are On The Right Path To Disruption
In the world of startups it is important to look at the focus of the company, it’s founders and the short and longer term goals. Not all startups are created equal and most venture capital firms get attracted initially to the new shiny thing in the room but eventually the savvy venture capital firms begin to look under the hood and really try to understand the vision and how they can benefit from a startups hard work with a cash injection.
Two industries that are not the shiny new thing in the room but just seem that way due to the mass media are Blockchain Technology and Artificial Intelligence, these are mainstays for the future, not foreseeable but the future in itself. So startups that are looking to be disruptive by coming up with real solutions to issues that exist today and not creating a nonexistent issue to fix, those are the ones that are focused on the real prize. Now that prize isn’t becoming the next unicorn, if that is your goal then just become a serial entrepreneur and build a company to dump it at a higher valuation. The prize is invoking change, a change that will evolve into adding value to humanity in some way. It can be as simple as making it easier to hail a cab, message a friend anywhere in the world privately or watch movies on an app. Simple vision but more complicated to execute because a persons vision for tomorrow isn’t always shared with the VC world or the general public.
A lot of times the public doesn’t know they need a thing until a thing is introduced, there was a time where the experts said that the television was a fad and then later on they said they would never pay for tv programming, well look at us now. How about water, the simple thing that we need to exist, the experts said that no one would ever pay for water but low and behold that is a multi-billion global market in all forms and growing.
So the point is that not everyone will understand the vision but if that vision is truly disruptive someone will see it and then the rest will be history. It happened to Apple, Netflix, Kellogg’s, Google, Uber, AirBnb and a whole host of companies that almost never were but it was always that one person that saw their vision that changed the story forever.
In the world of Blockchain Technology and Artificial Intelligence, so many startups are chasing the shiny new thing that caught the attention of a VC and the public, all in hopes of getting investment and a monster valuation. The problem with that is that those are the followers and not the true innovators that we need in the world. Startups should be innovative and break the mold and not follow what the Jones’ are doing. To me that isn’t value, it’s a disaster waiting to happen.
A startup in the artificial intelligence sector that focuses on correcting archaic older systems and processes is poised for disruptive growth, no question about that. By introducing AI-driven solutions to industries such as medical, manufacturing, financial, and cybersecurity, a startup can bring about significant transformations.
In the medical industry, the implementation of AI can enhance diagnostics, improve patient care, and streamline administrative tasks. AI-powered systems can analyze vast amounts of patient data, leading to more accurate diagnoses, personalized treatment plans, and better overall healthcare outcomes.
One startup that is on that path in the medical industry is Dumas Technolgie , it is a groundbreaking startup dedicated to advancing neural technology for the widespread adoption of artificial intelligence systems. Their mission is to make AI accessible to all by seamlessly integrating cutting-edge computer vision and generative AI technologies. By leveraging the power of neural networks, their innovative solutions enable intelligent perception, analysis, and creation of visual data. Through their state-of-the-art computer vision capabilities, they empower businesses and individuals to unlock new insights, automate processes, and enhance decision-making.
For the manufacturing industry, integrating AI can optimize production processes, enable predictive maintenance, and enhance quality control. AI-powered systems can analyze data from sensors and machines to identify patterns, prevent equipment failures, and improve overall efficiency and productivity.
One startup group that is on that path in the manufacturing industry is Alle Tech Manufacturing Solutions, the startup specializes in blockchain-enabled security systems tailored specifically for the manufacturing industry. Their innovative solutions in development will provide robust protection for wireless transmissions, cloud-based infrastructure, and internal servers and computers. By leveraging the immutability and decentralized nature of blockchain, they can ensure the integrity and confidentiality of sensitive data throughout the manufacturing process. Their comprehensive suite of security solutions in development include encrypted wireless communication protocols, secure cloud storage, and advanced firewall systems, ensuring that manufacturers can safeguard their valuable intellectual property, trade secrets, and critical information from cyber threats.
In the financial sector, AI can automate routine tasks, such as data entry and customer support, freeing up human resources for more complex and value-added activities. AI algorithms can analyze market trends, predict investment patterns, and detect fraudulent activities, enabling more informed decision-making and risk management.
Startups in the fintech arena are vast currently and the integration of blockchain technology and AI will be a force to reckon with, companies like JP Morgan and Goldman Sachs have already dipped their toe in the water quietly but it is sure to be impactful in the very near future as Microsoft and IBM gets more into the mix. We are looking forward to see the innovation the world of startups brings to this sector this year.
In the cybersecurity industry, AI can revolutionize threat detection and response. AI-powered systems can analyze large volumes of data in real-time to identify and mitigate potential cyber threats, minimizing risks and enhancing overall cybersecurity posture.
One startup group in the cybersecurity sectors is Muller Industries, they consider themselves a trailblazing cybersecurity startup and they just might be, their systems in development are dedicated to fortifying internal security systems by seamlessly integrating the power of artificial intelligence and computer vision technologies. Their advanced solutions leverage cutting-edge AI algorithms and computer vision capabilities to detect and prevent potential threats within organizational networks. By continuously monitoring and analyzing data patterns, their intelligent systems can identify suspicious activities, unauthorized access attempts, and anomalous behavior in real-time.
And this may seem off the path but it really isn’t, with the issues that have faced the likes of Ticketmaster and other ticketing companies over the past several years will continue unless there is innovation brought in. The Taylor Swift debacle just showed that the archaic systems don’t work today and they need to change.
One startup group that is looking to disrupt this industry is Phare Blockchain Labs, it is an innovative startup that is looking to transform the ticketing industry by seamlessly integrating blockchain technology and proprietary ticketing solutions. Their groundbreaking platforms in development will revolutionize the way tickets are bought, sold, and verified, ensuring transparency, security, and efficiency. By leveraging the immutability and decentralization of blockchain, they can eliminate fraudulent activities and scalping, providing a fair and trustworthy ticketing ecosystem. Additionally, their advanced digital payment solutions, also in development, enable seamless transactions, offering convenience and flexibility to users. They are also pioneering the development of systems that effortlessly integrate into current web2 environments and future web3 environments, ensuring cost-effectiveness and adaptability for their clients. So they are essentially will become a B2B and B2C company and that is probably the best way to do this.
All of these groups are privately held in Eurasia and have done three things which they all share in common, first they have all aligned with MegaHoot Technologies in some way to assist them with technology integration and collaboration, second they have all tokenized in order to build their community base and interest, lastly they are all initially avoiding venture capital investment until they build out their systems for deployment. If successful this will increase the valuations at a later date and put more working capital on the table for these groups.
The disruptive growth brought that can be brought about by groups that are bold enough to try by correcting archaic systems with AI will only lead to increased efficiency, cost savings, improved accuracy, and enhanced security in across all industries. It can enable legacy organizations to stay competitive, deliver better services, and adapt to rapidly changing technological landscapes. Additionally, these groups will wind up attracting investment, partnerships, and collaborations which will drive further innovation and expansion.
Matthew Johansen
UCW Newswire
Source Mar 15, 2023
The Benefits of Decentralized Trading and Self Custody of Digital Assets
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The Benefits of Decentralized Trading and Self Custody of Digital Assets
There has been a roaring fire of issues that have been plaguing the centralized digital asset trading arena, from comingling of funds to outright misappropriation of clients funds. The power of decentralization wasn’t even tapped into during these dark moments in the cryptocurrency space, they were manipulated to benefit the bad actors while causing harm to the masses.
In the world of Decentralized trading and self custody of digital assets this isn’t even remotely possible and that is why decentralized trading platforms such as Uniswap, Sushiswap and HootDex are growing in demand even as they build out. We will see a boat load of dry powder rolling into the decentralized cryptocurrency trading market as venture capital and private equity firms begin to see what the real big picture is, some of the platforms mentioned here will be a beneficiary of the inflows.
Uniswap was one of the first trusted and open source decentralized cryptocurrency trading platforms that hit the waves, to this day it is the most prominent of platforms in this space. Sushiswap basically mirrored Uniswap and road the coat tails of their success but in the end innovation always comes out on top. This is something that the powers that be realized and began to safeguard their platform, introduce innovation and improve the user experience. The thought of an open source system at first blush sounds great but the ability for a group to mimic your exact algorithms and coding, well that is where the brakes come into play.
HootDex is a new kid on the block but with some teeth, it’s blockchain enabled digital asset swapping system is being built out for the future. Featuring various cryptocurrency pairs and derivatives, SynthCryptos and project tokens, this is only where it begins. Providing a secure environment for members to swap digital assets, discover new verified projects and control their digital assets is key. HootDex is part of a much larger ecosystem and it will allow members to benefit from secure communication, social media and digital document execution. So there will be a lot of innovation coming from the new kid and this is something members will embrace.
Decentralized trading is the future but make no mistake some centralized platforms will be in the mix because they do provide a much needed service such as Coinbase does. They are the one centralized trading platform that has made it a point to adhere to Security and Exchange laws in the United States but that has not always benefited them. After the fall of the disgraced FTX the beneficiary was indeed Binance, they swooped in with a red cape to save the day for hundreds of thousands of cryptocurrency traders around the world. But be careful what you wish for because absolute power can corrupt absolutely.
Kraken another centralized platform has been pushed off the edge in the United States as of late and as with a lot of cryptocurrency companies suffered at the hands of the FTX fallout. Silvergate bank and other banking institutions followed suit, this is being mentioned because there is a need for a centralized banking system for cryptocurrency and a need for trusted centralized cryptocurrency trading platforms but decentralized trading platforms will grab the lions share in the coming year.
And here’s why, decentralized trading platforms are often more secure than centralized exchanges because they do not rely on a single point of failure. They use blockchain technology, which is immutable and transparent, making it more difficult for bad actors to manipulate or steal assets.
The level of transparency is clearly evident as it enables users to verify transactions on the layer-one blockchain the transaction took place. This means that all transactions are publicly visible, making it easier to track and audit. Blockchain scans such as etherscan and pecuscan have made this possible for their respective layer-ones.
Decentralized trading platforms provide a higher level of privacy because they do not require users to share their personal information and adhere to KYC (know your customer) rules of law. However that isn’t always a big plus, there are platforms hitting the market that will allow decentralized trading platforms to adhere to the laws of the land and that is a key to mass adoption.
Now the fees can be lower on decentralized trading platforms but keep in mind that the gas fees can be killer on certain blockchains, however they are lower than centralized exchanges because they do not require intermediaries, such as banks or clearinghouses, to process transactions.
The best part os the accessibility of it all, decentralized trading platforms are accessible to anyone with an internet connection, unlike centralized exchanges that may restrict access based on location or other factors.
One of the key factors of a decentralized trading platform is self custody of assets, there is a massive benefit as it allows people to control their own assets and not be at the mercy of a financial institution or be subject to bad actors.
In the end when you have self-custody of your digital assets, you have complete control over your private keys and can ensure that your assets are stored securely. It also provides a higher level of privacy, control, fleixbility and options. It eliminated counterpart risks as we witness with FTX and with a mutlichain wallet a user can use various platforms as simply as pressing a button.
– Adam Hastings
UCW Newswire
Source Mar 08, 2023
Bitcoin 101 : Advantages and Disadvantages
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Bitcoin 101 : Advantages and Disadvantages
Lets start at the very beginning for those that have not wrapped their head around digital assets such as Bitcoin to date. Bitcoin is a decentralized digital asset which was born in 2009, it is a peer-to-peer network that allows for secure and swift transactions without the need for intermediaries, in short there is no middle man. The backbone of Bitcoin and any digital asset is blockchain technology, that is the foundation of it all, in it can be centralized or decentralized, Bitcoin is decentralized and as such the public ledger that records all transactions is decentralized.
Lets go over some of the advantages of Bitcoin as this is key, there are disadvantages as well but lets start here. Bitcoin offers a decentralized and secure method of payment without the need for intermediaries. Transactions are processed directly between the sender and receiver, reducing the risk of fraud or manipulation.
Bitcoin allows for cross-border transactions without the need for currency conversion or dealing with high foreign exchange fees. Transactions can be processed quickly and cheaply, regardless of geographical location. This holds true for most digital assets such as XRP, Ethereum and Pecu Novus, so Bitcoin has created some compelling use cases but then again so have XRP, Ethereum and Pecu Novus.
Bitcoin has been deemed by many as a “digital gold” due to its scarcity and decentralized nature, making it a solid store of value. The maximum supply of Bitcoin is limited to 21 million, which helps to maintain its value over time. Some have questioned the terminal number being 21 million but we will have to wait and see.
Transactions are recorded on a public ledger but user identities can remain anonymous, providing a high level of financial privacy. This is particularly important for individuals who live in countries with strict government controls or censorship. This leads us to the cost, digital asset transactions such as Bitcoin can be processed faster and at a lower cost compared to traditional banking transactions. This is because intermediaries are not needed to process the transaction, reducing processing time and fees.
Now we touched on some of the advantages, so lets be fair and touch on some of the disadvantages of Bitcoin. The volatility has always been an issue, Bitcoin’s price is highly volatile and subject to rapid fluctuations, making it a risky investment. This makes it challenging to use as a currency for day-to-day transactions, as the value of the currency can change quickly. One of the characteristics of a currency is it being somewhat stable such as the United States Dollar.
Despite its potential benefits, Bitcoin is still not widely adopted, limiting its utility in day-to-day transactions. Many individuals and businesses are still unfamiliar with the technology, making it challenging to use as a form of payment. Some people still find digital assets of many types a bit complex, well this is why we are writing this article about it all. The technical nature of digital assets such as Bitcoin and even blockchain technology itself can be confusing and difficult for non-technical users to understand. This brings its challenges for those who are not familiar with the technology to participate.
This is a biggie and has been the heart of many debates over the past 5 years and that is regulation: The regulatory landscape for Bitcoin and all digital assets as well as digital asset exchanges is constantly evolving, leading to uncertainty and potential legal risks. Governments and financial institutions are still grappling with how to regulate the technology, leading to a lack of clarity and stability in the market.
Lastly lets touch on the security concerns, these concerns do not revolve around hacking because that is virtually impossible but it does revolve around the true finality of a transaction. The decentralization of Bitcoin means that there is no central authority to protect user funds in the event of a sending the digital asset in error or even losing a private key, there is no one at the helm that can help you with that. Exchanges however hold your digital assets so there is someone to ask question of but as we have seen the trust factor is also a question because if you don’t have your keys then in the world of crypto they are not your digital assets. Certain banks are offering custody services where they guarantee the safety of your digital assets. Again the issue comes to play that once you give your private key away then someone else is the guardian of those digital assets. We have seen time and time how that can be a disaster for holders of digital assets, case in point FTX and that debacle.
Decentralized exchanges are great alternatives because a holder never relinquishes ownership of their digital assets, Uniswap is a good example for the Ethereum ecosystem and HootDex is a good example for the Pecu Novus Network, they do not become custodians of digital assets, they simply provide automated market maker systems and other tools for individual and institutional owners of digital assets to trade freely and securely. There are other exchanges such as Binance that are evolving into this realm but centralized exchanges need to be centralized in order to provide the liquidity to their users, they provided margin and lending facilities as well, so it becomes a matter of choice.
In the end digital assets such as Bitcoin offer many potential benefits, including decentralized payment systems, ecosystems, borderless transactions, a store of value, financial privacy, and fast and low-cost transactions. It’s a young economy that is growing and evolving, they are drawbacks, including volatility, lack of widespread adoption, complexity, regulatory uncertainty, and security concerns. As the technology continues to evolve then mass adoption will follow and this could happen sooner than we think.
We hope that this article provided readers with some insight if they were looking for that insight on digital assets and Bitcoin in general.
Source Jan 30, 2023
Synthetic Digital Oil Assets Promote Inclusion and Increases Global Investor Exposure to Oil Markets
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Synthetic Digital Oil Assets Promote Inclusion and Increases Global Investor Exposure to Oil Markets
Synthetic digital oil assets, such as those represented by tokens on a blockchain, can offer a number of benefits over traditional forms of oil investment. These benefits include:
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Increased accessibility: Synthetic digital oil assets can be bought and sold by anyone with an internet connection, making it easier for individuals and institutions to invest in the oil markets. This can promote global inclusion by giving investors in developing countries access to the oil markets, which may not have been possible before.
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Greater liquidity: Digital assets can be bought and sold more easily and quickly than physical oil, which can be difficult to transport and store. This can make it easier for investors to trade in and out of positions in the oil markets, providing them with more flexibility to take advantage of market movements.
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Enhanced transparency: Synthetic digital oil assets can be tracked on a blockchain, providing a tamper-proof record of ownership and transaction history. This can give investors more visibility into the oil markets and help to reduce the risk of fraud.
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Lower costs: Digital oil assets typically have lower transaction costs than physical oil, as they can be bought and sold without the need for intermediaries or storage fees. This can make it more affordable for investors to access the oil markets.
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Potential for higher returns: Digital oil assets can potentially offer higher returns than physical oil, as they can be traded on a variety of platforms and markets.
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Easy to store and secure : digital oil assets can be stored in a digital wallet and can be secured with a private key.