For NFT collectors and creators, this past year marked noticeable changes within the market. From utility to community building, here are just a few trends that will push the space forward in 2023. Source
Bitcoin’s hashrate has jumped from the low 170 exahash per second (EH/s) recorded this week, to above the 300 exahash range after a number of bitcoin mining operations from Texas temporarily went offline on Dec. 25, 2022. Furthermore, three-day hashrate distribution statistics recorded on Dec. 29, 2022 indicate that two mining pools command more than 50% of the global hashrate. 2 Mining Entities Currently Produce More Than 50% of the Global Hashrate, Bitcoin Mining Difficulty Expected to Decline Significantly in 5 Days The computational processing power behind the Bitcoin (BTC)…
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On Dec 29, the state-owned China Academy for Information and Communications Technology, or CAICT, published a document titled “2022 Blockchain Whitepaper.” According to the paper, more than 1,400 blockchain firms are currently based in Mainland China. Together with the U.S., the two countries represent a 52% market share in terms of global blockchain enterprises. The CAICT also disclosed that around 48 post-secondary institutions across China have introduced “blockchain engineering” related degrees and certifications. In the report, the institution detailed four types of blockchain technologies with high application potential. First, “settlement…
The Chinese government designed the e-CNY as a digital payment instrument that can serve as a substitute for the fiat yuan in regular day-to-day activities. Xie Ping, the former Director General of Research at the People’s Bank of China (PBoC) has expressed dissatisfaction about the progress made thus far by the country’s Central Bank Digital Currency (CBDC) dubbed e-CNY or Digital Renminbi. According to a report by a local news channel, Caixin, Ping faults the distribution of the e-CNY which he said is limited to just a few billion dollars.…
Solana has been on a depressing downtrend ever since the FTX crypto exchange imploded. The asset has already lost a massive chunk of its all-time high value but the onslaught looks to be far from over. In the last seven days, the losses for the digital asset have ramped up, dragging its price down into single-digit territory. Solana Posts More Than 20% Losses According to crypto data aggregator Coinmarketcap, the price of Solana is down more than 20% in the last 7 days alone. These losses align with the general…
Ari Redbord, currently TRM Labs head of legal and government affairs, says cracking down on hacks in crypto will require hardening cyber defenses. Source
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A marketplace for digital assets is soon going to open in China under a public-private partnership, local media revealed. According to the report, the goal is to establish a regulated trading platform for digital collectibles as part of government efforts to curb market speculation with such assets. National Marketplace to Support Trading of Digital Collectibles and Copyrights in China Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs) and other digital assets, local media announced. The initiative is a joint project between government…
Recognized as one of the most turbulent years for the cryptocurrency and blockchain industry, 2022 has still been vigorous for the metaverse. With over $120 billion invested in the first half of the year alone — according to a McKinsey report — the industry is anything but broken. Some of the most significant partnerships to date were sealed throughout 2022, with even a few unexpected institutions — JP Morgan, for instance — embracing the Web3 revolution despite their proverbial distaste for the decentralization concept. Here’s what you need to know…