PLSampTY Puts Music On Blockchain To Be Bought With Cryptos

PLS&TY Puts Music On Blockchain To Be Bought With Cryptos

By RTTNews Staff Writer | Published: 8/27/2020 10:21 AM ET

Tommy Leasbetter, better known as PLS&TY, has teamed up with Ethereum-based art and culture platform Foundation to put his vinyls on blockchain to be bought by fans using cryptocurrency. PLS&TY is claimed to be the first musician to do this.

Foundation serves as a crypto-powered stock exchange for limited-edition art and culture. It allows the market's natural supply and demand to dictate the price of the creations sold on the platform. This dynamic pricing model lets artists benefit directly from the hype that surrounds their work.

PLS&TY, a DJ and producer of electronic dance music, is selling 30 of his brand new "Very Special" limited edition signed EP on vinyl. The EP was released digitally in April and features four tracks, including collaborations from Sean Kingston, Alex Aiono, Wifisfuneral, to name a few.

The platform has created a unique digital token called $PECIAL to represent each EP vinyl. The customer can buy and trade this token representing the 30 glow-in-the-dark records. Foundation uses the cryptocurrency Dai to enable trading.

At the time of writing, 16 out of these 30 EP vinyl are available, with the PLS&TY "Very Special" EP Vinyl trading at $72.80.

As more collectors buy each piece, the corresponding token rises in value. As a piece's value fluctuates, buyers can cash in by selling tokens back to the market. Artists earn a cut each time their tokens are bought and sold, allowing them to capitalize on the hype they create.

PLS&TY can enable trading for as long as he wants, but once vinyl is ready to ship, the tokens will be redeemable to receive the physical vinyl anywhere in the world. Alternatively, the token holders can continue to keep the digital value of the token or trade it in the Foundation market.

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Starbucks Offers Customers Blockchain-powered Traceability For Coffee Provenance

Starbucks Offers Customers Blockchain-powered Traceability For Coffee Provenance

By RTTNews Staff Writer | Published: 8/26/2020 10:23 AM ET

Starbucks is now offering millions of its customers a blockchain-powered traceability tool to track the journey of their favorite roasted coffee from the farm to the cup.

The new traceability tool is developed in partnership with Microsoft and is powered by its Azure Blockchain service. The coffee chain began its partnership with Microsoft in May 2019 to allow supply chain participants to trace both the movement of their coffee and its transformation from bean to final bag.

The coffee chain's new tool transforms each bag of coffee beans into a digital passport. Consumers can get information on the supply chain and production by scanning the QR code on the bag of coffee using a smartphone.

On QR code scanning, the customer gets information about which bean is used, where it was grown, processed and exported, the location and when it was roasted and the ports they were shipped to and beyond.

It also provides a virtual expedition of the coffee bean from farmers, roasters and baristas from the coffee-growing regions around the world.

The Starbucks Digital Traceability tool works using a mobile device or laptop by going to taceability.starbucks.com and scanning or entering the number on the back of any bag of whole bean coffee at Starbucks stores in the U.S. to unlock the stories behind it.

There are more than 70 coffee-producing countries around the world, and Starbucks buys coffee from more than 30 of them.

In May 2019, Microsoft released a new Azure Blockchain Development Kit for the Ethereum blockchain, and signed a blockchain partnership with Starbucks.

Last month, food products maker J.M. Smucker said it will use blockchain-powered IBM Food Trust platform to provide traceability to coffee lovers for their 100% Colombian Coffee brand 1850 on product checks and region of origin.

In April this year, Swiss food major Nestlé extended the use of IBM Blockchain to apply blockchain technology to track Zoégas coffee brand to similarly provide coffee lovers greater transparency.

The use of blockchain for food provenance is expected to help reduce food fraud, including mislabeled, diluted or substituted foodstuffs.

A recent IBM Institute for Business Value study found that 73 percent of consumers will pay a premium for full transparency into the products they buy.

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Ethereum’s Correlation With Bitcoin Starts to Increase Once Again

Ethereum’s Correlation With Bitcoin Starts to Increase Once Again

John P. Njui   •   BITCOIN (BTC) NEWS   •   AUGUST 26, 2020

Quick take:

  • Ethereum’s correlation with Bitcoin has started to increase once again.
  • In late June and July, ETH looked set to break away from Bitcoin’s influence due to the DeFi boom and investors anticipating ETH 2.0.
  • With a return of the correlation between Ethereum and Bitcoin, a drop by BTC could see ETH retest $365.

Ethereum’s 30-day correlation with Bitcoin has seen a steady increment in the final days of the month of August. This observation was highlighted by the team at Unfolded via the following tweet.

This observation is further confirmed by visiting the ETH/BTC correlation chart courtesy of Coinmetrics. The latter platform only goes as low as the 90-day correlation but the increment can still be visible via a small change in gradient of the chart to an upward trajectory.


(Click image for larger view)

What this Means For Ethereum

The months of June, July and August were eventful for Ethereum due to the DeFi boom. Furthermore, Ethereum investors and traders were optimistic that ETH 2.0 would be launched by the end of July. These two events coupled with a generally bullish crypto market environment had led to a drop in Ethereum’s correlation with Bitcoin. This fact can be observed from the chart shared above.

Therefore, an increment in the correlation between Ethereum and Bitcoin means that it is business as usual in the sense that where BTC goes, ETH will follow.

Further checking the charts, yesterday saw a return of Bitcoin’s volatility albeit earlier than anticipated. Many crypto traders had assumed that Bitcoin’s volatility will return a few hours to the expiry of 62,000 BTC options on Friday, August 25th. However, the King of Crypto pulled a fast one on traders and dipped to as low as $11,100 three days earlier. BTC has since bounced back to $11,400 levels.

The downward move by BTC also affected Ethereum’s price which fell to as low as $369. This value is not too far off the previously identified support of $365. This in turn means that any additional drop by Bitcoin will mean that ETH will most likely retest this area or even lose it in the days to follow.

As with all analyses of Ethereum, traders and investors are advised to use adequate stop losses and low leverage when trading ETH on the various derivatives platforms.

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IRS Intends To Ask Every American Tax Filer About Crypto Transactions In 2020

IRS Intends To Ask Every American Tax Filer About Crypto Transactions In 2020

By RTTNews Staff Writer | Published: Published: 8/24/2020 10:19 AM ET

The U.S. Internal Revenue Service (IRS) intends to ask every American tax filer about their cryptocurrency transactions and investments in 2020 filing. This was revealed in a draft Form 1040 released by the IRS for U.S. individuals to file their income tax return for 2020.

After asking for personal details, the draft form asks, "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"

This is the latest move by the tax regulator to show its seriousness on taxing cryptocurrency transactions and investments. The form and instructions are only a draft, which are generally subject to approval by The Office of Management and Budget (OMB) before they can be officially released.

The IRS continues to warn taxpayers, who do not properly report virtual currency transactions, that they will be liable for tax, penalties and interest and in some cases they could be subject to criminal prosecution.

The IRS treats virtual currency as a commodity or property, and not as real currency, for federal tax purposes. Therefore, virtual currencies are also subject to capital gains laws.

The current guidance for taxpayers is to file each and every transaction executed using a cryptocurrency. The IRS has also increased enforcement activities against taxpayers who "misreport" their cryptocurrency transactions.

Last year, the IRS had sent out multiple compliance letters to investors of virtual currencies such as Bitcoin, whose tax return information did not match data reported to the IRS by third parties such as employers and banks.

Earlier in July 2019, the IRS had sent letters to crypto investors advising them to report and pay income taxes or file amended returns for transaction not reported properly. These were "educational letters" to more than 10,000 taxpayers to encourage them to make the filing or amend their filing.

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ChainLink LINK Launches Hackathon with 40k in Prizes

ChainLink (LINK) Launches Hackathon with $40k in Prizes

John P. Njui   •   CHAINLINK (LINK) NEWS   •   AUGUST 25, 2020

In summary:

  • The team at ChainLink has launched a virtual hackathon.
  • It will happen between September 7th and the 27th this year.
  • Developers are invited to build smart contract applications in DeFi, NFT, Gaming and more
  • Over $40k in prizes is up for grabs.

The team at ChainLink (LINK) has announced the launch of a virtual hackathon geared towards building smart contracts in DeFi, NFT (Nonfungible Tokens), Gaming and more. The event will happen between the 7th and 27th of September and developers are invited to build next-generation smart contracts to connect the world.

Below is the tweet by ChainLink making the initial announcement.

Over $40k in ChainLink Prizes

The team further provided the following distribution of prizes for participants of the virtual ChainLink hackathon.

  • $4,000 in LINK for the Top DeFi project
  • $4,000 in LINK for the top Gaming/VRF project
  • $4,000 in LINK for the top ‘Anything Goes’ project
  • $500 in LINK for each of the 10 runners-up
  • Over $20,000 in additional prizes from Aave and other sponsors

Where to Register for the ChainLink Virtual Hackathon

Interested developers are requested to register for the ChainLink hackathon using this online form.

Other ChainLink News

In the past few days, there have been a few notable ChainLink developments that might have gone unnoticed.

To begin with, on the 23rd of August, the ChainLink team announced that investors can now track the price of Silver in their DApps using ChainLink’s live XAG/USD price feed. The price feed is being utilized by Synthetix which plans on bringing commodities derivatives to DeFi.

Secondly, the crypto exchange of Bitfinex listed ChainLink on the 21st of August. Additionally, margin trading of LINK on the platform was enabled earlier today together with that of Polkadot (DOT). Bitfinex traders can trade both assets using a maximum of 3.3x in leverage and an initial equity of 30% and a maintenance margin of 15%.

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11600 amp 11200 Two Bitcoin BTC Support Levels to Watch in Aug

$11,600 & $11,200, Two Bitcoin (BTC) Support Levels to Watch in Aug.

John P. Njui   •   BITCOIN (BTC) NEWS   •   AUGUST 22, 2020

In summary:

  • There is only one week left in the month of August.
  • $11,600 and $11,200 are two support levels to watch for the remainder of the month.
  • A monthly close above any of these two levels could mean a continuation of Bitcoin’s bullish narrative.

It is Saturday once again and the daily Bitcoin trade volume has gone contrary to the popular observation of decreasing during the weekend. According to Coinmarketcap.com, Friday’s 24-hour trade volume was approximately $20 Billion. The same Bitcoin trade volume currently stands at $24 Billion thus indicating a positive anomaly in the sense that BTC could benefit from the increased trading activity.

$11,600 & $11,200, Two Bitcoin (BTC) Support Levels to Watch in Aug.

With respect to the price of Bitcoin, there is approximately one week left in the month of August and a monthly close above either $11,600 and $11,200 would be bullish for BTC. To note is that December 2017 was the last time Bitcoin opened and closed a month above both price levels. However, back then, the weekly indicators pointed towards a correction that would start in January 2018.

Checking the weekly BTC/USDT chart once again, it can be revealed that Bitcoin still has some bullish momentum and a monthly close above either $11,200 or $11,600 would help maintain Bitcoin’s bullish momentum.


(Click image for larger view)

Also from the weekly BTC/USDT chart above, the following can be observed.

  • Trade volume is still in the green for a 7th straight week beginning in July.
  • The weekly MACD is yet to show signs of exhaustion.
  • However, the weekly MFI is hinting towards an overbought scenario with a possibility for sideways or a minor retracement for Bitcoin in the month of September.

It’s Q4 2016 all Over Again for Bitcoin

In an early August tweet, Bitcoin analyst Willy Woo had pointed out that the Bitcoin bull market began in April 2019 and that we are currently in a situation similar to the fourth quarter of 2016. Below is his tweet analyzing Bitcoin.

Bitcoin Still Has More Room to Grow

Going by Mr. Woo’s analysis and the weekly chart shared above, it can be loosely concluded that Bitcoin still has room to grow in the markets. Given that the last bull cycle peaked in December 2017, it can be concluded that there are at least another 12 months of positive BTC market action in store for crypto traders and investors.

As with all Bitcoin analyses, BTC traders and investors are requested to have an eye out for any major world events that could skew the price of Bitcoin. Given that we are in the midst of a Global Pandemic, a major increment in COVID19 cases would slow down Bitcoin’s bullish climb or even cause a crash like in mid-March.

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Attorney Four Others Charged With Running Global Cryptocurrency Ponzi Scheme

Attorney, Four Others Charged With Running Global Cryptocurrency Ponzi Scheme

By RTTNews Staff Writer | Published: 8/20/2020 10:27 AM ET

An attorney in California and four others were charged with fraud and money laundering for running a global Global Cryptocurrency Ponzi Scheme, according to a statement by the U.S. Department of Justice (DoJ).

Scott Hughes and Pablo Renato Rodriguez of California, Gutemberg Dos Santos of Panama, Cecilia Millan of North Carolina, and Jackie Aguilar of Texas, were charged in the Southern District of New York for defrauding victims of tens of millions of dollars. These included victims in the Southern District of New York.

The defendants were allegedly running a global multimillion-dollar cryptocurrency investment fraud and money laundering ring that defrauded individuals through investments in AirBit Club, a purported cryptocurrency mining and trading company.

The defendants promised extraordinary rates of guaranteed return on phantom investments in cryptocurrencies. They also allegedly spend their victim's money on luxury cars, jewelry, and homes. They laundered at least $20 million in proceeds of the Scheme through various methods.

The alleged fraudsters conducted enticing recruitment events, and then used proceeds of their scheme to recruit additional victim investors through even more aggressive and lavish marketing pitches. These events were hosted across the U.S., and around the world in Latin America, Asia, and Eastern Europe.

According to the charges, the defendants allegedly marketed AirBit Club as a multilevel marketing club in the cryptocurrency industry from late 2015. They falsely promised Victims that AirBit Club earned returns on crypto-mining and trading, which will enable the Victims to earn passive, guaranteed daily returns on any membership purchased.

While Victims saw "profits" accumulate on their Online Portal, those representations were false and no Bitcoin mining or trading on behalf of Victims in fact took place. Victims who attempted to withdraw money from the AirBit Club Online Portal were met with excuses, delays, and hidden fees amounting to more than half of the Victim's requested withdrawal, if at all they were able to make any withdrawal.

They were also forced to "bring new blood" into the AirBit Club Scheme in order to receive her returns. Some victims also saw their accounts closed and principal investment lost by quoting some policy under the terms and conditions they signed.

According to the DoJ, wire fraud conspiracy and money laundering conspiracy charges each carry a maximum term of 20 years in prison, and the bank fraud conspiracy charge carries a maximum term of 30 years in prison.

The charges contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty, the DoJ said.

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Top 5 DeFi Projects for 2020

Top 5 DeFi Projects for 2020

John P. Njui   •   ETHEREUM (ETH) NEWS   •   AUGUST 21, 2020

Quick summary:

  • 2020 will go down in crypto history as being the year of DeFi.
  • Several DeFi projects have made the headlines due to their popularity amongst Yield Farmers.
  • They include Compound, Yearn, Yam, Curve and Just, just to name a few.
  • With new DeFi projects being launched every day, the future of DeFi solely rests on the ability to keep these projects attractive to Yield Farmers.

After the Coronavirus crash of mid-March, the crypto-verse entered a state of limbo despite the Bitcoin halving being only a few weeks away. The latter event had been projected as being a catalyst for a crypto-wide bull run that would reignite retail and institutional interest in the digital asset industry.

What many investors had not realized, was that a bigger catalyst for a crypto-wide bull run was in the making. This catalyst was DeFi.

In the second and third quarters of 2020, several DeFi projects have risen to prominence as shall be elaborated.

Compound Finance (COMP)

Compound Finance (COMP) was one of the first projects to shift investor focus away from Bitcoin due to the handsome investor earnings through Yield Farming. By lending out digital assets through Compound’s liquidity pool, investors instantly start earning continuous compound interest.

Furthermore, in June, the COMP token was listed on Poloniex thus causing a spectacular increment in value from $55 to $385 (600% in returns). COMP was then listed on both Coinbase and Binance soon after.

It is with the latter fact of COMP being listed on prominent exchanges such as Coinbase, Binance and Poloniex, that solidifies Compound Finance’s presence in the DeFi arena for 2020.

Furthermore, according to DeFiPulse.com and at the time of writing, $801 Million in digital assets is currently locked in Compound finance thus providing more proof that investors are confident about its future.

Yearn Finance (YFI)

With a circulating supply of 29,961 YFI, Yearn finance has taken the crypto-verse by storm. Due to demand, the value of the token has managed to skyrocket past Bitcoin’s current value of around $12k. At the time of writing, YFI is trading at $14,500 and after hitting an all-time high value of $16,700.

The success of the YFI token is one reason that Yearn Finance is a top DeFi project for 2020. Over $750 Million in total value is locked in the DeFi project. YFI has been listed on major exchanges such as Binance and Bibox thus providing legitimacy for the project.

Additionally, Yearn’s decentralized ecosystem aggregates lending services such as Aave, Compound, DyDx and Fulcrum to optimize token lending. Depositing funds into Yearn means that they are rebalanced to choose the most profitable lending service.

Yam Finance (YAM)

The story of Yam Finance (YAM) has a few similarities with DogeCoin’s in the sense that the project was launched as an experiment. The creators of Yam Finance even warned investors that its code was yet to be audited but by the time YAM experienced its first hiccup, over $477 Million was already locked on the DeFi platform.

The fact that its creators have learned from their mistakes and started the process of migrating to YAMv2, proves that it is a top project for 2020. Its migration contract has been audited by PeckShield and YAM finance looks set to have another go at the DeFi arena.

Curve Finance (CRV)

Like Compound, Curve Finance (CRV) rose to prominence in the third quarter of 2020. At the time of writing, approximately $1 Billion in assets is locked in the platform. Launched in January of 2020, Curve allows its users to trade between stablecoins with minimal slippage and low fees.

Its liquidity pools are provided by Compound and Yearn Finance thus providing the necessary volume to allow for efficient swapping of assets on Curve. With the Ethereum network being a beehive of activity leading to high gas fees, Curve provides the perfect solution for those looking for a safe and cheap option to convert between stablecoins.

Curve Finance can be considered as the UniSwap for stablecoins. Currently, the fee on all pools stands at 0.004% and there is no admin fee thus providing incentives for crypto traders to prefer Curve Finance.

Just (JST)

All the above popular DeFi platforms are built on the Ethereum network and the Just (JST) DeFi project breaks away from this pattern for it is built on the Tron (TRX) network.

The latter protocol is the reason Just (JST) is a DeFi project to consider this year. The Tron network is extremely fast when compared to Ethereum at its current state. Furthermore, transactions on the Tron network cost next to nothing thus catching the attention of DeFi investors who are looking for lower fees and faster speeds.

Key to the future of Just (JST) is the JustSwap decentralized platform that allows for the seamless exchange of TRC20 tokens in a manner similar to Ethereum’s UniSwap.

All the developments surrounding the Just (JST) ecosystem are through the efforts of Justin Sun and the Tron Foundation. Mr. Sun is known for his unrelenting work ethic and he has decided to go all-in on DeFi as explained in his most recent letter to the Tron community.

TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph. I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.

Conclusion

Summing it up, 2020 will go down in crypto history as being the year of DeFi. During the second and third quarter of 2020, several DeFi projects have risen to prominence due to their ability to attract Yield Farmers and the vision of their creators.

The five projects of Compound, Yearn, Yam, Curve and Just stand out from the rest but as time goes by, new DeFi projects will be launched that will enhance these protocols as was seen with the ICO boom of 2017. In the weeks and months to follow, Yield Farmers will be spoilt for choice as they migrate their capital to the newest and most attractive DeFi platform.

As with all analyses of DeFi projects, traders and investors are advised to do their own research. Furthermore, chasing the newest DeFi project poses a significant financial risk as seen with the initial collapse of Yam Finance due to a bug.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Bitcoin Price Set To Explode Once It Breaks 13000: Prop Trader

Bitcoin Price Set To Explode Once It Breaks $13,000: Prop Trader

By Brenda Ngari – August 20, 2020

Bitcoin recently breached the $12,000 checkpoint after weeks of consolidating gains. This was a psychological milestone that BTC has been battling for a long time as it has always rejected the crucial mark. 

So, what’s next for the bitcoin market? A prop trader believes the asset breaking through $13,000 would act as a launchpad for further highs.

Why BTC Will Explode Upon Breaching $13K

Bitcoin opened this week with strong momentum as it raced past $12K. The world’s largest cryptocurrency had been trading in a tight range between $11,200 and $12,000 for around two weeks.

Well, BTC cleared the $12K level, rocketing past $12,400 for the very first time in over a year. And for some observers, the cryptocurrency could moonshot if it can take out $13,000. In an August 17 tweet, trader Julien observed that the BTC futures spreads suggest the cryptocurrency will continue trending upwards.

To be specific, the trader noted that the bitcoin futures contracts set to expire in March next year are trading 6% above bitcoin’s spot price. “If #BTC breaches 13k+ this thing is going to explode,” the trader posited.

Bitcoin’s Upsurge Is A Picture Perfect Advance So Far

The famed inventor of the Bollinger Bands that are used to measure bitcoin’s volatility, John Bollinger, has asserted that bitcoin’s recent surge was a picture-perfect advance.

The technical analyst further stated that Bitcoin’s move above $12,000 was well within the Bollinger Bands:

“I imagine that someone is complaining about the $BTCUSD rally. Not me, a picture-perfect advance so far.

Squeeze, confirmed break out, walk up the upper band, consol, support at middle band, mini-Squeeze, break to new highs. How much more could one ask for?!”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

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SpaceChain Executes First Multisignature BTC Transaction In Space

SpaceChain Executes First Multisignature BTC Transaction In Space

By RTTNews Staff Writer | Published: 8/19/2020 10:26 AM ET

U.K.-based SpaceChain successfully executed the first multi-signature blockchain transaction in space through a powerful onboard GomSpace computer hardware installed on the International Space Station (ISS).

SpaceChain co-founder and CTO Jeff Garzik performed the Bitcoin transaction that was validated through the ISS via the SpaceChain electrum wallet, with a transaction slip made available.

Upon initiating the multisignature transaction, the encrypted data was transmitted securely through a ground station to the ISS, which holds a private key to verify and approve the transaction.

This is part of SpaceChain's vision of creating a decentralized orbital constellation for fintech applications and business transactions as well as the European Space Agency (ESA) Kick-start Activity program.

"Executing the multisignature transaction in space encapsulates our continuous efforts in building out an open-source blockchain-based satellite network that is secure and immutable," said Garzik.

SpaceChain's blockchain hardware embedded with the multisignature wallet technology was installed on the ISS in late June. The hardware was housed in Nanoracks' commercial platform on the ISS, which allows to send data and command files from the ground station to the ISS hardware, and vice versa.

The hardware was launched into space aboard SpaceX Falcon 9 from the Kennedy Space Center in early December 2019.

Earlier, the SpaceChain had successfully tested its second blockchain node in space in January 2019, which was launched into orbit in October 2018 by a CZ-4B Y34 rocket from Taiyuan Satellite Launch Centre, Xinzhou, China.

The first blockchain node that SpaceChain launched into orbit was in February 2018, again from China, that was equipped with a Raspberry Pi hardware board and blockchain software.

Founded in 2017, SpaceChain is a community-based space platform that combines space and blockchain technologies to build the world's first open-source blockchain-based satellite network, allowing users to develop and run applications in space by adopting space-as-a-service.

SpaceChain's open-source operating system (SpaceChain OS) provides the main blockchain application sandbox for developers to utilize for rapid and secure development, testing and deployment of space-based applications.

Blockchain is the next major disruptor in space. SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy.

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