Seeds of Wisdom RV and Economic Updates Thursday Evening 9-12-24
Good Evening Dinar Recaps,
IOTA NEWS: DON’T MISS OUT – IOTA’S EUROPEAN BLOCKCHAIN PCP SUCCESS SIGNALS BULLISH Q4
▪️IOTA completed the final phase of the European Blockchain PCP as one of the three finalists, setting the network up for a defining fourth quarter of 2024.
▪️The network has been pushing to make a mark in DeFi, where TVL hit $5 million this month, with a prospective integration with Uniswap’s DeFi network a potentiaal gamechanger.
It’s been a great year for IOTA. In the recent months, it has completed its final phase of the European Blockchain Pre-Commercial Procurement pilot while its DeFi TVL hit a new record this month, setting it up for a bullish fourth quarter of the year.
As we reported, IOTA was one of three companies selected from an initial pool of over 30 applicants to showcase its blockchain capabilities in the European Union. The European Blockchain PCP project was funded by the European Commission, with the other two finalists being Chromaway and Billon, a relational blockchain and asset tokenisation platform respectively.
IOTA deployed three products under the trial; the first targeted intellectual property rights management, giving ownership to content creators through smart contracts. The other two focused on digital product passports, catering to the electronics and plastics industries respectively.
The European Commission intends to integrate the successful applications from the PCP into the European Blockchain Services Infrastructure, a public sector blockchain infrastructure for the EU that the Commission launched six years ago. This level of exposure will certainly bear dividends for IOTA—the EU has over 400 million people, with three of its members among the ten largest economies globally.
DeFi, RWA Tokenisation, Uniswap—A Great Quarter for IOTA Ahead
Beyond the European Commission trial, the IOTA ecosystem continues to grow internally. As we reported, the total value locked (TVL) on the IOTA EVM hit $5 million earlier this month, and it now stands at $5.41 million, according to data from DeFiLlama.
Lending protocol Deepr Finance leads the pack with $2.3 million in TVL, which has shot up 16% in the past week. MagicSea, a native decentralised exchange, is second with $1.24 million. This is still way below its record high of $5.71 million in February this year, proving that the IOTA DeFi ecosystem still has levels to go.
This explosion in IOTA DeFi could come from an integration into Uniswap’s ecosystem. As we reported, senior figures of the IOTA team have expressed interest in joining this ecosystem, which they believe could help to build “a more inclusive and efficient DeFi ecosystem.” The Uniswap ecosystem currently serves uses on Avalanche, Polygon, Arbitrum, Binance Smart Chain and Base among a few other chains.
Meanwhile, IOTA trades at $0.1258, dipping 2% in the past day, although it has gained nearly 5% on the weekly chart. Its market cap stands at $430 million.
@ Newshounds News™
Source: Crypto News Flash
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TRUMP PLANS TO LAUNCH HIS SONS' CRYPTO BUSINESS ON MONDAY, 50 DAYS BEFORE ELECTION DAY
WASHINGTON (AP) — Former President Donald Trump plans to deliver remarks next Monday about cryptocurrency and the launch of the company World Liberty Financial, a crypto platform controlled by the Republican nominee's sons Donald Jr. and Eric.
His speech will come 50 days before Election Day, an extraordinary use of dwindling campaign time to promote a personal business. The Republican former president has long mixed his political and business interests and marketed sneakers, photo books and Trump-branded Bibles during his 2024 campaign.
“We're embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in a video posted Thursday to X, the social media site that will also host his address on the subject at 8 p.m. EDT on Monday from his Mar-a-Lago home.
As part of his presidential campaign, Trump has pledged to turn the United States into the “crypto capital of the planet,” raising red flags that he could use the federal government to help support a business tied to his family.
Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system. The trading often depends on online marketplaces that charge fees for transactions, so that the cryptocurrencies can be exchanged for U.S. dollars and other currencies.
Trump opposed crypto during his presidency, but he has since warmed to the sector. He has suggested the government create a strategic reserve of Bitcoin and has vowed to block the creation of a Federal Reserve-administered Central Bank Digital Currency, a digital form of central bank money that would be available to the public.
@ Newshounds News™
Source: Finance Yahoo
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RIPPLE STANDS APART BY FOCUSING ON ENTERPRISE, NOT RETAIL XRP HOLDERS, EXPERT EXPLAINS
▪️ Jake Claver, CEO of Syndicately, highlighted Ripple’s strategy of targeting large-scale payment solutions for enterprises and governments, and not retail use.
▪️ Despite its focus on institutional finance, Ripple’s XRP Ledger has faced challenges in gaining traction in the decentralized finance (DeFi) sector.
Jake Claver, CEO of investment firm Syndicately, recently shared insights about Ripple’s business strategy, distinguishing it from other blockchain projects. He said that Ripple primarily focuses on large-scale payment solutions rather than retail adoption, like many blockchain projects.
Claver highlighted Ripple’s enterprise-driven approach in a post on X social media platform. He stated that “Ripple’s business model targets large-scale payment solutions for enterprises and governments.” For context, Ripple has long been recognized for its efforts to streamline cross-border payments, per the CNF report.
Hence, Claver’s statement underscores that the value proposition of XRP’s parent firm centers on providing solutions for financial institutions, central banks, and corporations. While retail investors can still hold XRP and use the XRP Ledger, Claver noted that Ripple’s “primary aim is to facilitate institutional-grade transactions and cross-border settlements with speed and efficiency.”
What Makes Ripple Different From Other Blockchains?
This positions Ripple apart from other blockchain ecosystems that rely heavily on individual retail adoption. Claver elaborated, “Ripple isn’t reliant on individual retail adoption like some other blockchain projects.” Instead, the company builds financial infrastructure supporting governments and large corporations. This approach places Ripple in a unique position within the blockchain space.
However, Ripple’s focus on enterprise solutions does not necessarily align with the broader decentralized finance (DeFi) and retail market. The XRP Ledger, once a promising project for decentralized finance, has struggled to gain traction in sectors such as DeFi and meme coins, as reported by Crypto News Flash.
Furthermore, Artur Kirjakulov, founder and CEO of XPMarket, highlighted the underwhelming performance of the XRP Ledger ecosystem. He noted that its market capitalization recently fell to a new low of just $80 million. According to Kirjakulov, this decline reflects the departure of developers and capital from the ecosystem.
RLUSD Launch & Legal Battles
Meanwhile, Ripple continues to make strides in institutional finance. Earlier this year, Ripple announced its RLUSD stablecoin, which entered beta testing in early August. According to Ripple’s Chief Technology Officer David Schwartz, the RLUSD stablecoin will “only ever be available” to institutional clients instead of retail participants, reported CNF.
Currently, the team is minting RLUSD on the XRP Ledger and Ethereum mainnet. Moreover, the blockchain firm aims to revolutionize blockchain payments via the launch of its stablecoin later this year.
Ripple also made headlines with its legal victory last year when a court’s summary judgment favored the company. Following that win, it was predicted that U.S.-based financial institutions would likely embrace XRP to conduct cross-border transactions.
However, court documents revealed that the firm may have shifted from using XRP to USDT for its On-Demand Liquidity (ODL) solution earlier this year. Nonetheless, the latest relief with XRP attaining legal clarity and a 94% reduction from the SEC’s $2 billion penalty has been a plus point for the firm.
@ Newshounds News™
Source: Crypto News Flash
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HEDERA NEWS: HIP-850 EMPOWERS NFT USERS WITH DYNAMIC FUNCTIONALITY FOR WEB3 USE CASES
▪️The Hedera team has introduced HIP-850, which will be implemented on the mainnet as part of the upcoming v0.53 upgrades.
▪️The upgrade allows supply keys to update NFT metadata as long as the token remains in the treasury account for more dynamic NFT data management.
Hedera has announced HIP-500, the latest upgrade that allows users to enjoy more dynamic management of NFT data, the latest development in one of the world’s most innovative blockchain networks.
HIP-500 will grant supply keys the ability to update NFT metadata which are held in a treasury account. In Hedera, supply keys are the keys that can change the total supply of a token by minting and burning the token. A treasury account, on the other hand, receives teh initial supply of any token and any additonally-minted tokens.
In an accompanying blog post, the Hedera team revealed that, essentially, HIP-500 gives the supply keys the ability to execute TokenUpdateNftsTransaction, which “updates the metadata property of non-fungible tokens (NFTs) on the Hedera network.”
The new proposal intends to enable more controlled and dynamic management of NFT data without compromising the token’s trust or integrity.
This proposal offers a solution for stakeholders seeking to evolve NFT functionality while maintaining the core principles of immutability once the NFT has been distributed.
HIP-850 Empowers NFT Users on Hedera
When minting an NFT on Hedera, a user can specify MetadataKey and/or an AdminKey. The two allow the user to alter the metadata after mining the token and at the NFT collection level. Additionally, the MetadataKey can also alter metadata at the NFT serial number level.
However, these keys can pose a challenge when the end owner of the NFT requires a guarantee that the token’s metadata can’t be altered post-distribution. HIP-500 introduces a SupplyKey that can alter metadata at a more advanced level, empowering the users.
The team notes:
By enabling the Supply Key to modify NFT metadata within the treasury account, this HIP provides a solution to these limitations. This approach introduces flexibility while maintaining data integrity post-distribution; it ensures that once an NFT leaves the treasury account, its metadata is immutable, preserving the integrity of the asset once it is distributed to the end-user.
HIP-500 isn’t just a technical achievement—it has practical applications. For instance, think about an NFT for an event ticket: initially, the NFTs are minted with minimal details as they haven’t been purchased. However, once an attendee purchases the NFT ticket, they need it to be altered so that their details, such as name and phone number, can be included.
In gaming, an in-game item, such as a gun or sword in an action game, can be minted with basic attributes. However, as the player advances in the game or purchases more attributes, the NFT can be altered to change its metadata with the SupplyKey.
HBAR trades at $0.05084, gaining 3.85% in the past day for a $1.879 billion market cap.
@ Newshounds News™
Source: Crypto News Flash
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