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Crypto Conference Defies COVID-19 Lockdown by Hosting in Virtual Realm

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The COVID-19 crisis may have put a stop to millions of sports events, work conferences and meet-ups across the world, but it has not halted those in the cryptocurrency space. The Coinfest Conference, which runs until April 4, has found a way to defy the coronavirus lockdown by setting up shop in the digital blockchain realm of Decentraland. The first day of the virtual conference kicked off on March 30th, beginning with a round of games that offered users the chance to win MANA tokens — one of Decentraland’s native currencies. Nearby museums and art galleries (seen below) offer visitors the

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BitMEX Research Unveils Who Funds Bitcoin Network Development

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The research arm of cryptocurrency exchange, BitMEX, shed some light on who is funding the development of the open source software behind Bitcoin (BTC). According to a BitMEX Research report published on March 28, blockchain firms Blockstream and Lightning Labs are the largest contributors to Bitcoin development. On the other hand, Bitcoin research firm, Chaincode Labs, is the largest financial supporter of Bitcoin Core software development. The researchers note: “We conclude that the situation is more healthy than it has been in the past, with respect to the availability of finance, transparency, and the degree of distribution among financial backers.” BitMEX researchers used

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DeFi Cannibalizes Ethereum Block Space

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Data published by Ganesh Swami, the co-founder of Ethereum (ETH) analysis firm, Covalent, indicates that decentralized finance, or DeFi, transactions are representing an increasing share of Ethereum block space at the expense of ETH transfers. Swami analyzed the gas costs incurred by Ethereum transactions over time in order to estimate the share of network activity represented by ETH transfers, simple ERC-20 transactions, and the complex interactions with smart contracts usually associated withDeFI protocols — as each transactional category incurring progressively larger gas fees. DeFi transactions ‘cannibalize’ Ethereum block space Swami identifies what “seems to be a natural ceiling to the total gas

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Binance Removes FTX Tokens Citing Confusion

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Major crypto exchange, Binance, has decided to remove leveraged FTX tokens from its exchange, explaining that customers don’t understand the product. “Due to lack of understanding of how leveraged tokens work by many of our users, Binance has decided to delist all existing FTX leveraged tokens and corresponding trading pairs,” the exchange announced on March 28. Binance will shut off deposits and withdrawals for the assets on March 31 at 8 a.m. UTC, with a stoppage in trading at 10 a.m. on the same day. Binance only recently listed the FTX assets On March 11, Binance announced its listing of two FTX leveraged ERC20

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Madrid Team Builds Iota-Based Decentralized Information Platform to Combat Coronavirus

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A team based in Madrid, one of the epicenters of the coronavirus pandemic, has released an Iota Tango platform that helps combat the coronavirus. AidSquad GeoDB is a decentralized peer-to-peer big data sharing ecosystem which returns value to its creators, the users. Luis Gelado, GeoDB CEO and founder shared his rationale for creating AidSquad: “Having stayed home for a few weeks, one weekend, I felt a little bored, so I started thinking: we have to do something. We have a chance to develop something for a concrete problem, give back to society”. Source: GeoDB A user inputs his Personal Health Record (PHR) — age, gender,

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Bitcoin Ascends on Twitter While Major Altcoins Hit Multi-Year Lows

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Major altcoins have seen their Twitter presence greatly reduced in the wake of the recent cryptocurrency market crash. According to data from Bitinfocharts, major altcoins such as Ethereum, Litecoin, and XRP now find their Twitter mentions nearing two and even three-year lows. Meanwhile, Bitcoin’s Twitter presence doubled in the first three months of 2020, though its tweet count remains a long way off of its 2017 all-time high. XRP tweets hit 21 month low Earlier this week, on March 21st, tweets bearing the hashtag #XRP numbered 2,542. That’s a 60% drop since January 2020 alone, when XRP tweets ranged between 6,000

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Microsoft Files Patent For Crypto Mining System Using Body Activity Data

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Tech giant, Microsoft, is looking to develop a cryptocurrency system which enables individuals to mine cryptocurrency using their body activity data, eliminating the need for specialized mining machines. Microsoft published a patent dubbed “Cryptocurrency system using body activity data” on March 26. Their paperwork details a method of crypto mining which exploits data associated with a user’s body activity to exercise a new form of proof-of-work. The document further details: “For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain

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Physical Delivery of Bitcoin in Bakkt Futures Rises 44% in March

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Physical delivery of Bitcoin (BTC) for futures on the Intercontinental Exchange (ICE)’s Bakkt platform is going strong, despite a tumultuous month for the markets. Data from Arcane Research posted on March 26 reveals that, as of March 20, the number of traders opting to receive physical delivery of the cryptocurrency rose 44% on the month. Bakkt delivery of Bitcoin, Oct. 2019- March 2020. Source: @ArcaneResearch Physical vs. cash settlement Bakkt’s Bitcoin futures contracts — the first of their kind to be physically settled in Bitcoin — first went live in September 2019. At the time, many commentators stated that physically-delivered Bitcoin futures trading, which gives traders direct

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Bitcoin Hash Rate Drops Almost 45% Since 2020 Peak

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The Bitcoin (BTC) network hash rate has just taken a steep plummet and is now down almost 45% from its 2020 peak. The network’s hash rate sank from 136.2 quintillion hashes per second (EH/s) on March 1 to 7.5.7 EH/s today, March 26, according to data from Blockchain.com. Coin.dance — another analytics site for the coin’s blockchain — reveals a similar pattern, if less stark. The site reported a 2020 peak of roughly 150 EH/s on March 5, today down to 105.6 EH/s — a 29% decrease. Bitcoin network hash rate, April 19, 2019–March 27, 2020, Source: blockchain.com Hash rate and difficulty The hash rate

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Kraken Predicts Wealth Transfer will Cause BTC Rise to $350K by 2045

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Millennials and Generation Xers in the United States currently practicing sheltering in place and social distancing may find some solace that — in addition to saving lives — they may stand to inherit almost $70 trillion from Baby Boomers in the years to come. Kraken Intelligence, the in-house research team at the crypto exchange of the same name, released a new report entitled “Inheriting USDs & Acquiring BTCs: How ‘The Great Wealth Transfer’ Will Fuel ‘The Great Bitcoin Adoption.’” According to the report, if American Millennials were to invest at least five percent of their inherited wealth into Bitcoin (BTC), they could drive the

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