Meter Passport Bridge Deploys on Moonriver, With Moonbeam Deployment Later This Year

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Mike Grants
August 10,2021

Boston, MA, August 10, 2021. Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced today the deployment of its Meter Passport bridge on Moonriver. This bridge will connect the Moonriver parachain and Kusama to Ethereum, Binance Smart Chain, Polygon, and Meter, allowing the free movement of assets across the independent networks. Meter Passport will also be deployed to Moonbeam once it launches on Polkadot later this year. 

Meter Passport is an N-way blockchain router that allows assets and information to flow directly from one blockchain to another, secured by a group of decentralized relayers. It is designed to serve as the shared, secure infrastructure for various blockchains and multichain DApps. 

Moonriver is an Ethereum-compatible parachain on Kusama, serving as an experimental, community-led sister network to Moonbeam. The developer-friendly design and implementation of Moonriver have made it a destination for dozens of new and established DApps alike. The addition of Meter Passport to Moonriver gives users important asset transit options from some of the most popular and active chains in the ecosystem, in addition to the natively interoperable assets on Kusama and Polkadot.

"Today&39s crypto world is fast transitioning from the isolated single blockchain local network model to the interconnected heterogeneous blockchain Internet model.  Smart contracts will have to scale across the blockchain boundaries. Moonriver and Moonbeam stand at the forefront of such landscape shifts in the Polkadot ecosystem. It is our great pleasure to support and provide the most smooth cross-chain experience for the upcoming Moonriver and Moonbeam launch." said Xiaohan Zhu, founder of Meter.  

Meter&39s initial set of relayers includes Protofire, Hashquark, InfinityStones, Wetez and, the Meter.io team. A cross-chain transaction will go through when it gets three or more confirmations from the five relayers. An implementation with an increased number of relayers and a higher security threshold will be available later this year.

"In an increasingly multi-chain environment, the key challenges to overcome are connectivity and interoperability between different blockchains," said Derek Yoo, Founder of Moonbeam. "The integration of Meter Passport provides critical transit routes to the Ethereum and BSC ecosystems. This allows users and developers the ability to work with a rich variety of assets in DeFi and other protocols that are deploying to Moonriver and Moonbeam."

Moonriver is currently in the process of launching to Kusama, with balance transfers and a full EVM expected to be available in approximately three weeks. At that point, DApps and other projects will begin to deploy to the network.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by Q3 2021. Learn more: https://moonbeam.network/.

About Meter

Meter.io is a highly decentralized Ethereum scaling solution with a built-in metastable gas currency. It connects to Ethereum and other blockchains as a layer-two protocol and allows smart contracts to scale and communicate seamlessly through heterogeneous blockchain networks.

Meter.io is backed by Pantera Capital, DHVC, DTC Capital (Spencer Noon), GBIC, LD Capital, and AU21 Capital.

Follow Meter.io on social media to learn more about the project and stay up to date about all future announcements.

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August 18,2022

Risk Off In A Time Off Strong USD

Bitcoin, Ethereum and futures linked with the S&P 500 are currently trading weak whereas the safe haven known as the U.S dollar is rising against other international currencies.

Investors are therefore trimming their bullish exposure on risky assets, as the Federal Reserve of the United States could possibly utilize the minutes of its July meeting to counter expectations of slower rate hikes along with eventual liquidity easing.

The dilemma is whether the Fed intends to use these minutes as a communication tool to counter the view of an easing cycle beginning in 2023. The Fed usually examines market reactions following meetings and utilizes minutes to clarify misconceptions. Former Fed trader Joseph Wang tweeted that there is plenty to correct today.

Still, markets appear to have gotten ahead of themselves right now, as the central banks continuing battle against inflation will not end anytime soon, according to several Fed officials following last weeks CPI release. Interest rate hikes may thus continue into 2023, but Bitcoin on the other hand has a tendency to move in the opposite direction of the dollar index.

Nevertheless, many risk assets could experience renewed volatility if the minutes go further against the dovish expectations. According to ING analysts, further rejection of this market pricing has a high chance of helping the dollar.

August 17,2022

Tornado Cash, Zac Williamson, CEO Speaks About Web3

In the aftermath of heavily criticized U.S government sanctions against cryptocurrency mixer Tornado Cash, Zac Williamson, CEO of the Aztec Network Ethereum privacy layer, recently discussed what the future of Web3 privacy may end up being.

The CEO claims that future networks would most likely not conform to existing regulatory structures but shall instead be consistent with regulators goals while simultaneously protecting user privacy. Essentially, he believes that regulators went about banning Tornado Cash incorrectly and that an alternative solution could have been explored.

A foresighted government would therefore contemplate directly issuing base money onto networks such as Ethereum, which, when combined with hyper-fungible real-world assets, private self-custody as well as low barriers to entry from open networks, would usher in a new financial golden age, according to Williamson.

He contended that, despite the current sanctions regime, cyber criminals from North Korea or elsewhere would continue to use Tornado Cash or a replica. According to the CEO, suspicious entities will thus undoubtedly provide off-ramps to fraudulent entities who have done the bare minimum for plausible deniability.

 

August 16,2022

Federal Reserve Give Guidance For Use Of Global Payment System

The United States Federal Reserve is publishing its final guidance for new financial institutions to gain access to its master accounts, which are required for these firms to partake in the global payment system.

The announcement seems to be indicative of the countrys central bank inching closer to potentially permitting Wyoming SPDIs (Special Purpose Depository Institutions) such as Custodia and Kraken Bank to gain access to these accounts without the need for any intermediary banks.

In 2021, the Federal Reserve issued its first guidance, inviting public comments and discourse. Approximately 300 people responded, prompting a second public feedback process which took place earlier on in 2022.

The guidance is broadly similar to what was initially proposed last year, as it shall reportedly establish a multi-tiered system that will enable the Federal Reserve to tailor its evaluation process for giving access based on the type of financial institution applying. Also, each tier would correspond to a more stringent review procedure.

As such, Tier 1 banks will be federally insured under the guidance. Although Tier 2 banks would not be federally insured, prudential supervision would still be applicable for these via a federal banking agency. Finally, Tier 3 includes firms which are not federally insured and are not subject to prudential supervision, which most likely includes Wyoming cryptocurrency banks.
 

August 14,2022

Situations Like The Terra Crash Could Be Avoided In The Future Through MiCA Bill

Given the rapid growth of the crypto and blockchain sector, governments all over the world are searching for viable ways to regulate the industry, including the European Union which recently provided their contribution to solving the issue via the MiCA (Markets in Crypto Assets) bill. Also, both the SEC and CFTC agree that cryptocurrencies are not going anywhere and that it is high time to regulate these assets properly, with the CFTC chairman even claiming that the agency is prepared to begin regulating crypto as soon as possible.

This increase in the number of regulatory policies is the result of various factors, including the recent market crash and the mainstream attention being given to crypto and digital assets in general.

Why is the new bill important and what can it do?

According to the European Commissions Cybersecurity Policy and Technological Innovation Advisor, Peter Kerstens, if the bill is passed then it shall bring numerous changes to the market, including the implementation of stringent standards designed to avoid situations like the Terra disaster, in addition to viewing NFTs as digital assets similar to cryptocurrencies.

Peter stated that the $40 billion Terra ecosystem meltdown would not have occurred if the MiCA bills provisions, which necessitate stablecoin projects to become more transparent as well as enable client withdrawals on request, had been in place. Due to this, MiCA would reportedly be able to prevent such schemes from entering the market, according to the advisor.

It should also be noted that the proposed rules and regulations outlined in the MiCA bill are set to become law in 2023, but are not expected to be fully implemented throughout the EU until at least 2024.

What about NFTs?

The MiCA bill outlines regulations for cryptocurrencies but it does not ignore NFTs either, as Peter pointed out that EU legislators have a very narrow definition of what an NFT actually is. According to the advisor, in the event that a token may be issued as a series or collection, even if the issuer calls it an NFT and every individual token within that particular series is indeed unique, it is still not considered as an NFT and the requirements would therefore still be applicable.

To put it another way, should the bill be passed, NFT issuers would be required to publish a whitepaper detailing all of the specifics concerning the underlying protocol as well as all relevant details. Additionally, it would prevent the issuers from making misleading or overly optimistic claims regarding the NFTs future worth.

Ultimately, many in the crypto and NFT community believe that this is a positive development as MiCA has the potential to finally eliminate scams and other kinds of fraudulent entities which would hence shift the focus to worthwhile and profitable projects which provide real value.

August 13,2022

FTX Predicts An End To Crypto Winter

FTX.US President, Brett Harrison, recently explained why he believes the ongoing crypto winter could be ending sooner rather than later.

According to him, the new Coinbase and BlackRock partnership is a strong indicator of the crypto winter coming to an end, citing the huge impact of rapidly growing institutional demand regarding cryptocurrencies and other digital assets.

Moreover, Brett strongly believes that now is the time to continue building and developing the crypto and blockchain sector so as to have the necessary tools and capital for when investors eventually resume trading heavily in cryptocurrencies once more.

Lastly, when asked about the number of layoffs made by notable companies like Google, Microsoft, Robinhood and Coinbase, Brett stated that having additional employees does not necessarily lead to more growth, and that this is a lesson that every company should learn prior to the market finally getting back on track.

August 10,2022

The Goerli Testnet Merge On Ethereum Completed

The Goerli testnet merge was finally completed earlier today at approximately 1:45 AM UTC, thereby finishing the final trial run for Ethereum's Merge event.

The testnet merge, which included the Goerli testnet merging with the Prater testnet (a PoS Beacon Chain), is the last test run before the Merge. When Goerli reached a total difficulty of 10,790,000, the merge with Prater officially occurred.

The Goerli testnet merge is the clearest indication thus far that Ethereum's highly anticipated Merge event, which will involve the transition to a Proof-of-Stake network, will indeed occur this fall. During last month's Consensus Layer Call, Ethereum Foundation member Tim Beiko stated that September 19th is the tentative date that everyone should be marking on their calendars.

If successful, the Merge will have long-term implications for Ethereum including paving the way for sharding, significantly decreasing energy usage, and bolstering ETH's price. In a more general sense, the crypto industry would also benefit from the Merge as JPMorgan analysts claim that it could provide a strong basis for the market going forward.
 

August 09,2022

More Than 75,000 USDC In Crypto Funds Frozen

Circle, the creator of the USD Coin (USDC) stablecoin, has frozen more than 75,000 USDC in funds connected to the 44 Tornado Cash addresses sanctioned by the United States Treasury Departments Specially Designated Nationals and Blocked Persons (SDN) list.

Tornado Cash is a dApp that hides the history of previous crypto transactions on the Ethereum blockchain. Presently, Tornado Cashs smart contract addresses hold an estimated $437 million in assets, including wrapped Bitcoin (WBTC), Ethereum and stablecoins. Due to this, issuers are expected to try and prevent such assets from being traded or redeemed.

The digital currency mixers Ethereum and USDC smart contract addresses on the SDN list are hence not allowed for U.S individuals, businesses, and any other entity. Moreover, penalties for willful non-compliance could range from anywhere between $50,000 to $10,000,000 in fines along with 10 to 30 years in prison.

To make matters worse, Tornado Cash's new sanctions could even complicate simple interactions like Gitcoin donations, project work, and withdrawing or depositing from smart contracts as they could all be interpreted as violations from now on.

August 07,2022

BitMEX Expands Into Traditional Financial Markets

BitMEX is among the cryptocurrency markets longest-running derivatives exchanges. It has recently expanded into traditional financial markets via the launch of perpetual swap contracts which are tied to international currencies.

The company announced the debut of FX perpetual swap contracts, which shall reportedly enable users to trade over 20 foreign currency contracts. This is BitMEXs most significant move into non-cryptocurrency related products since it rebranded and hired exchange veteran Alexander Hoptner as CEO to replace founder Arthur Hayes.

Despite some initial setbacks, the launch of the contracts is indicative of BitMEXs continuing strategy wherein the company will keep on providing new and existing users with a wider range of cryptocurrency-margined contracts. These will also include products which shall enable traders to gain access to various commodities and currencies.

August 07,2022

BlackRock And Coinbase Announce New Partnership To Help Investors Get More Involved With Bitcoin

BlackRock Inc. is teaming up with Coinbase Global Inc. to simplify the process for institutional investors to manage and trade Bitcoin (BTC), ushering the worlds biggest asset manager into a crypto market roiled by falling prices, regulations, and government investigations.

Whats there to know about the partnership?

According to a statement issued last week, BlackRock clients will be able to utilize its Aladdin investment system to manage their exposure to BTC alongside other portfolio assets like bonds and stocks, as well as to facilitate trading and financing via Coinbase. Additionally, BlackRock representatives have stated that the partnership with Coinbase shall initially focus on Bitcoin with discussions for incorporating other cryptocurrencies like Ethereum to be considered at a later date.

Although 2022 has mostly been a negative year so far for many digital asset markets, BlackRocks move has nonetheless bolstered Wall Streets traditional financial players involvement in cryptocurrencies and related technologies. Still, there is no denying that Bitcoin has taken a massive hit this year thanks to incidents like the Terra disaster and the downfall of Three Arrows Capital. Incidents like these have raised concerns regarding the markets resilience which has since also resulted in more regulatory scrutiny as of late.

A new day for Coinbase and crypto?

The collaboration with BlackRock has provided a brief respite to the largest U.S cryptocurrency trading platform, as Coinbases stock had recently lost over two-thirds of its value this year. The United States Securities and Exchange Commission has also been investigating Coinbase for allowing American citizens to trade digital assets which should have reportedly been registered as securities.

Nevertheless, Coinbases situation could soon improve thanks to the new collaboration. BlackRock selected Coinbase as a partner primarily because of its market scale and role in offering trading and custody services, as well as prime brokerage and reporting functionalities.Lastly, although both companies clients shall be able to use the services, perhaps the more important aspect of the partnership is that it is indicative of the sheer amount of interest in Bitcoin and digital assets by institutional investors. This would imply that although the cryptocurrency market is yet to fully recover, many large-scale companies and corporations are keen to explore the possibilities of crypto, blockchain, NFTs, the metaverse, and DeFi in general for their respective features and services going forward.

 

August 04,2022

Why Michael Saylor Stepped Down As CEO Microstrategy

Following the shock of Michael Saylor stepping down as MicroStrategys CEO, with his replacement being the companys President and CFO Phong Le, we now have an offiical explanation from Michael justifying his decision.

Saylor clarified that the primary responsibility of a CEO is to run a software company. He claims that the decision to make Phong Le CEO was made as the company grew to 2,200 employees and gained thousands of customers. There had hence reportedly been a succession plan in the works for about two years, with Phong first becoming COO and then President.

As Michael emphasized, MicroStrategy officially entered into a Bitcoin strategy while Phong was the companys President. Moreover, the now former MicroStrategy CEO stated that this was the underlying reason for the company to promote Phong to President and CEO.

Michael also stated that he has been wanting to take on the role of Executive Chairman for some time, and that he was going to step down as CEO eventually.

From now on, Michael will continue to serve as the Chair of the Investments Committee, which supervises the companys Bitcoin acquisition strategy, and his primary role will be advocacy, education, and innovation, with a focus on technology leadership opportunities.
 

August 03,2022

Heres What Makes Ripple (XRP) Ideal For Online Gambling

The rise of cryptocurrency has opened up new opportunities for the global online betting industry and today the number of betting sites and online casinos accepting cryptocurrencies is growing at an unprecedented rate. 

But what if you dont own Bitcoin or Ethereum? While these are the most popular cryptocurrencies fuelling the growth of the online betting market, there are other, just as valid options, such as Ripple. Heres why XRP should be your coin of choice when gambling online. 

Ripple (XRP): An Overview

Unlike other cryptocurrencies like Bitcoin, Ripple is built specifically to streamline payments between financial institutions databases. XRP - which is the native crypto coin of the system created by Ripple Labs - is running on its own blockchain infrastructure (XRP Ledger), which enables instant, secure, and trustless international transactions. 

While most coins are now in what is called a crypto winter, NASDAQ predicts that XRP could reach a value of $3.61 by the end of 2025. But what made Ripple the third-largest cryptocurrency in the world is its ambitious goal to become the preferred tools for international banks to transfer money and complete cross-border payments. 

Choosing XRP For Online Gambling: What Are The Benefits

Online gambling and betting are one of the most popular entertainment use cases for Ethereum and other cryptocurrencies like Bitcoin. But the unique features of XRP might make it an even better choice for gamblers. 

Here are some of the benefits of choosing an XRP-friendly casino:

 

  • XRP transactions (including deposits and withdrawals) are much faster than Bitcoin or Ethereum transfers, which take several minutes
  • With the average transaction cost standing at a fraction of a cent, XRP payments are low-cost or nearly free of charge.
  • The Ripple system is among the safest infrastructures for payments and it is backed by main financial institutions like Santander
  • Unlike Bitcoin, XRP coins are pre-mined and already in existence, making them immune to inflation

Tips For Online Gamblers Using Ripple

Choose Your Casino Wisely

There are a few key factors to consider if you are looking to choose your preferred XRP casino. Firstly, the availability of XRP-friendly games and features is a must. Choosing a casino that only offers a few games might limit your winning and entertainment opportunities. 

Other factors to keep in mind include:

  • Security and privacy standards
  • Availability of bonuses
  • House-edges and fees
  • Certifications and licenses
  • Customer support standards and tools

Understand Market Fluctuations

While XRPs price has reached an all-time high of $2.7593 in the past, recent market fluctuations have caused the coin to lose nearly 50% of its value in just 30 days. 

While the high volatility is a common feature among all cryptocurrencies, it is especially important for gamblers taking a bet on XRP to understand what impact these market fluctuations can have on their winnings. Keep an Eye on Emerging Trends

XRP has been steadily growing since its debut in 2018, and today, it holds a whopping market capitalization of $17.3 billion. However, events that have taken place over the past years, including the lawsuit launched by SEC in 2020, have shaken Ripple to the core. 

If you are looking to invest in this cryptocurrency and use it for most of your withdrawals and deposits, you might be able to capitalize on possible IPOs and the appreciation expected to take place over the next 3-8 years.

On the other hand, the lawsuits outcome can have a severe impact on the value of your investment. 

In any case, Ripple gambling will remain legal and safe regardless of upcoming market fluctuations and trends, and opting for this cryptocurrency instead of Bitcoin or Ethereum can be an excellent way to enjoy secure and fast transactions. 

 

August 02,2022

England And Wales Issued A Consultation Paper On The Cryptocurrency Market

As the crypto and blockchain industry continues to become increasingly mainstream, the Law Commission of England and Wales has issued a consultation paper on the cryptocurrency market, addressing numerous components of the digital asset class.

The document primarily focuses on reforming laws governing certain virtual assets as property rights objects. Comments and responses will be accepted by the Law Commission until November 4th, 2022.

For cryptocurrencies and NFTs, the consultation paper analyzes private law principles as well as private property laws. It claims that digital assets and any associated technologies have the potential to create an Internet of property.

Moreover, property rights conferred on an asset class aid in the official characterization of several modern and complex legal relationships. As per the paper, these rights would play a vital role in insolvency cases along with situations involving the vesting of property on personal bankruptcy, succession on death, and finally tracing in cases of theft, fraud, or any other type of breach of trust.

In a nutshell, the document aims to officially define digital assets and the role they will play going forward. The main goal is to ensure that investors are protected at all times and that there are laws and regulations put in place to help those affected by fraudulent activities.