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Crypto Flipsider News – August 27th – Ethereum, Solana, Chainlink, The US Air Force, Cardano, Microsoft, Royal Music NFT

  • Market Updates: Ethereum, Solana, Chainlink, VeChain.
  • Governmental news: the U.S. Air Force, Cuba, South Korea.
  • Cardano Updates: Ethereum converter and bug bounty program.
  • Microsoft and new services to create crypto tokens.
  • Royal, an NFT music marketplace backed by Paradigm.

Market Updates: Ethereum, Solana, Chainlink, VeChain 

  • Ethereum burnings reached a new milestone of 100,000 ETH, which is more than $312 million. 
  • The NFT boom has sent Ethereum gas prices to their highest level in the last 14 weeks.  
  • Solana became the biggest gainer of the last 24h after it gained 25% in its value, reaching a new all-time-high of $83.73. 
  • Chainlink lost support at $25. Bulls predict a clear path to $40 in the long term.  
  • VeChain has created a new blockchain initiative aimed at carbon emissions data tracking.  

Flipsider:

  • It’s an Interesting situation when every market is faced with small corrections, except for one coin: Solana. Of course, the surge has some tangible reasons. However, isn’t that always the case when proof-of-history makes history? 🙂 

Governmental news: The U.S. Air Force, Cuba, South Korea

The United States Air Force (USAF) has made a deal with the Constellation Network. The collaboration allows the development of a secure data exchange system that could be used to securely share data throughout the U.S. Defence infrastructure. Constellation says it’s “a massive shift in the utility of blockchain technology for something as prolific and complicated as data.”

Cuba will start to regulate cryptocurrencies for payments made in the country. The rules will be set out at a later date by the country’s Central Bank. Crypto usage grew notably in Cuba following the economic sanctions imposed by former President Trump.

South Korea’s financial intelligence unit (KFIU) has set up a separate division to monitor suspicious crypto transactions, strengthen the supervision of operators, and detect possible money laundering cases. The bureau comes into force in September. Crypto exchanges that fail to register with KFIU, and do not require real-name registration, will not receive permissions to operate. 

Flipsider:

  • Blockchain networks reduce the probability of data compromise, making it much more difficult for malicious attackers. Here’s the bad part: their adversaries will use blockchain to their advantage as well. This complicates the work of law enforcement and intelligence agencies. 

Cardano Updates: The Ethereum Converter and Bug Bounty Program

Some time ago, Cardano was referred to as a project with a “slow and steady wins the race” approach by DailyCoin. Impressively enough, it seems the team is progressing from this strategy. Cardano is no longer humble, so we receive more news, such as the following, about the project almost every day.  

The announcements were delivered at the annual Cardano360 online conference. First of all, the highly anticipated Ethereum converter will be launched on the network’s testnet during the next week. This bridge will allow ERC-20 tokens to be natively issued on the Cardano network. Moreover, this means that proof-of-work tokens can easily be swapped to the proof-of-stake blockchain.  

Cardano also announced a bug bounty program on their official blog. As the ecosystem continues to grow exponentially, protocol security has become an increasingly important question. Thus, the Cardano Foundation has partnered with HackerOne, one of the biggest hacker powered security platforms, for a bounty hunt. For those looking to measure their abilities, and those who want a shot at the bounty, check the program out here

Flipsider:

  • Yes, Cardano needs to keep up with the requirements of being in the top 3 cryptos. Community demands are high expectations and high pressure. On the other hand, Charles Hoskinson still needs to take some “hype lessons” from Vitalik Buterin, Elon Musk, and Justin Sun.  

Microsoft and New Services to Create Crypto Tokens

Microsoft has been awarded a U.S. patent for software.

Software that is the ledger for, and will function as, a blockchain, but will not actually be a blockchain.

Overall, the ledger will help users to develop blockchain applications and create crypto tokens for different distributed ledgers, making the whole process easier and more efficient.

Currently, creating and managing tokens is complex due to the lack of standardization across different blockchains.

Microsoft’s patent, and a ledger-independent system, allows users to create tokens and manage them across different networks.

After a user’s request is received, the system offers templates with various features and control functions.

The system also provides a common interface for managing the tokens, which means developers won’t have to stress about knowing token-specific code to interact with them.

Flipsider:

  • The patent’s approval is a huge step in the right direction for the company, as no large company wants to be left behind.
  • The launch of this service has not yet been officially announced, but the prospective project will allow Microsoft to retain its millions of users around the world as crypto goes mainstream.

Royal, an NFT Music Marketplace Backed by Paradigm

Founders Fund and Paradigm backed Royal, is a music marketplace planning to sell song rights as NFTs.

3LAU announced the launch of the Royal Music Investment Platform with $16 million seed funding led by Peter Thiel’s Founders Fund, and Paradigm, a crypto-focused investment.

The companies are leading investment in the platform which seeks to connect music rights with NFTs.

This would allow users to buy shares of songs through the company’s marketplace and earn royalties as the music they’ve invested in becomes more popular.

Flipsider:

  • All music news is likewise music to ears. It is both productive and plausible to combine song rights with NFTs. While visual artists popping their digital work on the blockchain have seen a number of platforms rise and mature, there have been fewer efforts focused around musicians. It is about the time for music to flourish in the space!

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