Your Weekly Update On All Things Crypto |
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Australian Digital Finance Industry Looks to Legally Recognize DAOs |
Blockchain powered DAOs (Decentralized Autonomous Organization) are proposed to improve efficiencies, and change traditional corporate structure in Australia. Australia now just one of many countries pondering legislation and the potential upside to being a leader in crypto policy and regulation; encouraging industry migration, and ultimately benefiting from crypto's explosive growth.
Countries around the world are recognizing the emerging opportunities in attracting the crypto industry to set up inside their borders. Being leaders in evolving policies, regulations, and energy infrastructure seem to be the important parts of winning the race. The race empowers a global shift to a greater decentralization ideal adoption, and is in our opinion a very worthy goal.
Global law firm lawyers, and the DeFi industry focused, lobby senate committee in Australia to create a new limited liability legal entity for DAOs. This legal entity classification for a DAO in Australia would enable project governors to contract with other legal entities through DeFi applications.
The structure of the traditional corporation would change under the DAO model, and a traditional board of directors would be replaced by Internet shareholders, communities, or nodes. The DAO for that network being encoded with a pre-determined set of rules that all participants have agreed to. The DAO would also remove any form of individual liability for the decisions of another node, or member on the DAO network.
Australia's decision to legalize a less centralized model of corporate governance echo's the moves of many exchanges in the crypto business. Many exchanges are actively working to further decentralize their services, appealing more to the ideals of crypto veterans. Pressure on world authorities to evolve policy and regulation for crypto is being recognized more and more as potentially lucrative, worthy, and in demand. A big case study taking shape in El Salvador right now. Crypto talent and investment will land in the countries who are most interested in supporting the industry with favorable regulation, and world leading green infrastructure initiatives.
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Cardano Inches Closer To Eventual Smart Contract Rollout With Alonzo White |
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Cardano (ADA) enthusiasts will be overjoyed to learn that Charles Hoskinson's initiative has taken a giant step forward. It had stayed in the ‘Alonzo Blue' phase for some time, but the project has now progressed to finally reach the coveted ‘Alonzo White' part of its strategy for the implementation of smart contracts. Cardano has long since discussed the eventuality of smart contract implementation, and with this latest development regarding Alonzo White, the rollout could be just around the corner. The Different Phases Before we go any further, it would be beneficial to talk about the different phases that the network's development has been divided into. Initially, Cardano had been released towards the end of September in 2017 in the 'Byron phase', during which only ADA transactions had been supported. Next up was the 'Shelly' phase, which was launched fairly recently just last year. This phase saw significant improvement for Cardano's decentralization and had allowed ADA holders to stake Cardano's native token via the PoS network. The following phase is known as 'Goguen', and it is the one we currently find ourselves in. Here, support for the smart contracts as well as the issuance of native tokens is currently being worked upon. Finally, we shall soon reach the stages of 'Basho', wherein the focus is primarily on scaling, and 'Voltaire', during which on-chain governance will be given special attention. Alonzo White has arrived Earlier this week, IOHK announced through Twitter that the Alonzo testnet fork had been successful and that we're truly in the Alonzo White phase of Cardano. Shortly thereafter, the new network did not waste any time getting to work and generating blocks. Moreover, at this stage, the total number of testnets will be significantly enhanced, and new functionalities shall be introduced. The project had previously gained a great deal of acclaim, traction, and support for Alonzo Blue, so we wouldn't be wrong to expect the same for Alonzo White. As for what each 'colour' of Alonzo entails, Alonzo Blue may be understood as the initial alpha testnet upon which the Plutus pioneers and SPOs began setting up. Alonzo White is when the functionality of the highly coveted smart contracts had been added, and Alonzo Purple is simply the next step after this which will make the project completely available and accessible to all pioneers and stake pool operators as Alonzo will finally go fully public. Essentially, each phase's goal is to add more features, functionality, and overall users to Cardano. Many investors and experts alike anticipate that the Alonzo hard fork will be deployed in its totality on the mainnet in September. Provided that it proves to be as successful as Charles Hoskinson says, smart contracts will eventually be administered to the PoS blockchain, signaling the end of Goguen. The next steps Although this is undoubtedly good news for Cardano, it has left many wondering as to what the next steps following the success of reaching Alonzo White shall be. If everything goes as planned, Cardano will cement its position as a premium project in the cryptocurrency market and industry, as well as the overall DeFi sector. Its position as one of the best selections currently available for staking also makes it highly sought after, with the Shelly era being considered vital for the project’s continued development and growth. With multiple platforms to choose from, it is no wonder why investors are actively staking ADA across various pools which promise the highest returns, with popular pools such as Steak.And.ADA recently becoming slightly over-saturated due to a large inflow of new Cardano investors. Cardano is now rated as the fifth most valuable cryptocurrency by market capitalization according to the information provided by CoinGecko, and it is reasonable to predict that if Alonzo performs as well as we expect, then the project may genuinely deliver some real challenge to its competitor Ethereum (ETH), and also BSC (Binance Smart Chain) and Solana (SOL).
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Axelar Raises $25M Series A Lead By Polychain Capital |
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Axelar, the decentralized interoperability network that connects blockchain ecosystems, applications, and users, has raised $25m in its Series A funding, led by Polychain Capital. The funding raised will go towards scaling the network’s key integrations and providing more engineering resources for the team’s rapid expansion.
In addition to Polychain Capital, notable investors in the funding round include Dragonfly Capital; Galaxy Digital; North Island Ventures; Robot Ventures; Collab+Currency; Cygni Capital; Lemniscap; Divergence Ventures; SCB 10X; Hypersphere; Zola Global Investors; Nima Capital; and GoldenCoin TS LLC. Angel investors participating in the Series A are Do Kwon, co-founder of Terra; Happy Walters, co-founder and CEO of Catalyst Sports & Media; Waikit Lau, founder and CEO of RemoteHQ; and others.
Axelar protocol is powered by a decentralized network and designed explicitly to frictionlessly connect all blockchain ecosystems that speak different languages. Olaf Carlson-Wee Founder & CEO of Polychain Capital, said: “Axelar’s cross-chain solution is truly groundbreaking for the decentralized economy. We are very excited to help support Axelar’s pioneering blockchain interoperability solutions in leading its investment round. Together, with our shared resources we are looking forward to working with Sergey and Georgios, and the wider Axelar team, in shaping the decentralized economy and blockchain industry for years to come.” |
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Breakdown Imminent as Bitcoin Approaches the End of its Descending Triangle Pattern |
Its no secret that Bitcoin has struggled over the past few months, but if we are looking at the daily chart, there is reason to believe we are not out of the woods yet. The bitcoin price is approaching the end of a descending triangle pattern that it has not been able to break above since mid-May. Descending Triangles are typically bearish patterns and once the bottom breaks, there is typically a rapid decline in price to follow. Bears are taking control in the short term as every attempted rally has been squashed by sell pressure. We have not yet seen any significant price action as a result of the GBTC unlocks, but it would stand to reason that the price action to follow will be seen over the next few weeks.
Although the short-term outlook may seem bearish, we still hold the position that this bull run is far from over. If you follow the Expanding Cycle Theory, we could remain in a bull market until late 2022. Instead of a blowoff top at 62K, we saw a slow and gradual tapering off of buy pressure. This tends to be indicative of a mid-cycle correction as opposed to a cycle top.
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Altcoin Dominance Hovers at 50-day Moving Average While Awaiting Direction from Bitcoin |
Altcoin dominance once again finds itself hovering around the 50-day EMA. However, while the overall trend continues to set lower highs on the daily chart, we may be seeing the beginnings of a higher low. The general trend still resembles the middle stages of a descending triangle, which tends to be a bearish signal. While it may be too early to tell if this pattern will hold true, the ascending green line below the triangle pattern has served as a significant level of resistance turned support. If altcoin dominance falls below the descending triangle pattern, we feel confident that it will bounce off the strong line of ascending support.
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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