Monday, September 20th, 2021 |
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Your Weekly Update On All Things Crypto |
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Hedera Council Earmarks $5 Billion In HBAR Tokens to Drive Platform Adoption |
The alternating governing council of 23 institutions at Hedera Hashgraph has set aside just below 11 billion HBAR tokens (which are worth about $5 billion) to enhance network adoption. Hedera also recently announced that just over 5 billion tokens (worth $2.5 billion) would be donated to the newly formed HBAR Foundation. The remainder would be allocated to various programs targeted at bolstering the growth of Hedera's ecosystem.
For those who might be unaware, Hedera is a transactional distributed ledger that uses a novel consensus technique called hashgraph to handle a greater number of transactions at scale comparative to traditional PoS (Proof-of-Stake) and PoW (Proof-of-Work) networks. The gossip protocol, a method of transmitting and receiving messages between nodes influenced by human chatter, epidemics, as well as social networks, is used to reach consensus in the hashgraph. Leading worldwide businesses such as LSE (London School of Economics and Political Science), Tata Communications, Wipro and Boeing all oversee and govern the platform. HBAR Foundation The HBAR foundation, led by M&A industry and software expert Shayne Higdon , shall be an autonomous entity that has complete control over how the HBAR tokens it receives are deployed. The foundation intends to increase the Hedera network’s usage in DeFi, NFTs, CBDCs, and other interesting areas such as that of gaming. Shayne stated that the primary objective is to hence finance a future in which entrepreneurs build digitally native ecosystems and economies, as well as manage their own assets, markets, data, identities, and so much more. He added that his team is therefore thrilled to work with and assist anyone who shares this vision. What To Expect Going Forward According to Mance Harmon , Hedera Hashgraph's CEO, the Hedera network is currently the most energy-efficient, widely used, enterprise-grade public ledger that you can find on the market today, before also mentioning that future growth is largely dependent on bringing in more companies. He added that the Hedera Governing Council has thus pledged a major commitment towards accelerating the network's decentralized usage along with its growth. Moreover, the foundation and certain other development projects will get the allotted HBAR tokens via Hedera Treasury accounts in the near future. At the Governing Council meeting which had taken place on July 14th, the general idea to dedicate 20% of the token supply to developmental projects was agreed upon and granted approval. Additionally, the HBAR tokens will indeed be included in the released supply, but shall be distributed as grants to apps as well as ecosystem partners who will develop on and use the Hedera network for years to come. |
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AMC Theatres Now Accept Bitcoin, Ethereum, Litecoin & Bitcoin Cash |
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AMC theatre announces expansion of their support for cryptocurrencies. Last week the revealed that they will soon be accepting ETH (Ethereum), BCH (Bitcoin Cash), and LTC (Litecoin) to the lineup of accepted currencies, with BTC (Bitcoin) announced already. "You will be able to pay for tickets and snacks with crypto at AMC theatres by the end of 2021" proclaims Adam Aron the CEO, in a Tweet.
This is another big step towards mainstream crypto adoption, and AMC hopes to lure a new market of tech savvy customers bearing crypto. While AMC is only one theatre chain, this story speaks to the broader consumer facing adoption of crypto as payment. As these corporate dominos contine to fall, it becomes easier and easier for other corporations to fall in line and make similar moves.
AMC and the MEME Economy AMC stock price is up 2,100% year to date. This was thanks to the meme-stock frenzy earlier this year, though the price has now pulled back by 15%. Criticism is flying on Twitter regarding AMC's coin selection for acceptance. Some suggesting replacements in the line up such as DOGE (Dogecoin), expressing disappointment, and that AMC did not do their homework. Reading Tweets, “Perhaps no one in your boardroom is familiar with The People’s Crypto, Dogecoin, which embodies the meme economy and the spirit of AMC. After this year I figured you would know a thing or two about the meme economy!”. Our stance on this discussion is that, no matter how hard you try, 'you can't please everyone.' The adoption of any cryptocurrency as means of payment is a step in the right direction. Those mediums can change over time, but the inital step is often the hardest.
We are still unsure if AMC plans to hold these cryptocurrencies on their balance sheet, or convert them into cash as soon as they are received. Therefore we cannot say for certian if this is a wholehearted move in support of the crypto industry, or just another attempt to make the MEME economy happy. |
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Synapse.Network Partners with Rising Star Nakamoto.Games for IDO launch |
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The highly anticipated blockchain gaming platform Nakamoto.Games have partnered with Synapse.Network to list their native NAKA token for initial public and private sale. Nakamoto.Games is a play-to-earn gaming ecosystem, complete with a developer SDK, making it easy for any developer to create and monetize their own blockchain games.
The Nakamoto.Games Network Effect The first project to launch on the platform pays homage to the original Nintendo game, Duck Hunt. Nakamoto.Games will release their modern-day rendition, Duck Hunters, where players spend NAKA tokens to buy ammo. The Nakamoto team is also hard at work building a suite of other games that will be launched at a later date. All games built on their platform will run on their native currency, NAKA tokens. All NAKA tokens spent in-game will be added to a prize pool that is periodically distributed to the top players of each game, providing an economic incentive for playing. We suspect that the carefully planned token economics, matched with the network effect created by the developer SDK will catapult Nakamoto.Games to the forefront of the crypto gaming ecosystem.
1st Gem on Synapse.Network There was a lot of excitement from both communities when Nakamoto.Games announced their partnership with the cross-chain launchpad Synapse.Network for the launch. Synapse.Network is the world's first truly cross-chain project finance platform. Synapse is less than one month removed from their blistering public sale which saw the price of the SNP token skyrocket from $0.08 to over $0.70 in under 24 hours. Synapse has wasted no time and excited the community once again by choosing Nakamoto.Games as their first IDO listing on their platform. |
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Bitcoin Stagnates Behind Low Trading Volume And Rejection at $50K |
Altcoin Dominance Follows Bitcoin's Lack-Luster Performace Dropping 3.75% |
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Solana Breakpoint is a groundbreaking celebration of everything the Solana community has accomplished, what they've inspired, and for what comes next. Breakpoint is the first conference organized by the Solana Foundation. The Lisbon-based conference will bring together industry leaders, builders, and innovators from around the globe. This year, the conference will be held in beautiful Lisbon, Portugal, from November 7th - 10th, and will be broken down into 3 separate tracks.
THE ECOSYSTEM STAGE - LxFactory Amazing use-cases and applications. A 175-year-old textile factory has been converted into a dynamic hub for artists, architects, and creative professionals. LxFactory can host up to 1,900 guests surrounded by restaurants, bars, shops, and street art. This is the home of Breakpoint’s Ecosystem stage.
THE GROWTH STAGE - Estufa Fria Agenda setting discussions and announcements on the future of Solana. Lisbon’s historic botanical gardens span 1.5 hectares, housing hundreds of species of plants. It’s also the setting for Breakpoint’s Growth stage, where we’ll get hands-on with the DeFi, NFT, and other use-cases driving the Solana world.
DEVELOPER TRACK - SUD Lisboa Hands-on workshops and tutorials with the best devs in the ecosystem. Sun’s out, the laptop’s out. With stunning rooftop views over the Tagus river, SUD Lisboa will host Breakpoint’s Developer track. Apply to speak on the Developer track below.
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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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