Shiba Inu announces the launch of Shibarium, its Ethereum L2 solution, on mainnet Shiba Inu, a popular meme coin, launched its own Ethereum layer-2 scaling solution, Shibarium, on Aug. 16. Shibarium is a new blockchain platform that aims to provide faster and cheaper transactions for Shiba Inu and other Ethereum-based tokens. Shibarium uses a novel consensus mechanism called proof-of-participation (PoP), which selects validators based on their stake in the associated cryptocurrency. This reduces the computational cost and energy consumption of proof-of-work schemes. Shibarium is compatible with the Ethereum layer-1 blockchain, allowing users to interact with both networks seamlessly. Shiba Inu…
Author: Harshini
Harshini
Harshini is a content writer at CryptoTechTimes specializing in the analysis and writing of content. In addition to covering cryptocurrency, innovations, and the academic sector, she also writes about the newest technological advancements.
Binance declares the termination of its crypto payments and a shift in focus to its core products The buy-and-sell service Binance Connect, formerly known as Bifinity, will be shut down by cryptocurrency exchange Binance one year after it first launched, the firm announced in a statement. The service will be discontinued on August 16 for the cryptocurrency exchange to focus on its core offerings and long-term objectives, according to Binance. “We examine our goods and services regularly to ensure that our resources are still concentrated on key initiatives consistent with our long-term plan. In the past six years, Binance has…
Cryptocurrency fraud of more than Rs 1,000 crore was found by the economic offenses wing The State Crime Branch’s Economic Offences Wing (EOW) has exposed a massive cryptocurrency fraud that included over 2 lakh people, deposits worth more than Rs 1,000 crore, and spread throughout India. The scam, orchestrated by a business called STA Token (Solar Techno Alliance), developed as a pyramid-structured Ponzi scheme that deftly avoided the Reserve Bank of India’s (RBI) investigation. Despite the lack of official complaints from the impacted investors, the EOW conducted a comprehensive investigation that exposed STA Token’s illegal activities. Under the pretense of…
Recognized by Bharat Web3 DeFi, the G20 crypto note, and the future of finance in India and beyond The Bharat Web3 Association (BWA) shared an examined remark that India is establishing a reputation as a lucrative startup hotspot for Web3 initiatives because of its enormous pool of developer talent. India’s crypto advocacy group, the BWA, was founded in November of last year to close the communication gap between the government and industry participants. Due to DeFi’s affordable, nearly tax-free alternatives to conventional, centralized banking services, the BWA has noted that Indians may increase their testing of the technology during the…
Check how Worldcoin’s digital id system can aid organizations in achieving their objectives A senior official for the business behind the initiative told Reuters that Worldcoin would extend its operations to sign up additional people internationally. It hopes to let other companies utilize its iris-scanning and identity-verifying technology. Worldcoin, which Sam Altman, CEO of OpenAI, co-founded, went live last week. As part of efforts to build an “identity and financial network,” users had to submit iris scans in return for a digital ID and, in certain countries, free Bitcoin. People have been having their faces scanned by a shiny, spherical…
In one month, Chinese users of Binance exchanged US$90 billion in cryptocurrency-related assets In China, where cryptocurrency trading has been prohibited since 2021, Binance customers moved US$90 billion (approximately Rs. 7,42,800 crore) in assets connected to cryptocurrencies in a single month, according to a story published on Tuesday by the Wall Street Journal, which cited internal data and current and former exchange workers. The WSJ said that except for deals done by a small fraction of extremely large traders, the transactions made China Binance’s biggest market by a significant margin, accounting for 20% of volume globally. The report did not…
Learn what crypto staking rewards are and what you need to do to report them on your tax return A decision made on Monday by the Internal Revenue Service (IRS) states that a cryptocurrency investor who receives rewards for validating activities on a proof-of-stake network shall declare those payments as income in the year the investor gains possession of those tokens. According to the legal analysis, the fair market value of the validation rewards received must be calculated as of the time the US Taxpayer gains control of the tokens and “is included in the taxpayer’s gross income in the…
FinTech firms eye blockchain technology for cheaper and faster cross-border payments In the years to come, blockchain technology may provide financial benefits and much-needed revitalization to the global FinTech industry. There might be US$10 billion in savings in the banking industry over the next seven years if distributed ledger technology, or blockchain, is used. In collaboration with the US Faster Payments Council (FPC), Ripple conducted a poll that resulted in the results that were then made public. Ripple and the FPC questioned 300 people working in the banking industry from about 45 different countries. Directors of FinTech firms, CEOs of…
Here is an overview of the best 7 blockchains for creating NFTs in an intuitive way Non-fungible tokens (NFTs), programmable units of unique data that cannot be modified once recorded in a distributed ledger, are created by companies, creators, and developers using several blockchains. However, because each blockchain has advantages and disadvantages, these organizations, producers, and developers must grasp the distinctions before deciding which blockchains are appropriate for their NFT campaigns. Best 7 Blockchain for Creating NTFs: Ethereum: Ethereum is the most extensively utilized blockchain for NFTs. Because it is extremely decentralized, it provides the legal and financial services required…
The first-ever crypto bill gets cleared by Congress, a victory for crypto lobbyists On Wednesday, a key congressional committee adopted a bipartisan measure aimed at developing a regulatory framework for cryptocurrencies, marking a significant step forward for Capitol Hill in its quest to formalize government control of the digital asset market. Since the abrupt bankruptcies of Celsius Network, Voyager Digital, FTX, and other firms last year, the crypto sector has been under governmental scrutiny. The bill endorsed by the House Monetary Administrations Panel would determine when a digital currency is a security or an item and increment the Ware Fates…