Is crypto legal in Hong Kong? It looks like it will be soon.

Hong Kong is taking steps to reclaim its position as a worldwide cryptocurrency hub. It intends to achieve this by launching several legal initiatives related to the crypto industry.

The Chinese city is willing to differentiate its crypto regulation approach from the crypto ban in mainland China.

Years of political upheaval and Covid restrictions prompted a talent departure from Hong Kong, undermining the city's claim to be Asia's financial hub. Officials are now attempting to repair some of the damage by luring businesses back, though how successful they will be remains to be seen.

## Crypto legalisation in Hong Kong

Hong Kong intends to legalise retail cryptocurrency trading to become a crypto hub.

The government unveiled a master plan to become a leading Asian crypto hub with legalised retail trading and digital-asset exchange-traded funds to reestablish the city's credentials as a financial centre.

According to a government statement issued on Monday, a consultation will begin on how the retail sector "may be given a suitable degree of access" to tokens. The city has invited global crypto exchanges to explore opportunities.

The Securities and Futures Commission detailed criteria for authorising crypto ETFs for the first time, which would initially only allow investment in Bitcoin and Ether traded on CME Group Inc. exchanges. The permitted futures portfolios could grow over time, according to the regulator.

According to SFC Deputy Chief Executive Julia Leung, asset managers and banks can apply to roll out such ETFs right away. She added that retail customers would be able to purchase the products.

In a policy paper, Hong Kong stated that it would be cautious about the risks to retail investors, improve education, and ensure the proper [regulatory](/news/article/uk-crypto-exchange) framework is in place.

The government also stated on Monday that it is willing to review property rights for tokenised assets and the legality of smart contracts.

The Hong Kong Special Administrative Region's government announced a bill suggesting creating a [regulatory framework](/news/article/g7-crypto-2022) for companies that offer virtual asset services. City authorities want to make Hong Kong an "international virtual assets centre" by embracing new technologies like non-fungible tokens and the Metaverse.

## Hong Kong crypto adoption 

Reports claim that Hong Kong has so far been successful in promoting the adoption of cryptocurrencies. In [a study](https://forexsuggest.com/worldwide-crypto-readiness-report/) by Forex Suggest released in July 2022, the city was ranked the best-prepared country for widespread crypto adoption, taking into account several factors, including crypto ATM installations, pro-[crypto regulations](/news/article/uk-crypto-regulation-eu), and start-up culture.


Is Crypto Legal in Hong Kong?

This [Gemini](https://www.gemini.com/) crypto review will look at a regulated cryptocurrency trading platform, wallet, and custodian that makes buying bitcoin, ether, and other cryptocurrencies simple and secure.

Created by Cameron and Tyler Winklevoss, the platform is among the most popular exchanges. The most significant advantage is its security - all funds are stored in cold storage, and two-factor authentication is required for all transactions.

A Gemini crypto review shows that the exchange makes it easy to buy cryptocurrencies with a bank account or debit card. It is also possible on this platform for you to trade cryptocurrencies.

[The exchange](https://www.gemini.com/) offers a tier-based service with distinct interfaces and fee structures for casual investors and experienced traders.

It has its currency, the Gemini dollar, a mobile app, and a payment app. The Gemini dollar, unlike most cryptocurrencies, is a "stablecoin" tied to the US dollar.

## Gemini crypto services

Gemini offers a variety of services apart from trading cryptos. The primary services provided are:
Gemini Exchange: Here, you can buy, sell, and store cryptocurrencies.

Gemini Earn: This is a lending service where you can lend your crypto to institutional borrowers to earn interest. With this, you can get up to 8.05% interest on your cryptocurrencies. This is available only in the US, Singapore, and Hong Kong.

[Gemini Credit Card](https://www.gemini.com/credit-card): It is possible to receive up to 3% rewards in crypto on your purchases using this card. This card is available only in the US.

The platform also includes more advanced services like an active trader, staking, Gemini dollar, Gemini Custody, Gemini Clearing, and Gemini Wallet.

## How to use Gemini

Continuing our Gemini crypto review, we look at the mobile app and [website](https://www.gemini.com/). These are the two main places where you can buy and sell cryptocurrency on this exchange platform.

The steps to buying cryptocurrencies on the exchange are: 

### Firstly, create an account on the exchange platform.

To buy cryptocurrency, you'll need to fund your account after you've opened one and been verified. You can add funds to your account in various ways, including a debit card, a wire or bank transfer, and Apple Pay or Google Pay. After you've verified your account and linked a funding source, you'll be able to start buying cryptocurrency on the website in just a few steps.

Choose the cryptocurrency you want to purchase. After logging into the [Gemini website](https://www.gemini.com/), you'll be taken to the homepage. Navigate to the ‘Market’ tab to browse the 70+ cryptocurrencies available for purchase and sale. Choose ‘view details’ on the cryptocurrency you want to purchase.

Make your order. When you get to the page of the cryptocurrency you want to buy, you'll see much information about it. Begin filling out the fields under 'Make a Trade' on the right-side panel of the page. 

Determine whether you want to place a one-time or recurring order and how much you want to purchase. You may, depending on your jurisdiction, be able to immediately transfer crypto you purchase directly into Gemini Earn by toggling 'Transfer to Earn' if the crypto is supported in Earn.

### Select a payment method.

### Double-check your order and click Confirm.

Choose one from the Market tab or your portfolio to sell your cryptocurrency on the exchange website. When you're on the price page for a cryptocurrency, you can toggle the sell order type on the right-side panel, enter the amount you want to sell, and click confirm.

## Gemini [trading charges](https://www.gemini.com/fees)

When you buy or sell crypto on Gemini, you'll be charged convenience and transaction fees. These fees apply whether you purchase through Gemini's online store or the mobile app. Both will be displayed as your "quoted price" before you complete your purchase.

## Convenience fee

The convenience fee for a given trade is approximately 0.5% of the Gemini market price. However, this can vary depending on the market. This fee is also reflected in the cryptocurrency you purchase. For example, if bitcoin (BTC) currently trades at $30,000 per unit, you'd pay $30,150 for one, including the fee.

## Transaction fee

A transaction fee based on your trade payment will be added to the convenience fee. This fee is standard for crypto conversions, such as trading bitcoin for [litecoin](/news/article/litecoin-price-gbp). The fee for buying and selling cryptocurrency varies depending on the currency used. It ranges from a flat fee for less pricey orders to a percentage of more expensive transactions.

## Pros and Cons

### Pros

More than 60 countries have access to the platform. It is also available to users in all 50 states and the District of Columbia.

### Cons

Gemini charges relatively high fees in comparison to its competitors. Some investors may be confused by the platform's layered fee structure, and high prices can reduce investors' returns.

## Security features and safety

Unlike money in a bank account, money in cryptocurrency is not FDIC-insured. However, [Gemini](/news/article/gemini-crypto-exchange) protects users' digital assets with multi-layered security measures highlighted on its website.

According to the exchange, the "majority" of your cryptocurrency is stored in an offline, cold storage system - the safest way to safeguard cryptocurrency from hackers. However, a small portion is kept in an online hot [wallet](/news/article/best-crypto-wallet) protected from theft due to a security breach, hack, fraudulent transfer, or employee theft.

The policy does not protect against losses caused by unauthorised access to your account. Within Gemini, you can create a list of approved addresses that restricts who can withdraw from your account (along with other account security features like two-factor authentication). Still, if your identity is stolen or your password is compromised, you may be unable to recover any funds lost.

## Conclusion

Gemini crypto exchange is a regulated exchange platform, and that's a big plus. It means you can have greater faith that your funds are safe and secure. The exchange platform has more than 70 selections of cryptocurrencies. It is a solid choice for those looking for a safe and secure place to buy crypto or earn interest on their crypto investments.

Also, if you want a simple platform with a great mobile app for buying, storing, and selling cryptocurrencies, then the exchange could be the right place for you.



Gemini Crypto Review

[BitMiner](https://bitminer.io/) is claimed to be a Bitcoin mining pool that provides its services for free. It claims to have mined more than 3,109 Bitcoins since its initial launch, which is quite an impressive feat in [Bitcoin mining](/news/article/free-bitcoin-mining). The platform claims itself as the "ultimate mining pool". In addition to the free version, it offers four different premium memberships.

The platform is listed under [“not recommended websites” by newsonlineincome.com](https://newsonlineincome.com/what-is-bitminer-is-bitminer-a-scam-noi/). This free [Bitcoin mining pool](/news/article/norway-bitcoin-mining) is the sister site of StartMiner, which itself is considered as a Ponzi scheme.

## Popularity

The affiliated websites that advertise the platform cause the site's popularity. 

Affiliate websites like [startminer.com](https://www.startminer.com/) and btcprominer.life run by the same business, BitMiner Cloud Eu LTD, bring in about 12.5% of visitor traffic. The majority of the other traffic comes from shady YouTube channels or false reviews with affiliate links that can be found on Google.

## Red flags

BitMiner generates a plethora of warning signs. The company's inability to pay its financial obligations and the fact that the site was created by the same scammer who developed StartMiner are obvious red flags. 

Enter "BitMiner reviews" into any search engine to find more alarming warning signs. You'll find many forum posts and articles alleging that investors haven't been able to withdraw their money.

## Conclusion

As per my research, BitMiner is probably considered a [scam](/news/article/bitcoin-doubler-scam). The website refuses to process withdrawal requests while the company behind the website is in financial distress. According to research, when the platform was first launched, it served as a legitimate [mining](/news/article/best-crypto-miner) pool operation. Several complaints were reported within a few months, mainly about the lack of withdrawals.

Withdrawal requests were initially dispersed when the site was first developed due to a steady stream of new depositors. However, as the stream of new depositors slowed, so did withdrawal request acceptance. So, it can be said, Bitminer is likely to be a ponzi scheme.




BitMiner: A Ponzi Scheme?

The latest Shopify news involves the [e-commerce platform's partnership with Novel](https://www.novel.com/post/novel-has-landed-in-the-shopify-app-store), a no-code Web3 commerce platform, to make Web3 technologies more accessible and approachable to all merchants.

[The Novel](https://www.novel.com/) is a commerce platform powered by [Web3](/news/article/uquid-web3-integrates-with-polygon) technology. According to the partnership, the company will release an app that will provide merchants with the necessary features to immerse them in the Web3 experience.

In Shopfy news, commerce platform Novel launched an app in the Shopify App Store as part of the partnership. It gives existing vendors the tools they need to try out Web3 technologies in e-commerce without having to learn new skills or spend a lot of time and money.

The Novel Shopify app's primary functions are minting and distribution, and utility.

The minting and distribution feature allows users to create artwork for a new collection of NFTs or upload artwork from an existing series. The app then utilises [smart contracts](/news/article/smart-contracts-blockchain) over the collection and sells them to users via the Shopify storefront. When a customer purchases an NFT, the app will automate the currency bridge and create a cryptocurrency wallet for that customer.

On the utility front, Novel enables token-based utility on merchants' Shopify storefronts, including brands and creators. This covers ERC-20 gating, cross-chain gating on [Solana](/news/article/solana-price-gbp), Ethereum, and [Polygon](/news/article/polygon-nft-drops-2022), token-gated discounts, URLs, and products.

Sharing the details, Novel's CEO and co-founder said that by collaborating with the e-commerce giant, they could leverage the leading platform and provide merchants with the tools they require to enter the advanced ecosystem.

The Shopify Novel app is an all-in-one tool that allows retailers to add use cases to their NFT collections via token-gating.

## Web3 ecosystem - The new goldmine

Novel CEO Roger Beaman, commenting on the Shopify news, said the partnerhsip will allow them to infuse Web3 capabilities into the already-built ecosystem. In this way, they meet the fundamental needs of merchants interested in joining the ecosystem.

One of the new app's tools is the token gating feature, which allows merchants to add use cases to their platform collections. This feature will let merchants take advantage of many of the platform's benefits. They include gateways for chains such as Ethereum, Solana, and others.

Over the last few years, businesses have started moving into the Web3 ecosystem. This is because most traders are embracing new technologies, and companies are looking for ways to help them make money.


Shopify News: Partnership with Novel

Given the volume of people searching for 'Python get crypto prices Binance', there is clearly a high demand for using the Python programming language to obtain data from the world's largest cryptocurrency exchange.

If you have been Googling 'Python get crypto prices Binance', then this article might help you understand how to create and use the Python-Binance API.

When it comes to cryptocurrency trading, Binance has established itself as a market leader. According to coinmarketcap.com, it now ranks first in Bitcoin volume and well in several other currencies.

Using Python or a variety of other programming languages, you could easily use the Binance API that helps your device to connect with the Binance servers. An API allows data to be transferred between software products. This entire process is done with a set of programming codes. It also includes the terms of the data transfer. You can use the Binance API to robotize your trading.

Binance provides the RESTful API, which consists of an assembly of interlinked resources and sends and receives data via HTTP queries. It conforms to the design principles of the REST, or representational state transfer architectural style. A WebSocket, a computer communications protocol,  is also provided, allowing data like price quotations and account updates to be streamed.

## How to install Python Binance

To install Python Binance, you could use the pip package manager. This Python library allows you to access data such as price-related information using the Binance API. Don't worry if you are not a programmer; it is not such a challenging task. You don't need to have coding experience to install Python Binance.

Go to the command line, terminal, or the shell on your device and type “**$ pip install python-binance**”. 

## How to create Binance API

With the help of an API, you can get data directly from the Binance's servers with the assistance of various programming languages, in this case Python. You can interact with the Binance data via third-party applications, and look at your wallet status and your past transactions, trade, and deposit. You can also withdraw money from third-party programs, which reduces your workload and automates the overall process.

**Step 1**: Log in to your Binance account and click on the user centre icon. Here you will get a dropdown menu. Click on API Management.

**Step 2**: Once you click the API Management button, you will be directed to a page to create an API. Here you will be asked to label the API and proceed. Also, enable two-factor authentication on your account, which is essential for creating an API.

**Step 3**: You will be asked to complete the security verification, like email verification, phone verification, or Google verification, with your registered device.

**Step 4**: Your API is created, and you will be asked to take note of the IP access restrictions.

Connect to client object using Python

As you have already installed Python-Binance and you have your Binance API, you need the Python library and to connect it to the Binance client.

You could achieve this using the following [four command lines](https://python.plainenglish.io/how-to-set-up-and-use-binance-api-with-python-3e33a51210d9):

from python-binance import Client

api_key = "your api key"

api_secret = "your api secret key"

client=Client(api_key,api_secret)

**How to get all the coins available on the platform with their respective price**

To get the price, simply write the following line of code:

**getPrice = client.get_all_tickers()**

However, the data format that you get as output is quite unreadable. To solve this problem, you must install and import pandas in the Python document to stock the available data in a DataFrame.
Command line to install pandas:

**pip install pandas**

**import pandas as pd**

You could also get historical data from the DataFrame by specifying the asset, start date, end date, and time frame.

Now, you could retrieve the information using the command:

historicalData =pd.DataFrame(assert,timeframe,start,end)

Now, if you want to view the data graphically, you must install and import the mplfinance library.

As we already have all the data and the graph using Binance Python API, we could easily confirm our trading strategy by looking into how an asset performed in a given custom time set.

Find out more blockchain based news at [Latest Moni](https://monitalks.io/news/category/blockchain-news).


Python: Get Crypto Prices from Binance

Germany's Nuri bank has become another victim of the crypto winter. It has notified its 500,000 customers to withdraw assets from their accounts as the company heads to close and liquidate the business.

In August, Nuri first reported liquidity issues after revealing that it had declared bankruptcy due to the economic strains of crypto winter. At the time, it announced that operations would go on as usual while it worked on a restructuring strategy and secured a buyout. However, an acquisition did not take place.

Nuri CEO Kristina Mayer stated in an 18 October [blog post](https://nuri.com/blog/letter-from-ceo/) that the company could not continue operations despite its best efforts.

## Nuri urges users to withdraw funds before 18 December

Nuri asked its customers to withdraw all of their funds before the deadline of 18 December. By contrast, bankrupt cryptocurrency lender [Celsius](/news/article/celsius-bankruptcy-protection) halted user fund withdrawals before everything went down.

The [bank](/news/article/crypto-friendly-banks-uk) assured its customers that all funds would be accessible and available for withdrawal until the specified date. Users' account's assets are all secure and unaffected by Nuri's bankruptcy. According to the post, trading will be available until 30 November, 2022.

Mayer stated that the challenges of 2022 were "insuperable" due to a tough economic and political environment and that this had prevented Nuri from raising new funds or finding a buyer.

While Mayer did not name its business partner, Celsius seems to be the most likely candidate because it had partnered with Nuri to offer Bitcoin interest accounts to its customers. When Celsius declared bankruptcy, these accounts were frozen.

Mayer also stated that the company remains enthusiastic about the potential of blockchain-based financial services.

She said Nuri is "convinced" that blockchain, cryptocurrency, and decentralised finance will offer opportunities that "add true value to the lives of people".

## The adverse effect of crypto winter

The term "crypto winter" refers to an underperforming cryptocurrency market. There have previously been several crypto winters. For instance, cryptocurrency prices dropped and remained well below previous peak prices from late 2017 to December 2020.

But the 2022 crypto winter is different. Many renowned businesses have been closed in the year 2022 because of liquidity issues.

Nuri bank joins a growing list of cryptocurrency companies that have had to halt trading and withdrawals due to unfavourable market volatility, including [Voyager Digital](/news/article/crypto-lending-platform-voyager), [Freeway](/news/article/freeway-crypto-halts), [Celsius](/news/article/celsius-data-breach) Network LLC, and Babel Finance.


Nuri Bank Asks 500k Users to Withdraw Funds

After seeing an impressive rise following the collapse of [Terra](/news/article/terra-luna-classic) in May, Circle's dollar-pegged USDC coin has experienced a massive downfall.

The market capitalisation of Circle's [USDC coin has plummeted sharply](https://cryptopotato.com/usdc-lost-20-of-its-market-capitalization-in-the-last-30-days/) since the Tornado Cash scandal.

The stablecoin appears to have lost market share to rivals such as [Binance](/news/article/binance-hack) USD (BUSD), the world's third-largest stablecoin, and Tether. Since early July, the BUSD market value has increased by 21% to $21.66 billion. Tether has risen by 3% to $68.3 billion.

USDC dropped nearly 20% of its market capitalisation last month, falling from $53.3 billion to just below $43.9 billion. Almost $5 billion of stablecoin was withdrawn in a single day (26 September), depicting a loss of roughly 9.2% of its total capitalisation.

## The effects of freezing cash-linked Tornado addresses

Although the coin started to lose popularity in July, the action to freeze more than 75,000 circle coins of funds associated with 44 [Tornado Cash](/news/article/tornado-cash) addresses was a turning point that led to backlash and a wave of withdrawals.

Even MakerDAO, which had a significant portion of its reserves backed in USDC, viewed Circle's actions as a breach of privacy rights. The project began to discuss abandoning its reliance on the coin, arguing that given the extreme level of centralisation the coin has by nature, it could face the same consequences as the wallets connected to Tornado Cash at any time.

Even though it appeared MakerDAO was turning against the coin, they announced yesterday that a new plan to deposit USDC on Coinbase's institutional custody platform had been approved. They will escrow up to $1.6 billion in USDC reserves on Coinbase Prime to earn 1.5% in rewards. 

Therefore, even the coin capitalisation keeps declining, significant projects still place bets on its potential for future recovery.

## Bottom line

Although the current outlook for [USDC](/news/article/circle-usdc) is not promising, the project will likely maintain its position among the top five cryptocurrencies. However, they must regain the trust of some major exchanges and projects in the crypto community, and the compliance card may entice more players to join their ranks.


USDC coin loses 20% of market capitalisation

Tech powerhouse Apple has published crypto and non-fungible token-specific rules in its App Store policies.
The new rules specify what uses of NFTs are permitted and prohibited. It also discusses when a cryptocurrency exchange app can be listed. 

It allows apps to make use of in-app purchases to "sell and sell services" associated with NFTs, such as "listing, minting, and transferring."

Additionally, it restricts NFTs obtained elsewhere to viewing only.

Furthermore, new Apple crypto guidelines prohibit apps from including "external links, buttons, or other calls to action", which may allow users to avoid app-store transaction fees when buying NFTs. It will also forbid apps from using "QR codes, cryptocurrencies, and cryptocurrency wallets" to unlock any content or functionality.

The guidelines also do not allow the use of cryptocurrency for in-app purchases, instead allowing only fiat purchases such as debit or credit cards with a "valid payment method".

The tech company seems to be stepping up its NFT "Apple tax", which comprises in-app NFT purchases in its standard 30% fee on all purchases, by mandating that all [NFT](/news/category/nft-news) transactions take place within apps.

## Apple NFT taxation

Apple has been working on a framework for NFT sales for quite some time. Regarding token taxation, Apple has integrated in-app purchases to apply a standard 30% commission rate on all purchases. 

The tech firm has been criticised for charging a 30% commission on NFT sales made via apps from popular NFT marketplaces such as OpenSea or Magic Eden. Many people have described this taxation as "grotesquely overpriced". The average commission on NFT purchases is around 2.5%.

Because of the high taxes, Magic Eden has reduced their functionality and removed its services from the App Store. 

Users can only browse and view their NFTs with the [Magic Eden](/news/article/magic-eden-expands) Apple app.

## Bottom line

The new Apple crypto guidelines do not alter the company's existing policy on cryptocurrency trading apps provided by exchanges such as [Binance](/news/article/guide-to-binance-uk) and [Coinbase](/news/article/coinbase-singapore-approval), where crypto trading is exempt from the 30% "Apple [tax](/news/article/uk-crypto-tax-regulations)".

New language, however, was added to clarify that crypto trading apps can only be provided in "countries or regions where the application has appropriate licencing and authorisations to provide a cryptocurrency exchange".



Apple Crypto and NFT Rules Published

The [Freeway](https://freeway.io/) crypto platform suspended some of its services, citing "unprecedented volatility" in the currency and cryptocurrency markets in recent times.

The platform announced on 23 October that it was halting purchases, deposits, and withdrawals. The crypto staking platform will not buy Supercharger simulations until its new plans are implemented.
 
The website states that their "Superchargers" product can reward customers with annual yields of up to 43%. Users can use fiat and cryptocurrency to finance regulated brokerage accounts, which can then be leveraged for future profitable returns.
The centralised platform combines the best aspects of traditional and decentralised finance (DeFi).

Freeway has not provided specifics on its new strategies. However, it stated in the Twitter post that it intends to "diversify its asset base" in an attempt to manage exposure to "future market fluctuations and volatility". This, it said, would ensure the "long-term sustainability and profitability of the Freeway Ecosystem."

It's unclear what this means for the platform and its users, but the post ends with a promise to provide updates soon.

The scheduled date for the update is not released. But, via a [Twitter post](https://twitter.com/FreewayFi/status/1584213310970347521), the firm said it would notify users when it is ready to restart "partial Supercharger simulation purchases (buy-backs)", and again when it can begin "full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys".

## Users expressing concern

Users have expressed their worries on the Freeway Telegram group and social media.

The primary user concerns are whether withdrawals will be honoured and whether Freeway will join other well-known cryptocurrency platforms in closing permanently.

As of right now, nothing can be predicted. We can wait for future updates to be provided by the firm. 

## FWT price plummets

The Freeway crypto platform's native token, FWT, has dropped by more than 80% in the last 12 hours. FWT was trading at around $0.007 before the service suspension. It fell nearly 87% to $0.001 on Monday morning and has yet to recover from that low.

FWT was now 96% lower than its all-time high of $0.031 in May 2021. Its market capitalisation has dropped to $8.5 million.
Freeway joins a growing list of cryptocurrency platforms, including [Voyager](/news/article/voyager-lending-ftx) Digital, [Celsius](/news/article/celsius-data-breach) Network LLC, and Babel Finance, battered by unfavourable market volatility and forced to suspend trading and withdrawals.



Freeway Crypto Platform Halts

Before we look at the Phala price prediction, let's understand the netwrok. The [Phala Network](https://www.phala.network/en/) is a decentralised cloud computing protocol that aspires to compete with traditional cloud computing services like [Google Cloud](https://cloud.google.com/) and [Amazon AWS](https://aws.amazon.com/).

Cloud computing is the operation of large, web-based data repositories that provide computing resources to end users, such as data storage and computing power. Excess capacity from everyday computers can be used with the Phala network, resulting in a more distributed approach to cloud computing and storage.

Phala intends to provide these services via a decentralised, global network of computing resources that can scale for performance while maintaining confidentiality and security.

To accomplish this, the network employs two types of "worker node" participants who allow the network to function:

1.	Gatekeeper nodes: Interactions between network users and interactions with other blockchains are organised by gatekeeper nodes. They also maintain the blockchain state and consensus rules.
2.	Miner nodes: Miner nodes run a CPU network and perform various computation tasks by renting computer power to the network.

The network benefits from using two different types of nodes to divide consensus and computation responsibilities.

The Phala team launched Khala (PHA) on the Kusama network to provide a cloud computing network on its platform. In July 2021, Khala secured the fourth parachain slot auction.

## Who developed Phala?

Phala Network Foundation founded the company in 2018 and is led by former Google Software Engineer Hang Yin and former Tencent Product Manager Marvin Tong.

Since 2019, the company has raised $1.68 million through two rounds of private token sales, resulting in the distribution of 15% of the initial token supply to investors. Three Web3 Foundation grants were also awarded to the project.

In September 2020, the PHA crypto token was released as an Ethereum token. In 2021, it was released as a Kusama token.

## Phala Network's purpose

The prime objective is to create a general-purpose smart contract platform that always protects the security and privacy of its users.

For this, Phala Network promises the following features:

1.	Confidentiality: Contrary to other smart contract blockchains, the platform aims to prevent the disclosure of any entry, exit, or intermediate state of a confidential contract. It only responds to consultations that the contract has approved.
2.	Code reliability: Anyone can confirm that an output was generated by a particular smart contract made public on the blockchain.
3.	State consistency: Anyone can confirm that execution took place at a certain height in the blockchain, suggesting that the execution's outcome depends on the chain's current state.
4.	Availability: There should be no single point of failure, such as the miner being disconnected.
5.	Interoperability: Contracts can communicate with one another as well as with other blockchains.

## How does Phala function?

Phala is being developed as a [Polkadot parachain](/news/article/polkadot-parachain-auctions), or a custom blockchain that feeds into the main [Polkadot](/news/article/polkadot-price-uk) blockchain, known as the Relay Chain. Polkadot's shared security, transaction settlements, and consensus are all handled by the Relay Chain. Phala gains access to Polkadot's core features via integration with the Relay Chain.

Furthermore, Phala believes that as a parachain, it will be quick to connect to the other parachains built in the Polkadot ecosystem. The computations required to ensure transaction validity and network integrity are performed by participants, who send requests to the network as transactions, and miner nodes.

To ensure confidentiality, work on the miner node's CPUs is done within a secure enclave known as a Trusted Execution Environment (TEE). This encrypted area within most modern computer processors ensures that even the mining machine's owner cannot see or tamper with what is stored inside their computer's enclaves.

Phala gatekeeper nodes act as a middleman, establishing end-to-end encryption between users and CPU miners while ensuring transaction privacy. When the data reaches the secure enclave, it is decrypted and executed. The information request's results are then re-encrypted before being sent out of the enclave.

According to Phala, any computation run on the platform is private and versatile across use cases, whether machine learning data for enterprises or smart contract execution for DeFi apps.

Phala, for example, used its technology to develop Web3 Analytics, a platform that collects and securely processes personal data. In that case, confidential smart contracts can only perform data analyses on this data if the users authorise it, giving them complete control over their data.

## PHA: Phala native token

PHA is the Phala Network's native utility token and is used in its cloud-based economy. The PHA token, with a maximum supply of 1 billion, aids in network security and governance mechanism.

PHA allows any participant to purchase computing resources and services, whether an external blockchain in need of resources or an individual looking to store data securely. In turn, those who provide resources to secure the network can be compensated in PHA.

Additionally, PHA is used by gatekeepers and miner nodes, who need to [stake](/news/article/crypto-lending) their PHA to carry out their tasks. [Staking](/news/article/what-is-staking-crypto) guarantees that if they act maliciously, their staked PHA will be slashed as a punishment.

Finally, anyone who purchases PHA can become a stakeholder and participate in the parachain's on-chain governance, which means they can vote on any proposed changes to the Phala network.

## Phala price prediction

Turning to the Phala price prediction, Phala Network (PHA) is currently ranked #443 in the cryptosystem with a price of $0.0838, a circulating supply of $409.25 million, and a total supply of $1 billion. As of today, its market capitalisation is $34.33 million, and its fully diluted market capitalisation is $83.88 million.

![Phala1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Phala1_49e8d2495c.png)
  
The Phala price prediction is that it is expected to reach an average of $0.0886 by the end of 2022, according to [DigitalCoinPrice's](https://digitalcoinprice.com/forecast/phala-network) Phala price prediction. Furthermore, the data show that the price of PHA will reach $0.34 in 2025. The coin is expected to be around $1.17 by 2030. 

Phala Network is a network dedicated to providing advanced private computing services supported by [smart contracts](/news/article/smart-contracts-blockchain) deployed in Polkadot's parachains.

Phala Network is committed to a new security scheme that combines the power of blockchain and its proven robustness with security systems embedded in hardware to provide users with greater privacy.

However, Phala Network is a project still in the works with enormous potential, mainly because of its commitment to private smart contracts, which can significantly impact companies and services focused on security. As a result, it is a project that both users and business services concerned about privacy will be interested in.


Phala Price Prediction

Before exploring the Shiden Network price prediction, we need to understand what Shiden is.

[Shiden](https://shiden.astar.network/) is a [Kusama](https://kusama.network/)-based smart contract platform for decentralised applications (DApps). It was designed to support "layer 2" solutions, secondary frameworks built on top of existing blockchains to improve network scalability and transaction speeds. The network is intended to function as a [parachain](/news/article/polkadot-parachain-auctions) on Kusama.

Parachains are user-created blockchains linked to Kusama's Relay Chain, the network's main blockchain. The Relay Chain handles Kusama's shared security, consensus, and transaction settlements. Parachains benefit from the Relay Chain's base features by being integrated into it.

## Shiden Network: Astar's test network

The project is only the beginning of a much larger project: Astar (formerly known as Plasm). Shiden serves as a "Canarian network" or "test network" for Astar, whose goal is to provide a scalable and decentralised application development platform that defines and makes Web 3.0 a reality.

Astar is a protocol that runs on the [Polkadot](/news/article/polkadot-price-uk) network and incorporates every feature thoroughly tested on the Shiden Network. In essence, we can say that Astar is a superset of Shiden's stable functions, with the platform serving as the space for the protocol's rapid developments.

## How Shiden works

Shiden Network architecture is divided into two layers. The base layer is a layer-1 blockchain built with Parity's Substrate framework's Substrate Runtime Module Library. The second layer is a scaling solution built on the Plasma Group's Optimistic Virtual Machine (OVM) fork.

The OVM module allows developers to customise their scaling design. Projects can use Plasma or rollup types, such as optimistic or zero-knowledge (ZK) rollups, to connect their application layers to Shiden's base layer. The layer-2 solutions store data and regularly commit state transitions on a layer-1 chain.

The base layer built using Substrate is the parachain that connects to the Polkadot Relay Chain. Shiden includes support for Substrates' native WebAssembly VM and an EVM module for smart contracts written in Solidity or Vyper.

Shiden Network also includes an X-VM (Cross Virtual Machine) that aims to make the two VMs on the network interact with one another.

## SDN - The native token

Shiden's native cryptocurrency, SDN, is used for [staking](/news/article/crypto-lending) and rewarding nodes, paying transaction fees, and rewarding DApp operators. It has a critical role in maintaining and operating the Shiden network.

SDN performs the following functions:

1.	DApp Staking: DApp Staking is a scheme that allows users to stake SDN on DApps. DApp staking enables users to earn SDN rewards while also allowing DApp developers to earn rewards that are in proportion to the number of nominations they receive.
2.	Network staking: Token holders can stake SDN on the network and act as network collators (block producers on the chain).
3.	Fees - Users pay for network actions and transactions in SDN.
4.	Layer-2 Development - On Shiden, application developers can connect SDN to their smart contracts to use or create a Layer-2 version of their applications.
5.	On-chain Governance - SDN will be used to facilitate governance activities such as proposal submission and referendum voting.

## Shiden Network price prediction

SDN, which has a $71.39 million total supply and a $30.94 million circulating supply, is currently ranked #758 in the entire cryptosystem with a price of $0.33. Currently, its market capitalisation is $10.15 million, its maximum supply is $70 million, and its total equity market capitalisation is $22.95 million.

![Shiden1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Shiden1_5247cbf6ce.png)
 
According to [DigitalCoinPrice's](https://digitalcoinprice.com/forecast/shiden-network) price prediction, SDN price is expected to reach an average of $0.35 by the end of 2022. Additionally, the data shows that SDN's price will reach $1.35 in 2025. Comparatively, the coin does not appear overly bullish until 2030, when its average value is likely around $4.60.

## Is Shiden a good investment?

Looking at the Shiden Network price prediction, there is no universal consensus on whether future SDN price movements will be positive or negative. Indeed, future potential growth depends on various factors, including announcements, new technological solutions developed by Shiden projects, the crypto environment in general, legal status, and so on. 

## Bottom line

Shiden and its sister network Astar provide a distinct offering within the Kusama/Polkadot ecosystem. Not only for the unique ability to deploy DApps on multiple chains very easily and fully integrated with Substrate technology, but also for the incentive policy for DApp creators, which no other blockchain offers.

Furthermore, the DApps Rewards system is one of the protocol's most notable features. Not only because of the tremendous support it offers DApp developers, but also because of the opportunity it provides users to nominate and place their trust in said DApps while also receiving benefits for such trust.

Shiden is a project currently under development, and its development is closely related to what Kusama can provide for its users.


Shiden Network Price Prediction

[Sam Bankman-Fried](/news/tag/sbf), the cryptocurrency billionaire, has [proposed a framework for reducing the damage caused by the hacks and vulnerabilities](https://www.msn.com/en-us/money/other/billionaire-bankman-fried-tries-to-fix-crypto-s-hacking-problem/ar-AA13axks) affecting the sector. It includes setting the highest reward for attackers at $5 million.

Recently, crypto attacks have increased, with more than $3 billion looted from the crypto sector so far in 2022. This year is anticipated to set a hacking record.

The involvement of the FTX crypto exchange founder and CEO comes days after a hacker was allowed to keep $50 million of the approximately $100 million taken from the Mango decentralised finance programme. This was as part of a settlement with the platform following the heist.

In crypto, some white-hat hackers aim to reveal flaws in exchange for a reward rather than for nefarious purposes.
A white-hat hacker is a person who uses hacking techniques to find security flaws in the blockchain ledger in exchange for rewards. However, sometimes these rewards could be too costly to be justifiable.

As seen in the above case, the hacker was given 50% of the total value, accounting for $50 million of the $100 million funds. Such numbers must be addressed. They cause outrage and are unsustainable for the company and the community. For that reason, people like Bankman-Fried are seeking solutions to crypto hacking.

[Bankman-Fried](/news/article/ftx-acquires-bithumb) claims that implementing his [5-5 strategy](https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards) can reduce hacker effect by more than 98%, but he is still unsure about what should be the industry norm.

## Is DeFi an easy target?

DeFi protocols provide software-based algorithms that let cryptocurrency traders, borrowers, and lenders transact, borrow, and lend on digital ledgers without needing a central mediator. According to blockchain expert Chainalysis Inc. data, DeFi has been the primary target of most flaws and breaches this year. DeFi is hailed as crucial for the widespread adoption of digital tokens, which also suffered from this year's plunge in coin prices. 

The recent attacks are placing pressure on crypto players to find answers.



Bankman-Fried Floats Crypto Hack Fix

The European Union has released a set of documents relating to an EU crypto regulation action plan for implementing the European Green Deal and the REPowerEU Plan. Both are intended to save energy by digitising the energy sector. It shows that [crypto miners](/news/article/crypto-mining-farms) are on the radar of European energy planners.

## The REPowerEU plan

[The REPowerEU Plan](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52022DC0230&from=EN) was unveiled in May in response to Russia's invasion of Ukraine, which significantly impacted European energy supplies. The document outlines the EU's strategy for achieving energy independence from Russian fossil fuels by 2027.

The document was a follow-up to the first 'REPowerEU' document, released on March 8, 2022, and outlined steps to avoid Europe's fuel dependence on Russia becoming a weapon against the bloc.

### REPowerEU's primary goal is:

•	Ending Europe's reliance on Russian fossil fuels as soon as possible, ideally by 2027, with a two-thirds reduction in Russian gas consumption by the end of 2022.

•	Securing the EU energy system's long-term sustainability, cost-effectiveness, and energy supply through a controlled exit from this long-entrenched relationship with Russia.

## Commission Staff Working Document

According to the document, Europe accounts for about 10% of global crypto mining, with Germany and Ireland leading the continent and Sweden seeing a significant increase in activity after [mining was banned in China](/news/article/chinas-ban-on-crypto). The European Securities and Markets Authority is expected to draft technical standards for the crypto-mining industry.

The paper also stated that investors require more information about cryptocurrencies' energy consumption. It echoes the EUBOF document, that the EU crypto regulation should take the lead in developing international blockchain standards.

According to a communication from the Commission to bodies including the European Parliament, Council, and European Economic and Social Committee, energy consumption for cryptocurrency mining has more than doubled in the last two years. The proposed [Markets in Crypto Assets (MiCA)](/news/article/euroc) legislation would require crypto-asset market participants to make environmental disclosures.

Meanwhile, due to the tight energy situation this winter as a result of disruptions in Russian fuel supplies, the European Commission, the EU's executive branch, is urging member states "to implement targeted and proportionate measures to lower the electricity consumption of crypto-asset miners to put an end to tax breaks and other fiscal measures benefiting crypto-miners in the longer term".



EU Crypto Regulation to Save Energy

Bitcoin dropping in price has become a familiar feature of the cryptocurrency markets in 2022, but news from the US may indicate a reversal of fortune.

[BTC](/coins/btc) is the most traded crypto in the world, accounting for a sizeable portion of the crypto market. The birth of Bitcoin marked the beginning of an entirely new asset class and a significant shift away from forms of centralised control.

[Bitcoin dropping](/news/article/bitcoin-price-crash-celsius) in price has been regular since it reached its all-time high on 10 November 2021. The crypto winter resulted in Bitcoin dropping below $19k last week.

However, with US equities rising at the opening of Wall Street on 17 October, [Bitcoin moved closer to $20,000](https://cointelegraph.com/news/bitcoin-price-edges-closer-to-20k-as-way-worse-us-data-boosts-stocks).

## Stocks rise as the US dollar falls

BTC/USD reached $19,518 on Bitstamp, up 3.5% from the weekend's lows, according to [Cointelegraph](https://cointelegraph.com/) Markets Pro and [TradingView](https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE) data.

The pair rose alongside stocks, with the S&P 500 and Nasdaq Composite Index gaining 2.7% and 3.2%, respectively, within the first thirty minutes of trading.

The action was combined with weak US economic data in the form of the Empire State Manufacturing Index, which fell to -9.1 in October, well below the -4.3 forecast and the -1.5 reading in September.

"According to the October survey, manufacturing activity in New York State decreased," the New York Federal Reserve summarised in a commentary on the data.

An eight-point decline brought the general business conditions index to -9.1. 
Michal van de Poppe, the founder and CEO of the trading company Eight, responded by stating that the outcomes were "way worse than expected".

He [predicted](https://twitter.com/CryptoMichNL/status/1581987848630435840), "Top on Yields & $DXY on the horizon. Bitcoin to rally".

As a result, the US dollar index (DXY) continued to retrace its day's gains, targeting 112 and falling 0.65%.

## Research reinforces approaching volatility

While traders were already predicting some relief to hit crypto markets on weekly timeframes, other perspectives emphasised that nothing had changed for [Bitcoin](/news/article/bitcoin-price-uk).

"It is very unusual for BTC markets to reach such low realised volatility, with almost all prior instances preceding a highly volatile move," on-chain analytics firm Glassnode explained in the latest edition of its weekly newsletter, The Week On-Chain.

Researchers, including lead analyst Checkmate, argued that the market had reached a tipping point alongside a chart of Bitcoin's realised volatility.

Glassnode concluded that, while the fuel for a potential price breakout was present, such as BTC-denominated futures open interest reaching new all-time highs, there was "little discernible directional bias in futures markets".

"Volatility is likely on the horizon, and Bitcoin prices are not known to remain static for long," according to the newsletter.



	


person sat at laptop as bitcoin price drops

Bitcoin Dropping Price Halted by US News?

[The Polkadot ATH](https://cointelegraph.com/news/polkadot-hits-all-time-high-in-development-activity) (all-time high) in platform advancement activity was reached recently. Data from the GitHub programming repository shows that the platform acknowledged more than 500 additions daily in September, a high for the multichain protocol.

A record 26,258 messages were transferred between its parachains, according to data from Polkadot's XCM cross-consensus interoperability protocol. On Polkadot's GitHub, 14,930 developer contributions were recorded in all.

[Polkadot](https://polkadot.network/) is an open-source, multichain protocol that unites and secures a network of specialised blockchains, allowing cross-chain transfer of data or asset type, thus making blockchains interoperable. The platform was created to serve as the foundation for Web3, a decentralised internet of blockchains.

According to project developers, 66 blockchains are operational on the platform and its parachain startup network Kusama. More than 140,000 messages have been sent and received between chains across 135 communications channels since the system's launch. The Polkadot and Kusama Treasuries have distributed 346,700 KSM and 9.6 million DOT ($72.8 million) to finance budgetary requests in the ecosystem.

## Parachain slot auction

Parachains are individual layer-one blockchains that run simultaneously on Polkadot and are initially tested on Kusama. [Auctions for parachain slots](/news/article/polkadot-parachain-auctions) are in the form of equity loans, with the position going to the project with the highest bid. The first auction took place in November.

The platform has continued to auction off parachain slots to innovative projects. The most recent cryptocurrency projects to receive a parachain were the identity protocol Kilt, the metaverse infrastructure company BridgePort, and the data solution firm Integritee.

## Future roadmap

Rob Habermeier, the network founder, recently published a roadmap for enhancing the scalability of [Polkadot](/news/article/polkadot-price-uk) and Kusama. Highlights include the potential to cut parachain blocking time in half while increasing space block provided tenfold through asynchronous support, which decouples parachain extension from relay chain extension. 

If the upgrade were implemented, network speed could rise to between 100,000 and 1 million transactions per minute.

After the Polkadot ATH was reached, there is more development activity to come. By the end of the year, Kusama will be the first platform to build the asynchronous support upgrade, followed by Polkadot. Establishing a blockchain on Kusama and the simultaneous launch of smart contracts would theoretically constitute another network update planned for the impending introduction of "pay-as-you-go" parachains. By doing this, the platform's development process would speed up.


Polkadot ATH Reached in Development Activity

A platform for esports (sports video games) called Monkeyball combines the idea of NFTs with the concept of online multiplayer European football. Some have compared the Monkeyball platform to a cross between FIFA Street and World of Warcraft in terms of video games. This means users can set up/manage a fictitious team and compete against friends or use their skills in a larger online playing field where they can get paid.

The token used within the [Monkeyball](https://www.monkeyleague.io/) platform is the MBS Token, which you can identify on exchanges by the ticker $MBS. With a market cap of $14.76 million, it has a circulating supply of just over 92.2 million tokens (reports on this figure vary slightly).

The Monkeyball platform is created by the users who contribute MBS tokens, which are used to make real-world purchases of new tools, arenas, players, and skills. These tokens and purchasable items are the foundation of Monkeyball's online economy, allowing users to compete and engage in various play-to-earn activities.

After signing up, each Monkeyball user can assemble their 4-a-side (4 players on the pitch at once per team) squad of Monkey avatars. 

An avatar represents you in a video game world or one of several characters under your command. These avatars will play one of four positions on the virtual field: netkeeper, striker, defender, or midfielder. Games between opposing teams are played in stadiums, which are unique virtual locations owned by users and can be viewed by spectators. 

Spectators can access their Monkeyball account for free but cannot purchase or manage players or stadiums until they buy a certain amount of MBS tokens.

## Monkeyball is based on the Solana blockchain

The Metaverse Monkeyball gaming platform is built around  Monkeyball NFTs. Every unique location, character, or item is protected by NFT encryption, which is blockchain-based. Monkeyball NFTs rely on the [Solana](/news/article/solana-nfts) network, a rising star in the cryptocurrency world, to secure transactional activity on their platform while improving overall speed and usability. 

[Solana blockchain](/news/article/solana-price-gbp) has become a popular hosting platform for multiple different NFT platforms because of its ease of operation and relatively high level of interoperability.

## Token MBS explained

MBS tokens are available on the Monkeyball platform and can be purchased with either fiat or digital currency (depending on where you bought your $MBS). Monkeyball stated that its platform would be fully functional on desktop and mobile devices. 

MBS token is a speculative currency that can be traded between users on various crypto exchanges, but its main appeal is its in-game practical application. Because MBS tokens can be used as currency on the Monkeyball platform, users can effectively contribute to and manage an artificial economy in a virtual world. 

When a client buys a unique in-game entity or commodity, it becomes theirs. It is no longer available for purchase by any other player unless the original client wishes to sell, usually for a profit. This is made possible by blockchain encryption, as the ledger stores all ownership information. Every in-game commodity or entity is an NFT and is subject to all of the standard NFT rules.

## Review of Monkeyball NFT: Is it worth the hype?

The Monkeyball NFT is a worthy asset. Customers can now purchase NFTs of the stadiums where their preferred teams play, further enhancing their experience. A portion of the prize money is distributed to the winning team's stadium owners, players, and supporters following each game. This game rewards everyone, unlike your typical match, where only the players receive rewards.

If you let others play in your stadium, even if they aren't your players, you can reward yourself! It's also possible to win prizes simply for attending a game and rooting for your preferred team! MonkeyBall aims to enthuse people about sports by enabling them to simulate being there in person. All players will receive the game's native currency, MonkeyBucks (MBS).



Monkeyball NFT: A comprehensive guide

[Pillow](https://www.pillow.fund/) Fund intends to be a one-stop shop that enables even beginner users to save, spend, and invest in cryptocurrencies.

The Singapore-based startup revealed that it had secured $18 million in Series A funding, which was co-led by Accel and Quona Capital with contributions from Elevation Capital and Jump Capital.
 
More than 75,000 users in more than 60 countries are using the app. It currently supports ten digital assets, including Bitcoin, Ethereum, [Solana](/news/article/block-asset-nft-platform), Polygon, Axie Infinity, and the stablecoins USDC and USDT pegged to the US dollar. It intends to support more than fifty digital assets shortly.

Arindam Roy, Rajath KM, and Kartik Mishra founded the company in 2021, focusing on developing markets in places like Africa and Southeast Asia.

According to the company's founders, since the start of the year, its user base has increased by 300%, and assets under management have increased by 5x. It recently expanded into Nigeria, Ghana, Vietnam, and other markets.

## Pillow Fund purpose

Pillow Fund's purpose is to make [cryptocurrency](/articles/learn-moni/cryptocurrency-trading-strategies) usage more understandable. The Pillow team had to address a few significant issues to accomplish this. The first is awareness because most people still believe cryptocurrency is only about buying and selling Bitcoin without understanding other use cases. The second is complexity, as fully utilising cryptocurrency requires knowledge of bridging, gas fees, and blockchain technology.

Pillow addresses these issues by streamlining cryptocurrency investments, transactions, and savings through single-click daily interest savings and instant swaps. It intends to do the same for other cryptocurrency services, such as payments.

## How to use Pillow Fund

Using the email id, users can sign up for their Pillow account. The second step is to provide KYC data (such as live selfie photos and national identity cards). Before deciding which digital assets to deposit or invest in, users are given a brief lesson on the possible risks associated with doing so. Another lesson about the potential risks associated with that asset before making their initial investment is also given to the user.

After that, the user can add cryptocurrency on this platform by sending a transfer to the displayed crypto wallet address from their own wallets or another cryptocurrency platform. Users can also purchase cryptocurrency using their local fiat currency in some nations where Pillow has partnered with local, compliant on-ramp service providers.

The company also accepts fiat currency deposits and withdrawals through local partnerships in Nigeria, the Philippines, and Vietnam, with plans to expand further across Southeast Asia, Africa, and Latin America with its new funding.


pillow fund wants to make crypto easy for new users

Pillow Fund makes crypto easy for users

Luna Classic (LUNC) is the native token of the original [Terra LUNA](https://www.terra.money/) blockchain. After the Terra collapse, Do Kwon planned a recovery strategy that included building a brand-new chain where all future transactions would occur.

The Terra and Luna Classic chains were created from the old chain. The new chain is called Terra (also referred to as LUNA 2.0), and the native token of the original Terra blockchain is LUNC.

The term "classic" likely refers to the hard fork between Ethereum and Ethereum Classic following Ethereum's 2016 decentralised automated organisation (DAO) breach. This is just another ploy to depict the UST crash as "Terra's DAO hack moment".

## Why are there two versions of Terra?

Do Kwon and Daniel Shin introduced the original blockchain in January 2018, and the LUNA ICO began at the beginning of 2019. 

The TerraUSD (UST) stablecoin, along with its sister [token Luna, crashed in early May 2022](/news/article/terra-usd) after losing its peg to the USD. Additionally, it brought down the entire cryptocurrency market, introducing the start of crypto winter.

Do Kwon created a recovery plan for the blockchain that stipulates that the blockchain will go through a hard fork and split into two chains, and the new chain won't have any stablecoin.

On May 25, 2022, the blockchain validators approved the plan and, on May 28, Terra 2.0 launched.

LUNA is Terra 2.0's native token. Meanwhile, the original blockchain has been renamed Terra Classic, and its native token is LUNC.

## The Luna hard fork

Do Kwon proposed a hard fork to revive the network after the entire ecosystem collapsed. When two chains split from the original chain, this is referred to as a hard fork. The new and old versions remain functional, but they no longer interact with one another.

Terra Classic is a tribute to Ethereum Classic, created after the Ethereum DAO hack that split Ethereum in two in 2016.
Terra 2.0's ecosystem no longer includes any algorithmic stablecoins, and holders of the original LUNA token received new tokens via airdrop. The new tokens were distributed via airdrop to Luna Classic holders, stakers, residual UST holders, and app.

## Where to purchase Terra Luna Classic?

Luna Classic is available on many cryptocurrency exchanges. These include, for instance, [Binance](/news/article/guide-to-binance-uk), [KuCoin](/news/article/kucoin-crypto-metaverse), FTX, and Kraken. Most of the crypto exchanges supporting Luna 2.0 will continue to support LUNC.

Some owners increased their purchases of LUNC in the run-up to the new chain. Existing token holders received a share of the new tokens that were part of the airdrop. This implies that all current owners of LUNC are now owners of Luna 2.0.

However, trading in LUNC was suspended before the debut of the new chain. It was stated in the Binance Luna 2.0 support announcement that LUNC trading would resume on May 30.

## Price prediction for Terra Luna Classic

Due to the bearish token and crypto market, the price remained at a low of $0.0001 for several months after rebranding.
LUNC, on the other hand, rallied after its tax burn proposal was approved and went live on September 21, 2022. The tax consumed 1.2% of all blockchain transactions, reducing LUNC supply while increasing demand.

Binance's announcement on September 26, 2022, to burn all trading fees on LUNC spot and margin trading pairs boosted the price of LUNC even further. Within a few hours, the LUNC price increased by more than 60%, from $0.00018 to $0.0003.

Despite its history of implosion, the recent good news has left many crypto experts relatively optimistic about Luna Classic's future.

According to [DigitalCoinPrice](https://digitalcoinprice.com/forecast/terra-luna/2025), the price of LUNC will rise over the next five years and reach around $0.0012 by 2025. However, they do not expect the price to rise significantly in the coming decade.

## LUNA Classic's future

There's no denying that the original [blockchain crash](/news/article/terra-luna-collapse) in May 2022 shook many investors' and crypto enthusiasts' confidence. People quickly questioned Terra's ability to return.

The Terra Classic blockchain has shown promise since the fork. The coin has gained traction, notably since Binance announced the LUNC tax burn on its transactions. This indicates that the value of LUNC may rise in the coming years.

However, [INTERPOL](https://www.interpol.int/en) has [reportedly](/news/article/do-kwon-terra) requested that law enforcement agencies locate and arrest Do Kwon. Terraform Labs, the development firm behind Terra, has also been accused of operating a Ponzi scheme. As a result, it's difficult to predict whether LUNC will succeed or crash.

However, it is an intriguing cryptocurrency to follow, and you should keep an eye on it for future developments.



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