A few years ago, everyone started to buzz about the blockchain – it wasn’t really clear what is it and what are the possible applications of blockchain.

Be it as it may, this technology has undergone significant development in terms of how many industries are able to trial and adopt blockchain use cases. 

Already there are numerous examples of companies utilizing blockchain in industries going from financial services to energy distribution and supply chain management.

Still, we have to make a basic distinction between public and private blockchains and their cons and pros for businesses.

## Not all blockchains are created equal – Public Blockchains

The name says it all - [public blockchains ](https://101blockchains.com/public-vs-private-blockchain/#:~:text=Public%20Vs%20Private%20Blockchain%3A%20The%20Comparison%20Table%20,%20%20Permissioned%20%204%20more%20rows%20) can be used by anyone. 

What’s important though, is that the two most popular cryptocurrencies, Bitcoin and Ethereum, both use public blockchains.

Public blockchains are permissionless, meaning anyone can just hop in and join the consensus used to keep the network safe. 

However, this also signifies, that anyone is enabled to check the stored data and shows the whole thing has a high level of transparency. 

Still, even though it can be seen, data cannot be changed by anyone on the network since public blockchains are also immutable. That means once the data is on the distributable ledger, it cannot be changed or removed.

Public blockchains are completely decentralized, meaning there is no single entity that’s controlling the network.  

However, this also means that any hacker can join the network with malicious plans. Dubbed a 51% attack, it’s a situation where 51% of hashing power on a network is taken over by cyber hackers who then can interrupt the recording of new blocks by preventing other miners from completing blocks. 

## PoW Vs. PoS

There are public blockchains, that are powered by [Proof-of-Work (PoW)](/wiki#character-p), and then we have those who use Proof-of-Stake solutions.

## What is a Proof of Work?

It is practically impossible to spend the same physical cash (fiat) amount more than once. However,  when talking about digital money; so-called ‘double-spend’ can occur since digital money is only existing data.

A double-spend problem means that there is a risk of spending a unit of digital currency in two places at the same time and having one of them bounce like a sort of an invalid check.

Usually, when paying for some service online, a double-spend problem is fixed by clearing all transactions through the central database of an intermediary such as a bank or credit card company. In some situations, solving these contracts takes hours, days, and sometimes, even weeks.

To solve the double-spend problem without the need for the intermediary, in 2008, Bitcoin White Paper alleged creator Satoshi Nakamoto introduced a consensus mechanism by leveraging cryptography with an existing distributed P2P network.

On the Bitcoin blockchain, the network eliminates a double-spend by checking the exact time of the first transaction of a particular token and vetoing consequent spending on the same token.

Those who run fully operating Bitcoin nodes a.k.a. miners, put all recent transactions in the form of a block of data and repeat the process every ten minutes (so-called Poisson process). Each block must refer to the previous block to become legit. After a block is mined, it is not visible right away, and until they find out about it, miners are competing against the new block instead of adding to it.

The Bitcoin network uses a proof of work (PoW) mechanism to achieve the mentioned consensus.

## What is Proof of Stake?

Popularized back in 2011, the Proof of Stake consensus algorithm was presented as the solution for all the problems Proof of Work might have had.

The PoS consensus mechanism eliminates the high computational and energy requirements of the PoW. This upgrade in the consensus mechanism has been dubbed Ethereum 2.0 as it enables Ethereum network nodes to comply with the state of all previously recorded information on the Ethereum blockchain and avoid possible economic attacks.

Proof of stake demands that miners invest in and hold on to some store of value without the immediate need for spending energy in order to vote.

The PoS algorithm uses a pseudo-random selection process to choose a node that will validate the following block regarding various factors such as the staking age, randomization, and the node's wealth.

While most cryptocurrency is created as rewards for miners in Proof of Work-based systems, the Proof-of-Stake system tends to use transaction fees as a reward.

## Private Blockchains Needs Authorization

Private blockchains are used for safely storing data making sure, at the same time that these can be accessed only by authorized entities. 

The access itself has to be approved before accessing any data or taking part in the consensus process. 

Network administrator is the one who grants all accesses and asks for validation. 

Rarely you can see private blockchain being used within crypto sector. More of it is angled towards some internal companies’ networks such as IBM, who has humongous blockchain network for its clients.

Still, private blockchains are not totally centralized, since there is an entity which controls the ledger and integrates with the blockchain. The ledger isn't completely immutable, and private blockchains do not need a native token.

Even though public blockchain are more popular, private blockchains are more efficient, the amount of data that needs authentication is lower, they don’t need a lot of computational power to work and are, therefore, more eco-friendly.

A slightly ‘negative’ characteristics of private blockchains show up when it comes to anonymity. The real nodes’ identity on a private blockchain is always known by the central authority since it’s needed in order to get access to the network. 

Also, when talking about security, one should be aware that private blockchains are not completely decentralized. That means that the creator can change the block data and somehow “bend” the whole system to work in their favour.

## Blockchain Use Cases

Blockchain technology is important for companies since its implementation insures revenue expansion, decreased costs and better efficiency. For example, the fashion consortium LVMH chose to combat fake products by tracking them [through a blockchain](https://www.lvmh.com/news-documents/news/lvmh-partners-with-other-major-luxury-companies-on-aura-the-first-global-luxury-blockchain/). 

In the medical industry, blockchain network is used to search for and exchange patients’ data, track pharmaceuticals or even disclose the pharma black market.
In the law sector, blockchain technology can be used to create smart contracts for legal processes. It also can be used to approve and validate some courtroom evidence and improve efficiency in the criminal justice system. 

When talking about the food supply, blockchain can accelerate food recall and enhance the efficiency of food supply chain management.

In the real-estate sector, blockchain technology can authorize the tracking and buying of real estate through digital real estate tokens. 

Blockchain can also be used within the governmental sector. One of the most important features of blockchain-based solutions is providing transparency of voting processes and public decision-making. 


Applications of blockchain in practice show promise

[Coin360](https://coin360.com/) is an online portal to get the most up-to-date information on the cryptocurrency market, including the current market capitalisation of all major currencies and tokens. It is one of the world’s most popular market aggregators- known for its iconic heatmap. Founded in 2018 by Hillbert Group, an investment firm that specializes in quantitative, algorithmic trading strategies in digital asset markets.

The website is open to the public and does not require pre-registration. After entering, the user can customise the data presentation by selecting various options. 

## How to navigate on Coin360 website

To begin, on Coin360, you may choose "Currencies" (Bitcoin, Ethereum, Litecoin, Ripple, NEM, Iota, [Cardano](/news/article/crypto-news-cardano), and so on) or "Tokens" (Eos, Qtum, Tether Usd, Golem, Enigma). Users can also select the time of the data (1 hour, one day, seven days, one month or a predefined period that establishes a date the user chooses).

You can also filter data by market capitalisation or by the past 24h turnover. 

After you've configured your basic settings on the website, you may view a grid with the crypto tokens, coins and symbols, and when dragging the mouse over the boxes will reveal a popup with the following information:


•	Coin and token names and symbols


•	Coin and token quotes against the US dollar and Bitcoin 


•	Percentage change in price within 24 hours (must select the day's performance option) 


•	Market cap


•	Trading volume in 24 hours


•	Type of protocol (the blockchain technology utilised by crypto).


## Why use Coin360 and what’s next?

Coin360’s widgets give viewers an entire perspective of the cryptocurrency market's current condition, in one simple snapshot. It communicates prices, crypto rates, market cap, and volume in a visually entertaining and easy-to-understand style. 

This awesome aggregator tool is only expanding its services as they joined forces with Cointelegraph and Chiron partners to provide market data covering a wider range of digital assets. This will include decentralized finance (DeFi), nonfungible tokens (NFTs) and security token offerings - for both institutional and retail traders.







What is Coin360?

The South African crypto market is about to welcome a new regulatory framework. The South African Reserve Bank (SARB) has introduced amendments to its financial laws. According to the new regulations, [Bitcoin](/coins/btc) and other altcoins will now be identified as financial assets. 

The country has long discussed whether cryptocurrencies should be categorised as financial assets or only digital currencies. Now the SARB has finalised the regulations for cryptocurrencies and introduced a ruling for them to be considered assets. 

Previously, the South African crypto market was thriving on its own. This newly introduced framework by SARB will help in regularising the market. The Deputy Governor of SARB, Kuben Naidoo, believes that there is a need for a framework to regulate the market and promote the adoption of cryptocurrencies. 

In a webinar, he further acknowledged that SA Reserve Bank has changed its stance on [digital coins](/coins) and, tokens and is now working on its regularisation of disclosures. Moreover, he provided a timeframe of 12 to 18 months for the complete implementation of the framework. But, he assured us that KYC rules and authorisation of crypto exchanges were possible earlier. 

## Key points from South Africa’s crypto regularisation 

Here are some key points from recent crypto regularisation in South Africa:
1.	All cryptocurrencies are declared as financial assets.
2.	The services related to cryptocurrencies will fall under financial services.
3.	All crypto exchanges will be provided with a licence. 
4.	The Financial Intelligence Centre Act (FICA) will monitor the country's crypto market.
5.	FICA will also oversee tax evasion and money laundering issues related to cryptocurrencies.  

## The future of cryptocurrencies in South Africa

South Africa is one of the leading countries for adopting cryptocurrency. According to the research [report by Luno Global Exchange](https://discover.luno.com/research-the-state-of-crypto-in-africa/), around 13% of the country's population owns various cryptocurrencies. However, there was no monitoring policy for the industry before the recent announcement by the Reserve Bank. 

The rules SARB has now introduced can help in the growth of digital currencies across the country. It is expected that regularisation will lead to the mass adoption of crypto in South Africa. Moreover, it will provide a robust infrastructure for investment. Besides, it will mitigate the risks and bring financial stability to the country.




South Africa crypto embraces new regulatory changes

OpenSea, the biggest [NFT](/news/category/nft-news) market in the world, announced it is slashing around 20% of its employees.

This is the latest in a series of layoffs that turmoiled the already shaken, crypto community as the cryptocurrency prices plunged.

OpenSea’s Chief Executive Devin Finzer [confirmed the layoffs](https://twitter.com/dfinzer/status/1547648521607659522) in a tweet and asserted that the crypto winter might be longer than expected. However, he added that things are not so gloomy and said he has immense conviction in the NFT space and  OpenSea’s role in it. 

Finzer explained that, during this winter, we might see “an explosion in innovation across the ecosystem. And with the changes we’ve made, we’re in a strong position to continue.”
He also said that in uncertain times, the company’s mission to build a foundational layer for new, peer-to-peer economies feels more urgent and essential than ever.

According to the firm’s representative, Allie Mack, around 230 employees will stay with OpenSea, which was, by the way, valued at over $13.3 billion in the year’s beginning.

Other exchanges that also decided to fire their people are Gemini, Coinbase, Crypto.com and BlockFi.

It all started with the Terra Luna collapse in May this year that entailed all other companies halting withdrawals, firing employees or even filing for bankruptcy. 
 
Demand for NFTs has also plummeted, that cut the sales of OpenSea in half during just one month. The average price of an NFT on its marketplace fell by approximately 40%.
This includes even the most famous NFT collections such as Bored Ape Yacht Club and CryptoPunks, who, even though are still selling, have felt the winter breeze.

According to Finzer, this whole situation can be seen as an opportunity. He said that during this winter he expects an explosion in innovation and utility across NFTs.
“With the hard (but important) changes we made today, we’re in an even better position to capture what will soon become the largest market on the planet. Winter is our time to build”, Finzer concluded.

The company added it will provide health coverage next year for all fired employees. 



OpenSea NFT Platform lays off 20% of employees

The latest Polygon crypto news covers the cryptocurrency participation in [Disney's accelerator program](https://cointelegraph.com/news/polygon-selected-to-participate-in-disney-s-2022-accelerator-program), which will help the company gain Web3 experiences.

According to a statement issued by The Walt Disney Company on Wednesday, the [Ethereum](/coins/eth) scaling platform is one of six initiatives selected for the Accelerator Program, which is focused this year on augmented reality (AR), nonfungible tokens (NFTs), and artificial intelligence (AI).

On Wednesday, Polygon CEO Ryan Watt announced that the company was "the only blockchain selected" for Disney's famous Accelerator program.

## What is Disney accelerator 

Disney's accelerator program was started in 2014, and members can get mentorship from the Disney Accelerator team as well as assistance from Disney's own leadership team.

Participants will allegedly receive additional investment funding as well as co-working space at Walt Disney's Los Angeles campus. The program will finish with a Demo Day on campus.

Applications for the accelerator program opened on April 22, with applications closed on May 13, 2022. At the time, Disney stated that the accelerator would seek "growth-stage companies with a vision for making an impact on the future of technology and entertainment."

Flickplay, a Web3 application that allows users to discover NFTs using augmented reality (AR), and Lockerverse, a Web3 storytelling platform that links creators and brands, were also chosen this year.

Other startups include the augmented reality startup Red 6, the 3D virtual e-commerce startup Obsess, and the AI-powered virtual character creation startup Inworld.

Polygon, formerly known as the Matic Network, is an interoperability-focused blockchain architecture with a suite of scalability tools designed to construct Ethereum-compatible decentralised apps (DApps). Polygon's scaling solutions were designed to overcome Ethereum mainnet issues like sluggish transaction speed (TPS) and hefty transaction fees.

Following the Latest Polygon crypto news, native token, MATIC, increased by more than 20% once word of Polygon's participation in Disney Accelerator. In the early hours of Thursday, the token was trading at $0.5291 and has risen 20.568 percent to $0.6504. The token is still gaining ground.

For the latest Polygon crypto news, check out our[ Polygon tag](/news/tag/polygon).


Polygon crypto news: Disney accelerator program

Even though we recently wrote about [Celsius’ possibility of getting back on track](/news/article/celsius-news-new-lawyers), the company has decided to file for bankruptcy protection.

According to the [official announcement](https://www.businesswire.com/news/home/20220713005911/en/Celsius-Network-Initiates-Financial-Restructuring-to-Stabilize-Business-and-Maximize-Value-for-All-Stakeholders), the faltered company filed voluntary petitions for Chapter 11 protection and announced the initiation of a financial restructuring.

Previously Celsius asserted it would focus on stabilisation of its business by restructuring in a way “that maximizes value for all stakeholders.” It then confirmed having $167 million in cash in order to support operations until everything is finished

The firm stated that the filing follows “the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilise its business and protect its customers”. 

“Without a pause, the acceleration of withdrawals would have allowed certain customers—those who were first to act—to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery”.

Celsius hiring new directors

Celsius CEO Alex Mashinsky added that he believes this was the right decision for the clients and the company itself. 

“We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company,” he concluded.

Last week, the firm replaced its legal advisers Strauss Hauer & Feld LLP with newly appointed Kirkland & Ellis LLP. The company still hasn’t filed for bankruptcy and hopes that pairing up with Kirkland & Ellis LLP could represent a shift in the overall strategy.

Analysts mostly agree the move was expected. The firm also hired new directors: David Barse, the Chief Executive Officer of XOUT Capital, and Alan Carr, founder and managing member of Drivetrain, LLC, a professional fiduciary services firm.

With more than 100,000 creditors and the largest unsecured claim of $81 million from Caymans Island-based Pharos Fund, the filing also mentions FTX CEO Sam Bankman-Fried’s trading firm, Alameda Research, as a creditor with a $12 million unsecured loan.



Celsius filing for bankruptcy is imminent

As someone interested in crypto, you've probably already visited [Reddit](https://www.reddit.com/). But what about Reddit using VPN for crypto?

Here, we look at Reddit as a resource for cryptocurrency information, explain VPNs, and show how to engage with Reddit using VPN for crypto.

## Reddit Using VPN for Crypto

There are many VPNs out there, but not all are good with Reddit for crypto. Some VPNs can seriously slow down your connection, making it difficult to load pages or even vote on comments.

So which VPNs should you use? Here are some of the favourites:

- ExpressVPN: This VPN is fast, reliable, and perfect for streaming video.
- NordVPN: This VPN is great for security and privacy and has a large server network.
- CyberGhost: This VPN is easy to use and has a great price point.

## Do I need a VPN for Reddit?

So, you've decided to start using Reddit for crypto. That could be a good decision.

Reddit is among the most popular online platforms, and it's a great place to find information on all things crypto.
But there's one question you may ask yourself: do I need a VPN for Reddit? The answer to that question depends on how you plan to use Reddit.

If you're just browsing the front page and some of the more popular subreddits, then you don't need a VPN. But if you're going to be browsing more obscure subreddits, or if you're going to be posting links and comments, then a VPN is a good idea.

## How to use Reddit for crypto

Here are ways you can get the most out of Reddit for your trading and investing activities:

1.	Use multiple subreddits. Don't just stick to the /r/cryptocurrency subreddit. There are dozens of other subreddits (including /r/bitcoin, /r/ethereum, and /r/ltc) where you can find valuable information and discussion.
2.	Use the search bar. The search bar is, obviously, a good way to find specific information on Reddit. For example, you can search for posts about a specific cryptocurrency or related topics.
3.	Be patient and take your time. Don't make snap decisions based on the information you find on Reddit. Always do your own research and make sure you're fully informed before investing in any cryptocurrency.
4.	Use IRC: IRC (internet relay chat) is a great way to connect with other users in real-time. You can find a list of IRC servers here.

## What are the best subreddits for crypto?

With thousands of active users and a wide range of topics, it can be tough to know where to start. Here are some popular subreddits for crypto.

/r/cryptocurrency is the obvious starting point, as it's dedicated to everything crypto. Here you'll find news, discussions, and reviews on all things crypto.

If you want more focus, check out these subreddits:

/r/bitcoin - This is the go-to subreddit for everything [Bitcoin](/coins/btc)-related.
/r/ethereum - This is the main subreddit for Ethereum news and discussion.
/r/ripple - This subreddit is devoted to Ripple news and discussion


Reddit Using VPN for Crypto?

If you follow the cryptocurrency markets, you have probably heard the term "crypto whale".
They are prominent players in the crypto world known to buy enormous amounts of a particular coin, often altering the market.

Read on to see how crypto whales affect the market.

## What is a Crypto Whale?

A whale is someone with a significant quantity of money to invest in the cryptocurrency markets. They earned the name because a whale is the largest creature in the ocean.

Whales can be individuals, groups, or companies, such as hedge funds or trusts.

## Who is the Biggest Crypto Whale?

The following are some of the publicly-known holders of large amounts of cryptocurrency:
•	[Sam Bankman-Fried](https://ph.news.yahoo.com/crypto-weekly-shrimps-whales-rescue-181438236.html)
•	Micheal Saylor
•	Brian Armstrong
•	Cameron and Tyler Winklevoss
•	Roger Ver

Each name on this list plays a significant role in the crypto markets, especially in [Bitcoin](/coins/btc).

## Crypto Whale Effect on Price

Whales can also increase price volatility, particularly when they move a significant amount of cryptocurrency in a single transaction.

For example, when an owner tries to sell their Bitcoin for fiat currency, the lack of liquidity and big transaction size put downward pressure on Bitcoin’s price because other market players see the transaction. Other investors are on high alert when whales sell, looking for signs that the whales are “dumping” their holdings.

The exchange inflow, or the average quantity of a particular cryptocurrency being deposited into exchanges, is a common sign that crypto-investors look for.

When a crypto whale dumps, the large volume can impact value on its own. However, it also sparks fear among other, smaller investors who follow suit, sell up, and further drive down prices.

## Crypto Whale Impact on the Crypto Market

Crypto whale activity has the potential to have a significant impact on cryptocurrency markets. This includes individual cryptocurrency prices and market capitalisation.

This is because whales frequently conduct trades worth tens or hundreds of millions of dollars. These large sell or purchase orders can cause considerable price fluctuations. For example, when a large buy order is placed, the price of a particular cryptocurrency can skyrocket since it signals to the market that the asset is in more demand.

When whales place a large sell order, the price can move in the opposite direction because the market receives the contrary signal, and the asset appears to be unloaded.

When a crypto whale makes large buys or sells, they can influence the market, resulting in a cascade of buy or sell orders.

About 1,000 people are thought to own nearly 40% of all Bitcoins. With so few people holding so much BTC, any substantial buy or sale from these mega-investors might swing the market in either direction. It may affect the market negatively or positively, depending on the signal received.

## Conclusion

Whales are an important element of the cryptocurrency ecosystem to understand. Their actions can induce price fluctuations up or down, resulting in dramatic market reactions. Some whales engage in high-volume trades regularly, while others merely amass and hoard as much as possible.

If cryptocurrencies continue to expand and become a more powerful asset class, the whales will become much wealthier and control an even larger share of the crypto sea.

It can confidently be stated that the whales control the crypto market, as their decisions influence the market. When they make huge investments, prices rise, and once they dump, due to the large amount removed, the market dumps as well.

As Bitcoin significantly influences other cryptocurrencies (altcoins), a BTC crypto whale has influence beyond their chosen coin.

Influencing the value of Bitcoin, up or down, sends ripples throughout the crypto market.


Crypto Whale: What Is It?

It can no longer be ignored, so now we must ask, 'what is the impact of cryptocurrency on society?'.
Bitcoin has inspired a variety of reactions since its inception in 2009. Some people consider [Bitcoin](/coins/btc) to be a ground-breaking breakthrough. Some say it is a passing blip on the radar; others believe it is here to stay.

What is beyond doubt is the impact of cryptocurrency on society, most notably Bitcoin.

It is time to ask what crypto will provide to our communities, whether it will improve administrative and financial tasks, and whether it could benefit humanity.

## What are the Advantages of Cryptocurrency?

Although a relatively new innovation, cryptocurrencies are, in my opinion, unquestionably here to stay.
That is largely due to the numerous advantages they offer. The impact of cryptocurrency on society can be positive, if you know how to tap into the benefits.

Not least is its ultra-secure, transparent infrastructure.

A further advantage to cryptocurrencies that is particularly relevant at the moment is the avoidance of inflation.
Because they are not tied to a particular currency or national economy, the value is determined by global demand and not national inflation.

When the supply of a cryptocurrency is limited - for instance, Bitcoin is capped - the amount available cannot spiral out of control.

## The Impact of Cryptocurrency on Society

The majority of cryptocurrencies use blockchain technology, and it is an innovation with significant potential benefits for society.

Here are just three examples of ways in which using crypto for everyday tasks can impact on society.

1.	Cryptocurrencies give you, and only you, control over your money: Traditional cash gives complete authority over your finances to central banks and the government. It isn't really "your money." If you trust your government, that's fantastic. But keep in mind that your bank account can be frozen anytime, denying you access to your funds. In the United States, for example, if you die without a legal will and run a corporation, the government has the right to all your assets.

2.	Simplified [Cross-Border Transaction](http://www.ruchelaw.com/cross-border-transactions/): You might think that in the digital age, businesses can sell to anyone, regardless of their location. However, obstacles remain. One of the most significant is the high cost of processing payments. Cryptocurrencies allow you to trade abroad without giving up a portion of your profit or overpricing your product, as well as avoiding transaction fees. The value of Bitcoin is the same everywhere, and the lack of intermediaries speeds up and lowers the cost of transactions.

3.	Eliminating Extreme Money-Printing: A government may be able to bail out debt or devalue its currency by printing more money. This is like bandaging a broken leg. It not only rarely solves the problem, but the harmful side effects might often outweigh the initial problem. The supply of most cryptocurrencies is finite. When all of those coins are circulating, there is no straightforward method for a central authority or the firm behind the blockchain to simply generate more coins or increase the supply.

## Conclusion

Even years after its release and development, cryptocurrency still has room for improvement and exciting advancements.

The risks are likely to decrease further as governments establish guidelines and ways to stabilise the product while retaining its unique appeal are found.

Indeed, there is little question that the impact of cryptocurrency on society will be significant.


The Impact of Cryptocurrency on Society

COTI crypto is the first enterprise-grade fintech platform that enables companies to develop their own payment solution with digitized currencies.

[COTI](/news/article/coti-crypto) (currency of the Internet) is a Layer-1 platform based on the so-called Proof-of-Trust (PoT), the consensus that integrates a directed acyclic graph (DAG) data structure with the demands linked with traditional finance (TradFi). A DAG is a data structure that enables more efficient and scalable transactions.

## What is Coti Crypto?

Basically, COTI crypto is the native token of the COTI ecosystem, with a total supply of two billion. It doesn't require PoW mining to secure the network and operates on three different mainnets: Trustchain, Ethereum, and BNB Chain.

The platform said it is focused on building "the next generation"  of digital and financial products encompassing aspects of the new digital economy.

To tackle scalability issues that most blockchains have, COTI incorporates Trustchain, a DAG-based data structure, and Proof of Work (PoW) to develop the Proof of Trust consensus mechanism.

The name of COTI DAG is "the Cluster," a distributed ledger that records transactions on the network.

But COTI DAG doesn't aggregate all transactions into blocks. Instead, transactions are lined one after the other. For a new transaction to be confirmed, the validating nodes must link it to two prior transactions.
The decision on the type of transactions that should be linked depends on their Trust Score.

According to the official explanation, “in the PoT system, validators are selected based on their trustworthiness".

That means each user and node in the Cluster is rated on their Trust Score. This is calculated based on historical behaviour, including payment statistics. The higher the Trust Score, the quicker their transactions can be processed and the lower the fees".
 
After the user transacts on COTI, the Source Selection Algorithm non-selectively designates two validating nodes with similar Trust Scores. Because of that, transactions from trusted users are usually confirmed much faster. Scalability is ensured because transactions with different Trust Scores are parallelly processed and are, therefore, more secure.

However, one must understand that when talking about the Proof of Work, in COTI, it isn’t implemented in the way we’re used to. It doesn’t depend on mining to earn trust. PoW here exists only to protect COTI from spamming attempts and encourage network users.

Finishing PoW tasks enables validators to connect the transactions to the Cluster, but it doesn't promise that this will actually happen. It depends on their Trust Scores. These are also used for setting the PoW levels that can impact transaction fee levels. With no mining required, COTI can operate with very low transaction fees.

## COTI Crypto MultiDAG layer

One can compare the COTI MultiDAG ecosystem to that of Ethereum. Few independent DAGs exist on the network, all with individual goals. They each preserve completely customized tokens and apps, but run simultaneously on the same infrastructure to increase efficiency.

The COTI MultiDAG 2.0 will allow companies, entrepreneurs, and developers to issue tokens with Trustchain-like performance, such as scalability, high throughput, low cost, etc.

Users can also construct their own stablecoins supported by cryptocurrencies, fiat money, or even exist as non-collateralized stablecoins with the MultiDAG.

One of the examples is Cardano's stablecoin Djed, of which COTI is an official issuer.

Recently, the [CEO of COTI](https://www.coti.io/team) crypto, Shahaf Bar-Geffen gave a fantastic insight into what COTI crypto represents and explained how he sees things surrounding blockchain technology in particular.

Bar-Geffen said he knows blockchain technology has expanded from a "niche and highly specialized subset of information technology" to become one of the modern era's most popular and in-demand solutions."

And COTI represents exactly that - driven partially by Web3-empowered assets such as cryptos and NFTs, COTI became a worthy actor within numerous sectors, like supply chain management. This has been a true sign of its positive utility.

Bar-Geffen said that blockchain has proven to be a secure, transparent, scalable, and trustworthy form of storing and transmitting data among a limited or unlimited number of users. They added that it is unsurprising that blockchain infrastructure spending will increase to about $20 billion by 2024.


What is Coti Crypto?

It's been a rough few days in the cryptocurrency world, with [BTC falling below $20,000](https://www.ibtimes.com/crypto-july-12-bitcoin-drops-below-20000-market-turns-red-3570356) and the market turning red.

After a 2.89 percent dip in BTC in the last 24 hours, the cryptocurrency market opened on a gloomy note on Tuesday. At 12:17 a.m. Eastern Time, one BTC stood at $19,958, according to data from CoinMarketCap (CMC).

## Ethereum falls 5.6%: Predicts a return of $2789.81 by the end of July

The second-largest cryptocurrency, Ether (ETH), fell 5.6% the previous day and was trading at $1,088 at 12:17 a.m. Eastern Time (ET). Despite the recent drop, the median estimate tool provided by CMC, in which 32,022 individuals participated, predicts that BTC will recapture $35,143.87 by the end of July. For Ether, the same feature, which received 11,849 votes, predicts a return of $2,789.81 by the end of July.

## BTC Expected to Grow

BTC is expected to grow to $24,648.70 by August 1st, according to WalletInvestor, while DigitalCoinPrice predicts that BTC will trade at $28,089.80 on average in August. According to BitcoinWisdom's annual estimate, BTC will conclude the year in the $27,989 range. Solana (SOL), Dogecoin (DOGE), Near Protocol (NEAR), and Cosmos (COS) were the largest losers today (ATOM). There was a 4.99% drop in these tokens, followed by 5.42 percent, 4.46 percent, and 5.01 percent.
 
These coins cost $33.77, $0.6242, $3.28, and $8.27 at 12:33 a.m. ET. Polygon (MATIC) went bullish with a 4% price increase in the same period, while Uniswap (UNI) suffered the most with a decline of over 9%. At 12:35 a.m., these tokens were worth $5.4 and $0.5816, respectively.

The Bitcoin crash continues, with the cryptocurrency falling below $20,000. Ethereum is also down, although not as much as BTC. The market is overall red, with many coins losing value. BTC is expected to grow in the future, but it remains to be seen how long the current Bitcoin crash will last.

For more  crypto coin and token news go to [Latest Moni](/news).


Bitcoin crash continues below $20,000

Originally the hack was perceived as an exploit of the new Uniswap v3 protocol but it was soon realized that this is was sophisticated phishing campaign  targeting Uniswap v3 protocol liquidity providers (LPs), resulting in the [theft of more than $4.7 million](https://cointelegraph.com/news/more-than-4-7m-stolen-in-uniswap-fake-token-phishing-attack) in Ether (ETH). However, the community is suggesting that the losses may be far higher.

On Monday, MetaMask security researcher Harry Denley was among the first to raise the alarm about the assault, informing his 13,000 Twitter followers of the latest Uniswap news that 73,399 addresses had been issued fraudulent ERC-20 tokens in order to steal their assets.

According to a tweet from Binance CEO Changpeng "CZ" Zhao, at least $4.7 million in [ETH](/coins/eth) was destroyed in the hack. However, there are indications in the crypto world that the infiltration may result in more significant losses.

Prominent Crypto Twitter user 0xSisyphus revealed that a "big LP" with around 16,140 ETH, worth $17.5 million, may also have been phished.

How does a phishing scam work?
The phishing scam, according to Denley, operates by giving unwary users a "malicious token" called "UniswapLP" that is disguised as coming from the genuine "Uniswap V3: Positions NFT" contract by modifying the "From" field in the blockchain transaction explorer.

Users who are interested in their new tokens will be led to a website that claims to allow them to exchange their new tokens for Uniswap (UNI), which is now worth $5.34 per token.

Instead, the website would send the customers' addresses and browser client information to the attackers' command center, where they would attempt to drain crypto assets from their wallets.

According to a Reddit thread explaining the incident, the attackers took native tokens such as Ether, ERC-20 tokens, and nonfungible tokens (NFTs) (namely Uniswap LP positions) from victims.

The Uniswap price plummeted to a 24-hour low of $5.34 as a result of CZ's initial worrisome statements. The price of UNI has subsequently rebounded to $5.69.

For more of the latest cryptocurrency news, Read Moni. 



 Uniswap News: Phishing attack stole $4.7 million

Manchester City has announced cryptocurrency exchange [OKX](https://www.okx.com/) as their new training kit sponsor, extending its partnership with the cryptocurrency exchange platform. 

In a multi-million-pound deal, the club named its new partner as its first "official cryptocurrency exchange partner" earlier this year, and they have moved to strengthen their relationship this summer.

The Seychelles-based cryptocurrency exchange has agreed to become the official training kit sponsor of English Premier League champions Manchester City F.C. for the 2022-23 season. The deal, worth more than $20 million, was first announced in March 2022, representing the exchange's first venture into the sports world. OKX branding will appear on both the men's and women's training kits of Manchester City. 

The agreement will bring in a "new era of disruptive fan engagement and web3-based experiences," according to the company's official blog post, with the players participating in OKX's crypto education initiatives. OKX has also commissioned street artist Akse P19 and Global Street Art Agency to create artworks featuring players.

## Aim of the Manchester City Deal

By the new agreement, OKX intends to revamp the "fan experience", providing cryptocurrency tips for trading responsibly and curating programmes to benefit the Manchester community. 

Manchester City's group chief operating officer, Roel de Vries, added that cryptocurrency exchange and Man City share values such as innovation, training, and education. 

## Uncertainty Regarding the Manchester City Deal

There is still concern and uncertainty about football clubs partnering with cryptocurrency firms like OKX, given that the sector is still, to a large extent, unregulated and their markets have been significantly declining this year. Manchester City, in the past, had to quickly terminate a deal with previous Russian-based partners MarathonBet on the front of the training kit due to Russia's invasion of Ukraine, with MarathonBet initially replacing Expo 2020 Dubai on the front of the training kit. 

For the latest crypto business news, visit [Latest Moni](/news).
 
 
 
 



OKX Partners with Manchester City

The latest Celsius news is that just 28 days [after it halted withdrawals for its users](/news/article/celsius-crypto-freezes-withdrawals), the troubled crypto lender decided to hire a new law force to help its restructuring process.

According to [sources](https://www.wsj.com/articles/troubled-crypto-lender-celsius-hires-new-restructuring-lawyers-11657473712), the company replaced its lawyer advisers Strauss Hauer & Feld LLP with newly appointed Kirkland & Ellis LLP. The company still hasn’t filed for bankruptcy and hopes that pairing up with Kirkland & Ellis LLP could represent a shift in the overall strategy.

Celsius, which was managing almost $11.8 billion in assets for its 1.7 million users as of May, decided to pause all withdrawals last month, explaining that "extreme market conditions" led to this decision.

As sort of a buffer, Celsius proposed high-yield loans of up to 18% on deposits and reiterated its users "will continue to accrue rewards" during Celsius’s “half-time”.

"We are taking this necessary action for the benefit of our entire community in order to stabilise liquidity and operations while we take steps to preserve and protect as diligently in order to face all challenges," the company said.

Be it as it may, Celsius isn't the only crypto firm collaborating with Kirkland & Ellis. Voyager Digital, which recently filed for chapter 11 bankruptcy, also went with the company to try to solve the issues of its clients' wanting to withdraw funds from the company.

Celsius, however, hasn't been in an enviable situation. An ex-crypto money manager has sued the company on charges that Celsius used client funds to cover its deficits in the lending business. According to Arkham Intelligence, that manager is said to have cost Celsius $61.2 million in liquidations.

The company has allegedly also approached Alvarez & Marsal for restructuring options and, in late June, it fired John Stephen Dubel, founder of restructuring services provider Dubel & Associates, after only eight days of service.

In last week's Celsius news it was confirmed that the company had managed to repay its debt to Maker, giving back 41.2 million in DAI that unlocked 21,962 in wrapped Bitcoin (WBTC), worth around $440 million.

Blockchain intelligence firm Nansen revealed that Celsius now has a total of $213 million in outstanding debt; 63% of this falls to Aave and 35% to Compound.


Celsius News: Troubled Firm Hires New Lawyers

Crypto mining farms have attracted criticism as cryptocurrency mining has grown in popularity worldwide, with countries like China, Iceland, and Georgia leading the way. The major concern is energy consumption.

## What are Crypto Mining and [Crypto Mining Farms](/news/article/mining-farm)?

The practice of digitally adding transaction records to the blockchain, a publicly distributed database that holds the history of every transaction, is known as mining. Crypto mining farms bring together the equipment needed to conduct the process on a large scale.

Mining is a data-keeping activity that requires a lot of processing power. To ensure the payment network is trustworthy and secure, each crypto miner contributes to a decentralised peer-to-peer network. This energy-intensive process is a significant source of greenhouse gas emissions, especially from crypto mining farms.

Most people consider crypto mining to be nothing more than a method of manufacturing new currency. In fact, crypto mining entails validating crypto transactions and adding them to a distributed ledger on a blockchain network. Most crucially, crypto mining prevents digital currency from being spent twice on a decentralised network.

When a member spends cryptocurrency, the digital ledger must be updated by debiting one account and crediting the other, just like with physical currencies.

## How Does Crypto Mining Work?

Miners usually compete to prove their computational work in exchange for a block reward in cryptocurrency mining. A block with related cryptographic hash functions containing transaction data becomes available to the blockchain's P2P network after a sequence of transactions for a specific coin.

Competing pools of nodes employ high-performance computation to solve a challenging mathematical problem and validate the block's integrity. After successfully demonstrating the block's validity, the mining party cements the blockchain addition and earns the mining reward for allocating the pool.

The more problems solved, the greater the rewards, which is why crypto mining farms exist.

## How Can We Reshape Crypto Mining Farms with Renewable Energy?

[Renewable energy generation](https://sifted.eu/articles/renewable-energy-crypto-mining/) frequently produces surpluses that are wasted rather than utilised.

When solar panels or wind turbines generate more power than customers desire and the grids are overwhelmed, renewable energy is lost in large quantities. Today, wasting extra renewable energy is usually cheaper than storing it in standard Li-ion batteries. This is a typical attitude around the world, and it is neither cost-effective nor economically sustainable.

We must concentrate on energy production and consumption to slow the rise of carbon emissions and temperatures. The overall generation from renewable resources grows by 2.9% per year. As a result, renewable energy will account for 29% of global electricity output by 2040, up from 22% in 2012. While this forecast shows significant progress in higher renewable energy adoption, intermittency and excessive generation are expected to develop in lockstep. As a result, grids, investors, and consumers will face operational and financial issues.

As the modern energy map gets repainted with wind turbines and solar panels, we must look beyond existing financial structures to incentivise the shift. Cryptocurrency mining may be the solution.

Embracing innovative ideas, such as mining cryptocurrencies with excess renewable energy, offers enormous potential to close financial and technical gaps. It can transform waste into value while also lowering financial risks. In addition, the profits from this type of cryptocurrency mining could encourage a broader spectrum of additional investments in renewable assets.

Cryptocurrency mining can be considered an attempt to shift energy consumption into profit. Today, Bitcoin mining is primarily powered by electricity generated from non-renewable resources, which is less expensive than electricity generated from renewable sources.

The novel approach suggested here involves mining cryptocurrencies with sustainable energy and converting them into valuable coins to reduce emissions and costs.

Once renewable energy has been generated (by wind, solar, or other renewable ways), there are several possibilities for routing it, including:

1) Grid sale at the wholesale market price
2) If the grid is overloaded, the surplus is kept for later release when grid demand is strong and electricity prices are at their highest
3) Excess electricity could be used for cryptocurrency mining when demand for storage is low because batteries are completely charged or cost-ineffective vs. demand.

While the first two options are already in place and successfully monetise renewable energy assets, the suggested third option adds a new revenue stream to the mix.

The advantages of mining cryptocurrencies using excess green energy will turn waste into wealth and help cryptocurrencies become greener. In addition, using this strategy, there will be no carbon emissions for each block added to the chain.

## Conclusion

Renewable energy generation adoption continues to increase rapidly, but curtailment, transmission, consumption, and efficiency management remain chronic issues.

While this proposal does not detail the plan's interconnected components, it sheds light on the value that new technologies like blockchain can provide.

Perhaps the remedy to one technology's flaws might be found in another's strengths.


Crypto Mining Farms and Renewable Energy

If you have Googled 'crypto friendly banks UK', you'll know that they are few and far between.

The majority of UK banks have so far not responded to customer demands to be able to pay for cryptocurrencies from their accounts or receive funds from crypto exchanges into their accounts.

If you've tried to get a crypto-related payment reported in your account, you'll understand why you need a crypto-friendly bank.

That need has prompted a surge in largely fruitless searches for 'crypto friendly banks UK'.

Here, we'll try to help answer that query.

## Crypto Friendly Banks UK

Financial institutions that accept cryptocurrencies as payment are known as crypto-friendly banks. In other words, these institutions allow cryptocurrency trading and support digital currencies for fiat currency transactions.

In the United Kingdom, it is legal to own and trade cryptocurrencies. Even though there is no tangible asset to hold, they are now classified as property assets rather than currency.

Any crypto exchanges in the UK must register with the Financial Conduct Authority, which regulates the industry to prevent money laundering. According to the FCA, any trading platform must demonstrate its compliance with anti-money laundering rules.

Binance, a cryptocurrency trading platform, was barred from participating in any regulated trading in the UK in 2021 for failing to demonstrate that it respected those standards. This demonstrated that the FCA isn't hesitant to take action against cryptocurrency trading platforms.

## 5 Crypto Friendly Banks UK

Here are five banks operating in the UK which are considered crypto-friendly:

•	[Revolut](https://www.revolut.com/): Revolut is an app-based challenger bank that is crypto-friendly in the United Kingdom. Customers can not only trade stocks and shares through their accounts, but Revolut is also a firm believer in cryptocurrency. In the past, crypto exchanges (like Binance) have temporarily blocked GBP deposits and withdrawals. Alternative fiat currencies, such as US Dollars or Euros, can be used with Revolut.
•	[RalisBank](https://www.railsr.com/?lang=de): Railsbank was founded in 2016 by fintech veterans Nigel Verdon and Clive Mitchell. It has offered digital banking services since its inception, breaking new ground and pushing the envelope. RalisBank is setting the standard for making financial products and services digital and embeddable, allowing customers to have deeper and richer interactions with the brands they love.
•	TSB: TSB is known to accept credit and debit card purchases of cryptocurrency. Withdrawing or depositing to bitcoin exchanges has never been a problem. However, banks often flag large transfers, and you may need to split transfer amounts or contact TSB in such circumstances.
•	Royal Bank of Scotland (RBS): The UK Government-owned RBS has taken a favorable stance on Bitcoin transactions in recent years. In addition, the bank allows you to buy and trade cryptocurrencies. RBS will limit payments to Bitcoin exchanges that pose the most significant risk of financial loss.
•	Solaris Bank: Solaris is a well-organised bank that provides cryptocurrency transactions and custody of cryptocurrency. It established a regulated cryptocurrency custody service in early 2021, based on a brokerage and trading application programming interface.

## Which Banks Aren't Crypto-Friendly?

Lloyds: Since 2018, the Banking Group (which includes Lloyds Bank, Halifax, Bank of Scotland, and MBNA) has prohibited any credit card payments to cryptocurrency exchanges. Regarding debit card payments, it's more hit-or-miss. Sometimes the transaction goes through smoothly, and other times it's reported as fraud. If you plan to trade regularly, you should probably avoid it.

Starling: Although its international currency provider does not support cryptocurrency exchange payments, and there may be other reasons why payments are denied, there is no formal policy prohibiting them. Customers have already reported frozen accounts, so this is another one to avoid.

HSBC: It previously claimed to be crypto-friendly, but does not allow deposits, and payments made using debit and credit cards are sometimes denied. It's not completely unfriendly, but there's a higher risk of your payments failing or being identified as fraudulent, so another bank might be a better option.

## Conclusion

The number of people holding cryptocurrency constantly expands worldwide, including in the United Kingdom. The number of businesses accepting Bitcoin as payment is also increasing. Despite the severe dangers and restrictions associated with cryptocurrency transactions, several banks in the United Kingdom allow users to do so simply.

Hopefully, this article means you won't have to search Google for 'crypto friendly banks UK' this year!


Crypto-Friendly Banks UK 2022

Mining is one of a few ways to get cryptocurrencies. However, the demand and complexity of the process are why not many people engage in it. This article is going to explain what a [Hashfish Miner](http://hashmining.org/) is.

Crypto mining requires miners to have specific technical skills, hardware, and software. Mining rigs also need constant monitoring to ensure they are working efficiently.

The demand and complexity of crypto mining led to the rise of online systems that allow individuals to mine crypto without the need for technical expertise or a mining rig. Online systems like Hashfish Miner enable users to mine crypto with a single click of a button.

## What is Hashfish Miner?

Hashfish Miner is crypto mining software designed to ease the crypto mining process. The software enables anyone to mine cryptocurrencies. Users don't need any mining hardware or expertise to use the platform. It is a creation of Hashfish, a [blockchain technology](/news/category/blockchain-news) company founded in 2018.

### Some of the major features include;

•	Automatic mining: users simply need to download hashfish and start mining crypto
•	Instant withdrawals: users can withdraw their crypto mining earnings at any time
•	Dynamic algorithms: users can switch algorithms to profitable ones for higher yields
•	Access anytime: Hashfish Miner is accessible to users at any time of the day or night

The major selling points are its no-commission services and claims that members can earn $1.46 per day from their 1080Ti Graphic card. On its site is another claim about running over 300,000 PCs worldwide. 

## Is Hashfish Miner Legit?

Hashfish Miner appears, at first glance, to be legitimate. Any newbie can easily fall for what the platform is offering. However, a closer look into the platform reveals a different picture. Many who have reviewed or used it claim it is not legit.

A few things that can easily make anyone question the legitimacy of Hashfish Miner include;

## Guaranteed returns

Hashfish Miner promises members earnings of $1.46 per day. However, it does not explain how the daily returns are possible. Anyone who has been in the crypto space for even a little while knows there are no guaranteed returns, even when it comes to crypto mining.

## Hard to verify claims

Hashfish Miner is backed by information that can't be proved. Most of its claims, including that it runs more than 300,000 PCs worldwide, can't be verified.

## Negative reviews

While a few sites have positive words about Hashfish Miner, most have nothing but negative reviews. Many who have already used the platform claim its services are not legit. There is also very little information available about the crypto mining software, even on the web.

## Final Word

Hashfish Miner might appear like the real deal to many people looking to benefit from crypto mining without needing expensive mining hardware or expertise, but be careful.

The mining software has all the signs of a scam. Its guaranteed daily returns, negative reviews, and lack of transparency are just a few things that can make anyone think twice before using it.

Hashfish Miner Explained

Do you want to keep your money safe? Do you want to make sure that your investments are secure? If so, then [Hydrazine crypto](https://www.livecoinwatch.com/price/Hydrazine-N2H4) could be the solution for you.

## What is Hydrazine Crypto?

Hydrazine crypto is a digital asset that uses hydrazine fuel to power its blockchain. The hydrazine fuel is used to process transactions and secures the network.

Hydrazine is designed to be a fast, efficient, and scalable way to process transactions. Hydrazine is also energy-efficient, using less energy than traditional blockchain systems.

The crypto runs on the Solana blockchain and is compatible with all existing Solana wallets and exchanges. Hydrazine crypto is an ERC-20 token and can be stored in any ERC-20 compatible wallet.

## How Does it Work?

Hydrazine uses a Proof-of-Work/Proof-of-Stake hybrid system that allows for fast and secure transactions. The team behind Hydrazine has also implemented a unique algorithm that makes it impossible to trace the origins of a transaction. This means that your privacy is protected, and you can make anonymous transactions.

There is no doubt that the Hydrazine team is committed to providing a safe and secure platform for users. They have implemented several security measures, including two-factor authentication and a whitelisting process.

With its fast, secure, and anonymous features, Hydrazine will make a significant impact in the world of cryptocurrency.

## Why Do People Use Hydrazine to Store Money?

Reasons why people choose to store their money in Hydrazine crypto are plentiful.

One of the most popular reasons is that it is a secure way to store digital assets. Hydrazine crypto is also resistant to radiation and extreme temperatures, making it an ideal choice for long-term storage.

Another reason people use Hydrazine crypto is that the hydrazine fuel behind it is a stable and inexpensive chemical compound. It is difficult to break and has a long shelf life, making it an ideal choice for secure long-term storage of digital assets.

## Final Word

In a world where online security is always a concern, it's no wonder people are turning to Hydrazine crypto to keep their money safe. This new system is reliable and easy to use, making it the perfect choice for anyone looking for alternatives to traditional banking methods.

So far, Hydrazine crypto has been a huge success, and we predict that it will only continue to grow in popularity. Have you tried out this innovative new way to store your tokens?

For more Latest Crypto News, visit [Latest Moni.](/news)


Hydrazine Crypto: The Newest Way to Keep Your Money Safe!