The ethers, a better refuge? – With the increasingly galloping inflation of state fiat currencies, Bitcoin (BTC) is often seen as a safe haven , just like gold. But a new kid could join the store of value club: Ethereum (ETH).
What if Ethereum becomes more deflationary than Bitcoin?
Ethereum’s improvement proposal , called EIP 1559 , has profoundly changed the nature of this blockchain network. Indeed, unlike Bitcoin and its 21 million maximum units, Ethereum does not have a formal limit set for the issuance of ethers.
The EIP 1559 has thus completely reshuffled the cards, by greatly reducing the inflationary nature of the creation of ethers. Researchers from 4 Australian universities have even published a report suggesting that Ethereum may well become a deflationary system in the long term .
Indeed, since its establishment with the hard fork London in August 2021, the EIP 1559 has already resulted in the destruction of hundreds of thousands of ethers . These were burned (burn) during transactions, instead of being given to minors consensus by proof of work Ethereum.
So much so that the destruction of ethers has already been greater than the number of ethers created as mining rewards, as shown in the graph from the report, below.
An ETH inflation rate of less than 1%: who could say better?
By taking the ether destruction data from the London update and transposing it over a year, the researchers conclude that Vitalik Buterin’s network will probably become even less inflationary than that created by Satoshi Nakamoto.
“By annualizing the ether creation rate since the EIP 1559, the expected increase in the total supply of ethers is only 0.98%, less than half of the increase of 1, 99% of bitcoin supply which is almost certain during the same period. “
The academics therefore even go so far as to qualify ethers as “better hedge against inflation [of fiat currencies]” than bitcoins!
And, if one speaks only in purely inflationary terms, that could indeed be true, at least until the next Bitcoin halving , which is expected to occur in 2024 . The creation of new BTC (as a block reward) will then be divided by 2 , as was already the case in 2012, 2016 and 2020.
So… bitcoin or ether to protect against inflation? In both cases, these cryptocurrencies seem very virtuous if we compare them to the fiat currencies of the States which depreciate constantly. The mistakes and monetary experiments of central banks have also recently made the President of El Salvador react , who does not regret for a second the choice of Bitcoin for his nation.
Crypto News: Ubisoft names Tezos for its NFT Gaming platform
It’s been a while since video game giant Ubisoft entered the cryptosphere. Among the projects favored by the French company is the Tezos network (XTZ), of which it became a validator in April 2021. Today, it is NFT of in-game equipment from its latest game that Ubisoft will offer thanks to at Tezos.
Tezos serves as the backbone for Ghost Recon game
By their unique nature , enabled by blockchain networks, non-fungible tokens (NFTs) are a perfect digital transposition for cards and collectibles .
Ubisoft understands the strong potential that NFTs represent for gaming , and has just announced the latest fruit of its association with the Tezos crypto project . From this Thursday, December 9, 2021, the video game company will launch the beta version of its NFT platform , called Ubisoft Quartz .
As the Ubisoft teams explain in a press release as well as on Twitter, their latest game “Tom Clancy’s Ghost Recon Breakpoint” will be the very first to benefit from 3 of these exclusive NFTs, called “Digits” on Ubisoft Quartz. And these will therefore be based on the Tezos blockchain.
NFTs: Ubisoft’s first crypto-foray before the metavers?
The technologies carried by cryptocurrencies create a whole new universe of concrete applications . Whether these are in their infancy or even yet to be imagined, they provide a glimpse of a strong potential for development in a field such as that of video games.
“The digitization of our world has dramatically accelerated changes in the way users and communities interact online. As blockchain technology matures (…) it begins to find more concrete uses in our daily lives. (…) Likewise, new economic models are appearing, play-to-earn being perhaps the most important, with the sale of virtual land. (…) “
Didier Genevois, Ubisoft blockchain technical director
Moreover, the teams of the video game giant are already setting out their future ambitions in the press release announcing Ubisoft Quartz: the construction of metaversees for gamers.
“Our long-term efforts have led us to understand how the decentralized approach of the blockchain could truly make players players in our games, (….) Ubisoft Quartz is the first brick of our ambitious vision to develop a real metaverse. (…) “
Nicolas Pouard, vice-president of Ubisoft’s Strategic Innovation Lab
In addition, the Tezos blockchain is based on Proof of Stake (PoS) consensus, which is much less energy intensive than Proof of Work (PoW). The recent revelation of the very low power consumption required to operate Tezos has annihilated any form of ecological criticism possible, especially given the usefulness and benefits provided by the decentralized trust networks that are blockchains.
BitMart hack: Shiba Inu and Huobi to the rescue
BitMart receives support from Huobi and the shiba inu community (SHIB) following its hack. One offers concrete help, while the other shows above all its solidarity with BitMart in a symbolic way.
BitMart hack: Huobi on the trail of stolen funds
On December 5, 2021, Huobi said in a tweet that the platform “will do its best to help” the BitMart exchange, which on the same day suffered a hack of more than $ 196 million in cryptocurrency. Huobi will report in particular the stolen assets that will pass through its platform .
For Huobi Global Strategy Director Jeff Mei, transparency and responsiveness are the right answers to these attacks:
“Exchanges should alert their users, other exchanges and law enforcement authorities as soon as possible and be transparent about what they are doing to deal with hacking and the loss of user funds. “
The emotional support of the SHIB community for BitMart
The SHIB community also showed its solidarity with BitMart , while recalling the efforts it is making to analyze possible flaws that could expose the decentralized exchange ShibaSwap to possible attacks:
“Even though the heart of our project is decentralization, we want to show our support and give some love to our friends at @BitMartExchange who are already working hard to resolve the security incident that happened yesterday. “
BitMart CEO Sheldon Xia tried to reassure users of the exchange who were victims of the hack, suggesting that the company is looking for several solutions to reimburse all the stolen cryptocurrencies :
“We are also talking to multiple project teams to confirm the most reasonable solutions, such as token exchanges. No user assets will be harmed ”
BitMart, however, had to temporarily stop all withdrawals and deposits following the hack, and expected a recovery no later than December 7, 2021, which is today.
BitMart increases the statistics in terms of hack in decentralized finance. While the cryptosphere registers less fraud, DeFi is an exception. The sector is today the preferred target of hackers . Not sure that inter-exchange solidarity or between crypto players in general is sufficiently dissuasive for hackers who can siphon millions of digital assets in a few clicks.
Crypto News: Colombia’s Largest Bank Now Trade Bitcoin
Bitcoin in the midst of conquering South America – Colombia has many players who are in favor of Bitcoin (BTC) and cryptocurrencies . This fact is once again demonstrated with Bancolombia, a large multinational banking corporation, which will allow exchanges of BTC as well as 3 other crypto-assets.
Banks are starting to embrace Bitcoin and cryptos
If El Salvador has made Bitcoin a national currency , other Latin American countries are starting to integrate crypto-assets into their economy. This is the case in Colombia , via the Bancolombia bank , which is part of a large banking group also including banks in Panama (Banistmo) and Guatemala (BAM).
With its nearly 18 million customers , the Bancolombia group has just announced its partnership with the Gemini cryptocurrency exchange platform . In a press release issued on December 6, Gemini and Bancolombia announced in effect that they will provide a number of customers in the large bank of entry gateways and output in fiat currency to exchange Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), via the Winklevoss brothers’ crypto-exchange.
This banking crypto-trading experience, which will begin on Tuesday, December 14, 2021, will first – initially – be offered to a small group of Bancolombia clients.
The Gemini crypto-exchange expands its offer and weaves its web
Based in New York , the exchange platform for twins Winklevoss has mainly developed its ecosystem in North America so far, but is now actively seeking to internationalize .
“This partnership is an important step in the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem, and supporting crypto-assets that empower Colombians to take control of their financial lives. (…) Cryptocurrencies are borderless by nature, and we are committed to expanding access to crypto to as many people as possible around the world. (…) “
Cynthia Del Pozo, Strategy and Development Director for Gemini
The integration of Gemini’s offer into Bancolombia is supported by a pilot program of the Colombian government. The local financial regulator, the Superintendencia Financiera de Colombia (SFC), is thus responsible for facilitating access to cryptocurrencies for the citizens of Colombia.
In October, another South American country was profiting from the incursion of cryptos into its economy. Indeed, Peru has since benefited from a stablecoin of its national currency (the Peruvian sol) which is called PEN, and which is based on the Stellar network (XLM).
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