The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) failed to sustain above $60,000. While writing this article, Bitcoin was trading at $56,580, down 1.4% in the last 24 hours. Ether (ETH) has lost 4.6% to trade at $1,991.75. XRP was trading at $0.9375, mirroring a loss of 10.9% in the past 24 hours.
Major altcoins, which have lost ground in the past 24 hours, include ChainLink (LINK-$31.84, 4.8%), Monero (XMR-$262.53, -1.7%), Bitcoin Cash (BCH-$629.32, -3.1%), Bitcoin SV (BSV-$244.08, -6.4%), Stellar (XLM-$0.4830, -8.4%), IOTA (IOTA-$1.71, -2.1%), EOS (EOS-$6.06, -6.8%), Dash (DASH-$258.78,-5.2%), Polkadot (DOT-$40.31, -4.9%), Binance Coin (BNB-$387.48, -3.6%), Cosmos (ATOM, $20.07, -5.3%), Tron (TRX-$0.1166, -5.8%), Tezos (XTZ-5.67, -5.4%) and Cardano (ADA-$1.19, -3.2%).
Government level initiatives
ECCB unveils its central bank digital currency trial
The Eastern Caribbean Central Bank (ECCB) unveiled its trial of central bank digital currency (CBDC), DCash.
The Eastern Caribbean Currency Union (ECCU) is made up of eight islands, but the trial will comprise four of them, namely Antigua and Barbuda, Saint Christopher (St Kitts), Grenada and Nevis, and Saint Lucia. Members of the public can once again freely utilize the app.
Commenting on the trial, Central Bank Governor Timothy Antoine, said: “The future of the EC Dollar is digital, so let’s make history together.”
The mobile phone application facilitates both vendor and person-to-person payments.
Every central bank has unique needs with respect to a CBDC. The ECCB underlined three catalysts behind the trial, namely high charges for payments, to serve citizens in the best possible manner and amend the habit of writing checks, which brings down the pace of commerce.
Antoine clarified that the objective is not to create a substitute for cash.
As financial inclusion is one of the objectives, there is no need for a user to have a bank account. Still, to use the app, they have to go through an identity validation process at DCash endorsed venues.
Furthermore, users who have completed the bank’s KYC(know your client) formalities will have greater transaction limits.
Nevertheless, there is no minimum balance requirement and no fees are levied. Merchants, on the contrary, have to pay a transaction fee, which would be a fraction of the charges involved in accepting credit or debit cards. All transactions are recorded on a blockchain, but personal info is retained separately by financial institutions. Only online access via a smartphone is possible.
Private sector initiatives
Boston Symphony Orchestra collaborates with True Tickets
Boston Symphony Orchestra (BSO) has collaborated with Boston-based blockchain firm True Tickets to securely and efficiently resume live shows this summer.
Actual Tickets utilize blockchain for the contact-free mobile ticketing process. Due to the COVID-19 pandemic, the utilization of contactless ticketing platforms has increased as it enables businesses to restart safely by avoiding physical contacts between staff and participants in the event.
BSO’s live stage performances remain closed for nearly a year due to the outbreak of COVID-19, but the team is preparing to open up Tanglewood, the theater where the Orchestra has been performing since 1937.
The collaboration with True Tickets will transform the ticket purchasing process secure for both staff and supporters.
Actual Tickets was established in 2017 with the sole aim of assisting venues in managing the re-sale of tickets. The platform also offers in-depth data to the ticket issuers by monitoring the ticket route between the purchaser and the event visitor. Additionally, the platform prevents all kinds of fraud.
Genuine Tickets employs API technology to integrate with prevailing ticket platforms. Therefore, the platform, developed on Hyperledger Fabric blockchain of IBM, can be easily integrated with BSO’s prevailing ticketing framework.
Miscellaneous
The Suez Canal blockage resulted in a global economic loss of $54 Billion
The Suez Canal blockage hogged the headlines across the globe. The six-day blockade is assessed to have resulted in a global economic loss of $54 billion. On average, last year, 50 ships used the canal every day.
Governments and private sector firms create systems and tools to avoid a similar situation in the years ahead. Nevertheless, Suez Token seems to be the most innovative one.
The token, trading under the ticker symbol SUEZ, intends to provide the necessary thrust to reinstate the Suez Canal back to its original condition and avoid a similar issue in the future while providing necessary financial aid to the partakers in the project.
SUEZ is an SRC-20 token that will form the core of the Suez Chain after its rollout. The native crypto is currently hosted on the Suez Token Protocol as the leading team is doing the necessary work to launch the Suez Chain.
The token is mined via the Proof of Dredging (PoD), a unique consensus protocol explicitly created to avoid a repeat of the blockade. As of now, for every ton of sediment removed from the Suez Canal, 50 Suez Tokens are distributed.
The reward is halved once in four years, similar to Bitcoin (BTC). The main team behind the Suez Chain has fixed the maximum token supply at 20,210,401.
After the Suez Chain is launched, it will initially function as an interoperability covenant based on Polkadot. The Suez Chain’s eventual objective is to transform into a Polkadot parachain, a domain that has received massive attention among crypto enthusiasts in recent times.
20% of the Suez Token has been set aside as a reserve for the system’s marketing and management. The construction team was issued 15% of the tokens, while private stake buyers took 5% of the tokens. Notably, 60% of the tokens will go to miners.
Furthermore, the Suez Token Protocol will roll out an NFT Minting Platform for the public. So far, three tokens have been minted using the platform.
The amount generated from the sale of the NFTs will be granted to maintain the Suez Canal ecosystem. Expressly, 50% of the sale proceeds will be set aside for improving the Suez Canal ecosystem.
30% will be used for supporting new projects on the NFT platform. 20% will be awarded to the Suez Token holders. Those who own six tokens will receive a percentage of the toll revenue from the Suez Canal.
Those who possess over 10,000 SUEZ tokens will receive a 20% discount on the amount charged for using the Suez Canal.
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