The cryptocurrency market remains range bound with a slight bullish bias as Bitcoin (BTC) inches towards $25,000. While preparing this report, Bitcoin was trading at $23,040, down 1.70% in the past 24 hours. Ether (ETH) had lost 5.40% to trade at $1,607. XRP was trading at $0.3764, a decrease of 1.80% in the last 24 hours.
The major altcoins, which have lost ground in the past 24 hours, include Dogecoin (DOGE- $0.0674, -4.10%), Polygon (MATIC- $0.8700, -7.10%), Uniswap (UNI – $8.04, -5.80%), Shiba Inu (SHIB- $0.00001, -5.20%), Tezos (XTZ- $1.76, -1.50%), VeChain (VET, $0.0274, -2.30%), IOTA (IOTA – $0.3256, -2.20%), Stellar (XLM – $0.1174, -1.80%), Polkadot (DOT, $7.96, -10.40), Cardano (ADA, $0.5050, -3.70%), Binance Coin (BNB- $277.92, -4%), Avalanche (Avax- $22.80, -5.20%), EOS (EOS – $1.23 , -9.70%), ChainLink (LINK – $7.39, -5.10%), Solana (SOL, $40.61, -5.40%), Cosmos (ATOM, $10.14, -3.90%) and Internet Computer (ICP, $7.91, -13.20%).
Government level initiatives
New stabelcoin regulations proposed in the UK
The Financial Services and Markets Bill published by the UK a week ago, terminates several EU rules. The bill encompasses multiple subjects, including the Financial Market Infrastructure (FMI) Sandbox, which could be utilized for piloting of DLT security tokens, and stablecoins,
Rather than including exhaustive rules, the bill intends to remain flexible and hands over rule-making power to regulators.
Specifically, the UK’s HM Treasury is granted the aforesaid authority for both FMI Sandbox and stablecoins.
Furthermore, instead of using the phrase stablecoins, the bill uses the term digital settlement assets, which is defined as a tool utilized for settlement or retained digitally, and which could incorporate distributed ledger technology (DLT). The Treasury is also given the authority to amend the definition without a need for fresh legislation.
The Treasury is also granted the right to form new regulations related to stablecoin service providers that include the custodians, issuer, exchanges, and any other individual who offers services or aids in the transfer of funds (wallet providers, for example)
Notably, the Treasury is also given the power to provide service providers or cancel licenses to an entity, considering the country’s financial stability and business interests.
Private sector initiatives
Mercedes introduces a blockchain data sharing platform
Two years ago, Daimler conducted a trial with AI-focused firm Ocean Protocol for decentralized data exchange. Daimler South East Asia, a division of the Mercedes Benz Group, rolled out its Acentrik blockchain platform on a commercial basis, based on the trial.
Artificial intelligence and machine learning necessitate a pile of info and enterprises have no shortage of data, but are yet to reap complete financial benefits. Therefore, the idea of a data marketplace looks extremely attractive.
In case an individual or entity is bothered about privacy, info can be shared for necessary computations without revealing underscoring data.
Acentrik is primarily focused on enterprises, specifically on aspects like Know Your Business and elaborate access controls. The info is not retained on the blockchain, but a non-fungible token (NFT) representing every dataset along with a metadata hash.
Transactions are conducted on public blockchains such as Polygon or the Ethereum Rinkeby test network. However, users are allowed to settle for data using a stablecoin instead of a cryptocurrency. Nevertheless, the MATIC crypto is needed to settle Polygon gas charges. The core data can be retained on IPFS or AWS S3.
DIC and SAP trial GreenToken
GreenToken by SAP is a blockchain platform developed for facilitating the tracking of raw materials for recycling processes. Top Japan headquartered chemicals manufacturer DIC has revealed its intention to carry out a trial with the SAP blockchain platform involving recycled plastic as raw materials. Nevertheless, the utility cases for GreenToken are not restricted to plastics.
DIC manufactures fine chemicals, including polystyrene, a synthetic resin utilized in a broad spectrum of applications, including plastic food containers. The trial venture with DIC will utilize GreenToken by SAP to monitor raw materials along the distribution chain, from the initial phase of material production. The procedure intends to visualize the manufacturing and inspection process, in addition to physical characteristics and quality data of the recycled materials. This enables users of the platform to have a clear idea of the percentage of recycled materials contained in the goods being used.
GreenToken by SAP is a private blockchain-based platform aiding transparency in the distribution chain and enabling monitoring of plastic material across its entire lifecycle. Founded and built in the Asia Pacific and Japan as a portion of the SAP.io entrepreneurship start-up program, GreenToken by SAP can track plastics at all stages, from raw material to manufacture, sale, recycling, and re-use.
This digital twin stores data such as distinctive features pertaining to the source of raw materials, carbon emissions, the provenance of recovered items, and sustainability certification info. This token-based method enables the tracking of raw materials even when they are blended with the rest of the raw materials and transformed into various products.
Miscellaneous
Final Fantasy VII NFTs to be released by Square Enix
Video game-focused firm Square Enix has revealed its intention to release non-fungible tokens (NFTs) based on the popular video game Final Fantasy VII. In this regard, the firm is partnering with Enjin to release the NFT series on the Efinity blockchain platform. The collectibles are scheduled to be released only in November 2023, although the company has started taking pre-orders.
To celebrate the 25th anniversary of the release of the game title, Square Enix is planning to offer physical souvenirs of the character and also collectibles in the form of trading cards. Notably, some of them will carry a digital NFT aspect. Along with the roll-out of image-based NFTs, all the souvenirs, including physical characters, are offered with a blockchain technology-based certificate of originality. Nevertheless, there is no plan to introduce digital collectibles in-game.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
