New Generation Internet: how is kucoin web3 blockchain?
The modern version of the Internet has many disadvantages: centralized data storage makes theft of confidential information possible, limiting access to services and network failures due to problems on the providers’ side.
Web3 – decentralized sites and applications. Users own digital data and private information. With the popularization of blockchain and cryptocurrencies, elements of the digital economy have been added to Web3: payments without intermediaries, smart contracts instead of contracts, and data monetization through NFT. Kucoin web3 blockchain is incorporating elements into existing and new products – KuCoin Wallet, NFT marketplace Windvane, KuCoin web3 browser, NFT playground Wonderland and other ecosystem services.
KuCoin web3 browser extension — Wallet
KuCoin Wallet is a cryptocurrency wallet for mobile devices. The app supports tokens and NFT networks Ethereum, Polygon, BNB Chain and KuCoin Community Chain.
Among the Web3 features of KuCoin Wallet: creation of a digital avatar; a built-in browser to work with DeFi services, and non-custodial storage of private keys only on the user’s device. The developers plan to integrate KuCoin Wallet with the Windvane Marketplace. After that, users will be able to create NFTs and trade them directly in the app.
Windvane is a decentralized NFT marketplace for KuCoin. Users can mine non-interchangeable tokens, trade, issue collections, and conduct INOs. The marketplace supports Ethereum-based NFT, BNB Chain and KuCoin Community Chain (KCC). Windvane launched on May 30. To celebrate the launch, the platform released a Windvane Genesis NFT collection of 4,500 unique Lazy Roosters.
A characteristic Web3 feature of the marketplace is its distributed network (IPFS). Third-party developers can create alternative applications to access Windvane and the tokens placed on it.
Also, the investment arm of the KuCoin Exchange and Windvane have launched a $100 million Creators Fund, an organization that funds and promotes NFT creators in various themes: eSports, PFP and GameFi.
Creators Funds is currently selecting artists who will share $100 million and receive marketing support from KuCoin and Windvane. You need to fill out a google form to enter the contest.
Wonderland is an NFT gaming platform. Its users can buy lootboxes, characters, skins, accessories, weapons and other items, as well as sell and rent in-game assets.
The service provides access to NFT for Play-to-Earn casual blockchain games. Among them:
- Pikaster, a card-based combat platform.
- CEBG – anime-style combat multiplayer with PvP-PvP and PvE modes.
- X-Rush – racing arcade game with shootouts in several metaverses.
KuCoin Community Chain.
KuCoin applications run on public EVM-compliant KCC blockchain with PoSA consensus algorithm. The network considers a validator’s identity and stack size when selecting a validator.
KCS is the ecosystem’s native token for transaction fees, which average $0.00000002637. KCS holders receive passive income as well as discounts on transaction fees. The platform is managed by GoDao, a decentralized autonomous organization. KCS owners control the network through a suggestion and voting mechanism.
The Web3 concept is increasingly attracting the attention of major market players: Uniswap Labs, Pantera Capital, Dragonfly Capital and others have already created venture capital units that focus on developing and financing next-generation applications.
The KuCoin team believes that the future of the Internet is in the evolution and implementation of distributed technologies, so it is also actively developing Web3-direction in its ecosystem. Many factors explained the growth of kucoin futures. Even today you can make successful investments.
Hong Kong allocated another $50 million to the crypto industry
Hong Kong has allocated another $50 million to accelerate the development of the crypto industry after local authorities allocated HK$50 million (about $6.37 million) in late February to develop the Web3 direction. This is stated in a press release on the website of the government.
Legalization of cryptocurrencies in Hong Kong
According to the head of the Financial Services and Treasury Bureau of Hong Kong (FSTB) Christopher Hui, the pool of funds will be allocated, in particular, to organize major international Web3-events. Hui also said that the government will organize educational programs for young people, for which preparations have already begun.
In addition, the 2023 budget provides for the creation of a working group to focus on developing virtual assets and study the situation in the crypto market, development opportunities and the need for changes in regulation.
“Hong Kong is well positioned to become a leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets (VA) and Web3. The government is committed at a high level to developing this sector and providing a comprehensive support system for enterprises,” Hui said.
He added that the Hong Kong Monetary Authority (HKMA) is now working on regulating stablecoins to introduce them into the economy next year. The country also plans to improve securities regulations so that retail investors can access ETFs based on cryptocurrency futures.
Despite several personal initiatives, Hong Kong authorities are also working closely with mainland China, testing international payments in the digital currency and working with the Central Bank. In all, as of the end of February, more than 80 Chinese companies had expressed interest in operating in Hong Kong.
Bloomberg wrote about China’s support back in late February. The agency pointed out that after Hong Kong set out to develop the crypto industry last October, Chinese officials have become more frequent visitors to Hong Kong. According to sources, this interest is because Beijing wants to use the city as a testing ground for digital assets amid tight control of crypto activity on the mainland.
We previously reported that the collapse of the Silicon Valley Bank is spurring demand for crypto apps.
Tether printed for one billion dollars on the TRON network
Stablecoin issuer USDT is rapidly printing “digital dollars” in the TRON (TRC-20) ecosystem. This time, Tether printed another billion dollars in USDT, according to transaction details. The total number of USDT in circulation in the TRON ecosystem is over 42.1 billion USDT. By comparison, the Ethereum ecosystem issued significantly less – 34.2 billion USDT.
As TRONScan data shows, this is the second billion-dollar tranche issued by Tether for TRON. The last time the USDT-issuing company issued a similar amount of Stablecoin was on March 14. Since the beginning of 2023, this is the fourth transaction to issue such a large amount of USDT. As of 2023, the largest issuance occurred in February. At that time, Tether issued two billion dollars in USDT at once.
Amid the news, bitcoin barely reacted to the USDT pump. According to TradingView, the bitcoin (BTC) exchange rate in the BTC/USDT trading pair is $27,949, up just 1.4% overnight. Bitcoin has a market capitalization of $540.4 billion.
In early March, The Wall Street Journal revealed that Tether had opened bank accounts using fake documents and shell companies. It turned out that one of Tether’s Turkish accounts had been opened in the name of Denix Royal Dis Ticaret Limited Sirketi, which had previously been caught laundering money for a terrorist group.
Tether chief technology officer Paolo Ardoino ridiculed the publication on Twitter and said the WSJ’s information was untrue. Tether said it adheres to legal requirements to combat money laundering and terrorist financing, and uses KYC mechanisms of the highest level. Renowned cryptocurrency critic Molly White, for her part, said that The Wall Street Journal journalists couldn’t “just make this stuff up.”
We previously reported that major cryptocurrency exchanges have moved offshore.
Where are crypto exchanges registered? Major crypto exchanges have moved offshore
According to a report by platform CoinGecko, 21 of the 30 largest crypto exchanges (70%) are based in offshore financial centers – territories that want to attract companies from abroad through loyal laws and schemes with low or no taxation.
Analysts of the service note that offshore zones, as a rule, offer non-residents more financial services and on more loyal terms than “in the home country”.
Where are crypto exchanges registered? They choose islands
Seychelles, the Cayman Islands and the British Virgin Islands were among the most popular offshore locations for cryptocurrencies. These territories are also considered tax havens for many corporations.
Also, one in five Crypto exchanges in offshore locations (20%) are registered in the Seychelles. This jurisdiction has become home to many centralized exchanges. Among them, there are well-known major platforms such as OKX, KuCoin, and MEXC Global. Many companies are “moving” to the Seychelles because the Seychelles Financial Services Authority (FSA Seychelles) refuses to license and oversee activities or companies related to cryptocurrencies.
In total, according to CoinGecko, the top 30 cryptocurrency exchanges are listed in 15 different countries: 11 of the 30 platforms (37%) are in North America – mostly in the Cayman Islands, British Virgin Islands and the United States. The number of companies located in Europe, Asia and Africa is evenly split: 20% each (or 6 countries).
The number of companies offshore may grow
Because of stricter U.S. regulators’ policies toward cryptocurrency companies, many firms are having to move to more cryptocurrency-friendly countries.
For example, the Hong Kong government, to turn the state into a new crypto hub, has allowed retail investors to trade digital tokens such as bitcoin (BTC) and Ethereum (ETH). The Hong Kong authorities themselves admit that they want to create a “favorable environment” for developing the local crypto industry.
Also, Ras Al Khaimah, one of seven regions in the United Arab Emirates (UAE), is preparing to open a free zone for cryptocurrency companies. Entrepreneurs in these areas own 100% of their businesses and have their own tax schemes and regulatory frameworks.
We previously reported on the Top 5 low-cost AI tokens with huge growth potential.
Forex8 months ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
Forex4 months ago
Unbiased review of Pocket Option broker
World5 months ago
Why are modern video games an art form?
Forex8 months ago
How is the Australian dollar doing today?
Cryptocurrency8 months ago
What happened in the crypto market – current events today
Stock Markets8 months ago
Morgan Stanley: bear market rally to continue
Forex7 months ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
Forex3 months ago
Will Croatia join schengen? Croatia became a member of the Schengen Agreement on visas and introduced the euro on January 1