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STRMNFT: StreamCoin’s Digital Assets Marketplace Released With a Dedicated Token Standard To Mint Videos

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Toronto, Ontario–(Newsfile Corp. – June 6, 2022) –  

STRMNFT Marketplace

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After capping off its ICO and listing its token on 100+ exchanges, StreamCoin closed the last month (May 31, 2022) by opening STRMNFT for registration following its roadmap. Users now can create an account and start minting their first NFTs on the platform.

Through STRMNFT, StreamCoin aims to attract new users by offering an easy-to-use interface so that anyone can experience NFTs hassle-free.

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Michael Ein Chaybeh, the CEO of StreamCoin, stated:

“As per our approach towards developing an ecosystem from user to tech, we designed STRMNFT to be an easy-to-use marketplace and an open space for all types of users. With our platforms and services, we aim to draw the line between the crypto enthusiasts and the modern Web 2.0 users who have not experienced blockchain or crypto before.”

Along with developing the marketplace, the company has also finalized the first version of Stream Chain, its native blockchain capable of processing 300,000 transactions per second. Moreover, STRMNFT uses StreamCoin’s dedicated token standard for minting NFTs – NSTA_602 (NFT Standard Token Agreement_602).

Stream Chain relies on a different consensus for securing the network and processing transactions with this speed. Named Dual Delegated Proof of Stake (DDPoS), this consensus works by utilizing 21 Master Nodes. Seventeen of these Master Nodes operate as Block Producers (Block time: three seconds), while the other four work as Nodes Validators and get randomly selected for each round, which needs 63 seconds to be completed.

As DDPoS is an evolved version of the Proof of Stake consensus, it can be more power-efficient and environment-friendly compared to the traditional Proof of Work blockchains.

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However, while the DDPoS secures the transactions on the blockchain, StreamCoin has also developed Proof of Deed (PoD), a unique methodology for creating and verifying the NFT ownership on STRMNFT.

Using PoD, the NFT gets created by uploading the file to STRMNFT and minting the NFT certificate to be recorded on the blockchain. Therefore, users don’t move the whole video when trading the NFT.

On this subject, Michael also added:

“As we observe how the planet is being consumed every day by operating high-capacity servers, power-consuming blockchain networks, and other high carbon-emission platforms, we came up with a new, responsible, eco-friendly solution that doesn’t compromise the speed and efficiency, and at the same time, contributes to a better future for our planet.”

Besides this, STRMNFT offers similar functionality to some traditional video platforms. Users can follow their favorite creators, get followed, create playlists, and have their NFT collection that can be publicly or privately available.

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TNC Group, one of StreamCoin’s top partners and investors, was the first to join STRMNFT by releasing an exclusive NFT collection. This collection will be available with discounts only for people who have invested in the StreamCoin ICO or staked through the company’s staking portal.

StreamCoin encourages everyone to register and mint their first NFT on the STRMNFT marketplace, as the minting will be for free until July 2022.

For more information about StreamCoin, you can follow its official social media and community channels: https://stream-coin.com/community/.

Contact Details:
Company: StreamCoin
Email Id: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126579

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Blockchain

PayPal receives New York crypto trust charter

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The New York State Department of Financial Services (NYDFS) has granted PayPal Digital a limited purpose trust charter, a designation typically held by digital asset custodians and some stablecoin issuers.

Last August, PayPal launched its PYUSD stablecoin, marking the first stablecoin from a BigTech company. Paxos Trust Company, which also holds an NYDFS limited trust charter, currently issues the PYUSD stablecoin. Paxos has been PayPal’s partner for its cryptocurrency services since inception. Consequently, the new trust charter may signal PayPal’s intention to take over the custody of its clients’ crypto-assets and potentially move the issuance of PYUSD in-house.

Despite reaching out to PayPal for clarification on the purpose of the trust charter, no response was received before publication.

The PYUSD stablecoin is still in its early stages, with its recent integration for cross-border payments via PayPal’s Xoom app. The stablecoin’s market capitalization has grown to nearly $400 million, up from $190 million in early April. Notably, wallets associated with the issuer Paxos hold over $125 million, possibly on behalf of PayPal. The top five wallets constitute 71% of the stablecoin balance, with 17 wallets holding $1 million or more, accounting for 97% of the total holdings.

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The largest holders include Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among these, Crypto.com holds a balance of $103 million and Bullish holds $23 million.

Additionally, in November, the SEC’s enforcement division issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin.

Source: ledgerinsights.com

The post PayPal receives New York crypto trust charter appeared first on HIPTHER Alerts.

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Blockchain

Hong Kong SFC to conduct compliance checks on crypto firms

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The Hong Kong Securities and Futures Commission (SFC) has announced that it will conduct on-site compliance checks on local virtual asset trading platforms (VATPs) that are still completing their regulatory applications following the June 1 licensing deadline.

In a notice issued on May 28, the SFC emphasized that all local crypto trading platforms must be either licensed or “deemed-to-be-licensed” by the regulatory body before the June 1 deadline. Operating an unlicensed VATP in Hong Kong after this date will be considered a criminal offense, and the SFC will actively pursue non-compliant companies.

In the coming months, the SFC will perform on-site inspections of deemed-to-be-licensed VATP applicants to evaluate their compliance with regulatory requirements. These inspections will focus on how firms safeguard client assets and implement Know Your Customer (KYC) processes.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms to ensure their protection. It also cautioned companies seeking licenses against actively marketing their services or onboarding new retail clients until they are formally licensed. Additionally, firms must prevent mainland Chinese residents from accessing their services, adhering to China’s ban on cryptocurrency trading.

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Earlier this month, it was reported that the number of crypto exchanges seeking operational licenses in Hong Kong had been decreasing. Eleven crypto companies and exchanges, including well-known platforms like OKX and Huobi’s local arm, withdrew their applications ahead of the deadline. Currently, only 18 applications remain pending approval.

In response to the upcoming licensing requirements, some crypto firms have proactively taken steps to ensure compliance. For example, Gate.HK, a crypto exchange, halted all activities related to acquiring new users and marketing, prevented existing users from making deposits, and began delisting tokens on May 23. The exchange plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory requirements.

According to the SFC, only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted licenses to operate in Hong Kong so far.

Source: tradingview.com

The post Hong Kong SFC to conduct compliance checks on crypto firms appeared first on HIPTHER Alerts.

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Blockchain

Argentina crypto group plans to set up a blockchain valley in Buenos Aires

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The crypto community in Argentina is planning to establish a “blockchain valley” in Buenos Aires as part of the Crecimiento movement, which has a following of 500 individuals.

This group includes prominent figures in the country’s crypto ecosystem, such as Diego Guitérrez, co-founder of Bitcoin Layer 2 Rootstock; Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, a leading crypto purchasing app in Latin America; and Elian Alvarez, a general partner at Ripio Ventures.

Significantly, Crecimiento’s core team has the support of advisors to Argentina’s new libertarian president, Javier Milei.

Crecimiento aims to create a hub for crypto and technology-oriented business founders in the capital, offering a comprehensive three-dimensional plan. This includes bringing 5 to 10 million people on-chain by offering exclusive items, boosting the number of tech-related startups, and providing necessary support.

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The group’s mission is to work with Argentina’s newly crypto-friendly government to bolster the cryptocurrency sector through initiatives like tax rebates, industry investment, and simplified regulations.

During his campaign, President Milei highlighted the benefits of Bitcoin, associating it with a sense of freedom, though no formal statements have been made on the subject. Nonetheless, the group has been actively collaborating with officials to establish their crypto center in Buenos Aires.

Maria Milagros Santamaria, a Web3 lawyer, noted that regulators are showing a high level of positivity toward their proposals and are requesting specific plans regarding the crypto sector to move forward. She mentioned that there are only a few individuals opposed to the initiative, and fortunately, their numbers are minimal.

Source: cryptonewsz.com

The post Argentina crypto group plans to set up a blockchain valley in Buenos Aires appeared first on HIPTHER Alerts.

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