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Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative

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China has officially launched a blockchain infrastructure to streamline and enhance collaborative initiatives along the Belt and Road trade routes.

The ambitious project was unveiled on March 30 during a demonstration meeting at the Shanghai Tree Map Blockchain Research Institute.

China Partners With Conflux for Its Latest Blockchain Initiative
Through its official WeChat account, the Shanghai Tree Map Blockchain Research Institute announced that it spearheaded this key infrastructure development. It received collaborative support from several prominent institutions, including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University, and the China Academy of Information and Communications Technology.

This blockchain project from the government of China takes a transnational approach, addressing the unique characteristics and demands of the Belt and Road Initiative’s cooperative framework. The primary objective of this project is to develop an advanced blockchain platform capable of deployment across multiple countries. Additionally, the goal is to enable collaborative oversight from various stakeholders.

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The platform will support applications for economic, trade, and cultural exchanges. Experts assert that the project is strategically important for China’s global reach and influence expansion. Indeed, it signals China’s continued commitment to exploring the potential of blockchain technology and its applications in international cooperation and development.

Shanghai Tree Blockchain Research Institute itself is the developer behind the Conflux blockchain. However, seeing the Chinese government’s ban on cryptocurrency, its partnership with Conflux will unlikely involve any crypto-related activities.

“It should be noted that the Chinese government prohibits any institution from engaging in cryptocurrency activities, and the blockchain here should not include cryptocurrency and any tokens,” journalist Colin Wu wrote.

Source: beincrypto.com

The post Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative appeared first on HIPTHER Alerts.

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Blockchain

$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko

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Farcana — United Arab Emirates based Bitcoin shooter game, has announced that its $FAR token is now ranked first on Bybit exchange. This development comes after the launch of its staking program, which offers users a 60% annual percentage rate (APR) on their $FAR tokens.

The staking program requires users to utilize the Polygon network for staking their announcement. Following the announcement, $FAR token soared to 44% according to Coingecko.

Founded in 2022, Farcana recently raised $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.

The post $FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko appeared first on HIPTHER Alerts.

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Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis

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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.

Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.

Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.

At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.

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Source: cryptonews.com

The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.

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Binance warns of crypto market risks from overvaluation, centralization

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A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.

Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.

Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.

Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.

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In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.

Source: cointelegraph.com

The post Binance warns of crypto market risks from overvaluation, centralization appeared first on HIPTHER Alerts.

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