Blockchain
COSCO pilot uses blockchain to verify decarbonisation efforts
Hong Kong-based consortium Global Shipping Business Network (GSBN) has concluded a pilot project with China’s COSCO Shipping to issue traceable and verifiable green certificates using blockchain technology.
COSCO has partnered with GSBN to launch its Hi ECO blockchain-based shipping product. GSBN uses its blockchain-enabled network to establish links between the Proof of Sustainability certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations.
According to GSBN, this connection guarantees each Green Certificate corresponds to an actual purchase of biofuel to establish a chain of purchase. Easier verification through attestation is expected to increase stakeholder confidence in the process and validate the veracity of the claims.
Establishing a connection between the Proof of Sustainability and the Green Certificate is the first step towards a larger goal of documenting the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain.
GSBN said its vision is to create a transparent and continuous chain of custody of biofuels, to establish integrity in environmental claims linked to biofuel.
In 2021, GSBN rolled out its first application in China, the blockchain-operated Cargo Release, which was picked up by COSCO, OOCL and SIPG.
GSBN chief executive Bertrand Chen said, “Measuring the impact of decarbonisation requires access to trusted data. The completion of this pilot with COSCO is a positive step towards ensuring that green claims are traceable and verifiable.”
“We look forward to working with our members and partners to deploy even more solutions to assist their decarbonisation transition.”
COSCO strategic customer developing and maintaining department manager, Tang Wei said, “The Hi ECO Certificate complements our commitment to reducing emissions throughout the entire well-to-wake cycle, and underpins the value we aim to provide our customers through green shipping. This pioneering solution has been further guaranteed to be fair and equitable through GSBN which serves as a neutral party, and through its blockchain-enabled platform, provides our customers assurance of immutability and traceability.
Source: rivieramm.com
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Blockchain
$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko
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 $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.
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A new Ethereum meme coin, Pochita ($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.
Source: cryptonews.com
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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.
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
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