Blockchain
Why must banks change their infrastructure as cash becomes digitized?
In the key scene in the movie The Matrix, Neo realizes that he must choose between the red and the blue pill. Central Banks also have a fundamental choice of how to digitize cash. – Cash can either be digitized as a new currency, using existing payment rails, or as a new format, requiring large investments in the banking sector, says Joachim Samuelsson, CEO Crunchfish.
Crunchfish CEO Joachim Samuelsson shows that the World’s Central Banks are facing a decisive choice that will have an enormous impact on the bank infrastructure in their countries.
Money is available in four formats – two physical and two digital. Central Banks issue physical money in the form of coins and banknotes. Digital money exists on bank accounts and constitutes a claim on the bank rather than on the Central Bank. Cryptocurrency is a new digital format, not guaranteed by Central or commercial banks. Instead, authenticity is proven by a blockchain of transactions. One of the key reasons why Central Banks want to digitize cash is the threat that international cryptocurrencies could undermine a country’s currency and its opportunities to dictate monetary policy.
– Digital cash is neither digital money nor a cryptocurrency. The goal is to obtain the unique properties of physical cash as a means of payment in digital form. Such payment methods must work offline and be able to be accepted as payment immediately and completely independent of network connectivity. The privacy of payments must still be ensured within reasonable limits. Just because payments are digital does not mean that the bank needs to see every transaction made. Digital cash must also be extremely flexible, scalable and interoperable with current payment solutions. Crunchfish has developed a solution that meets all these criteria, Joachim Samuelsson proudly states.
Crunchfish Digital Cash Wallet xoxo.cash
Crunchfish complements the World’s payment services with its Digital Cash Wallet xoxo.cash, whether on mobile or payment card. It processes an offline balance that is reflected in a corresponding and blocked Digital Cash account online.
-As the payment is carried out, a digitally signed payment is created and verified offline by the specified recipient. Crunchfish Digital Cash payments can be compared to paying by credit card; the difference is that the debited account is blocked to guarantee that there is no overdraft when the offline payment is settled, Joachim Samuelsson explains.
The primary purpose of digital cash is not to keep but to replace the unique properties of physical cash as a means of payment. Crunchfish’s patent-pending Digital Cash Wallet solves this by processing payments in two steps. First offline clearing upon payment and then settlement when the money is moved between accounts.
New currency or new format?
The World’s Central Banks have a choice to make. They can choose to issue their digital cash as a new currency, to be handled on existing payment systems, or as a new format requiring bank infrastructures to be upgraded to handle the new format. However, according to a staff memo from the Central Bank of Sweden, a new format will not solve the issue of offline payments. At the same time, VISA explains that offline payments can be offered by using two-step payments. Regardless of what the Central Banks decide, Crunchfish’s Digital Cash solution will be needed.
Crunchfish’s entry with Sweden’s dominant real-time payment service Swish in the National Telecom Agency innovation contest shows that it is possible to implement offline payments on account-based rails. The Crunchfish Digital Cash Wallet can then also handle the Central Banks’ digital cash, as there is no technical difference in whether the digital cash is guaranteed by the Central Banks or commercial banks.
Exverse, a free-to-play game bringing a fresh take on AAA first-person-shooters to Web3, announces the launch of its native $EXVG token on ByBit, a top-three crypto exchange by volume with over 20 million users. The ByBit launch will be followed by spot listings on the MEXC and Gate exchanges. Ahead of its full alpha launch in mid-May, Exverse hosted a soft-launch tournament for 5,000 early registrees on April 15 with cash rewards for top performers.
During the last bull run, Web3 games rose to prominence under the play-to-earn mechanism that made games like “Axie Infinity” so popular. As this model became widely replicated, many of these blockchain-based games prioritized the crypto elements at the expense of the actual game aspects. This trend could be seen in practice by many titles opting to undergo a token launch before even having a working demo, disincentivizing developers to build a quality game, and leaving users with no ecosystem or functioning game to play and spend or the native currency in.
With Exverse approaching its full launch, players can earn $EXVG by performing well while using the native token to enter matches, purchase premium items, and more. The $EXVG token builds on Exverse’s extensive beta and serves as the ecosystem’s currency while the game’s community witnessed a 20 percent growth in verified signups within a month. Supporting Exverse in their token launch are prominent launchpads and incubators that include Seedify, ChainGPT, and GameFi.
To build momentum for its upcoming alpha launch in mid-May, Exverse showcased its game by holding an exclusive deathmatch-style tournament for 5,000 early wait listers on April 15. The five-day tournament, which took place on the game’s ‘Battle Planet,’ gives players a chance to demonstrate their skills and win rewards via stablecoins and tokens. With $50,000 in total up for grabs, the top 100 performers earned at least $200. Top five finishers earnings were dispersed accordingly:
1st place: $4,000
2nd place: $2,000
3rd place: $1,500
4th and 5th place: $1,000
Built using Epic’s Unreal Engine 5, Exverse utilizes blockchain technology to strike a balance between enjoyable, realistic, and immersive real-time gameplay. The game prioritizes skill over pay-2-win mechanics, enabling players to earn rewards by staking tokens before a season’s kickoff. Top performers receive a share of profits from in-game NFTs such as cosmetics and skins.
To support the ecosystem’s development, expansion, and growth while rewarding the team and its early supporters, 400 million $EXVG will be minted.
“We are extremely excited about our token launch and proud to work with a great partner like ByBit to make it happen,” says Fei Ooi Hoong, CEO of Exverse. “We worked tirelessly to develop a diverse, engaging, and intuitive first-person shooter capable of revolutionizing how the public views blockchain-based gaming. Our talented team tapped into its background in traditional gaming to develop a rich and immersive gaming experience and then strategically implemented the NFT elements and in-game economics to enhance the user experience.”
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According to a report from CoinTelegraph, nearly forty percent of institutional investors in Canada have exposure to cryptocurrency, as revealed by KPMG. This finding underscores the growing acceptance and adoption of digital assets among institutional investors in the country.
The report indicates that a significant portion of institutional investors in Canada are actively investing in or exploring opportunities in the cryptocurrency market. This trend reflects a shift in sentiment towards digital assets, with more investors recognizing the potential for long-term growth and diversification offered by cryptocurrencies.
KPMG’s findings highlight the increasing mainstream acceptance of cryptocurrencies among traditional investors, as well as the growing interest in blockchain technology and its potential applications across various industries. As institutional investors continue to enter the cryptocurrency market, they are expected to bring additional capital and liquidity, further fueling the growth and maturation of the digital asset ecosystem.
Overall, KPMG’s report signals a significant milestone in the adoption of cryptocurrencies in Canada, indicating that institutional investors are increasingly recognizing the value proposition of digital assets and integrating them into their investment portfolios. This trend is likely to accelerate the broader adoption and mainstream acceptance of cryptocurrencies in the country and beyond.
Source: cointelegraph.com
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Blockchain
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
The BounceBit (BB) Megadrop is now open for participation, as announced by Blockchain.News. This event presents an exciting opportunity for users to earn BB tokens by engaging in various activities, including subscribing to BNB locked products and completing Web3 quests.
Participants can join the BB Megadrop by subscribing to BNB locked products or completing Web3 quests, both of which offer different avenues for earning BB tokens. By participating in these activities, users have the chance to accumulate BB tokens and potentially benefit from the rewards associated with the Megadrop.
Subscribing to BNB locked products allows users to earn BB tokens by locking their BNB assets for a specified period. This not only provides users with an opportunity to earn rewards but also contributes to the liquidity and stability of the BounceBit ecosystem.
Additionally, completing Web3 quests offers users an alternative way to earn BB tokens by engaging in various tasks and challenges related to Web3 technology. These quests provide users with a fun and interactive way to learn about blockchain and cryptocurrency while earning rewards in the form of BB tokens.
Overall, the BB Megadrop presents an exciting opportunity for users to participate in the BounceBit ecosystem and earn rewards by engaging in activities that contribute to the growth and development of the platform. As the Megadrop progresses, participants can look forward to additional opportunities to earn BB tokens and potentially benefit from the rewards associated with this event.
Source: blockchain.news
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