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2021 ends with a question: Are NFTs here to stay?

2021 ends with a question: Are NFTs here to stay?

In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto...

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Why Invest in Crypto?

Like it or not, cryptocurrency is practically everywhere these days and no longer just for day traders and nerds. In fact, many traditional businesses are integrating cryptocurrency into their platforms in some form, or using it as a means to launch other types of products. If you’re looking to invest or would like to explore other options follow the button to learn about Crypto Exchanges.

Digital dollar needs broad consensus among authorities, says US Treasury Secretary

U.S. Treasury Secretary Janet Yellen has given her opinions on the potential of a digital dollar but is hesitant to come to any conclusions at this stage in proceedings. Yellen said on Thursday that she had not formed a view on whether the Federal Reserve should...

NFT music platforms to disrupt Spotify in 2022, Saxo Bank predicts

As popular music streaming services like Spotify cut much of musicians’ revenues, new technologies like nonfungible tokens (NFTs) are likely to help artists grab back their fair share, Saxo Bank predicted.According to one of Saxo Bank’s Outrageous Predictions 2022:...

Ethereum ‘about to go parabolic’ against Bitcoin as analysts weigh BTC bear case

Ethereum’s Ether token (ETH) is due to launch a “parabolic” attack on BTC to beat all-time highs, one analyst believes.2-week predicts “crazy” ETH moveETH/BTC 1-month candle chart (Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and...

Star Trek creator’s signature goes where no NFT has gone before: DNA

The signature of Star Trek producer Gene Roddenberry has gone boldly where no NFT has gone before — into the code for life itself.Back in 1965, Roddenberry signed a contract with Lucille Ball’s Desilu Productions to finance Star Trek. On Nov. 30, that signature was...

Nifty News: Ulbricht’s NFT bids top 261 ETH, Irishman producer funds movies with NFTs

Silk Roads lead to nonfungile tokens Bidding for a 1/1 NFT auction created by imprisoned Silk Road founder Ross Ulbricht has surpassed 261 Ether (ETH), $1.17 million at the time of writing. The NFT depicts a hand-drawn illustration from Ulbricht of a psychedelic eye,...

Deadmau5 and Portugal The Man release single as 1M NFTs in bid to go platinum

Dance music star Deadmau5 and Grammy award-winning indie rock band Portugal The Man (PTM) have teamed up to release one million copies of their new single “This is Fine” as nonfungible tokens (NFTs). The single was released on Deadmau5’s (whose real name is Joel...

Academic research claims ETH is a ‘superior’ store of value to Bitcoin

Australian university researchers have questioned Bitcoin’s reputation as the best store of value network in cryptocurrency, with Ethereum on track “to becoming the world’s first deflationary currency.”A Nov. 18 paper by four Australian researchers discusses how the...

India to regulate, not ban, crypto: Cabinet documents

According to reports from local media, the Indian government will not move for an outright ban on crypto and will instead regulate the sector. On Nov. 23, Cointelegraph reported that the Indian government was considering a bill proposing the creation of an official...

5 year study looks at if token rewards can improve HIV patient outcomes in Africa

A groundbreaking five-year study into whether crypto token incentives can improve health outcomes for patients with HIV/AIDS will be launched in Kenya by the end of the year.On Nov 1, the blockchain-powered healthcare ecosystem Immunify.Life and the Masinde Muliro...

DeFi disasters: $31M drained from MonoX and BadgerDAO losses top $120M

More than $150 million has been lost this week in separate security breaches at DeFi projects MonoX and BadgerDAO.Multi-chain decentralized exchange (DEX) MonoX (MONO) suffered a cyber attack on Nov. 30 leading to about $31 million in losses. BadgerDAO (BADGER)...

Mining solutions

Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.

For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the blockchain.

The proof of work is also designed to depend on the previous block to force a chronological order in the blockchain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.

Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. Consequently, the network remains secure even if not all Bitcoin miners can be trusted.

How Blockchain Works

A blockchain, originally blockchain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of its data. This is because once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain has been described as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.

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