updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131World Mobile Token announced deepening its collaborative relationship with Input Output (IO) to develop a dedicated permissioned Cardano sidechain.
Micky Watson, the World Mobile Group CEO, said the move was necessary to comply with telecoms regulations. Further, as “such as solution doesn’t yet exist” on Cardano, the World Mobile Chain will be built using Cosmos’s open-source protocol Tendermint.
“We’re looking forward to collaborating with IOG on this project and work towards an interoperable future that will accelerate the shared vision that we have had since 2018.”
The company has been working with the IO sidechain team on this project for several months. Once complete, World Mobile Chain will bridge the Cosmos and Cardano blockchains, opening up interoperability between the two chains.
“Through this technology initiative, the shared goal is to bridge a permissioned solution built on Cosmos’ SDK with Cardano’s public mainnet. This introduces new possibilities for interoperability between the Cosmos and Cardano ecosystems.”
World Mobile stated it had always envisioned “a multichain future.” Further, it was explained that telecom regulations require separate public and private data architecture to prevent sensitive customer data from being viewable on a public chain.
Cosmos is an ecosystem of blockchains that makes development easy by providing a “ready-made” network and consensus layer, leaving devs to focus on building the application layer. The company’s goal is to create an “internet of blockchains,” with each chain able to communicate in a decentralized manner.
This process is made possible by Tendermint, an open-source Proof-of-Stake protocol featuring a modular architecture that enables application development without significant changes to the core protocols.
“With Tendermint, you can create any blockchain system seamlessly. It helps to overcome the time-consuming technical setup phase so you can focus on the application itself.”
A Reddit user asked whether this meant World Mobile is ditching Cardano in favor of Cosmos. It was explained that World Mobile is building a custom sidechain using the Cosmos software development kit. However, World Mobile transactions will still settle on Cardano.
Cardano sidechains follow “foreign events” and incorporate them into its state. As such, World Mobile Chain is essentially a smaller, independent, more centralized blockchain that links to Cardano. Like EVM layer 2 solutions, Cardano sidechains also comprise the mainchain’s technology, including security.
“A Cardano sidechain can implement many different consensus algorithms, ledger rules, execution environments, user facing APIs, and much more.“
World Mobile aims to utilize blockchain technology to provide internet access in areas lacking telecom infrastructure. WMT gained 7% on the news.
Shiba Inu (SHIB), a decentralized crypto project that is creating new avenues of utility for its users, might be on the cusp of a major milestone if a recent rumor pans out as expected.
To wit, crypto enthusiast Jake Gagain recently uploaded a video on YouTube in which he laid down the thesis behind the rumor of a Shiba Inu staking pool presumably launching on vEMPIRE DDAO, a staking platform that claims to be the largest metaverse-focused investment organization.
Jumped into the @shibtoken ecosystem more over the weekend with my review on $VEMP.
No doubt @shytoshikusama has many more plans for $SHIB’s full metaverse launch
Rumor has it @vempireddao is launching a $SHIB staking pool
https://t.co/edJuvEVApS
— Jake Gagain (@JakeGagain) March 21, 2022
The official Twitter account of vEMPIRE then retweeted Gagain’s video, lending credence to the fact that some development on this front appears likely.
#woofablepartnersburn #useshibaswap @shibainuart @ShytoshiKusama @Shibtoken @ShibInformer #SHIBarmy #shib $SHIB https://t.co/czujRlSnwz
— vEmpire DDAO (@vEmpireDDAO) March 21, 2022
Let’s delve deeper.
Before discussing the specifics of the rumor related to a Shiba Inu staking pool, let’s first discuss vEMPIRE’s modus operandi. The organization claims to champion a decentralized metaverse, styling itself as a Democratized Decentralized Autonomous Organization (DDAO) by offering equal voting power to all wallets holding governance tokens (xVEMP) worth at least $1,000. So, how does vEMPIRE’s staking regime work? Well, the DDAO uses the initial liquidity provided via staking and liquidity pools (LPs) to purchase digital assets in the metaverse. During this time, as assets are being acquired and monetized, staking rewards are primarily given in the form of VEMP tokens. Once metaverse assets have been monetized, staking rewards begin to accrue in other coins as well, for instance, LAND. vEMPIRE’s white paper details these monetization avenues:
Source: https://v-empire.io/wp-content/uploads/2021/12/vEMPIRE-1.2.pdf
With the primer on vEMPIRE out of the way, let’s discuss the specifics of the rumor related to Shiba Inu. Back in November 2021, the DDAO integrated with ShibaSwap, the native DEX of the Shiba Inu ecosystem. As a part of this integration, vEMPIRE’s native VEMP token became publicly traded on the DEX. Therefore, given these existing linkages and the retweet of Gagain’s video by the DDAO’s official Twitter account, we would hazard a guess that at least some movement on a Shiba Inu staking pool appears likely in the near future.
We had detailed Shiba Inu’s upcoming metaverse initiative in a dedicated post a while back. Dubbed Shiberse, the initiative is slated to launch later in 2022. Consequently, it is only natural for vEMPIRE to try to acquire and monetize digital assets in Shiberse via a dedicated Shiba Inu staking pool
We’ve continued to stress that 2022 is likely to be the year when transformational utility becomes unlocked for the Shiba Inu ecosystem. Should the staking pool rumor pan out, it would go a sizable distance in ensuring such an eventuality.
The Cardano Foundation is dedicated to ensuring Catalyst is moving towards becoming a democratic platform for community led innovation. To do this we need active participation from our whole community. #Cardano #CardanoCommunity #Governance #ProjectCatalyst https://t.co/s1ygGqXb3u— Cardano Community (@Cardano) January 24, 2022
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With crypto funds and indexes coming mainstream, the Bitwise options for the Aave and Uniswap are likely to see increased embrace from investors across the board.
Digital currency asset manager, Bitwise has launched independent Crypto Funds for decentralized finance (DeFi) tokens, Aave (AAVE), and Uniswap (UNI). The new funds, which complements the firm’s suite of institutional investor-centered digital investment was notably in response to the demand for DeFi products from Wall Street firms.
Per the report by Coindesk, the new funds will invest directly in the underlying assets, AAVE and UNI tokens, both of which come off as one of the largest DeFi tokens by market capitalization. Aave is a non-custodial lending protocol, known for its flash loans, trustless, uncollateralized loans where borrowing and repayment must occur in the same transaction. Aave is building an ecosystem with more innovative use cases for its products.
Uniswap is a decentralized exchange and an Automated Market Maker (AMM) that marked a unique shift to the DeFi trading platform world. Uniswap is a fully decentralized on-chain protocol for token exchange on Ethereum that uses liquidity pools instead of order books. Uniswap operates quite differently from centralized exchanges as it is users that supply the liquidity which powers all transactions that take place on the platform.
The duo of AAVE and UNI are built using the ERC-20 standard and have both seen good growths from inception to date. According to the filing with the Securities and Exchange Commission (SEC), as viewed by Coindesk, the Aave fund has as much as $92 million by the end of April. A Bitwise Spokesperson said without providing additional details that both funds currently harbor “meaningful assets.”
As a major player in getting the digital currency offerings to the mainstream market, Bitwise has a number of crypto funds including the Bitwise 10 Large Cap Crypto Index, the Bitwise Decentralized Finance Crypto Index, Bitwise Crypto Innovators 30 Index with regularly updated asset reconstitution.
The firm recently announced the recomposition of these funds. While there were no changes to the constituents of the Bitwise 10 Large Cap Crypto Index, the DeFi index saw two notable changes as Ren (REN) and Curve (CRV) entered the index, replacing Synthetix (SNX) and UMA (UMA). The Innovators Index which is updated on a quarterly basis saw no update. The firms that take up the largest bulk of the innovation index include MicroStrategy Incorporated (NASDAQ: MSTR), Coinbase Global Inc (NASDAQ: COIN), and Silvergate Capital Corp (NYSE: SI) amongst others.
The launch of crypto indexes is increasing becoming an avenue tech innovators deploy to expose investors indirectly to the digital currency ecosystem. Per an earlier Coinspeaker report, index publisher MSCI back in June also mulling the idea of launching crypto indexes.
In a move similar to that being considered by MSCI, the S&P Dow Jones has already launched its index for the duo of Bitcoin and Ethereum. The latter’s indexes are three and dubbed the S&P Bitcoin Index which measures the performance of Bitcoin, the S&P Ethereum Index, designed to measure the performance of Ether, and the S&P Crypto Mega Cap Index dedicated to measuring the performance of both digital currencies.
With crypto funds and indexes coming mainstream, the Bitwise options for the Aave and Uniswap are likely to see increased embrace from investors across the board.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
