Deloitte Switzerland recently announced its partnership with Polkadot’s KILT protocol to enhance its Know-Your-Customer (KYC) solution. This development highlights the growing interest in the use of blockchain technology to improve compliance processes, particularly within the financial industry. 

1/ @DeloitteCH – the world’s biggest accounting firm – is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I

— Polkadot (@Polkadot) May 4, 2023

Interestingly, the use of blockchain in KYC has the potential to significantly reduce costs, speed up processing times, and increase data security.

Polkadot’s KILT protocol is a blockchain-based identity verification platform that allows users to securely and privately share their personal data. The platform uses decentralized identifiers (DIDs) to create unique digital identities for each user, which can be used across different platforms and services. 

How Deloitte Plans to Leverage Kilt

By leveraging blockchain technology, the KILT protocol ensures that personal data is stored securely and can be accessed only by authorized parties. Known for its interest in crypto-related innovations, Deloitte Switzerland’s decision to use the KILT protocol for its KYC solution shows how blockchain technology can help address some of the major challenges faced by compliance professionals. 

Notably, KYC processes are often time-consuming and costly, with many financial institutions relying on manual checks and paperwork. In return, this leads to errors and delays, resulting in frustrated customers and lost revenue. By using the KILT protocol, Deloitte Switzerland can streamline its KYC processes and reduce the risk of errors or fraud.

Likewise, the platform allows for faster verification of customer identity, as well as secure sharing of personal data between different parties. This can help financial institutions save time and money while ensuring compliance with regulatory requirements. In addition to improving efficiency and security, the use of blockchain technology in KYC also has the potential to enhance privacy.

Expanding Blockchain Use in KYC

Ultimately, the adoption of blockchain technology in KYC represents a significant step forward for the financial industry. As more companies like Deloitte Switzerland look to improve their compliance processes, the use of blockchain-based solutions is likely to become increasingly common. 

This will offer an encompassing benefit as the trend has the potential to revolutionize the way financial institutions operate, making them more efficient, secure, and customer-friendly.

Just last month, Bybit Exchange introduced compulsory KYC for all its users in a move towards full compliance. According to the Dubai-headquartered cryptocurrency exchange, KYC is a compulsory requirement for financial service providers that clients must fulfill. It is conducted to verify the identity, suitability, and risks involved, in order to minimize the risk to the respective account.

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. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

The Crypto market is always buzzing with exciting and interesting affairs for investors.

This week, the proposed next stage of Polkadot (DOT) government, known as OpenGov (formerly known as Gov2), will introduce the next generation of decentralised, safe, and democratic governance to Polkadot, whereas Shiba Inu (SHIB) could now be employed to purchase Netflix and Spotify monthly subscriptions through the recurring invoicing feature of payment gateway, NOWPayments.

Moreover, experts predict a 6000% growth in the price of the Orbeon Protocol (ORBN) coin.

Shiba Inu (SHIB) accepted as payment for Netflix

Shiba Inu (SHIB) can now be utilised to purchase Netflix and Spotify monthly subscriptions through the recurring invoicing feature of payment gateway NOWPayments. Businesses that offer subscription services can now allow customers to use the application to pay via Shiba Inu (SHIB) subscriptions.

NOWpayments’ recurring custodial transactions enable people or organisations to set up unique billing accounts for users or clients, and enable them to top these accounts with the virtual currency of their choosing, as a payment option. Moreover, Shiba Inu (SHIB) is aggressively developing a metaverse. Thus, Shiba Inu use cases for payments are expanding to include everything from car businesses accepting SHIB, to the entire metaverse.

Shytoshi Kusama, the principal Shiba Inu (SHIB) developer, is also preparing for a significant launch. Kusama recently tweeted that he had a meeting with Unification Foundation programmers to finalise and release Shibarium, a layer-2 solution, as soon as possible.

The current Shiba Inu (SHIB) price is $0.000008, with a $150 million 24-hour trading volume. Over the past 24 hours, Shiba Inu (SHIB) has increased by 0.53%.

OpenGov proposed Polkadot’s (DOT) governance system

Referendum 244 was recently approved and put into effect in Polkadot (DOT), which brought OpenGov online and modified the Kusama Relay Chain to version 9320. Gov1 would continue to operate for the time being. To significantly enhance the frequency of collective decisions the platform is capable of making, OpenGov transforms the practical methods of daily decision-making by improving the scope and agility of the consequences of referenda.

Gavin Wood, the founder of Polkadot (DOT), also recently announced the launch of the inaugural Polkadot (DOT) OpenGov Fellowship that whitelisted root calls over the Kusama network.

Polkadot’s (DOT) listing was also announced by leading cryptocurrency exchange, BitMEX, on December 8. Polkadot’s (DOT) current price is $4.27, and its 24-hour trading volume is $102 million. In the past 24 hours, the Polkadot (DOT) price has decreased by 1.45%.

Orbeon Protocol (ORBN) predicts 6000% growth

A revolutionary launchpad called Orbeon Protocol (ORBN) assists entrepreneurs in obtaining funding from everyday investors. Traditionally, only venture capitalists would have access to this market. However, due to NFTs with equity-based fractionalisation, regular investors can now purchase startup equity for as little as $1.

Orbeon Protocol (ORBN) helps entrepreneurs raise funds while cultivating a community using their innovative method of investing in startups, which creates an entirely new pool of potential investors. Orbeon Protocol (ORBN) can solicit financing from the crypto community rather than depending solely on one venture capitalist.

Investor protection is ensured by Orbeon Protocol (ORBN), which guarantees transparent investments at every level of the process. Each smart contract includes a “Fill or Kill” feature that automatically reimburses investors if a firm falls short of its financing target, which is an added measure of security.

Presently in stage 3 of its presale, Orbeon Protocol (ORBN) is selling tokens for $0.0362 each. Investors anticipate that this third phase would sell out in the first few days of January despite having already sold over 71 million ORBN tokens. Experts are expecting 6000% growth for ORBN during the presale.

Conclusion

Investors are suggested to look forward to Orbeon Protocol (ORBN) as it is forecasted for massive gains, which makes it a strong option to invest alongside Polkadot (DOT) and Shiba Inu (SHIB).

Find out more about the Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register

Telegram: https://t.me/OrbeonProtocol

Sponsored

WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost

AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido

• Polkadot is regarded as the blockchain of blockchains.

• Native token DOT has been bearish slightly above the $6.5 support.

• If DOT breaks below $6.5, the price could fall further to $4.

Polkadot’s native token DOT/USD is trading at 6.73. The price is close to or at a support of $6.5, the lowest since January 2021. Although the price recovered to a high of $8.45 in recent weeks, it has since lacked a bullish impetus. Investors should watch $6.5 as it could be a turning point for DOT or start a further decline.

Polkadot is described as a “blockchain of blockchains.” It connects blockchains that would otherwise be incompatible with each other. It unlocks value by allowing data transfers across blockchains. In line with the goal, Polkadot launched a cross-chain messaging system in May. The system allows native transfers of tokens across parachains. Polkadot’s native token DOT allows staking and governance on the protocol. It is also available for trading in other exchanges.

Just like other cryptocurrencies, DOT has been highly volatile. It once traded at a high of $56 in November last year, at the height of the crypto boom. The recent crypto weakness means that DOT is yet to stage a lasting comeback.

 DOT risks another low if $6.5 support fails to hold

Source – TradingView

The MACD line closed below the moving average, signaling a bearish move for DOT. A RSI shows oversold conditions, but the price is yet to hit the support. More weakness in the price is expected as bearish sentiment prevails. A bullish reversal could occur at $6.5. Failure to reverse at the support would open DOT to further decline to a support around $4.

Summary

DOT/USD is bearish approaching a key support of $6.5. If the price fails to rebound at the support, the crypto token could proceed to $4. Investors should watch $6.5 for price action. Still, there is no indication the price will go higher at the support. Buyers should be prepared for further downside.

Polkadot (DOT) has entered a make-or-break period after several failed attempts to rally. The coin has remained sluggish, and what happens next could either send the price sharply lower or push it higher in a more decisive way. Here are some notable facts:

• DOT has been trading between a range of $16 and $23 for most of the year

• At the moment, it is on the lower side of that range at around $17.3 in price

• A drop below $16 could prove catastrophic for DOT bulls

Data Source: Tradingview 

Is Polkadot heading for a sell-off?

As noted above, Polkadot has reached a make-or-break moment. The coin has ranged between $16 and $23 for most parts of 2022. In fact, this range is shaping out to be a long-term trend and as such, it is important to watch it. 

For DOT bulls, the key is to make sure the price stays within this range. If bears push the coin below $16, then everything may start to unravel. DOT will face a stiff sell-off and may end up bottoming at $8 in the near term. 

But there is a flip side to all this. It depends on if DOT will maintain its $16 – $23 range. If the coin can manage to stay above $16 for a few days, then a run towards $23 will be well on and truly in sight.

Polkadot’s long term upside

The longer-term upside for DOT is still positive. The coin could still deliver 3x in value from its current price by the end of 2022. But in the short term, it’s hard to see the token going past $23. 

The trend line that we have discussed above appears strong. As such, DOT will likely bounce off between $16 and $23 in the near term. But this theory will become invalid if the price falls below $16 in the days ahead.

CryptoSlate caught up with James Wo, the Founder and CEO of Digital Finance Group (DFG), to talk about interesting developments that are about to unravel in the budding ecosystem between the two sister blockchains–Polkadot and Kusama.

DFG focuses on blockchain equity and token investment, with a portfolio that ranges from Layer 1, Layer 2, Web3, CeFi, DeFi, NFTs, and beyond.

Last year DFG allocated 80% into Dotsama, but what is on Wo’s radar this year?

Continue reading to find out which market sector James is particularly bullish about and what he had to say about Polkadot’s competitors.

The Polkadot ecosystem arrives “at an important inflexion point”

With already 24 parachain auctions in the bag, Kusama is ahead of Polkadot, which is yet to fill its first 10 slots.

Expecting to see 30 to 40 Polkadot parachains launch in the course of this year, James predicts exciting developments, with the ecosystem arriving “at an important inflexion point.”

Among many factors that will come into play, James addressed the main three.

“First, we’ve seen evidence that as parachain auctions advance and more slots are won, the cost for each slot in Kusama and Polkadot decrease at a rapid rate,” noted James, explaining this will provide projects from alternate ecosystems the opportunity to integrate into Kusama or Polkadot–consequently making the sister chains’ ecosystem a more varied one.

“Second, with the top-tier Kusama and Polkadot (Karura – Acala, Moonriver – Moonbeam, Shiden – Astar) projects running successfully on each of their respective chains, we should begin to see evidence of collaboration and interaction among them,” he added, pointing out that true benefits of the parachain concept are yet to unravel.

“Third, within each of these projects lies an ecosystem ready to blossom, which in turn will show the benefits of each individual project and the advantages it has compared to competitors in or out of the Kusama/Polkadot community,” concluded James.

2022 will be an interesting year for comparing the developments between different cross-chain ecosystems–such as EVM and IBC.

“Nevertheless, there are aspects that still need to be improved,” said James, referencing Vitalik Buterin, who recently brought to light some of the major downsides of highly efficient cross-chain solutions–such as the user-friendly Cosmos IBC.

Ethereum co-founder Vitalik Buterin outlined the risks surrounding cross-chain ecosystems–stating “fundamental security limits of bridges.”

While arguing why cross-chain bridges will not be a part of the multi-chain future, Buterin broke down how a hypothetical 51% attack on a single chain could create a domino effect that would spread into multiple ecosystems.

“As an alternative, Polkadot brings a definitive solution early on and develops the ecosystem around to support it,” argued James, adding that “even though all blockchains running on parachains will be allowed to work on a different consensus, this will add complexity in the short term but enable more diversity within the ecosystem which results in better long-term results.”

Bullish on the Metaverse

Overall, James believes that the biggest growth potential this year will be concentrated around the Metaverse sector.

“The Metaverse is set to be among the biggest growers within Kusama/Polkadot, just as in other protocols. Among the biggest actors in this sector are the well-known team from Enjin and their Polkadot-native project Efinity and Bit.Country with their one-of-a-kind metaverse,” he pointed out.

He predicts similar development for the gaming sector within Kusama/Polkadot–expecting to see great growth in Kanaria and RMRK, Efinity, amongst other projects.

“Finally, I expect crypto-native community-driven projects such as the ones currently being developed on Kusama and Moonbeam to expand their use case scenarios and product offerings to attract a larger number of potential investors and users,” said James, noting examples that stand out–RomeDAO with their stablecoin focus, and Moonbeans as an NFT marketplace built on Moonbeam.

All this said, James added that DFG remains “definitely optimistic on the future DeFi has within the Kusama/Polkadot ecosystems.”

DeFi projects are already strongly represented in Dotsama and Wo sees the likes of Acala, Bifrost, Composable Finance, Equilibrium, Interlay, HydraDX, Minterest  “to grow exponentially and continue to expand on the number of products and services being offered to users.”

Roughly a year ago, DFG launched an exclusive Polkadot fund–focused solely on DOT ecosystem expansion and development.

Throughout this year, the fund will continue leveraging support for interesting and quality projects that show the potential to contribute to the emerging ecosystem–on the lookout for both mature projects interested in migrating to Polkadot, as well as those starting from scratch and building with Substrate.

The fund already contributed more than three million DOT in the Polkadot Crowdloan, and will continue to heavily support their projects of choice–helping them secure their parachain slots.

Finally, the fund will remain committed to promoting the Polkadot ecosystem–focusing on raising awareness and furthering mainstream adoption.

Over the past few years, the cryptocurrency market, which is still in its early stages, has gained a lot of momentum and has been drawing several young Indian investors’ attention towards it. These days retail and institutional investors are keen to invest in digital currency for both – long-term and short-term – profits. Undoubtedly, cryptos like Bitcoin, Ethereum blockchain are among the popular cryptocurrencies of which most people are aware. Young investors, who are willing to invest in the crypto industry, are confused about where to invest. However, just like the stock market, profit and loss are also part of the crypto industry and are subject to market risk.

“The process of remittances through cryptocurrencies into India is a lot more efficient and faster than the conventional process, and all transactions are visible on the blockchain network from a regulatory point of view,” Edul Patel, CEO of Mudrex, a Global Crypto Investing Platform told ET.

Investing in the crypto market comes with its own share of risks and challenges. One needs to trade with caution and guide. So, will make it easy for you, we’ll discuss some cryptocurrencies that have been topping the market cap charts time and again and can be good choices for your long-term investment.

Here are 7 best Cryptocurrencies for long-term investment”

1) Bitcoin (BTC)

Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. BTC is also known as  ‘digital gold’ and is the world’s largest cryptocurrency. Bitcoin’s price per token has surged roughly 113% a year and has hit a new lifetime high of roughly $67,000 per token. 

2) Ethereum (ETH)

The Ethereum blockchain is rapidly gaining crypto and is almost always in competition with Bitcoin. With a market capitalization of roughly $469 billion,  Ethereum or ether stands as the second-largest cryptocurrency by market cap.  Recently, ether’s share in the crypto market recently rose from 18 per cent to 20 per cent. It is a decentralised blockchain platform that cuts out third parties. Ether’s price per token has surged roughly 458% across 2021’s trading, according to the report.

3) Cardano (ADA)

Cardano is also a decentralized blockchain platform that uses a native cryptocurrency. It is notable for its early embrace of proof-of-stake validation. Cardano (ADA) enables secure peer-to-peer transactions. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin. Cardano’s ADA token has had relatively modest growth compared to other major crypto coins.

4) Ripple (XRP) 

Launched in 2013, Ripple is one of the largest digital asset projects in the industry, with a market capitalization in tens of billions of dollars. Ripple’s total supply of 100 billion XRP tokens still qualifies it as a low-value crypto asset. Currently, Ripple is used for cross-border payments by over 250 banks and has an impressive transaction processing time with minimal fees.

5) Dogecoin (DOGE)

Dogecoin one of the meme coins, a cryptocurrency based on or inspired by memes. There are 128 meme coins with a total market cap of over $44 billion. The largest meme coin is Dogecoin with a market capitalisation of $32 billion. 

According to its website, Dogecoin is an “open-source peer-to-peer digital currency, favored by Shiba Inus worldwide”. Shiba Inu is a breed of hunting dog from Japan. Notably, SHIBA INU (SHIB) is a different cryptocurrency.

DOGE coin has earned a high mining rate since its launch. in 2021, Dogecoin got a lot of attention from Reddit users and of course Elon Musk. Interestingly, Elon Musk also possesses Dogecoin, along with Bitcoin and Ether.

6)Shiba Inu

Shiba Inu on Sunday soared to record highs over the weekend to become the 11th-biggest cryptocurrency by market value. Founded in 2020 by an anonymous person going by the name Ryoshi, SHIB was up 50% on Sunday and reached an all-time high. Shiba Inu coin’s website refers to it as ‘a decentralized meme token that evolved into a vibrant ecosystem.’

In September, Shiba Inu surged nearly 40 percent after US-based Coinbase said its customers can trade, send, receive, or store SHIB on its platform.

7) Polkadot (DOT)

Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. This currency provides a bridge for networks so that many applications built on Polkadot can also work on Ethereum and Bitcoin. However, it is more scalable and faster. Polkadot already has monetary value in exchanges, making it crypto worth watching.

ALSO READ: Your everyday guide to share market: Things to watch before market opens

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