Connect with us

Market

Nurturing Rebirth of Digital Identity through Decentralization

Published

on


PhoenixDAO aims to have five flagship products in the near term, with each product at different stages of incubation.

PhoenixDAO is a community-based decentralized platform that was established with the mantra of rebirthing digital identity in our world. The startup was created to cater to the needs of businesses and institutions while powering the next generation of DeFi apps.

Innovation rules the blockchain ecosystem and advances in DeFi, a unique offshoot of the emerging technology is growing by the day. With custom-made solutions to real-world challenges, projects like PhoenixDAO are leveling the playing field with their offerings.

The organization plans to operate primarily through two basic community-driven projects. A Decentralized Autonomous Organization (DAO) and dApps. While the former enables the community to take part in the governance and incubation of any proposed projects, the latter is the creative front through which innovations are bred and released to serve the crypto space.

PhoenixDAO has a lot of developmental works in progress but a highlight of its strides thus far is its solution development and the move to further develop a selection of the open-source Layer 1 protocols to be Layer 2 technologies. At the forefront of this is the Phoenix Identity powered by the ERC-1484 standard. This technology helps to create and link digital identities across different DeFi based dApps, apps, and APIs within the ecosystem.

Another functional protocol launched by the ecosystem is the Phoenix Authentication, a Blockchain-based 2-factor authentication tool to verify DeFi app logins and approve transactions using your digital identity. Additionally, the platform also boasts of Phoenix Payments, a smart contract-based solution to facilitate transactions without a third-party escrow service.

Projects in the Pipeline for PhoenixDAO

Per a press release shared with Coinspeaker, PhoenixDAO aims to have five (5) flagship products in the near term, with each product at different stages of incubation.

Staking dApp is the only product amongst the proposed five that has been launched. The decentralized application makes it possible for users to earn immediate interest on staked PHNX (up to 20% APY). The team at PhoenixDAO are working on the v2 version of the staking dApp with advanced features like liquidity farming. The updated version of the dApp will allow users to participate on the DAO platform, through the native PHNX token.

Following the company’s roadmap, an Events dApp is expected to be launched toward the end of the first quarter of 2021. This unique product is a decentralized Eventbrite-styled marketplace where users can go to sell or find listings for event tickets, both free and paid. Payments on the platform will be facilitated using the PHNX tokens. However, developers are encouraged to build free services for users to get acquainted with the entire ecosystem at no cost.

Towards the end of the year, a Non-fungible token (NFT) marketplace is set to go live, and the last two products according to the shared release will be determined by the community in due course.

The role of the aforementioned PHNX token is vital to the smooth functioning of the ecosystem. Besides its role in staking and the Event dApp marketplace, sales on all applications associated with PhoenixDAO will be priced in the platform’s digital asset. They can be purchased on Uniswap, Bittrex, and other partner exchanges listed by the startup.

Over time a newer version of all the PhoenixDAO products will be built to accommodate multi-chain and Layer 2 scaling solutions.

Earmarking the Uniqueness of the Digital Identity Offerings of PhoenixDAO

A major uniqueness of the platform is its self-sustaining model. While anyone anywhere will be able to bid for the funding of dApps to be launched on the ecosystem, the liquidity to back these projects will be obtained from the pool of funds generated by the system and from the generation of ticket sales and ads on the Events dApp after its launch and future updates. This must be preceded by the vote on the proposals by the $PHNX token holders.

Owners of dApps can charge users additional fees in $PHNX, $ETH, & $DAI, and 2% of the sales of these transactions go to the DAO smart contracts, additionally to support the market partners are already offering use cases such as token buybacks and more.

A partnership with the cryptocurrency payment app Numio has created many use cases for the $PHNX token. One of those use cases includes 10% of the profits generated from their identity management solution to buy $PHNX from the secondary markets (e.g. Uniswap), then stake the purchased $PHNX into the PhoenixDAO staking dApp.

The interest earned from staking will then be sent to a pool where the community members will decide on whether to burn the tokens, allocate them for community rewards, or something entirely different. These are some of the ways the PhoenixDAO’s ambitious innovations will be bankrolled.

next Altcoin News, Blockchain News, Cryptocurrency news, News

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.



Source link

Market

GameStop (GME) Surges by Over 50% Now amid C-suite Shake-Up

Published

on

By


GameStock (GME) stock has started its way higher again, gaining over 100% yesterday.

GameStop Corp (NYSE: GME) saw its share price surging by 103% on Wednesday as investors reacted positively to the resignation of the financial chief officer of the company. The shares also took another 83% surge in the after-hours trade of Wednesday according to the available data. The investors proceeded to push the price of the premarket trade on Thursday with a 44% surge. As the trading is going on today, GME stock is rising by 51% now.

It is said that investors and traders are hoping for a resurgence amid the expected resignation of the financial Chief Officer Jim Bell. It was disclosed that the decision was forced by the board and Ryan Cohen, a GameStop Corp investor and the co-founder of Chewy, an online pet and food retailer. This is expected to be done on March 26.

In a filing with the Securities and Exchange Commission (SEC), the company denied all allegations of forcing Bell out due to a disagreement on something related to the company’s operation. They stated emphatically that the resignation has nothing to do with contention relating to GameStop’s policies, operation, or practices which include accounting principles and practices. This is contrary to the reports that Cohen spearheaded an attack to get him out of the company to execute the transition online.

Cohen owns over 12% of the stocks of GameStop Corp through his company RC Ventures. Somewhere in November 2020, Cohen allegedly wrote a letter to the board of GameStop criticizing the executive team to force them to build a perfect e-commerce platform. In the letter, he stated that GameStop (GME) needs to evolve into a technological company that delights investors. Not just that, it should also deliver a top-notch digital experience instead of priding itself in being just a video retailer that only focuses on a brick-and-mortar footprint. Bell was the first casualty of Cohen’s leadership shakeup.

Jeffery Equity Thinks Bell Have No Issue with GameStop (GME)

Jefferies Equity analyst, Stephanie Wissink in a statement to the client’s acknowledged the effort of Bell during his tenure in the administrative setup of the company. It can be recalled that there was a sharp fall in sales during the late stages of the final hardware cycles. During that period, Mr. Bell led a series of actions that helped to protect the GME equity.

Wissink believes that the expected resignation of Bell was mutual, none Immediate, and not a product of misunderstandings or disagreement between him and the board as activist settlement mostly follows leadership changes. It was also disclosed that instead of looking for a CFO replacement with a retail background, the company will consider someone with a tech background as their primary focus is on e-commerce growth.

Bell refused to comment on the reports of his resignation. Currently, the company has consulted an executive search firm to find a Financial Chief who has the ability and the qualification to drive the company to its expected transformation.

next Business News, Market News, News, Stocks, Wall Street

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



Source link

Continue Reading

Market

Nash: Bridging Gap between Fiat and Crypto

Published

on

By


Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet.

Nash specializes in providing the best fiat/crypto gateway services for both retail and business customers, combining the lowest prices and fees with high-security wallets. This exchange service is fully licensed to operate in Europe.

For BTC, ETH, NEO and USDC, Nash offers 0% fees. This is possible because Nash operates its own crypto-crypto exchange. Nash’s unique Layer-2 exchange provides the same performance as centralized exchanges without taking custody of funds.

For other crypto assets, tradeable on Layer 1 user wallets, Nash charges just 1% fees, with no hidden slippage fees.

What’s more, Nash provides the safest software wallet by using secure multi-party computation (MPC) technology. MPC ensures a user’s full private key is never used to sign transactions and allows for security policies like address whitelists. Nash never has control over user funds.

On the business side, Nash offers its fiat gateway services as a white-label solution for third parties. Fees remain as low as 1%, with no tricks like huge asset mark-ups. Nash is a highly competitive solution for projects seeking a licensed fiat gateway for their platform and token.

Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet. Nash pays merchants the exact fiat price they set in their preferred national currency (€, £ or $) with 0% fees, managing risk around price volatility This is also possible thanks to Nash’s Layer-2 exchange.

In 2021, Nash will expand into digital banking services. High-interest DeFi-staking products will go live in Q2. In Q3, Nash will offer national currency checking accounts (with IBANs) on its platform. These will enable an even simpler savings product where users can easily deposit cash and lock it in a DeFi-powered crypto savings account. With a debit card arriving in Q4, Nash will seamlessly integrate traditional and crypto finance by the end of the year.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.



Source link

Continue Reading

Market

Fed Chairman Jerome Powell Said They Would ‘Engage with Public’ on Digital Dollar

Published

on

By


The Federal Reserve chairman said that they would opt for a public-centric approach on cryptocurrencies, however, would proceed with the digital dollar developments only after weighing the risks it poses to the US financial system.

While the CBDC developments across the world are catching up with the pace, everyone is closely monitoring any developments coming from the US. On Wednesday, February 24, disclosed additional details about their plans on the digital dollar. Speaking before the House Committee on Financial Services, Jerome Powell said that the US Federal Reserve would further “engage with the public” on the digital dollar this year. This is for the first time that Powell has given an official timeline for America’s CBDC developments.

Talking about the digital dollar project, Powell said:

“This is going to be an important year. This is going to be the year that we engage with the public pretty actively including some public events that we are working on, which I’m not going to announce today.”

Powell on Digital Dollar

Instead of taking upfront decisions and going to the public, Powell said the Fed would take an alternative approach. Rather, the Fed will directly talk to American citizens regarding the tradeoffs associated with the digital dollar project. Powell said:

“There are both policy questions and technical questions that relate between those two and they’re very challenging questions. We’re going to have a public dialogue … in the meantime we’re working on technical challenges and also collaborating and sharing work with other central banks around the world.”

However, Powell also maintains a cautious stand simultaneously. He stated that things will proceed further only after analyzing the risks to the stability of the US financial system. He also added that the digital dollar design should not “undermine … healthy market function.”

India Working on Its CBDC Project

On Wednesday, India’s central bank governor Shaktikanta Das said that the RBI has started its procedural developments to launch its digital currency in the country soon. “While we cannot guess the date of its launch, it is receiving our full attention,” he said.

However, Das has raised concerns that the use of public cryptocurrencies can undermine the country’s financial stability. The views of India’s monetary authority have been fundamentally opposed to the use of digital currencies. there have also been reports of introducing a ban for crypto use in India.

However, Das added that the Indian central bank is not opposed to the blockchain framework, the underpinning technology for cryptocurrencies. Instead, he added that they will leverage the blockchain’s benefits.

next Business News, Currencies, Market News, News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



Source link

Continue Reading

Trending