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Blockchain Domain Names: RNS Solution from RSK

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Blockchain domain names make it easy for anyone to receive any form of cryptocurrencies, tokens, and even Non-Fungible Tokens, as most of the service provides are compliant with the ERC-721 standard that aids the minting of NFTs.

The evolution of the cryptocurrency industry is taking a more subtle expression in the rollout of blockchain domains, in a bid to bring functionality to the decentralized web. Blockchain domains represent a domain asset that thrives on the technological uniqueness of a specialized form of decentralized ledger technology.

Different blockchain networks are backing the rollout of functional blockchain domains, and RIF Name Service (RNS) is the solution for these blockchain domain names developed by the RSK Infrastructure Framework. Of the numerous use cases of these growing innovations, the simplification of the use of cryptocurrency addresses of digital coins or tokens is fundamental to drawing in the embrace of non-technical people into the world of this emerging technological innovation.

Blockchain domain names replace the complex wallet addresses with a simplified and customizable naming system, promoting their user-experience capabilities. Part of the major goals of RNS as well as other related service providers is to drive the mainstream adoption of cryptocurrencies through the provision of an architecture that enables the identification of blockchain keys by human-readable names.

Other Secondary Needs for Blockchain Domain Names

While aiming at driving mass adoption through simplified UX remains the primary goal of Blockchain Domains, there are other revolutionary use cases that the innovations are here to address.

It is worthy of note that these domain names are not only useful in simplifying cryptographic blockchain addresses, they can also be used to launch decentralized censorship-resistant websites. With the created domain names, one can register his profile details, create a project record type, and generally leverage the privacy features that are central to Web3.

Blockchain domain names make it easy for anyone to receive any form of cryptocurrencies, tokens, and even Non-Fungible Tokens, as most of the service provides are compliant with the ERC-721 standard that aids the minting of NFTs.

The features of domain names make it possible to wriggle off the grip of centralized bodies that control the internet, and in all, help facilitate the original design of blockchain-backed payments which is aimed at decentralization.

RNS Features and Ecosystem

With the growing number of blockchain domains service providers out there, the unique offerings of players like RNS have a long way in determining the market share that will be gained. While RNS prides itself as the domain names provider being utilized across all of RSK’s ecosystem, it also boasts of interoperability which makes it compatible with all major blockchains such as Bitcoin (BTC), and Litecoin (LTC) amongst others.

RSK Partners can benefit from the RNS protocol by issuing subdomains at almost no cost once the main domain name has been acquired. The domain name acquisition from RNS costs less than a dollar, compared to traditional offerings being promoted by related Web2.0 providers.

RNS has built an ecosystem featuring wallets like MyEtherWallet (MEW), My Crypto, and RIF on Chain amongst others. Additionally, RNS domains are NFTs thus enabling several functionalities for RNS-based domains.

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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.



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Bitcoin Mining Stocks Jump 49% in Less Than One Month after Poor Figures Recorded in May

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Bitcoin mining stocks have performed much better than Bitcoin has in the last one year. These stocks are rising despite China’s crackdown.

The three largest Bitcoin mining stocks are rising, following crashes seen across these companies’ valuations last month. These stocks have pulled in considerable weight over the last month, regardless of souring Bitcoin mining sentiments palpable across different geographic regions.

According to a recent report, the three companies include Riot Blockchain Inc (NASDAQ: RIOT), Canaan Inc (NASDAQ: CAN), and Marathon Patent Group (NASDAQ: MARA). Since May 21, Riot Blockchain has jumped 63% from $2.08 billion to $3.4 billion. Marathon also increased by 55% to its current $2.98 billion valuation. All three companies have increased an average of 49% in less than a month.

While these increases may spell progress for the crypto sector, extreme volatility may also be a concern. Between February and April, bitcoin mining firms maintained significant market caps after rising considerably. However, the month of April and early May saw some reversal. Again, by the end of May, their stocks began to rise. The instability is also more seen with a company like Riot Blockchain. Last year, RIOT had a valuation of less than $200 million. By February this year, the company’s market cap had hit $6.12 billion.

Bitcoin Mining Stocks and BTC

At the moment, Bitcoin mining stocks are considerably more promising than the asset itself. Over the past 12 months, stock prices for Riot Blockchain, Hive, Marathon, and Canaan have brought mouth-watering returns to holders. Marathon, which has spiked the highest, comes at 3,119%. In the same timeframe, Bitcoin has increased by an impressive but still much lower 334%.

Recently, China renewed its fight against Bitcoin mining and has come down heavy on operators. Last week, China’s Xinjiang province ordered all Bitcoin miners to immediately suspend operations. The Changji Prefecture Government in the province also sent a circular to subordinate government arms in the Zhundong Economic Technological development park. Specifically, the circular required the park to completely discontinue all mining and other undertakings related to crypto. This is considered a big blow on the country’s crypto clime as the park is considered a major hub.

Back in March, the Inner Mongolia region of Northern China also made a similar move. Its decision was said to be an effort to reduce energy consumption. Basically, Inner Mongolia was supporting energy efficiency demands set by Beijing. Regardless, many crypto community members suggest that the energy efficiency reasons are a ruse to hamper Bitcoin’s growth in the country.

The general effect of the mining ban is significant. Since the ban, large mining pools with Chinese clients have lost a significant chunk of their hash rates. According to BTC.com data, mining pools such as AntPool, BTC.com, Poolin, and F2Pool lost between 11% and 30% of their hash rates within 24 hours of the announcement. Binance and Huobi pools also lost 10% in the same time frame. However, pools outside China, including Foundry USA and Slushpool saw little to no changes.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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US Lawmakers Introduce Bipartisan Antitrust Bills That May Reform Top Tech Giants

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Apart from the two bills focused on Amazon and Apple, the other three include the Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and Merger Filing Fee Modernization Act. 

House lawmakers have released bipartisan antitrust that may affect tech giants like Amazon.com Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL), Facebook Inc (NASDAQ: FB), and Google LLC(NASDAQ: GOOGL). The bills came after the four tech companies were investigated over antitrust issues. At the time, the result of the investigation revealed that the tech companies hold monopoly power. In conclusion, the panel said antitrust laws needs review to address competition challenges in the digital space. 

New Bills May Affect Dominant Tech Companies

Now, these bills, which consist of five packages, are to challenge dominant platforms over mergers. Also, the five package bills will prohibit the companies from owning businesses that show obvious conflicts of interest. 

Two of the bills focus on Amazon and Apple. These tech firms own marketplaces that include their personal products and apps, which compete with other merchants or developers that utilize and rely on their marketplaces to offer services to consumers. These tech companies create platforms for other businesses and then compete with the same businesses that they provide marketplace services to. The two bills are the Platform Anti-Monopoly Act, which has been renamed the American Choice and Innovation Online Act, and the Ending Platform Monopolies Act. The former was sponsored by the House Judiciary subcommittee on antitrust Chairman Rep. David Cicilline, D-R.I. Vice-Chair Pramilia Jayapal sponsored the latter. 

Earlier this week, the CEO of the Chamber of Progress, Adam Kovacevich, commented on these two bills. Kovacevich said that the approval of the bills would result in consumers losing out on over a dozen popular features. The CEO noted that rules against discrimination would disallow Google from providing results on the most popular results for businesses in users’ locations. Also, Amazon will no longer offer Prime free shipping. At the same time, the conflict of interest and non-discrimination provisions will stop Facebook users from easily cross-posting to Instagram. In addition, Apple will not continue its Find My apps pre-install that helps users locate lost items conveniently.

Before the signing of these bills into law by the president, the Senate must first approve it. Before then, the bills will need to gain support from the Judiciary Committee. 

Antitrust Bills

Apart from the two bills focused on Amazon and Apple, the other three include the Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and Merger Filing Fee Modernization Act. 

The Platform Competition and Opportunity Act will make dominant platforms involved in mergers prove that their actions comply with the law. Eventually, dominant tech companies will reduce their acquisitions. As for the proposed ACCESS bill, these tech firms would order dominant platforms to maintain stipulated standards of data portability and interoperability. As such, consumers will find it easier to transfer their data to other platforms. The Merger Filing Fee Modernization bills seek to raise funds for the Federal Trade Commission and the Department of Justice. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Didi Set to Make US Stock Market Debut, Files for IPO

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Anticipated to be one of the biggest tech IPOs of 2021, Didi IPO could fetch the company a $100 billion valuation while raising $10 billion.

Didi Chuxing, founded in 2012 by Cheng Wei, filed for an Initial Public Offering (IPO) under its formal name Xiaoju Kuaizhi Inc. It has become a market leader in the mobility technology industry in a short time, having acquired its biggest competitor, Uber’s China unit, in 2016. In return, Uber now has a 12.8% stake in Didi. Other high-profile investors include tech giants SoftBank Group Corp with a 21.5% stake in the company, and Tencent Holdings Ltd, which holds 6.8% of the company. Despite constant competition in the ride-hailing industry, Didi has managed to stay dominant through its continuous expansion in providing related services using top-notch technology.

Like other industries disrupted by the pandemic, Didi, too, suffered huge losses estimated at $1.6 billion for 2020. Its net profit contracted by almost 10% between 2019 and 2020, thanks to the pandemic that reduced passengers and affected business across countries. However, the first quarter of 2021 brought good news as it saw an astounding 107% growth and doubling of revenue, earning a profit of $30 million. Like major tech startups, Didi has seen losses in its 8 years of existence, however, it still reins the country’s ride-hailing industry.

Didi Chuxing has its operations in 15 countries across Africa, South America, Asia and Europe, including China, although a vast customer base comprises the Chinese population. In addition to providing app-based transportation facilities, Didi also offers food delivery, financial and automobile services. The Beijing based company has also worked in partnership with BYD Co. Ltd., a Chinese automobile manufacturer, to develop electric cars, specifically engineered for their ride-hailing business. Not just that, the company has also been a part of the strategic partnership with Guangzhou Automobile Industry Group to design, develop and manufacture autonomous electric vehicles.

In the Founder’s Letter submitted alongside the filing, CEO Cheng owned the company’s mistakes and failings, notably the rape and deaths of two female passengers and the plight of drivers who face unfair treatment. The letter mentions the solutions adopted to overcome the shortcomings that include redesigning over 200 app features, installation of safety-enhancing mechanisms and devices and the establishment of a SWAT Team that would respond to all safety incidents on a real-time basis.

With such a revaluation and improvement of existing services, Didi is all set to take advantage of the vast investment market in the US With the Covid effects diminishing and the universal rollout of vaccinations, the ride-hailing services have already hit the market like never before and Didi plans to make the most of it through the strategic use of its IPO proceeds. More than a quarter will go towards developing technological competencies while an equal share will be put on international expansion efforts. Roughly 20% of the proceeds will be used to develop new offerings, and the rest will be put to use for corporate activities.

Goldman Sachs, Morgan Stanley and JPMorgan are chosen as the lead underwriters for the IPO.

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