News of the week. Friday, 12th of March


NFT mania

It is common knowledge that there are tokens of different standards: ERC-20, ERC-223, ERC-721 and others. Some are used in the Ethereum blockchain ecosystem, others in video games. The ERC-721 token was, let’s say, an unnecessary link: it is not interchangeable, unlike the ERC-20 on which many crypto projects are built. Each such token has a price that varies from the value of what the token represents. It was originally created for Cryptokitties: there are kittens in the game (which are implemented with these tokens). They differ in breed, color, size, and cost.

Initially, when this token was implemented in the video game, it did not have a great future. People tended to believe that ERC-721 would remain within the game’s limits and be locally known. However, in 2021, items of intellectual value that were created electronically with token data suddenly began to be sold for money unimaginable before. 

In March 2021, a number of unmanufactured tokens containing the real art were sold for millions of dollars. In this way, the token that no one needed in just a few months of 2021 was the most discussed event.

Bill Gates criticizes the main cryptocurrency

Those who are even a little familiar with the biography of Microsoft’s creator must know that he is actively engaged in charity work and fighting global climate change. Predictably, Bill found a threat to the environment from the main cryptocurrency. Although, to be fair, the threat does exist. It turns out that bitcoin consumes more energy in processing one transaction than any other cryptocurrency, which is a very bad influence on the global climate. 

 

Let me give you an example of what we are talking about. For a year from processing transactions in the bitcoin network, the atmosphere remains as carbon footprint as from New Zealand and Argentina combined. Also, against bitcoin is that from the transfer of one of its carbon trace transactions is the same as from 750,000 transactions of the Visa payment system.

However, it is worth noting that 39 percent of all bitcoins are extracted from renewable energy sources. This is one of the reasons why the main cryptocurrency stands out against the traditional payment systems. Gates himself commented: 

«Bitcoin mining may be acceptable if it is sold on renewable energy sources.»

Binance goes to the next level

The Binance Exchange was launched in 2017 and has managed to stir up the entire crypto industry. In addition to being the largest crypto exchange in the world, Binance has developed an entire ecosystem around it: an incubator to nurture new crypto projects, its own blockchain, native token, decentralized exchange, etc.

Today, the Exchange went even further and hired former United States Senator Max Boucus as its legal adviser. According to Binance, this collaboration should have a positive impact on business development, as Max will be responsible for the exchange’s relationship with the US government and regulators.

The growth rate of Binance was already hard not to admire, and now they started hiring ex-officials who did not last in the leadership of the whole country. Well, it’s worth noting that the stock market was doing pretty well before that. Take only the BNB token: in July 2020 it cost $20, and in February 2021 updated the ATH – $361. Let’s keep an eye on what’s going on with Binance.

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