Canadian Central Bank Chief: Bitcoin is Gambling not Investing 114

The governor of the Bank of Canada thinks Bitcoin is nothing more or less than gambling.

Stephen Poloz, 62, told CNBC he does not believe in the term cryptocurrencies, arguing that new payment technologies like Bitcoin are definitely “cryptos but not currencies.” He made further statements about how Bitcoin cannot be called either an asset or a security due to its zero intrinsic value. At last, the term he thought could suit the digital currency was gambling.

Legal framework

The statement arrives at a time when regulators around the world are struggling to create a definitive legal framework for cryptocurrency ecosystem. They are creating their own definitions for Bitcoin to bring it within any kind of legislative purview. Some are even banning it for imaginary reasons. But in reality, the digital currency has by far proven itself as a multifaceted technology that could assume the role of both a financial and a tangible asset.

Poloz’s statements are extremely important hints towards the nature of upcoming Bitcoin regulations in Canada. It is almost confirmed that Bitcoin ecosystem will be regulated just as gambling ecosystem. At the same time, Poloz confirms that there will be no roadblocks for young Bitcoin and Blockchain startups. Excerpt from the interview:

“I have no doubt that at least for the purposes of consumer protection … We will be developing regulations around this space in due course. But what we are being careful to do here is to not stifle innovation.”

No effect on economy

Poloz also believes that a cryptocurrency crash event would not have any implication on the wider economy. Instead, it will be more like a tech wreck scenario, in which a segment of cryptocurrencies will fail.

“So I think if you take that experience to heart if something like that were to happen in the cryptocurrency space, it would probably be smaller today,” added Poloz. “I don’t want to minimize the risk that you raised because any mania has the scope to get much bigger.”

On being asked about launching a Canadian digital currency, Poloz felt that there is no rush to create national cryptocurrencies. Nevertheless, he confirmed that if Canada ever has one, it would not be needed to be on a blockchain.

Author’s note: Despite not showing the good nature of a random stable fiat currency, Bitcoin and other altcoins can be found being used in exchange for goods and services. Renowned companies like Expedia, Microsoft, Dell, etc. already accept Bitcoin as a payment method. Freelancers around the globe accept it to settle payments online. The fact that cryptocurrencies are being generally accepted or in use makes it a currency; howbeit implausible it may seem.

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Kanpai Pandas: Bringing luxury experiences to the NFT space 2610

Imagine an NFT project that can bring you once-in-a-lifetime experiences. Front of stage tickets to EDC Las Vegas, booth seats to your favorite football team’s games, private parties with high profile crypto personalities… etc., and access to all these events and more can be yours just by holding a cute tattoo-clad panda.

Introducing Kanpai Pandas, one of the first Omnichain NFT projects in existence. A collection of 10,000 stylistically curated hand-drawn NFTs that roam 7 chains, including Ethereum, BNB, Polygon, AVAX, Fantom, Arbitrum, and Optimism chains (and soon to be 8 ).

Kanpai means “Cheers” in Japanese and reflects the light-hearted jovial nature that the project and community represent. The Kanpai Pandas’ prime objective is to bring REAL utility to its holders by building a solid brand that revolves around amazing real-world experiences and community building.

Kanpai Pandas isn’t only an NFT collection incorporating innovative blockchain technology. Holding a Kanpai Panda gives you a membership pass into an exclusive club that offers access to high-end events such as private parties, sporting events, concerts, and other sought-after entertainment events. Kanpai Pandas is building a family of like-minded people across the globe, creating a network effect where holders can build, collaborate, and learn together in the journey to making NFT history. Kanpai Pandas believe in building a sustainable long-term foundation through providing real-world utility and on-chain innovation.

So, what’s under the hood?

Kanpai Labs, the creator of Kanpai Pandas, built and released the project on LayerZero Labs’ technology. LayerZero Labs is an Omnichain Interoperability Protocol designed for message passing across chains, providing authentic delivery. Layer Zero has been funded by FTX, Binance Labs, Spartan, DeFi Capital, and various other strategic investment groups.

Kanpai Pandas sought to distinguish themselves in the NFT space by providing an art collection that incorporated cutting-edge interoperable blockchain technology. Building on LayerZero Labs technology, Kanpai Panda’s smart contracts became the new “gold standard” of omnichain.

The creator of Kanpai Labs, @DaRealMilkBagz, crafted a team of experts to provide utility to Kanpai Panda holders. Before mint, @DaRealMilkBagz announced three exclusive confirmed events where Kanpai Pandas could attend, details of which will be further explained in future Medium posts, but have already been announced on our Twitter (@KanpaiPandas). Kanpai Labs came out swinging to provide its determination in making Kanpai Pandas a lifestyle brand that provides many perks: exclusive social events, collectibles, comic series, and on-chain game theory (details about these perks will be further outlined in future Medium posts).

GYM NETWORK: The Future of Investing 2768

GYMNET

Investments have always been a risky affair, and the biggest concern among most is which platform to go for. More so, the slightly reliable ones don’t offer high rewards, which in turn negates the whole point of investing. But that changes with GYM NETWORK, a Binance Smart Chain-based Decentralized protocol. It not just ensures security and transparency in transactions but offers high returns and exciting rewards on investment.

All about GYM NETWORK

If you ever search for a De-Fi project, there would be hundreds of results, but not all suit your requirements or are trustworthy. The number could be pegged at 3-5 if we are lenient in that regard. But the team behind GYM NETWORK has managed to eliminate all the previously encountered problems and design a platform that offers you the best.

GYM NETWORK handpicks the best investment options and presents these as vaults to investors along with the risk factor associated with each. These options (initially, it’s just Alpaca, but more are to be added in the coming days) offer high yields,. In addition to that, investors receive rewards in the form of $GYMNET, the native token on GYM NETWORK. Its total supply is capped at 4,000,000,000, and the tokenomics is designed to deliver both short-term and long-term rewards to users, apart from ensuring the development of the platform and its success.

It’s not that you have to invest regularly to earn big. There are various options offered to users by the GYM NETWORK to earn a passive income. Many who are not regular on the platform go with these.

Other than the affiliate system as discussed later, one of the easiest ways to earn a passive income is to go for Farming, which means adding your holdings to liquidity and earning regular income on it. This way, instead of lying around your wallet, the currently held tokens would help pocket additional rewards.

Also, those who hold on to their collection of $GYMNET receive rewards on buying and sell orders. 1% of every purchase order and 4% of every sell order is distributed amongst the token holders. It is raining rewards on GYM NETWORK and now is your chance to make a fortune.

Affiliate system to earn passive rewards

Users require a referral code to join the platform. And once they are a part of it, they use their own referral code to get others to join. The pyramid so formed helps everyone earn rewards when the user they invited invests into the vault. A part of both, the ALPACA and $GYMNET rewards, will be shared with the invitee. Also, the affiliate system works through a smart contract, which almost nullifies the delay in the execution, and eliminates the need for an intermediary, thus making it quicker and safer.

This gets even better! There are 16 levels to the referral system with the rewards increasing as a user progresses through the levels. When a user reaches Level 14 or above, they automatically start receiving a share of the overall profit and rewards generated throughout the GYM NETWORK, which is independent of their team structure. So get as many people to join and increase your passive income. Collecting rewards has never been any simpler!

Why should I buy the $GYMNET token?

As you know, $GYMNET is the native token on GYM NETWORK and will be used to reward investors, and those who hold on to their tokens will further receive benefits on every sale and purchase order.

Another critical aspect that encourages users to not just hold on, but also buy the $GYMNET token is the Voting Right. With this, they get to introduce proposals to further improve the system. This is based on the team’s idea that GYM NETWORK is a community-driven platform, and it will be the collective opinion of token holders that will decide the path to be treaded in the future. Remember, the weightage of votes will depend on the number of tokens held by a user. So if you want to be a decisive factor, invest more to earn $GYMNET in the form of rewards, and also buy the token directly on exchanges.

Then comes the protection tools that are designed to prevent a sudden fall in the value of $GYMNET. No user can sell more than 50% of their token holdings in a single day. Also, it would be ensured that no one can hold more than 3% of the total supply of tokens in a wallet. Besides, there is bot protection in place that automatically identifies suspicious activities.

Another reason why the value of $GYMNET will see an incline is the Buy-Back and Burn program. When the tokens are burnt, the total number in circulation decreases, thus increasing the individual value of tokens left. You can check the total number of tokens burned to date on the official website.

So, if you had been looking for the right De-Fi platform to invest, GYM NETWORK will prove to be one of the safest and most transparent ones.

To find out more about the platform, visit the official website: https://www.gymnetwork.io/

Also, follow them on all social media platforms to stay updated with the day-to-day developments.

Twitter: https://twitter.com/GymNet_Official
Telegram: https://t.me/gymnetworkofficial

My Crypto on ICONFi: Check exchange wallets at once 2608

My Crypto service has launched on ICONFi, the hybrid Crypto savings and staking platform providing the highest compound yield rates on crypto savings. My Crypto allows users to add the API from crypto exchanges like Binance and Coinbase, supporting the users to check their balances at once. Easy and convenient.

A crypto user would need to use different crypto exchanges simply because exchanges have listed different kinds of coins and tokens. There’s a good chance many crypto Hodlers and traders would be struggling to check the balances of the exchanges they are using. This already sounds super bothering, and it is painful to multi-task through exchange apps to check the balances. My Crypto provided a solution to this problem.

With My Crypto service, ICONFi users can see the balances of different coins and tokens on different exchanges, making the crypto asset management super simple. And as this is Read-only API, the ICONFi app only shows the balance data while not having access to actual crypto assets. It would be also interesting to compare the ROI from the direct trading with ICONFi’s Fixed savings compound interest rates.

ICONFi’s Growth Lead Steve Cho said, “My Crypto service is expected to address the issue of dealing with many different exchange wallets. It also shows the total value of users’ crypto assets in BTC, making it easier to see how much crypto assets they have in exchange wallets and ICONFi wallets altogether.” And he added, “Many ICONFi users put their BTC, ETH, USDT, and USDC on ICONFi Flexible account so that they can receive the basic interest rates, because it has no lockup period (withdrawal takes up to 24 hours though) while giving up to 3.5% compound interests, which is normally higher than other platforms’ Fixed savings with lockup periods. People always want to get the maximum profits out of their actions and ICONFi users just know this is the best option they can have without taking risks of lockup period because the crypto market shifts a lot. They know that if they sit their coins on exchange wallets, in fact they are losing value while taking the opportunity costs.”

ICONFi’s CEO Sean Kim said, “The vision of ICONFi is Make Crypto Simple – we want to provide easy and convenient crypto finance services to the entire crypto users.” He added that “ICONFi is officially giving out the highest compound interest rates on BTC (without considering platform tokens) in the market and it is the only Crypto savings platform giving its users Fixed rates. All other platforms cut down the rates if users put more crypto, which sounds super absurd. Users deserve more yields if they put in more assets. We want to support any crypto user to get the most value out of their Bitcoin in an easy, simple, and convenient manner.” Sean Kim has 11+ years’ experience in financial service consulting at PwC and Ernst & Young and expertise in financial system, derivatives, and investments. He also has been a financial engineer and mathematician.

ICONFi is a Hybrid platform providing both Crypto Fixed savings and Crypto Staking services. ICONFi provides the familiar ID and Passwords system while providing compound interests on Crypto savings and Auto-Staking features, positioning itself as an alternative to direct crypto trading. The website www.icon-fi.com has the interest calculator to see the details and expected interests on ICONFi savings accounts – it is always harmless to have more options, and ICONFi would be a good alternative if anyone understands the benefit of the compound interest system.

With the launch of My Crypto service, ICONFi announced a whopping 10 million USD worth of Fixed Savings events where users can receive the MAX interest rates for 28 days until the total event savings amount hits $10M. Check out the details from the ICONFi Medium Blog.

Check out more about ICONFi:

Website: https://www.icon-fi.com
Medium: https://medium.com/iconfi
Twitter: https://twitter.com/ICONFiWorld
Discord Community: https://discord.gg/YdWsjaW8Eh

Klein Finance Announced the Completion of a Funding Round With Participation From KCC Chain and KuCoin-Ventures 2633

Klein Finance, a stablecoin liquidity provider and exchange platform built on KCC (Kucoin Community Chain), announced the opening of its funding program. It has already received a multi-million dollars investment from KuCoin Ventures and KCC chain.

Klein Finance is an efficient decentralized trading platform for digital assets built on KCC (Kucoin Community Chain), which aims to enable digital assets to be traded and staked for rewards in a secure and stable on-chain environment with low slippage, good depth, and low fees.

1. Klein Finance’s mixed liquidity pool, which provides a cross-market mechanism for creating stablecoins, uses a license-free trading block at the bottom that can accommodate multiple stablecoins to non-stablecoins and multiple non-stablecoins to multiple non-stablecoins.

2. Trading mining and liquidity mining will be rewarded to traders, liquidity providers and partners according to certain reward rules, working together to achieve the goal of profitable agreements.

3. Klein Finance provides a cross-market mechanism for creating stablecoins, and the underlying uses a license-free trading block that can accommodate a wide range of exchange needs.

4. The dynamic pegging approach using AMM creates liquidity for assets that are not necessarily pegged to each other in a way that is more efficient than the invariance of (m-n=λ). This creates liquidity that is 5 to10 times higher than other traditional decentralized exchange invariants, while also generating higher profits for the liquidity provider.

It is understood that Klein Finance project technology development has been largely completed and the new funds will be used for project promotion and expansion of the team size, subsequent opening of the technology and expansion of its structured products. It is reported that Klein Finance’s financing plan will continue.

TRON DAO and Other Blockchain Leaders Jointly Roll out USDD 2710

Usdd

On May 5, Justin Sun, Founder of TRON, announced on Twitter that the TRON DAO Reserve rolled out a decentralized stablecoin named USDD, which has so far been listed on Sunswap, Sun.io, Curve, Uniswap, Ellipsis, Pancakeswap, Kyberswap, etc., with an initial total supply of one hundred million. Through the cross-chain protocol BTTC, both of the circulating supply on Ethereum and BSC are near twenty million.

USDD is a decentralized algorithmic stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network, is connected to Ethereum and BNBChain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future. USDD is pegged to the US Dollar (USD) through TRX and maintains its price stability to ensure users have access to a stable and decentralized digital dollar system that guarantees financial freedom.

USDD is a cryptocurrency issued by the TRON DAO Reserve with a highly stable price and diverse use cases. It is based on TRON and pegged to the U.S. dollar at a ratio of 1:1, which means regardless of market volatility, the USDD protocol will keep USDD stable at 1: 1 against the US dollar via proper algorithms in a decentralized manner. Like other TRC-20 tokens, USDD can be traded with no brokers; it depends solely on the smart contracts on the TRON network. Being free from the control of any individual or organization makes USDD more capable of playing its role as a stablecoin. As a fast, low-fee crypto asset with a large supply and competent for cross-border transactions, USDD brings its holders tremendous benefits of the blockchain technology without the risk of volatility.

According to available information,the TRON-based decentralized stablecoin USDD was born with the mission of building a modern financial system on the blockchain. Its permissions are managed by the TRON DAO Reserve, which functions as its early custodian. Also, the TRON DAO Reserve ensures USDD’s price stability and decentralization by collateralizing this cryptocurrency with reserves. This organization aims to safeguard the overall blockchain industry and crypto market, prevent panic trading caused by financial crises, and mitigate severe and long-term economic downturns. By setting risk-free interest rates and regulating the market through liquidity provision, it is able to stabilize the exchange rates of centralized and decentralized stablecoins on TRON and other blockchains. It also intends to formulate and implement monetary and exchange rate policies, play the role of a lender of last resort to minimize systemic risks and ensure the stability of the financial market.

On April 21, TRON founder Justin Sun tweeted an open letter stating that the TRON DAO Reserve, at its initial stage, would provide custody service for the $10 billion worth of highly liquid assets raised from initiators of the blockchain industry as an early-stage reserve, all of which would go to the TRON DAO Reserve in six to twelve months. The Reserve will continue to attract more liquidity assets into its reserves to better play its role as a decentralized institution.

After four years of growth, TRON has seen over 88 million on-chain users and 3 billion transactions in its ecosystem. At present, the circulating supply of TRC-20 USDT has exceeded that of ERC-20 USDT, making TRON the world’s largest stablecoin network, which boasts over $55 billion worth of financial assets, including on-chain stablecoins, and has settled and cleared $4 trillion worth of assets. In December 2021, the TRON network became fully decentralized and was restructured into the TRON DAO community, the largest decentralized autonomous organization (DAO) in the world.

At the end of 2021, Justin Sun was officially appointed by the government of Grenada as its Ambassador and Permanent Representative to the WTO and was authorized to represent Grenada at the WTO meetings during his mandate. Justin said that he would proactively promote the integration of cryptocurrencies and sovereign states to build a new financial system that is secure, efficient, and inclusive. In the meantime, he would also leverage his experience in the digital currency field for a joint response to the new challenges regarding digital transformation in the post-pandemic era.

Global Metaverse Event of Lydian. World in Dubai Opera 7th May 2022 2948

The event will take place on the 7th of May 2022 in Dubai Opera. As a first offline event of such scale where thousands of guests from all over the world will gather to become a part of Lydian.World metaverse. Guests are invited to take part in multiple business opportunities and multiple entertainment moments.

Lydian.World is a virtual game partially owned by its users which in reward for their engagement and strategy the game rewards them back in cryptocurrency. In other words, the place where you can Earn, Learn & Have fun!

If this already rings a bell for you, join Lydian.World! The metaverse brings opportunities such as: staking pools, crypto credit cards sharing their commissions, mining pools, assisted trading, NFT marketplace, a trivia game over the blockchain, a lot of airdrops & much more!

Chief Technology Officer – Alexandru Cocindau: “Do you remember the feeling of joy when your parents were gifting you a new toy? That moment when you want to play with it all day long, to discover it, to learn it! This is our day to day gift, this is our Lydian.World, and my mission is to bring the joy, the happiness and the freedom smile every day for every single player.”

The most successful and influential representatives of the crypto industry will attend in Dubai on the 7th of May. Join them all now in the https://lydian.world

Buy tickets for the event here: https://gspartners.global – Event Tickets. VIP Starting with 99 USDT / Ticket. Or you can ask for a ticket on the Telegram group: Lydian.World