How Will Bitcoin Solve Its Energy Consumption Problem? 182

If Bitcoin were a country, it would be the 40th largest consumer of electricity in the world. A new research paper has highlighted the growing problem as major cryptocurrencies seek to solve it.

Bitcoin’s Energy Crisis Explored

According to the figures, the amount of energy used for each transaction could run a dishwasher for a year.

Alex de Vries wrote: “With the Bitcoin network processing just 200,000 transactions per day, this means that the average electricity consumed per transaction equals at least 300 kWh, and could exceed 900 kWh per transaction by the end of 2018.” This doesn’t mean that Bitcoin transactions couldn’t be processed without high amounts of energy, it’s just that there are a lot of miners. Currently, miners earn about $100 per transaction.

Digiconomist estimates the consumption of electricity by Bitcoin Miners in its Bitcoin Energy Consumption Index (BEXI). According to its data, Bitcoin uses 67.91 TWh annually which is just greater than Chile, ranked 40th in the world at 66 TWh. They estimate that the amount of electricity used per transaction is higher at 929 kWh which would be the equivalent of running three dishwashers for a year. The main issue is that the figures are rising at a much steeper rate and have been since September 2017.

BEXI has to work backwards to calculate the energy used. It starts with how much money the miners are making and works out how much they probably spend on electricity. Then they consider the price of electricity and estimate how much is used. It does rely on several assumptions but it would be much harder to contact all Bitcoin miners and ask how much electricity they use.

Will the Lightning Network Help?

The Lightning Network will take Bitcoin transactions off-chain by setting up channels between users. Transactions between them will occur and only be recorded on the blockchain when the channel is closed. This will reduce the number of transactions that nodes will have to confirm and in doing so, will reduce the energy required for maintaining the network.

However, the majority of electricity used is for Bitcoin mining where computers generate hashes that fulfil a set of criteria. Reducing the number of transactions on the blockchain is unlikely to affect how many miners there are. Bitcoin transactions have halved since December but the mining difficulty has doubled, indicating there is twice as much mining equipment being used. This means that the Lightning Network will only be able to solve some of the problem.

In reality, the best bet for Bitcoin, using Proof-of-Work, is using renewable energy, as highlighted in a response to the paper. The International Energy Agency said that renewable energy is set to grow 40% by 2022 and highlighted that renewables are dominant in new energy sources being created. Iceland has already shown how it can work as it runs on 100% renewable energy. In essence, renewable electricity allows the Bitcoin Network to run without changing its underlying structure.

Other ways of solving the problem include moving to Proof-of-Stake as Ethereum is doing. Digiconomist estimate that Ethereum uses about a third of the amount of electricity used to mine Bitcoin. NewsBTC reported on the recent publication of the code for Casper. The move is likely to reduce electricity usage significantly, but the question is whether or not the network will remain secure.

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Blocktrade Raises €4.5M Prior to Public Round of BTEX Token Sale 4219

Blocktrade, the gamified asset marketplace for everyone, has announced the close of its exclusive Blocktrade Exchange Token (BTEX) sale round, which ran from May 5th to 18th and followed a sold-out pre-sale round earlier this year. A total of €4.5 million worth of BTEX has been raised from over 1400 community members in 42 countries.

Christian Niedermueller, CEO at Blocktrade, said: “We are grateful for the overwhelming response and participation by Blocktrade VIP members to this exclusive token sale round. This show of enthusiasm points to the appetite amongst crypto users today for an accessible and engaging digital asset trading platform. We now look forward to continuing to enhance the experience on offer to Blocktrade’s ever-growing community.”

The BTEX token will enable users to engage in the Blocktrade gamified universe and wider ecosystem. BTEX holders will be able to access in-house and third-party games hosted on the Blocktrade platform, and use the token to unlock level fast passes, physical rewards, NFT avatars, token airdrops, trading bonuses, live chat and priority support, deposit and withdrawal discounts, and additional APY on staking. Token holders will also be able to utilize BTEX to access alternative payment options within partner ecosystems.

This announcement closely follows the platform’s launch of Blocktrade 3.0, the dawn of a new gamified universe which merges gaming elements with crypto investing. Blocktrade 3.0 introduces NFT avatars and a sophisticated level system to transform the way users learn about and engage with digital assets. Blocktrade’s native BTEX token is at the core of this ecosystem.

Blocktrade 3.0 is equipped with 50 unique levels, leaderboards, and challenges. Users advance to higher levels by passing a series of progression thresholds and earning BTEX tokens and XP points along the way. The universe blends innovations in gaming with disruptive Web3 technology, driving interactivity on the platform and empowering users to better navigate the crypto landscape with easy-to-digest education.

As part of its commitment to users, Blocktrade prioritizes security and regulatory compliance. The platform is fully transparent, with over 5,000 class-B shareholders, and regulated to EU standards. It is registered as a VASP with the Estonian, Italian, and Slovenian regulators.

About Blocktrade

Blocktrade is a state-of-the-art digital asset platform that enables the seamless buying and selling of cryptocurrencies with no trading fees. The platform offers a wide range of cryptocurrencies, a user-friendly interface, multiple payment options, saving plans, and exceptional customer support.

Established in 2018, Blocktrade has emerged as a leading player in the digital asset industry due to its unyielding commitment to security and regulatory compliance. The platform is fully transparent, with over 5,000 class-B shareholders, and regulated to EU standards. It is registered as a VASP with the Estonian, Italian, and Slovenian regulators and operates in full compliance with AML 5 guidelines.

VIMworld Announces Millions in Reward Tokens for Active Users 5017

VIMworld, the leading blockchain-based NFT utility platform, is thrilled to launch a major upgrade to its rewards program. With this latest platform update, users can look forward to an array of new rewards for their actions within the VIMworld ecosystem. With new Leaderboard categories, expanded Leaderboard rewards, monthly giveaways on Gleam, and enhanced transparency in rewards distribution, VIMworld aims to enhance user engagement and provide even greater value to the community.

New Leaderboards

The highlight of this upgrade is the addition of new Leaderboard categories, enriching the competitive spirit within VIMworld. The previous category of Top Trader has been separated into Top VIM Trader, Top EGGs Trader, and Top Companions Trader for the most active users on the Marketplace. Each of these new categories will have dedicated Leaderboards for both VEED and BNB cryptocurrencies. This exciting change means that instead of two trading-related rewards, users now have a total of six rewarding categories to compete in, effectively tripling the available rewards.

Leaderboard Rewards

With these new Leaderboards, VIMworld unveiled updated monthly $POWA payouts for the new Leaderboard categories. Users will have the opportunity to earn significant rewards based on their performance and achievements in the Leaderboards. The new rewards structure aims to incentivize active participation and trading activities within the VIMworld platform. The table below outlines the monthly $POWA payouts for the all Leaderboard categories:

Monthly Giveaways

To reward additional actions on social media platforms, VIMworld launched a month-long giveaway with 1 million VEED in prizes spread across 20 winners. Anyone can enter by following official social media accounts, joining the VIMworld Discord, completing a survey and referring friends. Enter into the May giveaway until June 16 at Gleam.

Reward Visibility

To provide greater transparency and visibility, VIMworld has introduced a new feature within the Dashboard Rewards section. Users will now find a detailed, itemized list of all their VEED rewards. This comprehensive breakdown will showcase the specific sources of VEED rewards, including Companions, Blessings, and other means. This enhancement ensures that users can easily track and understand how they are earning VEED within the VIMworld ecosystem.

VIMworld 101

To get started, users can purchase a new SmartNFT in the Arcade or a pre-owned one from the Marketplace, with a variety of tiers and treasures. With a VIM in hand, users can expand their opportunities to play and earn further by purchasing Boxes in the Store, which contain unique and rare EGGs. Purchase an Incubator and a C-tier or higher VIM to match to start the hatching process which is now available for all users to enjoy.

VIMworld’s new upgrades add more ways to have fun and earn rewards, making it one of the most exciting platforms out there! Interested users can visit VIMworld, join the Discord or check out the Vision Video to learn more. VIMworld’s upcoming releases, which include games, decentralized finance (DeFi) features and greater multi-chain compatibility are just around the corner.

Access VIMworld now

VIMworld is a revolutionary non-fungible token (NFT) ecosystem that creates a space where entrepreneurship and play combine and thrive. At the heart of VIMworld are the VIMs, distinct and unchangeable digital assets that provide an unalterable system of verification. VIMs can incubate Companions from EGGS, which allow users to win instant jackpots, add unique abilities and stack gaming boosts, making VIMworld the ultimate NFT play-to-win-and-earn platform.

To connect to VIMworld and explore all features, download our purpose built crypto and NFT wallet, Nufinetes compatible with Apple and Android devices or desktop of choice. This comprehensive multi-chain wallet can be used across multiple popular blockchains, allowing users to interact with dApps, view NFT collections and store tokens in a secure, slick environment.

Unveiling the All-New BYDFi App: Beyond Expectations with Enhanced Features and User-Friendly Interface 5231

BYDFi, the most user-friendly social cryptocurrency exchange for individual investors, is delighted to announce the launch of the upgraded BYDFi mobile application. The latest version of the app introduces a range of attractive features and enhancements, aiming to elevate the user experience and provide enhanced convenience for traders and investors.

The upgraded BYDFi app offers the following key features:

  1. Trailing Stop in perpetual contracts: Traders can now utilize the Trailing Stop feature to effectively manage their positions in perpetual contracts, maximizing potential profits and minimizing losses.
  2. Automatic Margin Call functions in perpetual contracts: With the implementation of Automatic Margin Call functions, traders can rest assured that their positions will be closely monitored, receiving timely margin call notifications to prevent liquidation.
  3. Sell Crypto Fast Function: Users can now enjoy fast transactions. This function allows users to convert their cryptocurrencies into fiat currency quickly. Currently EUR, CAD, GBP and AUD are provided.
  4. Enhanced security with Withdrawal Address Whitelist Function: The new Withdrawal Address Whitelist Function enhances security by allowing users to specify trusted withdrawal addresses, providing an additional layer of protection against unauthorized withdrawals.
  5. Convenient sign-in methods: BYDFi now offers additional sign-in methods, including Google and Apple accounts, providing users with more flexibility and convenience when accessing their accounts securely.
  6. Ticker Widget Tools: Users can conveniently add it to their phone’s desktop and track the cryptocurrencies that interest them. This feature provides real-time market and trading pair tracking, making it easy to stay informed about your preferred cryptocurrencies.
  7. Stay informed with Push Notification Function: Users can now receive personalized push notifications for activities, transactions, and system updates, ensuring they stay informed about important developments.
  8. Expanded trading news content: BYDFi app users will have access to an expanded range of trading news content, keeping them well-informed about the latest market trends and insights, empowering them to make informed trading decisions.

“We are thrilled to introduce these exciting new features on our BYDFi app,” said Michael Hung, CMO of BYDFi. “Our aim is to provide individual traders with a seamless and enhanced trading experience, enabling them to BUIDL their dream finance. The upgraded app reflects our dedication to innovation and delivering top-quality service to our valued users.”

The upgraded BYDFi app is now available for download on both iOS and Android devices. Traders can experience the enhanced features by updating their existing BYDFi app or by downloading it from the official app stores.

About BYDFi

BYDFi is a cryptocurrency trading platform for individual investors. BYDFi has been offering professional, convenient, and innovative trading solutions to global users since 2020, including spot trading, lite contracts, perpetual contracts, and copy trading.

With the slogan “BUIDL Your Dream Finance” takes cryptocurrency trading to a whole new level. BYDFi aspires for its platform to afford users autonomy and leave a permanent imprint on the sector’s progress.

BYDFi: https://www.bydfi.com

Blockchain Pioneer TSG Global and Telecom Leader CloudPhone Collaborate for Transformative Identity Verification in Cloud Communications 5206

In a key industry advancement, CloudPhone and TSG Global, Inc. are joining forces to disrupt trusted number identity management (TNID) within the fast-growing CPaaS and UCaaS industries. The collaboration harnesses blockchain technology, providing secure, unalterable identity verification and addressing unique challenges brought about by the rise of UCaaS and CPaaS.

CloudPhone and TSG Global will merge their technological prowess to devise a groundbreaking solution, ensuring user identity authenticity while decreasing fraud risk. Utilizing the decentralized blockchain, the partnership aims to redefine the telecom industry’s trusted identity management in CPaaS and UCaaS, offering a transparent, tamper-proof system that enhances user control over personal data and aids service providers in streamlining identity verification processes.

TSG Global’s cutting-edge blockchain platform will be integrated with CloudPhone’s robust cloud telephony infrastructure, enabling efficient and secure identity verification. This leads to improved user onboarding, authentication, and access management, enhancing customer experience and security across the board.

“Our alliance with TSG Global is a landmark step in delivering the most advanced and secure telecom solutions, setting a new industry standard for trusted, transparent identity management,” said Bob Hertz, CEO of CloudPhone.

Industry experts and technology enthusiasts have shown great interest in the strategic partnership, expecting this significant announcement to create substantial buzz and spark discussions about the potential of blockchain technology in telecom.

“Teaming up with CloudPhone allows us to tackle telecom industry challenges head-on with a revolutionary solution that empowers users and service providers to operate securely,” added Noah Rafalko, CEO at TSG Global.

About CloudPhone

CloudPhone, a leading CPaaS solutions provider, is dedicated to delivering innovative, secure, and customer-centric communication solutions. https://cloudphone.com/

About TSG Global

TSG Global, a trailblazer in blockchain technology, focuses on creating secure and efficient data management solutions offering unprecedented trust and accountability. http://www.tsgglobal.com/

Swell invites stakers to join Voyage to the DAO 5441

Swell is launching Voyage, a bootstrapping campaign in which the liquid staking protocol will progressively decentralize the decentralized autonomous organization (DAO).

All stakers are invited to join the Voyage and descend into the depths of the ocean to collect valuable pearls. The pearls are primarily earned by staking and providing liquidity and will eventually be redeemable for governance power in the Swell DAO.

By rallying the Ether staking community around Swell, Voyage also aims to help reduce the dominance of any single player in the liquid staking market and preserve the qualities of decentralization that make Ethereum valuable.

Joining Swell on Voyage are some of the top names in decentralized finance (DeFi), including Aura, Pendle, Olympus, Tokemak, Alchemix and more, plus popular nonfungible token communities such as Miladys and EVMavericks. Members of these communities who held the relevant assets on the date of a snapshot will be able to collect a bonus of extra pearls for joining Voyage.

Daniel Dizon, founder and CEO of Swell Labs, said: “The launch of Swell’s Voyage marks an important step towards the maturity of the protocol. We are honored to be joined by our closest allies across LSDFi and look forward to welcoming many Voyagers before eventually enshrining their rights in future protocol governance as citizens of the Swell DAO.”

Since launching in late April, Swell has become one of the fastest-growing liquid staking protocols, amassing more than 13,000 ETH from 4,100+ unique depositors. All early stakers and liquidity providers have already been collecting pearls ahead of the launch.

About Swell Network

Swell is a noncustodial Ethereum liquid staking protocol that makes it easy to stake ETH and access DeFi strategies. The protocol is backed by some of the biggest names in DeFi, including Framework Ventures, Maven 11, Apollo Crypto, Mark Cuban and more.

Sort Raises $3.5M in Seed Funding to Spearhead Power Tools for Blockchain UI Development 5326

Sort, the platform simplifying Web3 app development, has raised $3.5 million USD in a seed funding round co-led by Lemniscap and The General Partnership, with participation from Alliance DAO, Punk DAO, Orange DAO, Blizzard Fund, Parasol, Red Rooster Ventures, and a number of angels from Coinbase, Gemini, and Snyk.

The funding will go towards expanding the Sort team, advancing the platform’s product suite, and expediting the launch of ‘Sort applications’, the full-stack for writing a UI for a blockchain contract. Today’s announcement serves as the latest milestone in Sort’s mission to onboard the next million developers to the Web3 ecosystem, by creating a platform easy enough for anyone to use, irrespective of skill level.

As a platform for Web3 UI components, Sort is building a user-centric development platform that allows developers to integrate data from smart contracts directly into their decentralized application with only a few lines of code. Users can start with a contract address and get access to a complete developer toolkit for that contract, or simply cut and paste HTML/Javascript code directly into their front end application to see live blockchain data. All data is served in real-time, including push notifications for any contract event.

Before Web3, data was the product and API keys were used to gate access and create revenue, but in the Web3 era, revenue is generated from contract transactions such as coin swaps or NFT transfers. Sort empowers contract authors to entice builders to use their contracts and drive transaction activity, enabling anyone in the contract author’s community to build applications on the contract for free. Using Sort, users can seamlessly query real-time contract transactions, logs, events, function results, and NFT data. The platform also plans to leverage ChatGPT and LLMs to formulate SQL queries for populating UIs.

Sort can be used as a complete backend as a service for decentralized applications, with no additional infrastructure needed. Applications can be hosted on decentralized platforms such as IPFS and Arweave, and access read-only disposable API keys, eliminating the need to manage servers or hardware.

Jason Zucchetto, Co-founder of Sort, said: “Closing this seed round signifies a significant seal of approval for our solution suite from a range of global investment heavyweights. We’re energized at the prospect of supercharging decentralized application development, while working closely with developers to extend more cutting-edge tools to the global community. The funding will give us ample financial runway to expand our product portfolio, add firepower to our team and drive mainstream dApp adoption.”

Roderik van der Graaf, Founder of Lemniscap, said: “Historically, writing decentralized applications has been extremely difficult, requiring intricate design skills and advanced technical know-how. Sort is on a mission to greatly simplify the art of Web3 app development, helping new swathes of ecosystem participants to realize their Web3 visions. The Sort founders are major industry advocates for democratizing dApp development – a vision we at Lemniscap wholeheartedly endorse.”

Anthony Kline, Partner at The General Partnership, said: “The world has already benefited heavily from the power and elegance of blockchain, but the quality of developer tooling has not kept pace. We’re proud to be investing in Sort’s seed round – a team at the forefront of developer tooling, Web3 app development, and the needs of the ecosystem. We’re particularly excited by Sort’s growth pipeline, and their potential to onboard the next million developers to the blockchain.”

About Sort

Sort is a developer platform for Web3 UI components and the easiest way to build Web3 applications. Sort will bring the next million developers to Web3 by creating a platform easy enough for any developer to use. Users can start with a contract address and get access to a complete developer toolkit. By making Web3 development easy and fun, the next wave of web3 applications will take flight via Sort. For more information, visit https://sort.xyz/

About Lemniscap

Lemniscap is an investment firm specialising in investments in emerging crypto assets and blockchain startups. Since its founding in 2017, Lemniscap has funded multiple investments in the crypto blockchain space, on the core belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy. The Lemniscap team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. For more information, visit https://lemniscap.com/.