Kaili Wang noted the Ethereum-based reversible token idea is only a proposal to spark discussions and better solutions. A victim of a cryptocurrency theft would submit an asset freeze request for decentralized judges to approve or reject within two days.

A group of researchers at Stanford University created a prototype to reverse transactions on the Ethereum network. They argued that it could help reduce the impact of the theft of cryptocurrencies.

Kaili Wang, a blockchain researcher at Stanford University, recently shared the Ethereum-based reversible token idea. However, she noted it is not yet a finite concept but a proposal to spark discussions and better solutions.

Kaili Wang Says Decentralized Judges Would Allow Asset Freeze Requests

Wang pointed out that they have seen robberies with clear evidence as the primary attacks. The researcher said that the ecosystem would be safer if there were a way to reverse that crime. She explained their proposal would allow revocations only if decentralized judges approved them.

The proposal, outlined by researchers Kaili Wang, Dan Boneh, and Qinchen Wang, describes new token standards called ERC-20R and ERC-721R. However, Wang clarified that the prototype did not aim to replace ERC-20 tokens or make Ethereum reversible. She pointed out that this standard subscription only allows disputing and possibly restoring the funds shortly after the theft.

According to Wang, a victim of a cryptocurrency theft could submit an asset freeze request to a governance agreement under the proposed token standards. After that, a decentralized court of judges would have to vote within one or two days to approve or reject the appeal.

Both parties might provide evidence for the judges to make a fair decision based on enough information.

Concerning non-fungible tokens, the judges would only need to see who owns the NFT to block the account, making the process easier.

However, freezing fungible tokens under this proposal is more complicated, as the thieves might split the funds between many accounts. They would manage them through anonymity mixers or exchange them for other crypto assets.

Considering that possibility, the researchers created an algorithm to provide a default freezing process to track and block stolen funds. They stated that it ensures enough funds would remain frozen in the account to cover the stolen amount.

Anthony Sassano Thinks Reversals Should Occur at the Level of Exchanges

Many people asked questions, supported the idea, refuted it, or came up with more proposals after Wang shared the above information.

Anthony Sassano, a famous Ether (ETH) bull, did not like the proposal. He told his many Twitter followers that he supported people with new ideas to help Ether but did not see any.

Sassano believes reversal control and consumer protection should be at the level of exchanges and businesses, not blockchains or tokens. He added that doing it at the ERC20/721 level would mean doing it at the base level, which he considers wrong. He concluded that the implementation of end-user protection could occur at higher levels like front-ends.

Meanwhile, Ether is trading at around USD 1,309 and has accumulated a 1.4% loss over the last 24 hours. While its daily trading volume is above USD 13.68 billion, its market capitalization is about USD 365.23 billion, according to CoinGecko.

By Alexander Salazar

Tommy Honan does not know whether investing would be the primary use for cryptocurrencies in five years as prices are unstable. He said this signals that Australians seek a future beyond the crypto winter, highlighting their belief in the fundamentals of crypto assets.

According to a survey by cryptocurrency exchange Swyftx, women earned USD 7,314 while men made USD 7,089 from crypto assets in Australia.

Despite the crypto market winter, 72% of Australian cryptocurrency holders said they made USD 7,152 on average. Although that finding may be surprising, the survey revealed other relevant information.

Over the last year, Australian citizens have become more interested in ​​investing in cryptocurrencies. According to the survey, people have spent 10% more on them while 53% of owners have used them to buy.

People Spend More Money on Australian Cryptocurrencies

According to Tommy Honan from Swyftx, Australians can buy through cryptocurrencies with a MasterCard or Visa card from a crypto asset provider. He believes this led many people to make purchases with them, raising doubt about the idea that they are only speculative assets.

He said the physical and online stores accepting cryptocurrencies as a payment method is relevant to the growth of their spending in Australia. He mentioned that those places included Zumi, Travala, and many small retailers in areas such as cafés and gas stations.

Honan explained that cryptocurrencies offer retailers attractive payment options with lower transaction fees. For example, he pointed out that Bitcoin payments are irreversible transactions, eliminating the risk of people canceling them.

Australian Novices Are Friendlier toward Crypto Assets

Around a million Australians, including Millennials and the Zedder generation, may buy cryptocurrencies for the first time by 2023.

Over the last year, cryptocurrency adoption rates have increased by 4%. Twenty-nine percent of Australians say they own (21%) or have held crypto assets (8%).

Honan said Australians buy cryptocurrencies for various reasons, while most view them as a long-term investment. He considers the average local investor a millennial metropolitan father with children at home knowledgeable about finance.

The expert pointed out they do not know whether investing would be the primary use for cryptocurrencies in five years. He said everyone expects daily prices to stabilize and become more predictable as the market matures.

Honan Considers the Regulation of Cryptocurrencies Is Necessary for Australia

According to Honan, the main obstacle to entering the crypto market is the lack of effective regulation.

The Annual Australia Cryptocurrency Survey report from Swyftx reveals that USD 2 trillion has disappeared from global crypto markets. The ASX share price has dropped by 8% over the last year while the value of houses has fallen.

Honan said this signals that Australians seek a future beyond the crypto winter. He highlighted that they believe in the fundamentals of cryptocurrency and blockchain technology despite a bearish market. That is evident in the high intent to buy crypto assets among those under 50.

The Head of Strategic Partnerships at Swyftx believes the growing use of cryptocurrencies to shop online shows where they will head next. He said there might be far fewer cryptocurrencies and much lower market volatility within the next ten years. Finally, he commented that digital assets and traditional finance might become indistinguishable.

By Alexander Salazar

Ethereum ends the bearish week; however, there are several elements to take into account to distinguish the next bullish cycle.

After The Merge, the price of ETH experienced large falls, contrary to the many voices that expected a significant rise. In recent days, the Ethereum token struggles not to lose the support of $1,300. In fact, at the time of this news, its price is around $1,295.

Actually, given the current scenario in the short term, there is no glimpse of a rise that will direct the price of Ether towards a recovery trend. However, in the mid to long term, we might see the beginning of an upward trend.

It is worth noting that the price of ETH hit weekly lows at $1,220, after the merger occurred. However, the bulls subsequently managed to reclaim the $1,300 level, which has been very well defended so far.

At this time the price is moving in a sideways trend and below the 20, 50, and 100 EMAs.

To predict any such moves, investors should take into account the upcoming US inflation figures as the Fed’s measures involving high-interest rates have had a strong impact on the price of cryptocurrencies.

Why has the price of ETH fallen and when will it rise again?

Different analysts believe that it is most likely that people who liquidate today do so induced by external economic issues, such as high inflation rates and rising interest rates. On the other hand, the claim that Ethereum will be listed as a security and not as a commodity brings with it heavy sell-offs due to concerns of strict regulations for such measures.

Finally, it is worth noting the concerns raised by the fact that this network could be censored, due to the centralization of large companies operating in the US. Some experts mention the fear that this network could be controlled, even from its protocols.

Therefore, in order to start a new bullish phase, you have to overcome these rumors and with it, that inflation does not continue advancing. It is urgent that the Fed’s measures have a positive effect on the US economy, to avoid new draconian interest rates.

Will Shanghai be the start of a bull cycle?

The Merge update attracted an interesting bullish phase that propelled the entire cryptocurrency market into recovery, after yearly lows. So the next update, which brings significant technological advances to Ethereum, could reignite the hype again. This update is called “Shanghai” and the changes that will be included in it are discussed.

The “cherry on the cake” for such a bullish and hypothetical context would be that, at that time, there was already regulatory clarity, and fears of government interference had dissipated by then. Of course, by that time it is crucial that inflation is under control.

For the next year, it must be taken into account that the new Shanghai update could free the release of 21 million ETH, that is, the possibility of withdrawing the tokens placed in staking.

Investors in the short, mid, and long term should also bear in mind that if the Fed fails to curb inflation in the US, the price of ETH is vulnerable to falling to new yearly lows in the coming months.

By Audy Castaneda

RichQUACK, Earthling, and PancakeSwap have become the biggest trends on BNB Chain in the last 24 hours.

RichQuack (QUACK) is a 100% community-driven project that is designed for automatic liquidity that generates static payouts and rewards for its holders.

RichQUACK launched its native token – Earthling token, for the purpose of supporting Earthling, the first RichQUACK incubated project. In addition, the network aims to support farmers with reforestation which will have a positive impact on the environment.

PancakeSwap is a decentralized exchange platform that allows the exchange of existing tokens within the Binance Smart Chain (BSC). PancakeSwap allows the exchange of the tokens without ever losing custody of the assets (at least until the swap is executed). Its operation is based on a series of automated smart contracts deployed on the BSC, Binance’s own Blockchain.

PancakeSwap has a large number of interesting services designed to offer different investment options to its users, each and every one of them with different participation incentives. Among those options offered by PancakeSwap we can find three:

Liquidity pools: these are nothing more than spaces generated so that users can block their cryptocurrencies and offer them to third parties as a means of exchange.

Yield Farming: it allows us to obtain rewards as tokens are added to the platform that will later be used by different services.

Lottery: the system generates a lottery every 6 hours in which a pot is drawn that can range between $100,000 and $200,000. Users who want to participate acquire a ticket for the amount of 10 CAKE. The ticket is self-generated and comes with a total of 4 sets of numbers (for a total of 6 numbers) that, according to what appears in the draw, makes you worthy of a prize.

The latest trending update on BNB Chain revealed that RichQUACK, Earthling and PancakeSwap have been ranked in the top 3 cryptocurrencies with the most mentions on the Blockchain.

RichQUACK (QUACK), a token that tops the top 15 of BNB Chain in terms of mentions, has been in the news throughout the week.

As reported by BeInCrypto, QUACK was nominated as the #1 project with the highest Social Volume on BNB Chain.

On the other hand, RichQUACK tops the list with a Social Volume of 308 thousand, almost tripling its closest competitor, Kiba Inu (KIBA) which has 116 thousand.

RichQUACK (QUACK): A timid rise

RichQUACK has posted slight gains over the past few days. At press time, the meme cryptocurrency is trading at $0.00000000078, posting a 2% increase over the past 24 hours, according to data from CoinMarketCap.

Despite the increase, the price of QUACK is more than 100% below its all-time high reached in November 2021. However, it records a year-on-year gain of 1,200%.

Earthling (ETLG): Betting on the environment

Earthling has been characterized by its position in favor of the environment, highlighting on several occasions that “Moving your funds to ecological assets will reduce your carbon footprint by up to 27 times”.

ETLG, Earthling’s native token, is currently trading at $0.000843, without any significant variation in the last 24 hours.

Earthling (ETLG) is currently 57% below its all-time high of $0.001984, recorded in June last year.

PancakeSwap (CAKE): A DeFi project looking to take off

PancakeSwap (CAKE) is currently trading in the $4.50 range. At the time of publication, the price of CAKE is $4.49.

CAKE is currently trading 90% below its ATH of $44.18 recorded over two years ago.

By Audy Castaneda