Some Spanish Researchers Think Blockchain Technology Offers an Opportunity to Undertake New Paths

Alexander Salazar
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Some Spanish Researchers Think Blockchain Technology Offers an Opportunity to Undertake New Paths

A group of Spanish experts recently said blockchain networks offer opportunities beyond cryptocurrencies and the financial system. Rafael Pastor explained that further advances in this technology would help end user lack of trust in immutability, security, and reliability due to cryptojacking.

In 2008, Satoshi Nakamoto published an article that defined the mechanism to implement blockchain technology in Bitcoin (BTC).

There have been significant advances in a type of technology that has expanded dramatically for 14 years. Some experts divide its short history into four generations as all parties agree it has not yet reached its full potential.

A group of Spanish researchers and experts recently answered whether blockchain networks offer an opportunity or are just a temporary fashion. They clarified that their relevance goes beyond cryptocurrencies and the financial system, which this new generation proves to be living proof.

Blockchain Technology Engages Much More than Cryptocurrencies

Joaquín Lago, New Technologies Manager of Minsait at Indra, said there is a link between blockchain and cryptocurrencies, but this technology encompasses much more.

Lago considers this fourth generation may solve current problems and allow high performance and effectiveness. He commented that it is necessary to keep working on it, pointing out it is not here yet.

Rafael Pastor, director of the Higher Technical School of Computer Engineering at UNED, believes blockchain is an opportunity for startups and their business process.

He recommended taking advantage of this technology, stating it is a business, innovation, and performance opportunity. He also pointed to the link to the 5G network and the growing trust.

Pastor said some users still do not trust immutability, security, and reliability due to crypto-jacking. However, he explained that further advances in blockchain technology would help end that situation.

Blockchain Technology Only Needs the Improvement of Processes

Francisco Luis Benítez, a blockchain researcher and coordinator of Disruptive Innovation, highlighted that blockchain is already here. He pointed out it is only necessary to improve processes, the focus of the development of this generation.

Benítez referred to interoperability and scalability and discussed trends highlighting sustainability, green blockchain, and green tokens. Besides, the researcher dealt with the quantum concept, a path not yet explored.

He stated blockchain allows launching services to the cloud and solving digital problems, offering endless possibilities in the health and electronics sectors.

The researcher agreed with Joaquín Lago that many entrepreneurial opportunities opened thanks to blockchain technology. He said this technology supports the issue of digital identity and verifiable credentials and other areas like traceability and distribution.

However, Lago also highlighted a profound lack of professionals and groups to conduct the advances. That hinders the achievement of the new products and services this blockchain generation has promised.

Finally, Alejandro Alfonso, a blockchain analyst at Digitel TS by Madison, said it is necessary to endorse blockchain with legal regulations to progress. Together with the other experts, he concluded that decentralized technologies are here to stay despite the obstacles in their development.

By Alexander Salazar

“Bitcoin Will Get Closer to Gold”: Misguided Predictions about the Crypto World in 2022

Audy Castañeda
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“Bitcoin Will Get Closer to Gold”: Misguided Predictions about the Crypto World in 2022

At the end of 2021, the bullish moment in the cryptocurrency market invited more than one to make optimistic predictions about the immediate future of this increasingly popular market.

Predictions are everywhere, from weather forecasts to pools. Human beings have always wanted to know the future.

Naturally, over the centuries, human beings have been sophisticated their methods. Today, technologies such as artificial intelligence and big data allow predictive models to be refined more than ever in areas such as the economy.

However, with everything and with that, human being continues to make mistakes. Sometimes a lot.

About Gurus

Recently consulted by Business Insider Spain, the scientist and disseminator José Miguel Mulet assured of the human being’s ability to predict the future: “If someone could really know what was going to happen, they would not wear a turban, but a suit and tie, and would dedicate himself to making a fortune on Wall Street”.

In fact, the gurus don’t exactly wear outrageous clothes, but instead, wear smart suits and expensive watches and drive high-end cars while selling cryptocurrency courses on YouTube.

In recent years, the world of decentralized finance, which includes cryptocurrencies, Blockchain technology, and NFTs, has proven to be an ideal place to achieve high returns for those who know the exact moment to jump on the boats and jump from them.

But there is a problem: these are technologies so new, volatile, and uncontrollable that, in reality, nobody can ever guarantee anything about the crypto world. And those who do take a high risk of being wrong.

At the end of 2021, the good health exhibited in recent years by cryptocurrencies led many to think that the ball would still be rolling in 2022. They were wrong.

Central banks stopped printing notes, interest rates rose and inflation soared due to, among other things, an unprecedented energy crisis in which climate change and the war unleashed by Russia in Ukraine come together.

Investors, including some of the strongest believers in the crypto world, took to the dust and abandoned their bets to take refuge in stable values ​​​​such as gold, causing the collapse of digital currencies, which lost much of their value. Crypto winter had arrived.

Misguided Predictions of 2022

Business Insider Spain has compiled some of the most striking predictions in the crypto world for 2022.

  1. Bitcoin will go above 70,000 euros: it was assumed that the year would go well, there would be no crypto winter and the value of digital currencies would always be better in December than in July. The result is that BTCDirect missed the mark by a lot. He attributed Bitcoin, for example, a value of more than 70,000 euros for the month of July of this year. Come September, the main cryptocurrency is exchanged for just about 20,000 euros.
  2. Bitcoin will replace gold as a refuge value: the prediction of Zach Pandl, co-director of global strategy for currencies and emerging markets at Goldman & Sachs, one of the most important fund managers in the world, was wrong. Now one of the main victims of the current economic situation is Bitcoin.
  3. Two countries will join El Salvador and adopt bitcoin: There were even a couple of candidates: Paraguay and Panama. For now, however, neither one seems very interested in following in Bukele’s footsteps.
  4. Ripple and the SEC will reach a favorable agreement with XRP investors: Although an upcoming agreement is not yet ruled out, it has not arrived and the conflict is escalating.
  5. Luna, the best cryptocurrency in 2022: In May, the cryptocurrency, a stablecoin that in theory was associated with the value of the dollar and that was also controlled by algorithms on paper to reduce its risks, collapsed and spent hours being at 80 dollars to be exchanged for 0.0004 dollars: one of the biggest stock market crashes of the last decade.

By Audy Castaneda

What Separates the Chilean Market from the Use of Cryptocurrencies?

Audy Castañeda
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What Separates the Chilean Market from the Use of Cryptocurrencies?

Sixty-six percent of Chileans assured that they do not invest in the cryptocurrency market due to ignorance, something that influences the massification of this technology.

The first transaction via cryptocurrencies in the Latin American soccer market was recently made public, where the payment and transfer of the Argentine player Giuliano Galoppo were made, from Banfield to San Pablo FC in Brazil, covering the cost of his pass through cryptocurrencies.

This unprecedented transaction accounts for the progress of the crypto world in the region, which is also home to the first country that has adopted crypto assets as legal tender, which allows us to reflect on the projection of this type of transaction in Chile.

The interest of many investors is evident, who despite the movements of the market, still consider the world of cryptocurrencies as a long-term investment, and today with more force curiosity to learn from people who are not inserted in this ecosystem.

Despite the above, the lack of knowledge about this technology means that it is still not used to carry out daily transactions as a true alternative for the general population, beyond simply investing in them.

This technology offers benefits and makes it possible to streamline payment processes in businesses and enterprises in Chile.

Some Data to Consider

A recent study carried out by Blockchain Academy Chile on more than 500 residents in that country revealed the existence of a significant gap with respect to those who have not yet entered this financial system, the main causes being the absence of effective regulation and its high volatility; however, without a doubt, the main obstacle is the lack of financial education.

The foregoing is explained because according to this study, whose purpose was to account for the preferences, knowledge, and evaluation of the people of this market in Chile, 66% of the respondents assured that they do not invest in the crypto market due to ignorance, something that undoubtedly influences the massification of this technology in the country.

It is clear that the discussion and eventual promulgation of the Fintech Law will be a great support and consolidation of this new financial model and scheme, where cryptocurrencies will assume a determining role, which can bring benefits to citizens, and to the processes of institutions, companies, and entrepreneurs.

Some Benefits to Bear in Mind

It is important to know that today it is possible to use this type of technology to carry out international trade and payment operations without the need for regulation. Today there is a type of cryptoactive called stable currency that allows people and businesses to access a type of digital dollar in a simple and fast way, both to have savings in the main currency of global commerce or to make international payments much more efficient than when performing them through the traditional banking system.

It is important not to overlook that today the main thing is that it is financial education that allows us to take that step, towards the empowerment of the crypto world, which is complemented by a law that could allow us to generate access to better financial products because of the promotion of competition in the market and equality for all its participants.

By Audy Castaneda

Many Investors Are Doubtful about the Unexpected Rise in the LUNA Price

Alexander Salazar
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Many Investors Are Doubtful about the Unexpected Rise in the LUNA Price

The unexpected rise in the price of LUNA surprised crypto market insiders as no news or developments could excite regular traders. A tax proposal to reduce the supply of tokens, which includes wallet interactions and smart contracts, may have motivated the increase in the value.

After reaching intraday highs of USD 7.20, the native token of the Terra blockchain is trading at around USD 6.04. The collapse of the network in May led to the creation of a new Terra (LUNA), which has accelerated remarkably over the last 24 hours.

LUNA recently jumped over three times, going from a low of USD 1.91 to a high of USD 7.82. The trend persisted as the price remained above the USD 6 mark.

Following the collapse, the community of the Terra ecosystem voted in favor of Proposition 1623. It drove the development of a new blockchain and the launch of an airdrop of new tokens.

The launch of the genesis block of the new chain replacing the previous Terra chain, renamed Terra Classic, occurred on May 28th. The name of the first native token also changed into Terra Luna Classic (LUNC).

Since no news or developments related to the network could excite regular traders, the unexpected price increase of LUNA surprised crypto market insiders.

According to the firm LunarCrush, the sharp rise in mentions and interactions on social media platforms has recently led to a speculative retail frenzy. However, other traders consider that the whales sold their LUNC to acquire LUNA and vice versa.

A Lower Supply of LUNA May Have Caused the Price Rise

The price of LUNA recently surprised everyone after increasing by 50.58%, entering the top 100 in the cryptocurrency ranking. The token has risen for four consecutive days, accumulating a 77.36% gain over the last week.

The tax proposal to reduce the supply of LUNA tokens may have motivated the increase in the price. The 1.2% tax on all transactions will include wallet interactions and smart contracts if the plan receives approval.

The burning of LUNA tokens might take effect on September 20th at the Terra Classic height of block 9,475,200. Binance will change the minimum and maximum withdrawal amounts and fees for LUNC and USTC.

However, renowned cryptocurrency analyst Crypto Chief warned that LUNC had risen nearly 330% since August. He claimed that the rebranded version of Terra (LUNA) is bad news and that investors should avoid it.

The LUNA price plummeted in May when its stablecoin lost its parity with the US dollar, dropping by over 99.9%. According to the Capo papers, LUNC will soon face a significant collapse.

Meanwhile, Bitcoin and Ether Might Rise despite the Bearish Trend

Crypto Chief predicts a bearish trend for other crypto assets, including Bitcoin (BTC). He considers the pioneering cryptocurrency might rise to between USD 22,500 and USD 23,000 after regaining support near USD 19,600.

A chart indicates that the cryptocurrency might sink into the USD 14,000-USD 16,000 buy zone sometime in October. Regarding Cardano (ADA), the price will rise to around USD 0.55 before dropping to USD 0.35 in mid-September.

Ether (ETH), the second-largest cryptocurrency by market capitalization, will follow a similar path. According to the analyst, the best smart contract platform will rise to USD 1800 before dropping to around USD 1350.

By Alexander Salazar

Number of Bored Ape Yacht Club (BAYC) Buyers Drops 90%

Audy Castañeda
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Number of Bored Ape Yacht Club (BAYC) Buyers Drops 90%

The total number of unique buyers was less than 300.

Bored Ape Yacht Club saw a significant decline in unique buyers during August, primarily due to declining profitability in holding non-fungible tokens (NFTs).

Bored Ape Yacht Club (BAYC) has overtaken CryptoPunks as the second highest-selling NFT collection of all time. BAYC achieved this feat in less than two years after hitting the digital collectible market in April 2021.

Much of this milestone came from an increasing number of unique buyers who believed in the project from Yuga Labs (creators of NFTs).

Unfortunately, negative market sentiment affecting global NFT market sales and unique buyers has been detrimental to the fortunes of one of the most popular collections in the space today.

Throughout August, BAYC saw 263 unique buyers. This was the lowest number of new buyers in 2022, as well as a 16-month low.

Unique Shoppers Continue to Have a Negative Impact on Sales

Unique buyers play an integral role in assessing the demand for a particular NFT collection. After 141 buyers acquired BAYC NFT in April of last year, its status as the new golden goose in the digital art space was cemented with a 2,418% increase in unique buyers to 3,550 in May 2021.

It was during this time that various cryptocurrencies such as Ethereum (ETH) and Internet Computer (ICP) hit new highs.

The result of the increase was an increase in sales volume to approximately $17 million from a relatively minor volume of $37,557 since the month of its launch.

While unique shoppers correlate with sales, BAYC’s history shows that it has formed a new relationship with average sale value. There were months when unique buyers were below the May 2021 milestone, but sales volume remained higher.

A great example can be attributed to January 2022, when Bored Apes had 937 unique buyers making 1,456 transactions.

The average sales value for the period was $238,140. This was an increase of 12,780% from the $1,850 recorded in May of last year.

BAYC Sales Retested Correlation with Unique Buyers in August

In the last three months, the decrease in unique buyers has resulted in a decrease in sales volume. When we look at the number of new buyers, we find a drop from 611 in May 2022 to 424 in June. This led to a 63% drop in sales from $223 million to $82 million.

A further drop in unique buyers to 290 in July and then 263 in August has pushed sales below $60 million in the past two months. August 2022 volume was approximately $58 million.

Decrease in Unique Buyers and Sales Reflected in APE Price

ApeCoin (APE), the native Blockchain asset of the Bored Ape project, has also continued to fall from its peak in its opening month in March 2022. APE traded in the range of $4.61-$7.68 throughout August.

Overall, APE lost 29% of its market value during this time.

BAYC remains one of the Top 5 Collections in Weekly Sales

Bored Ape Yacht Club trailed only Loot, a collection of 8,000 NFTs expressed as images of white text on a black background in the best-selling NFT category in the last seven days. BAYC had sales of approximately $11 million within the period. Ethereum Name Service, Otherside, and CloneX also rounded out the ranks.

By Audy Castaneda

Tornado Cash Allows Cybercriminals to Move USD 500,000 worth of DAI from DAO Maker Exploit

Alexander Salazar
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Tornado Cash Allows Cybercriminals to Move USD 500,000 worth of DAI from DAO Maker Exploit

In August 2021, DAO Maker suffered a hack of USD 7 million worth of stablecoins as the cybercriminals took advantage of ambiguities. Cybercriminals also used Tornado Cash in a recycling scheme to steal USD 15 million in Ether.

Leading security firm PeckShield discovered on Twitter that USD 500,000 in funds stolen from the DAO Maker exploit were moving.

They said an address associated with a DAO Maker exploit in 2021 laundered 500,000 DAI through Tornado Cash. It used fake browser plugins to control the stolen funds.

PeckShield stated that they saw a move of USD 500,000 DAI to @TornadoCash from EOA 0x0B789. The address directly relates to the DAO Maker criminal who stole funds from @TheDaoMaker.

Illicit cash flows have allegedly happened through Tornado Cash on other occasions in North Korea.

Cybercriminals Use Popular Platforms to Conduct their Attacks

Security companies have reported that hackers have become aware of various popular platforms they can use for their crimes. In December 2021, PeckShield identified an address that exploited Grim Finance and transferred USD 3.3 million to Tornado Cash. Likewise, the finances of Monox recently suffered a theft of USD 2.1 million through Tornado Cash.

In August 2021, DAO Maker suffered a hack as the cybercriminals took advantage of its ambiguities. That allowed them to steal USD 7 million worth of stablecoins, which they broke down into different addresses. They used an address identified as Etherscan, which they used to transfer USD 500,000 in DAI.

Tornado Cash Might Have Participated in the 2021 DAO Maker Crypto Hack

According to PeckShield, USD 500,000 worth of DAI moved through crypto mixer Tornado Cash. That suggests it may be the source of tokens stolen from a DeFi protocol.

In other words, crypto mixers make it harder to track where tokens go. In August 2021, cryptocurrency fundraising platform Maker DAO, unrelated to MakerDAO, suffered an attack. It lost USD 7 million worth of stablecoins and Ether (ETH), which went to two wallets according to on-chain data.

A wallet transferred to Tornado Cash around 3,800 ETH, equivalent to USD 6.2 million. According to the collected data, the remaining balance has remained dormant in the other address.

Before this incident, cybercriminals also used Tornado Cash in a recycling scheme in which they stole USD 15 million worth of Ether from Singapore-based Crypto.com.

The alleged money laundering of Tornado Cash and the stolen funds have led to a discussion about whether it contributes to money laundering. The creator of the crypto mixer said no entity governs the system, adding it did not aim to support illegal activities.

Regulators have targeted Tornado Cash since the Office of Foreign Assets Control (OFAC) of the Treasury Department sanctioned it on August 8th. The crypto mixer allegedly sponsored the laundering of USD 7 billion in money flows. The North Korean hacker group Lazarus might have used it to launder stolen funds amounting to USD 455 million.

The measure against Tornado Cash by the United States sheds light on the debate over whether crypto mixers benefit the ecosystem. In addition, they may add an extra privacy layer for users and facilitate the laundering of money.

By Alexander Salazar

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