Is Illuvium the First Fun Crypto RPG Game?

Gamers who are also interested in cryptocurrencies have been waiting for a game that includes digital assets and is fun to play.

Blockchain games have been quite popular among cryptocurrency enthusiasts for a long time because they use cryptocurrency as an in-game tool.

In these types of games, Blockchain technology ensures absolute ownership of game objects, represented by tokens.

For example, by purchasing a non-fungible token (NFT) in-game, a player can be sure that they own a truly rare item that can be stored and controlled outside of the game. This property provides a completely new player-driven economy where the players can create their own unique content.

However, crypto games are still far from legacy PC or console games in terms of quality and playability, perhaps because the world is still wary of Blockchain technology itself and not ready to integrate it into the multi-billion dollar industry. However, in this regard, there has been some progress.

One of the biggest companies in the gaming industry, Ubisoft, announced plans to integrate Blockchain technology and non-fungible tokens into games as early as 2021, but there has been no further news so far. The company also invested in Animoca brands, causing the price of the latter gaming tokens to rise.

Illuvium: A typical NFT game?

In the first quarter of 2022, gamers checked out the beta version of Illuvium, which aims to become the first AAA project among decentralized finance (DeFi) games.

Illuvium is an open world role-playing game (RPG) built on the Ethereum Blockchain. The player begins the game on a crashed transport ship in an intergalactic fleet on a dying planet. Due to the accident, the player cannot leave the planet, so he discovers some mysterious creatures, the illuvials, which gamers can capture in crystal shards.

Each illuvial has its own properties, divided into classes with special abilities. Some illuvials are more common than others are. There is a merging mechanism where they can merge into rarer powerful forms or become rarer variations. Creatures come in the form of NFTs that can be earned in-game, or purchased from the in-game IlluviDEX and external exchanges.

As a rule, NFT games are very unattractive looking and boring to play. The game boils down to collecting NFT items and then exchanging them for tokens. A problem specific to Ethereum games was overload, which made the gameplay very tiring at key moments.

The Illuvium development team intends to solve this problem by integrating the Immutable X layer 2 protocol. This network greatly improves the performance of Ethereum-based projects.

Promising Future?

Illuvium promises to be an interesting project that can unify an NFT game and a well-designed RPG game. Well-thought-out mechanics, rewards, and modern graphics could allow you to take a leading position in the industry.

Illuvium is a completely 3D game. The project team has thought out all the details of the game world.

One of the main strengths of the game is the storyline, which is central to any RPG and sets it apart from most crypto games that focus primarily on farming tokens.

Another strong point is the game’s scaling mechanism, which supposedly allows it to host hundreds of thousands of players around the world. In a “normal” RPG, users play on different servers to avoid congestion that causes game lag. In Illuvium, the developers use a scaling model that incorporates cloud storage resources, which they say will unify the game world.

Now, the Illuvium team is focusing on marketing and promotion. The game has appeared on lists of the most anticipated games of the year. The only concern for players is that the developers have not finalized the game yet, but they hope to start rolling out an open Beta in mid-2022.

By Audy Castaneda

Grayscale CEO Will Take Legal Actions against the SEC if it Does not Receive his Proposal to Release a Bitcoin ETF in the US

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The CEO of Grayscale explained that the option is on the table and defended that the company has done everything possible to turn GBTC, its flagship product, into a Bitcoin ETF that already receives back up from more than 800,000 investors.

The management company of investment funds focused on digital assets, Grayscale, revealed that it intends to take legal action against the US Securities and Exchange Commission (SEC) if it does not give up on rejecting the fully-based ETF’s release.

This information got revealed during an interview the CEO of Grayscale sustained with Bloomberg. The representative argues that the SEC would have Illegal behavior by continuing to reject the approval of the first fully Bitcoin-based exchange-traded fund (ETF).

This rejection impacts the local market and has caused tensions between entities interested in releasing these items.

Sonnenshein expressed that everything is possible when asked if Grayscale considers filing an Administrative Procedure Act. He said that the Grayscale team has been putting all the company’s resources into turning GBTC, their flagship fund, into an ETt.

That conversion turns out to be important because investors know that the company has stood up for them and will continue to stand up to safeguard their interests.

The CEO of Grayscale confirms what had already been rumored since mid-December 2021, since the vice president of the legal department for the company, Craig Salm, expressed that the perspective with which the SEC moved against the applications for a Bitcoin ETF could be arbitrary.

Rejection of a Bitcoin ETF

The criticism of the Grayscale manager highlights that the regulatory entity has continuously rejected applications for a Bitcoin ETF since the first of its type got shown, and the entity still maintains its position. In October of last year, it officially approved the first products focused on digital currency futures.

The SEC comments that there are not enough guarantees in any of the applications presented to date to assure that Bitcoin’s price would not suffer a possible market manipulation. There is still uncertainty on how the interested entities will keep clients safe in cases of substantial volatility.

Proposals from entities such as WisdomTree, VanEck, Skybridge Capital, NYDIG, Global X, Fidelity, and many others also got rejected for the reasons stated above, representing bad results for Galaxy Digital Ark Invest and even for the Grayscale itself.

Faced with the SEC’s refusal, VanEck’s CEO, Jan Van Eck, clarified that the Commission is purposely withholding the possibility of receiving an ETF focused entirely on Bitcoin to have greater power over the said financial market.

By: Jenson Nuñez

Cryptocurrency Farm in Slovakia Mining Bitcoin by Using Biogas

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A Bitcoin mining facility in Slovakia converts human and animal waste into hash rate, securing the network while mining Bitcoin.

As known in the cryptocurrency industry, Bitcoin (BTC) mining requires a large consumption of electricity to run the equipment 24 hours a day. This is something that has been worrying the community for the past year. For this reason, different companies have sought to provide a solution using clean renewable energy for the environment, as is the case in the AmityAge mining farm. Founded by Gabriel Kozak and Dušan Matuska, this Bitcoin mining facility uses human and animal waste to generate electricity to mine cryptocurrency.

Matuska, the man “who knew Satoshi Nakomoto,” told Cointelegraph that, “methane from biodegradation processes runs our machines.” Since human and animal waste will not run out any time soon, their BTC mining process is green and renewable at the same time.

According to Matuska, the use of renewable energy such as biogas “shows that we can really accelerate the adoption of these renewable energies and make their return on investment higher in the end”, while also being a cheap energy source.

An Ecological Solution

Biogas power plants, a low-cost and environmentally friendly way of generating electricity, convert waste into methane gas through a fermentation process. The gas then burns as fuel.

Bitcoin mining based on this energy allows them to obtain a negative balance of carbon dioxide (CO2) emissions. This result meets the objective that the member countries of the UN have agreed upon, which is that the global emission of CO2 be zero by 2050. This world goal would cut and prevent the negative effect of climate change on the planet.

Matt Lohstroh, co-founder of Giga Energy, a natural gas Bitcoin miner in Texas, told Cointelegraph that “finding cheap power [for Bitcoin mining] quickly is the biggest problem. All the low-hanging fruit is being plucked.”

Matuska added that, “the energy situation in Europe changed dramatically in November, with a huge increase in prices and a conflict around the corner.” As Lohstroh alludes, making a profit mining Bitcoin can be tricky, which keeps Matuska “busy and worried.”

However, Matuska, an eternal optimist, also stated to Cointelegraph:

“The most exciting part [of Bitcoin mining] is knowing that we’re like ‘Bitcoin security guys,’ helping just a little bit with our hash rate. We’re still helping to protect the network.”

Matuska adds that the overall environmental footprint of his mining farm is quite low, and one of the downsides is excessive heat.

Interested in Bitcoin Mining at Home? Here is what to Do

For those interested in getting started with Bitcoin mining at home, while the process used to be complicated and expensive, solo mining is making a comeback. Compass Mining, the pioneers of at-home Bitcoin mining, launched direct-to-consumer hardware sales in late 2021.

Compass CEO Whit Gibbs told Cointelegraph that Bitcoin miners are some of the biggest Bitcoin banknotes. He illustrates the point: “you can buy $10,000 worth of Bitcoin or you can buy an ASIC (Bitcoin mining rig)”, knowing well that it should pay back the initial investment within “12 to 14 months”. Gibbs thus concludes by asserting that, “You have to be bullish on Bitcoin to believe that you’re going to see that return on a one-off basis, versus simply buying that amount of Bitcoin outright.”

By Audy Castaneda

Indian Supreme Court Requests Bitcoin Scam Suspect to Unveil His Crypto Wallet Password

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Ajay Bhardwaj, the alleged attacker of GainBitcoin, one of the biggest crypto scams in India, has received a clear order from the authorities to bring crucial details to reach a new level in the investigation.

According to CoinDesk, The Supreme Court of India requested one of the accused of one of the country’s most significant Bitcoin scams to unveil the username and password of his digital wallet.

According to the report, the high court ordered Ajay Bhardwaj, one of the key defendants in the GainBitcoin scam, to bring complete depositions before the Enforcement Directorate (ED) of India, an economic intelligence agency in charge of strengthening economic policies and fighting against financial crimes in that nation.

In a hearing held on Monday, the Supreme Court bench, led by Justice DY Chandrachud, asked the defendant to contribute to the investigation and bring vital data such as the crypto wallet username and password.

One of the leading government lawyers in the case, Additional Attorney General Aishwarya Bhati, said that This situation was not related to the legality of digital assets, and the username and password are crucial to clarify the investigations.

The lawyer’s comment references a previous Supreme Court order in an earlier hearing, which had requested that he verbally clarify the legality of digital assets.

Defendant Showed a Cooperative Stance

Ajay Bhardwaj is the brother of Amit Bhardwaj and a co-suspect for the GainBitcoin fraudulent procedure. The brothers got accused in 2018 of allegedly deceiving more than 8,000 people out of $3.8 billion through a multi-level marketing protocol that offered its investors a false 10% return on their Bitcoin deposits over 18 years.

The promise of huge profits attracted many investors, but they never received the promised rewards nor received their initial deposits. The scam raised at least 80,000 bitcoins in what has been called one of India’s most significant crimes related to digital assets.

At the most recent hearing, the defendant alleged that he does not know the username and password of his late brother’s cryptocurrency wallet, according to CoinDesk, which held a conversation with Deepak Prakash, Ajay Bhardwaj’s attorney.

The lawyer highlighted that Ajay Bhardwaj has an almost new digital asset wallet and that he will cooperate with the authorities to bring them that crucial data.

The Supreme Court stopped the provisional arrest warrant held against Bhardwaj in exchange for the defendant’s total contribution to clarify the investigation. According to a previous report led by CryptoPotato, the high court granted Bhardwaj bail in April 2019 and obstructed the ED from any coercive action against the defendant.

The high court heard a petition made by Ajay Bhardwaj to dismiss the charges against him linked to GainBitcoin; It has also extended temporary protection against arrest.

By: Jenson Nuñez

Coinbase Intends to Purchase Brazil’s Largest Crypto Exchange: Mercado Bitcoin

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According to a local media report, Coinbase was close to approaching an agreement to purchase the owner of the most prominent crypto exchange based in Brazil.

Crypto exchange Coinbase Global is in conversations to obtain 2TM, the current owner of Mercado Bitcoin, the most prominent crypto exchange located in Brazil, According to the newspaper Estadão.

The highlights in the report, which did not highlight sources, mention that the negotiations between Coinbase and 2TM happened last year, and a deal could get revealed in April.

The company revealed to CoinDesk that Mercado Bitcoin achieved at least 3.2 million users in 2021, of which 1.1 million got introduced last year. The entity also expressed that its trading volume reached $7,100—million in 2021, which would make it the most critical exchange in the field.

In June, 2TM collected at least $200 million in a Series B funding stage and $50 million in second funding ending in November, positioning the entity in a value estimated at $2.1 billion.

On the other hand, Mercado Bitcoin keeps expanding its tentacles in the field. In January of this year, the entity revealed the purchase of CryptoLoja, the most prominent exchange located in Portugal.

With Eyes Over Brazil

According to CoinDesk, amid a crypto adoption explosion in Brazil that tripled stable coin trading in 2021 from the previous year, global exchanges like Coinbase, Binance, and Crypto.com focused their interest on the Latin American country.

In November 2020, Coinbase revealed the foundation of an engineering center based in Brazil and opened different positions to consolidate its team.

Binance, on the other hand, intends to obtain payment processors located in Brazil; Binance CEO Changpeng Zhao explained this desire during his visit to Sao Paulo on March 16. The company approved a Memorandum of Understanding (MoU) to purchase Brazilian stock brokerage Sim; paul Investimentos.

2TM intends to evolve and consolidate its headquarters in Latin America through purchases made in countries such as Argentina, Chile, Colombia, and Mexico; 2TM CEO Roberto Dagnoni explained toCoinDesk these intentions.

The representative explained the purposes of purchasing Mercado Bitcoin; 2TM also owns entities such as Meubank, MB Digital Assets, and MezaPro among others.

According to Estadão, Coinbase also showed interest in purchasing Mexican exchange Bitso, but no deal got reached between the parties. Beyond the data brought by that media outlet, there has been no official statement from either Coinbase or Mercado Bitcoin.

According to Zhao, the exchange wishes to join efforts with regulators and government entities to find better methods to foster the development of the crypto field more harmonically.

Expand Into the non-crypto Space

During his visit to Brazil, Zhao held meetings with regulators and representatives in the political environment, including the governor of São Paulo, João Dória.

Last week, Zhao said that Binance intends to purchase more and more entities in the non-crypto field to evolve and improve the appeal of digital assets in the market. Banks could be one of those entities in the sights of the entrepreneur.

By: Jenson Nuñez

The Analysis of the BTC Price Indicates the Bulls Control the Market

Several metrics related to supply and demand, like the 43-month low of BTC reserves on exchanges, are bullish. The long-term strength is undoubtedly upward, suggesting the bulls could drag the price towards new highs.

A broad rally in the cryptocurrency market indicates there could be further gains in the short term. The excellent behavior of Bitcoin (BTC) leads to the current positivity, and that scenario could still be more optimistic.

BTC is trading at around USD 47,615 and has accumulated a 15.2% gain over the last week. Its daily trading volume is above USD 31.72 billion, and its market capitalization is about USD 904.53 billion, according to CoinGecko.

Since the price of BTC has begun to rally slowly but with determination, the fear has vanished.

The Terra Foundation is accumulating BTC for its treasury, causing excitement among investors.

Data from the analytics platform CryptoQuant indicates that the dominant force is buyers.

Almost all the metrics that relate to supply and demand are bullish. The most prominent is the 43-month low that BTC reserves reached on exchanges.

The indicators that track the activity of the Bitcoin whales are also mainly bullish.

While the market sentiment tilts slightly towards the bullish side, the technical oscillators look neutral.

That overall general suggests that the gains will extend in the short term. For that reason, it is time for investors to review the price charts.

The Weekly Technical Analysis of the Price of Bitcoin

The daily BTC/USDT shows excellent behavior, which allowed the price to cross a significant descending line.

Horizontal resistance at the USD 44,500 level is hampering the price. Although there may be difficulties, the previous behavior of Bitcoin indicates a bullish weekly forecast.

The price crosses the 8-day EMA and 18-day SMA to the upside, and the latter two may serve as dynamic supports.

The ground will be clear for USD 47,900 when the price breaks through USD 44,500. If Bitcoin goes through the 200-period SMA, it would be an excellent sign for buyers.

Before thinking of selling, there should first be increasingly low lows, which do not seem likely to happen soon.

The Scenario Looks Encouraging for the Long Term

The monthly chart shows an optimistic scenario since the March candlestick is causing the rejection of low prices. Besides, it shows no intention of allowing sellers to cause trouble in the short term.

The price of Bitcoin remains within a broad horizontal range, which has caused difficulties in making accurate weekly forecasts.

However, the long-term strength is undoubtedly upward. That suggests the bulls could give a surprise anytime, dragging the price towards new highs soon.

Buyers are regaining control, defending the moving averages as dynamic supports. There is a growing probability that the price will resume the higher trend.

Since the price of BTC continues above USD 32,000, nothing can lead to thinking that the crypto winter has begun. It could be dangerous for investors to go against the dominant trend.

The price of Bitcoin always leads the way in the crypto market, which leads investors to review how it moves. The above analysis can help better understand the behavior of the pioneering cryptocurrency and make accurate decisions before buying.

By Alexander Salazar