DAY LONG NEWS ROUNDUP: LATEST NEWS 03/12/21

• Avinandan Banerjee
• December 03, 2021

The world of crypto is like a deep ocean full of opportunities for those who are willing to take risks just at the right moment. To help you reap the early benefits of these opportunities, we are presenting the top news events of crypto on 3/12/2021. Have a look to improve your strategies:

 

Star Trek Creator’s Signature Revolutionizes NFT Usage 

With NFT creating and breaking global records simultaneously with each passing moment, every speculation seems to be a reality in the near future. Keeping this supremacy right on track, the Non-Fungible Tokens have achieved something really huge this time. On November 30, the signature of Star Trek creator Gene Roddenberry was transformed into an NFT named “El Primero” in Spanish or “The First” in English. The NFT is implanted into the DNA code of a living bacteria cell, making it a historical victory for all NFT fans.

As per the announcement, the signature dates back to 1965 when Roddenberry signed a deal with Lucille Ball’s Desilu Productions for financing Star Trek. Now, with the NFT token, Roddenberry’s signature has returned to a virtual life after 30 years of the death of the sci-fi genius. The Roddenberry Entertainment team has described the token as a one-of-a-kind “Living Eco-NFT” that resembles a perfect combination of science and sci-fi expertise. The project was unveiled as an art collectible during the Art Basel 2021 in Miami.

The team stated that as long as the bacteria survive, the cell can multiple at a speedy rate while creating more than a billion Eco-NFT replicas overnight. The CEO of Rational Vaccines, Agustin Fernandez collaborated with the Roddenberry team on the project. He stated that storing data in DNA offers a sustainable storage system packed with a holding capacity that is still not present in the industry. The NFTs will run on the Solana blockchain with support from Metaplex Studios. The encoding of NFT data into DNA for storing it in a bacteria cell was successfully conducted by Dr. Paul Predki. The NFT launch clearly shows Star Trek’s never-ending love for the digital collectibles market space.

 

Latest Research Report Calls ETH ‘superior’ Store of Value Than Bitcoin

Ever since the launch of cryptocurrencies, there has been a constant comparison drawn between Bitcoin and Ethereum’s store of value potential. While some stick strong with Satoshi Nakamoto’s Bitcoin, others vouch for Ethereum’s smart contract-based technological prowess. Now, in a recent development, four Australian researchers have released a report highlighting the supremacy of the Ethereum network over the Bitcoin ecosystem.

The researchers have put a question on Bitcoin being considered as the best store of value crypto channel by emphasizing Ethereum’s merits. Presented on November 18, the research report was co-authored by Ester Félez-Viñas of the University of Technology Sydney, Sean Foley of Macquarie University, Jonathan Karlsen of the University of Western Australia, and Jiri Svec of the University of Sydney.

The experts have laid special emphasis on the potential of the latest EIP-1559 upgrade that is playing a significant role in pushing ETH to evolve as the world’s first deflationary asset. Launched in August, the upgrade witnessed the network burn a part of the transaction fees. More than one million ETH has been burned from the total circulating supply of the token. The report has stated that the constant surge in ETH demand will increase the volume of burned tokens as well.

The researchers have proudly addressed Ethereum as less inflationary than Bitcoin. They have revealed that ever since the infusion of the EIP-1559 upgrade, the expected rise in the total ETH supply is only 0.98% which is quite less to a 1.99% increase in Bitcoin supply. Talking about Ethereum’s improved inflationary hedging features, the Australian experts feel that Ether can provide better long-term value storage than BTC. The crypto market is facing sudden fluctuations due to the economic slowdown pushed by the COVID-19 pandemic. With Bitcoin and Ethereum being the center of attraction, the tokens will continue to fight for the top slot. It will be interesting to see how the growing competition between Bitcoin and Ethereum affects the overall industry in these challenging circumstances.

 

India To Regulate Crypto and not Ban it, says Cabinet Document

It’s indeed a happy day indeed for all the Indian crypto fans who had lost all their hopes after the news of a ‘Suspected Ban on Crypto’ was made public. According to the local media reports, the central government will allow crypto trading through a regulated framework in the country. The authorities are in no mood to put a complete ban on cryptocurrencies that have now become a major part of the global financial system.

The news has come as a relief for thousands of crypto holders who feared the risk of losing their money post the imposition of the proposed ban on all private crypto projects. Foreseeing the anticipated future risks, Indian investors resorted to panic selling on local crypto exchanges like WazirX. The lack of clarity on the terms of the bill from the government created unrest in the Indian crypto industry. People felt confused about the status of crypto trading in the country.

However, the recent report by the Indian news portal NDTV on December 2 has brought smiles back to the faces of crypto fans. The platform based its news on the facts written on a cabinet note circulating in the government cluster. NDTV reporter Sunil Prabhu affirmed that the note cited various suggestions for regulating cryptocurrencies as assets falling under the supervision of the Securities Board of India or SEBI.

As per the announcement, investors will be asked to declare their holdings within a pre-decided time frame to the concerned authorities. They would have to then shift their assets to exchanges managed by SEBI. This reflects that there is a high probability of a ban on private wallets. The steps taken by the government will help to control money laundering and terror financing. The government is likely to put its plan of launching a CBDC with the Reserve Bank of India on halt so as to shift its focus completely towards cryptocurrencies. The report clearly mentioned that the government has no plans to accept crypto as a legal tender as also said by the Prime Minister, Narendra Modi.

The reports from the NDTV channel are hailed by a huge section of crypto investors in the country. The government is likely to work on a CBDC project with RBI in the near future. The rise of cryptocurrencies on a global scale has urged developing countries like India to adapt to the changing scenarios with proper planning and strategy.