We would like to inform our readers about a consumer alert issued by the Irish Central Bank in relation to Initial Coin Offerings (aka Token Sales aka ICOs) which have become one of the major uses of cryptocurrencies in the last year, especially ERC-20 tokens on the Ethereum Blockchain. These are used by a number of companies to raise funds for projects, of varying quality, and for which a number may turn into scams or vapourware, while others may help get some pretty complex platforms developed. TLDR, be careful and do your research before investing anything in these, and don’t Source: https://bitcoinsinireland.com/irish-central-bank-issues-alert-about-initial-coin-offerings-icos/
New in Chainlink: More DeFi Price Feeds, Gitcoin Support, Novel Integrations, & More
Follow decentralized oracle project Chainlink even casually? Then you know its builders and community move fast and stay busy, so keeping up with all the happenings around the Chainlink ecosystem is no small feat.
No worries, though: in today’s post we’ll catch you right up by breaking down Chainlink’s biggest highlights from the past two weeks. First up, let’s talk the project’s bread and butter, i.e. price feeds.
New Price Feeds
Chainlink’s oracles help smarten up on-chain smart contracts by serving as reliable bridges by which they can access off-chain data. The most dominant of Chainlink’s “bridges” today are its price feeds, which serve decentralized finance (DeFi) apps with accurate, real-time price info.
Accordingly, Chainlink’s growing ranks of price feeds have already proven extremely useful around DeFi, and the project’s adding more feeds all the while. Recent significant additions include:
Aave’s LEND, yEarn’s YFI, and Ethereum’s rising tokenized bitcoin projects are some of the most popular tokens in Ethereum’s DeFi sector, so these new Chainlink price feeds will surely see no shortage of use in the months ahead and beyond.
New L1 & L2 Integrations
Ultimately, Chainlink is blockchain agnostic. It’s rise has largely been built atop Ethereum, but it’s capable of providing decentralized oracle networks for layer-one smart contract platforms in general. Chainlink’s recent advances in L1 integrations include work with projects like Blockstack and Reef.
Indeed, on Wednesday, September 30th, decentralized apps network project Blockstack announced it was working with the Chainlink team to “integrate Chainlink as the preferred oracle solution” for Blockstack’s Clarity smart contract language.
“Given our familiarity with and knowledge of Chainlink’s impressive team and technology, we are confident that this partnership and resulting Chainlink oracles will advance our shared ecosystem,” Blockstack co-founder Muneeb Ali said on the news.
Moreover, Reef, a cross-chain smart asset management platform built on Polkadot, also just revealed it was integrating Chainlink’s price feeds to access DeFi pricings “denominated in both ETH and DOT.”
The decentralized oracle project has also been involved with notable layer-two scaling forays lately. For example, synthetic assets protocol Synthetix, which relies on Chainlink’s oracles, is now live on the L2 Optimistic Ethereum Testnet. Additionally, L2 scaling platform Matic Network is presently working on integrating Chainlink’s tech into its mainnet.
More Gaming Integrations
Beyond Chainlink’s flagship oracle tech, the Chainlink VRF solution — which helps products generate verifiably random results on-chain — has become a hit in the blossoming blockchain gaming arena.
Just this week, Aave’s up-and-coming Aavegotchi NFT game project announced its mechanics would “make full use of Chainlink VRF,” adding:
“Each Aavegotchi summoned needs to be randomly generated with a massive variety of intrinsic qualities, including visual traits, wearables, and collaterals. These unique Aavegotchi are then able to again engage Chainlink VRF for many of our mini-games and AavegotchiDAO experiences.”
Another NFT gaming project that’s going all-in on Chainlink is Planetarium, which revealed on Tuesday, September 29th, that it was integrating Chainlink’s tech to “power cross-game Metaverse communication, in-game commodity pricing, and secure trading of in-game items.”
Gitcoin Grants is a respected ecosystem project that provides matching funds (therefore boosting grassroots donations) to open-source projects building around Ethereum. And now Chainlink’s pitching in to help the funding.
That’s per an announcement last week that the project would be providing an influx of funding to help support the ongoing Gitcoin Grants 7 campaign.
Earlier this month, Chainlink also revealed it was giving a grant to blockchain infrastructure project SimplyVC. The purpose of the funding is to help the firm “build its PANIC monitoring and alerting system for the Chainlink Network so it can be leveraged by Chainlink Nodes.”
Grammy-Winning DJ RAC Launches $RAC Community Token on Ethereum
Ethereum’s culture scene has boomed in 2020 thanks to an explosion of activity around NFT art, social money, and beyond. Some major mainstream creators have been paying attention accordingly.
No one fits that bill better than award-winning musician and producer André Allen Anjos, whose stage name is RAC. In recent months, RAC’s participated in all kinds of projects around the Ethereum ecosystem and even released an innovative $TAPE offering therein.
As such, RAC knows the insides of the mainstream music industry as well as anyone, yet he’s also a crypto-native DeFi user that’s well acquainted with Ethereum’s new avenues for empowering artists. Now, the acclaimed DJ is putting that knowledge to good use via the $RAC token.
On October 1st, RAC announced $RAC, a community token to be powered by Ethereum-based, limited-edition goods marketplace Zora.
The idea with the project is to create a new avenue for RAC to capture the value of his creativity while simultaneously empowering his supporters, the artist explained:
“I’ve been fascinated with crypto for years and its applications beyond currencies, and believe that it can create a new paradigm for creative ownership directly between artists and their communities. This new paradigm is what I want to pursue with $RAC and I want to put it in the hands of my existing fans and community.”
That said, the core vision for $RAC includes:
- Rewarding loyal fans who help build the RAC ecosystem
- A tokenized community, e.g. a private Discord, with unlockable perks and content
- $RAC only being earnable, not purchasable
- Usable for RAC merch discounts
- Being spendable for tokenized ad space on RAC’s Twitch account
“Crypto enables communities to capture the value they create instead of being monetized by pre-existing platforms and $RAC is an active experiment pushing the envelope on these primitives,” RAC said.
Out of the gate, 10 million $RAC have been created. The “vast majority” of these will be distributed to fans in the years ahead, but there’s already a roadmap for how the tokens will be distributed to early stakeholders.
Among these plans, 200,000 $RAC will be retroactively rewarded to RAC’s current +150 Patreon supporters, while another 150,000 will be given to the artist’s Twitch supporters. 25,000 has been set aside for RAC’s +1,500 Bandcamp supporters, and 25,000 is slotted for +200 past RAC merch buyers. In the future, RAC is planning to distribute 50,000 RAC per month to Patreon subscribers, and a further 100,000 has been set aside for every redeemer of $TAPE tokens on Zora.
Back in the spring, RAC launched $TAPE, a token redeemable for a limited-edition cassette tape of his album BOY, via Zora. As there were only 100 copies of the cassette created, there will only ever be 100 $TAPE tokens.
“This [model] enables André to realize the true value of his work, and share in the success of the BOY cassette tape with his community,” Zora said at the time.
Fast forward to this week, and $TAPE redemptions started on October 1st. This means holders can henceforth redeem 1 $TAPE for 1 BOY cassette. If any holders choose to do so, they’ll automatically earn a claim on 100,000 $RAC per the artist’s new token distribution plans. That’s a lot of upside for collectors if the $RAC price ever significantly rises.
Expect Such Experiments to Continue
RAC may be the first major artist to embrace a community token project so directly, but he definitely won’t be the last. Not with the way the winds of culture and creative empowerment are blowing around Ethereum lately.
If anything, RAC’s new token will only serve as a catalyst for bringing the attention of artists both big and small to the cryptoeconomy’s novel possibilities.
Leader That Allowed Scams: TRON’s Justin Sun Responds to Claims by Ex-Employees
Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.
Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.
Claim: Megalomaniac Leader; Response: True Libertarian
In the supposedly expose piece, author
Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.
I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.
The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.
Claim: Freedom Suppressor; Response: Upholder Of Human Rights, Individual Values
Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.
According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.
To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.
diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.
Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.
Claim: Suppressed Criticism, Allowed Scams; Response: No Control Over Protocol Functioning
The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.
This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.
Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.
The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.
Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.
…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.
Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.
Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.
BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.
Featured image courtesy of QZ.com
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