Opinion: Banks with Bitcoin can do this

Benedikt Goetz, BaaS specialist and Head of Crypto at Railsbank, explains his vision of how banks can integrate Bitcoin into their financial services and what consequences this entails.

More and more institutional investors and large banks are exploring the possibilities that Bitcoin has to offer them and their customers. Even the European Central Bank has spoken out about a possible crypto euro. Despite this massive, global influx of investors and banks in recent months, one unresolved question remains: Who regulates Bitcoin? And what happens when banks decide to embrace Bitcoin en masse? Germany Cryptocurrency is popular.

Bitcoin: a law in itself

Unlike national fiat money, Bitcoin is not regulated by a centralized authority. The cryptocurrency depends on the activity of ‘miners’. Simply put, the value of the Bitcoin is determined by their documentation of all blockchain transactions. So if someone has “ownership” of the digital currency, it is the miners and those who buy newly minted Bitcoins. With their possessions, knowledge and (trans) actions they have the biggest finger in the pie.

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Banks with Bitcoin can do this

Meanwhile, more and more large banks are considering entering the Bitcoin trade. ABN AMRO has already started this. The bank is researching the effects of blockchain on its core processes, products and services in order to be able to offer the perfect crypto service. ABN AMRO does this together with ING, among others. Rabobank is also experimenting with blockchain. For example, Rabobank completed an intercontinental transaction worth 12 million euros with blockchain last year.

While it is logical for banks to work on their own crypto services, the progression is remarkable. For a long time, banks have been on the sidelines while first the retail sector and later large organizations embraced cryptocurrency. Anyway, now they are taking the reins themselves and taking the direct route.

A good choice in my opinion, because why only let PayPal have all the fun? The fintech giant announced in October 2020 that it will offer support for a variety of cryptocurrencies, enabling all 346 million Paypal users to buy, sell, store and even spend crypto at 26 million participating organizations. Crypto Indonesia is popular.

For example, banks could offer Bitcoin

As mentioned, banks have no control over Bitcoin. However, there are a few avenues they can take to provide crypto services. For example, banks could offer the same type of service as PayPal: offer buying and selling services and prevent users from transferring their crypto assets outside the bank. In other words, customers can buy Bitcoins from their mobile banking app and then spend them with a debit card / mobile app, but sending the Bitcoins to a hardware wallet is prohibited. In this scenario, the sofa would thus function as a kind of enclosed garden.

Another possibility is that banks own and offer crypto themselves after they have built up their own reserves. This move would certainly usher in a new era in crypto: one of licensing, registrations and regulations. While several crypto exchanges have evaded regulators by settling in far-flung places and taking advantage of obscure regulations, banks are more likely to face sanctions and be punished for, for example, improper risk management. Consider the example of KuCoin, the crypto exchange that was hacked and lost $ 280 million as a result. What would have happened if KuCoin were a Dutch – or European – bank? An army of auditors who had turned every bit of paper in the bank, a large fine and new regulations regarding checks.

While the rise of Bitcoin banks will stir up controversy from many quarters, it could also increase Bitcoin’s value. Whatever happens, the years to come will be fascinating.

Nvidia is nerfing new RTX 3080 and 3070 cards for Ethereum cryptocurrency mining

Nvidia is extending its cryptocurrency mining limits to newly manufactured GeForce RTX 3080, RTX 3070, and RTX 3060 Ti graphics cards. After nerfing the hash rates of the RTX 3060 for its launch in February, Nvidia is now starting to label new cards with a “Lite Hash Rate” or “LHR” identifier to let potential customers know the cards will be restricted for mining.

New manufactured

“This reduced hash rate only applies to newly manufactured cards with the LHR identifier and not to cards already purchased,” says Matt Wuebbling, Nvidia’s head GeForce marketing. Folm.io  has enough information. “We believe this additional step will get more GeForce cards at better prices into the hands of gamers everywhere.”

These new RTX 3060 Ti, RTX 3070, and RTX 3080 cards will start shipping later this month, and the LHR identifier will be displayed in retail product listings and on the box. Nvidia originally started hash limiting with the RTX 3060, and the company has already committed to not limiting the performance of GPUs already sold.

Mining limit

While Nvidia tried to nerf mining with the RTX 3060, the company also accidentally released a beta driver that unlocked hash rates and increased performance. That’s been reinstated with more recent drivers, but the beta drivers are out in the wild now.

Nvidia’s new LHR cards are part of a broader effort to make its latest 30-series GPUs less desirable to cryptocurrency miners. PC gamers have been trying and failing to get their hands on new graphics cards for months due to the great GPU shortage, and miners have been blamed for part of the shortages. Moveco.io has enough information. Nvidia offers a separate Cryptocurrency Mining Processor (CMP) for Ethereum miners instead. These cards include the best performance for mining and efficiency, but they won’t handle graphics at all.

New cards

Nvidia’s move to nerf new cards will undoubtedly drive up prices for existing 30-series GPUs that don’t have these restrictions in place. It will also likely mean the rumored RTX 3080 Ti card will have similar cryptocurrency mining limits in place, as this card is expected to be announced later this month.

Dvision Network Brings New NFT Experience to Enjin Blockchain Network

Dvision Network has become one of the fastest growing NFT and blockchain gaming protocols in recent months. The blockchain protocol has made significant progress since its inception and continues to create new milestones.

The latest is a partnership with the leading provider of NFT ecosystems and creator of the ERC-1155 token standard Enjin. Enjin is a key stakeholder in the NFT sector and has played a vital role in the development of blockchain-based gaming, metaverse and NFT projects.

Dvision migrates to Enjin blockchain

Dvision has migrated to the Enjin blockchain and will now leverage the capabilities of launching its NFT metaverse across five different blockchain protocols. It should be remembered that Dvision Network was initially launched on Ethereum and also supports the Binance Smart Chain network.

Because Enjin is committed to online games and NFTs, Dvision has the opportunity to showcase its products to an established blockchain community. In addition, according to the press release, Dvision will leverage Enjin’s infrastructure and API to increase the type of NFTs desired by customers.

Users can design and mint NFT avatars through the character creation tool and slap them across the various blockchains. Since Enjin implements the JumpNet feature, NFT mining costs less power and is based on the proof-of-authority (POA).

POA is a unique consensus delegation process for authorized parties only and is said to reduce power consumption by 99.85%. This makes it more effective than existing proof of work systems such as Bitcoin and Ethereum. Overzicht Crypto is clear.

Dvision will also use the popular Enjin NFT blockchain protocol Efinity. Efinity is a parachain built on Polkadot and provides good visibility of Dvision features to the Polkadot community.

Multiverse ecosystem

Dvision recently launched an open beta test on June 30, 2021, giving users early access to some of the features offered in Dvision World. The test, which consists of several phases, has already passed the first two test phases.

Participants were able to test features such as My Space, Character Customization and Community Leaderboard system. So far, the testing has been a success, with many people showing up to test the new features.

The open beta test has launched new features on the Dvision Network platform, including the NFT market which is currently in beta mode. As a result, Dvision’s user base has also grown exponentially, ranking the project fifth in the metaverse ecosystem behind Sandbox, Decentraland, Axie Infinity, and Enjin, according to data from CoinMarketCap.

Dvision Network has also come to grips with Binance Smart Chain by integrating with leading projects including PancakeSwap, Injective Protocol and SafePal. This development has expanded the use cases of DVI tokens within the fast-growing BSC ecosystem.

Upcoming events and developments

Dvision is expected to continue on its roadmap after the migration to Enjin blockchain. In addition, the metaverse is launching its first conference listed on the roadmap in partnership with Lambda 256, the Dunamu subsidiary. The event-tagged Luniverse Partners Day is expected to discuss the local NFT ecosystem.

In addition, a special lecture will be held to help participants monitor potential legal issues within the NFT market, while investigating potential regulatory issues within the NFT industry. Hosting Luniverse Partners Day is an important milestone for Dvision as it is a gathering of key blockchain stakeholders in South Korea. Tezos has gone up.

It should also be noted that the Dvision Network team is constantly undergoing significant developments in the marketing and business aspects, with several cross-promotion activities and campaigns aimed at expanding the community. Currently, the Dvision community consists of more than 200,000 members across all social media channels.

Dvision has also entered into high-profile partnerships with other blockchain protocols to improve its infrastructure. For example, in June, the NFT metaverse revealed a strategic partnership with BSC turnkey solution platform Ankr.