Digital assets in business activities 23293

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The introduction of cryptocurrencies encouraged business owners and individuals to preserve their capital in a decentralized currency. Instead of cash, they prefer advanced financial instruments, which are currently the basis of the new economy, as well as conducting business activities in digital rather than in paper form.

Smart contracts as a replacement for paper documents have their own algorithm, and smart contract transactions are guaranteed by a digital asset (DA), which is an information resource derivative of the right to a value and circulating in the distributed ledger in the form of a unique identifier.

In other words, a digital asset ownership confirms the ability to dispose of the right to a digitized object (any values, such as real estate, securities, shares in business, means of transport, facilities, etc.).

Digital asset: essence and components

The concept of a digital asset includes several components:
· economic – determination of properties of a unique identifier;
· legal – representation of the property of a digital asset as a derivative of the right to a value;
· information – data on digital assets recorded on digital media and structured, thus providing capability of storing, transferring, exchanging, etc.;
· value – digital representation of values of a digitized resource.

A blockchain token possessing certain properties can be a digital asset. This can be digital data in the form of a video/audio file or a set of electronic documents, e.g. folders on a PC. Thus, here appears the main difference between cryptocurrency and a DA, which is that the first is not backed by property/property rights. It should also be noted that digital assets circulate in digital environment according to the protocol, which establishes the rules and conditions of this circulation, so that they cannot be copied during transferring.

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There is another difference between a digital asset and cryptocurrency, which is that an asset as a unique identifier is more secured. This is due to the territorial (geographical) reference to the country of digitized resource registration (location, use). The concept of a digital asset and the use of such an instrument can vary significantly in different countries, since there are considerable differences in methods for assessing real assets and their accounting.

The scope of digital assets is quite wide. Thus, they can be used for:
· financial transactions without involving financial intermediaries (exchange websites) and high fees;
· preserving a value of funds, i.e. no one will ever freeze your account, since you need to have a secret key;
· investment;
· confidential transactions;
· purchasing or providing services;
· high-priced purchases (starting with exclusive cars and jewelry to works of art).

Moreover, you can buy or sell a token, with a right of a digital asset, as an intangible asset in the course of business activities of an enterprise. It is necessary to correctly determine the type of a blockchain token as different states developed their own tests and guidelines for testing them. The reason is the risk of investing in the project and the loss of substantial amounts of money if there are no legal grounds for distribution of a token.

Crypto Testing Options

There exist several testing methods that differ in a number of criteria:
· The Howey Test determines transferring or distributing of a token, as securities transaction;
· The MFSA Test determines correspondence between assets based on the DLT technology and virtual tokens, which makes it possible to regulate them under the laws of the European Union.
· The FINMA Token Classification allows classifying tokens as securities subject to their commercial sale. However, cryptocurrencies and payment services are not included in this category and remain under the anti-money laundering rules.
· The digital asset diagnosis is the Digital Asset Test developed by Simcord, which allows determining whether this token can be classified as a digital asset or not. The test is based on the 16-point scale of a blockchain token belonging to the category of digital assets.

As a result, a digital asset has become more popular than cryptocurrencies as it ensures safety of digitized tangible and intangible values. That is the ownership of a digital asset that provides more opportunities for learning new, high-tech format of the economy and business activities.

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Crypto Investing Re-invented Following BlackDragon’s New Platform Launch 9693

BlackDragon

BlackDragon, the early-stage crypto investing fundraising group, has launched its new decentralized blockchain-native Platform this (Sunday, the 9th of May 2021).

This milestone will make investing both more convenient and simpler for those seeking the highest returns for their capital. With over 1,000 community members and an average ROI of 40x in 2020, BlackDragon has enabled everyday investors to see returns previously only reserved for those with privileged access, extensive crypto networks, and the ability to put in countless hours of dedicated research.

Our newly developed platform is a crypto investors’ one-stop-shop where investors can take comfort knowing that the experienced BlackDragon team has vetted projects and conducted the appropriate due diligence.

The cohesive and beautifully designed app compiles the various projects with the key fundraising data associated with each and provides links to research, key socials, and ROI on previous projects. All the user has to do is bridge their tokens, lock them up to calculate their pro-rata percentage amount, and decide which projects they would like to invest in. Then, with the push of a button, their capital is allocated to prime early-stage projects of their choice.

Apart from sleek UX/UI design, which allows users to easily navigate and search through deals, the app’s biggest innovation is that it runs on the xDAI network, making transactions cheaper, faster, and more efficient. The mechanism allows xDAI tokens to be bridged to and from the ETH blockchain.

And this is where the BlackDragon Token comes into play. The BlackDragon Token (BDT) is an integral part of the BlackDragon investing ecosystem, as it grants access to the platform itself and is used for calculating investment allocations. The way it works is this – if you want a higher project allocation, you need to lock more xBDT.

It is important to note that xBDT tokens can be locked by users via integrated smart contracts, meaning each user gets to decide how many tokens they want to lock/unlock for a certain period. Subsequently, the tokens are locked for 6 months, stimulating stable price appreciation.

BlackDragon currently offers access to their investing services based on the following levels:

Level 0

White Dragon

250+ BD Tokens

Access to 60% of deals

Level 1

Green Dragon

1,000+ BD Tokens

Access to 90% of deals

Level 2

Yellow Dragon

5,000+ BD Tokens

Access to 95% of deals

Level 3

Black Dragon

10,000+ BD Tokens

Access to 100% of deals

If you’re considering getting into crypto investing, but have no idea where to start, or if you’re a seasoned trader and want to save time on research and gain exclusive access to preliminary deals while enjoying a premium UX/UI experience, then BlackDragon is your gateway to convenient and successful crypto gains.

Hashflow Announces $3.2M Seed Round To Bring Professional Market Makers to DeFi, Backed By Dragonfly Capital and Electric Capital 11236

Hashflow, a decentralized exchange connecting DeFi traders with top crypto market makers, has closed a seed funding round of $3.2 million from leading venture capital firms and angel investors. The round was led by Dragonfly Capital and Electric Capital, and joined by IDEO Ventures, Alameda Research, Metastable, Galaxy Digital, Unanimous Capital, and angels including Balaji Srinivasan, Kain Warwick, & Ryan Sean Adams.

Decentralized exchanges on Ethereum have seen rapid growth over the past year with over $215 billion traded on DeFi alone in Q1 2021. This growth can be credited to the popularity of Automated Market Makers (AMMs) which catalyzed DeFi’s explosive growth by offering a simple and permissionless on-chain trading experience. Hashflow builds upon this foundation laid by AMMs, by connecting DeFi traders with top crypto market makers. Using Hashflow, traders can receive price quotes directly from market markers and broadcast trades on-chain using Web3 wallets in a fully trustless manner. By replacing AMM bonding curves with professional market makers, Hashflow offers traders better prices, zero slippage, & the lowest gas costs of any decentralized exchange on Ethereum.

For market makers, Hashflow provides access to the expanding DeFi market while allowing full control over their inventory and pricing strategies. Until now, market makers have had to deploy capital in public liquidity pools, use pre-defined pricing functions, and pay heavy gas fees to change strategies on-chain. With Hashflow, market makers can use bespoke pricing strategies and bridge them on-chain using digital signatures. This gives market makers full control over their capital, and flexibility to adapt to market conditions, using strategies informed by years of experience in centralized markets.

Jon Kol, Director at Galaxy Digital, a leading cryptocurrency investment firm and market maker, commented: “Hashflow is the first project we’ve backed that seamlessly allows market makers to quote prices effectively to DeFi traders.”

Hashflow launched its closed private alpha product this week, with market makers offering price quotes to traders on Ethereum mainnet. In the coming weeks, Hashflow plans to integrate more market makers, and add additional asset pairs that dominate on-chain trading volumes. General audiences will be able to access Hashflow and trade on-chain with market makers by the end of Q2.

Sharing Economy International Invests to develop NFT Technology into ECrent to Open Up Digital Items Sharing 13277

Traditionally, when we talk about sharing economy, people would think about cars, bicycles, mobile rechargers, apartments, or may be even umbrella, toys, etc. All about sharing economy has been some solid tangible things which be shared out to the needed consumer through a rental arrangement. The sharing item will go and come back through physical transactions. But in the digital world, digital products such as digital arts, music, video games are more difficult to control and record the ownership and usage through a P2P sharing model.

As the pioneer in the sharing economy market, based on the Sharing Block engine which is the transaction engine based on blockchain technology that Sharing Economy International Inc. (OTCQB:SEII) has developed to handle the transactions of sharing items between people in ECrent today, SEII engineers and technology partners while revamping and improving the ECrent platform and applications, also decides to add NFT technology on top of the Sharing Block engine. NFT technology will allow users to share their digital products and assets to other people, either free of charge, or at a defined fee by the digital product owner.

“NFT gives a breakthrough to the sharing market which allows us not only to share our tangible items, but also any of the intangible digital items,” said Parkson Yip, SEII’s advisor on corporate development. “SEII is always looking for solutions which can improve the ways how people can share. Apart from drills, cars, bicycles, there is always a market need for the sharing of digital products, and ECrent being the platform in helping people to connect through sharing their resources, we must move fast into the digital product sharing market.”

“Blockchain technology fits very well with the development of sharing economy solutions. Its secured decentralised ledger concept can help us to develop a secure and trustful P2P sharing solution based on ECrent. With the development of NFT technology, we will be able to extend to facilitate the sharing of digital items between people as well. We can see that NFT will apply to a lot of digital items, as well other items, such as art works, which facilitate the tracing of ownership and transaction history of the items with a very trustful mechanism. While NFT is attaching directly with the products, the information would allow cross-platform support, so items can be shared through different platforms as well, as soon as we all follow the same protocol,” says Yip.

BIT Mining Limited Announces Trading of ADSs under New English Name and New Ticker Symbol 13565

BIT Mining Limited (NYSE: BTCM) (“BIT Mining Limited” or the “Company”), a leading cryptocurrency mining enterprise, formerly known as 500.com Limited (NYSE: WBAI), today announced that its American Depositary Shares (“ADSs”), each representing the right to receive ten (10) Class A ordinary shares with par value of US$0.00005 per share of the Company, began trading under the Company’s new English name, “BIT Mining Limited”, and its new ticker symbol, “BTCM”, effective at the opening of trading on the NYSE on Tuesday, April 20, 2021 (U.S. Eastern Daylight Time).

Historical trading data of the Company’s ADSs prior to April 20, 2021 may not yet be available on certain third-party websites and apps when searching for “BIT Mining Limited” and/or “BTCM”, in which case such data may temporarily be found under “500.com Limited” and/or “WBAI”.

About BIT Mining Limited

BIT Mining Limited (NYSE: BTCM) is a leading cryptocurrency mining enterprise, with a long-term strategy to create value across the cryptocurrency industry. Since announcing its entry into the industry in December 2020, the Company has: (i) purchased and deployed bitcoin mining machines with a theoretical hash rate capacity of approximately 1,031.5 PH/s; (ii) acquired three hydroelectric cryptocurrency mines with combined electric power capacity of 435MW, by purchasing a controlling stake in Loto Interactive Limited (HKEX:08198); and (iii) acquired the entire mining pool business of Bitdeer Technologies Holding Company operated under BTC.com, including the domain name and the cryptocurrency wallet of BTC.com. The Company has also entered into a definitive agreement with Bee Computing (HK) Limited, a 7-nanometer cryptocurrency mining machine manufacturer, in order to help sustain the Company’s continued growth.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, “target”, “going forward”, “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

As Digital Currencies Gain Popularity, FPA and RIA Digital Assets Council Announce Education-Focused Partnership 15839

According to the RIA Digital Assets Council, 80% of financial advisers receive questions from clients about bitcoin, but only 8% can adequately explain digital assets. As cryptocurrency becomes more mainstream, now is the time for financial planners to build competency in this asset class. To support financial planners, the Financial Planning Association® (FPA®) and RIA Digital Assets Council (RIADAC), a digital assets educational source for financial planners, announced a strategic partnership to provide education on the application of blockchain and digital assets.

“I’m pleased FPA has this opportunity to work with RIADAC to build our members’ competency in digital assets, which will allow them to augment their knowledge and better serve clients,” says Patrick D. Mahoney, FPA chief executive officer. “As the leading membership association for CERTIFIED FINANCIAL PLANNER™ professionals, we need to be on the cutting edge of supporting our members as they look to sharpen their knowledge and build their competencies. This partnership with RIADAC is consistent with that objective.”

FPA and RIADAC will provide educational programming and a wide range of content to help FPA members understand the complexities of cryptocurriencies and provide expert advice on how this transformational asset class can impact their clients’ financial plans. As an FPA partner, RIADAC’s educational content and thought leadership will be available to FPA members through a variety of channels:

  • RIA Digital Assets Council Certificate in Blockchain and Digital Assets: FPA members will receive a 50% discount when enrolling in RIADAC’s certificate program that provides financial planners practical literacy on blockchain and digital assets and introduces available options for a firm’s investment management strategy. The inaugural class debuts on Apr. 30, 2021.
  • FPA Blockchain & Digital Assets Community: FPA members will engage with dynamic guests and thought leaders from RIADAC in virtual, interactive discussions and exchange ideas with peers in the FPA Connect Blockchain & Digital Assets community.
  • Journal of Financial Planning: RIADAC will regularly contribute thought leadership content to help financial planners understand blockchain and digital assets in FPA’s flagship publication, the Journal of Financial Planning.
  • FPA Annual ConferenceRic Edelman, founder of RIADAC, will present an informative session on blockchain and digital assets at the FPA Annual Conference in Columbus, OhioSept. 22-24, 2021.

“Gaining vital knowledge about this new asset class will help financial planners attract more clients and serve them better,” said RIADAC Founder Ric Edelman. “We’re honored to be partnering with FPA to help financial planners who are committed to serving their clients’ best interests.”

Ric Edelman is known and recognized throughout financial services and his work to bring blockchain and digital assets education and awareness to the financial advisory community is commendable. I am pleased FPA members will have this opportunity to learn from Ric and his team at RIADAC,” says 2021 FPA President Skip Schweiss, CFP®, AIF®.

Over the coming months, FPA and RIADAC will explore additional educational initiatives and thought leadership programs that can benefit FPA members, their clients and the broader financial planning community.

The9 Signed Filecoin Mining Machine Purchase and Hosting Agreement to Enhance Filecoin Mining 14943

The9 Limited, an established Internet company, today announced that it signed a Filecoin mining machine purchase and hosting agreement amounting to approximately US$2 million with a Filecoin mining service provider. In February 2021, The9 signed a US$10 million framework agreement with a Filecoin mining machine vendor to purchase Filecoin mining machines. This new purchase agreement The9 just signed is with another Filecoin mining machine vendor. This new purchase will increase the effective storage mining power of The9 in the Filecoin network, especially in the current early stage of Filecoin’s rapid development trend.

At present, The9 owns an independent node on Filecoin blockchain and 8 Pebibytes of effective storage mining power in the Filecoin network. When the two agreements are fully implemented, The9 is expected to have a total of more than 80 Pebibytes of effective storage mining power in the Filecoin network.

Filecoin is an open source, distributed storage and digital payment system. Users can use the preset economic incentive mechanism to store data to ensure that files are stored and accessed reliably for a long time. Users use the Filecoin (FIL) in the system to rent hard drive space; and storage miners are responsible for providing storage space to store files and proving these files have been stored correctly.

Based on Filecoin’s technology and the expected continuous expansion of future application scenarios, as well as the recent positive price trend of Filecoin, The9 decided to increase the investment in Filecoin and the effective storage mining power in the Filecoin network, to fulfill its growth strategy in the cryptocurrency mining business.