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Crypto News

MiamiCoin Going Mainstream

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“MiamiCoin (MIA), the cryptocurrency created by private actors to benefit the 44th-largest U.S. city, may have a better shot at everyday use than bitcoin, Mayor Francis Suarez said Thursday.

In an appearance on CoinDesk TV’s “First Mover,” Suarez, who is working to attract crypto businesses to Miami, claimed MIA has “been mainstreaming significantly faster than bitcoin,” even though you can’t yet buy anything with the token.

He noted that the coin is trading for pennies, which Suarez suggested may make holders more willing to spend it than bitcoin, which changed hands Thursday afternoon at $44,639.18.

“What’s interesting about bitcoin is that its use case has essentially been a store of value, and the question is, does MiamiCoin remain a store of value … or does it have a different use case?” Suarez said. “We feel that if MiamiCoin metamorphoses into a currency … there exists a possibility that it could have wide use and applicability.”

MIA runs on the Stacks protocol, which in turn runs on top of the Bitcoin network. People can “mine” MIA by sending STX, the native token of Stacks, to a smart contract, which forwards 30% of those contributions to a wallet reserved for the city. Last month, the city voted to accept those funds, now worth $7 million. Suarez said Thursday the project is generating over $2,000 every 10 minutes for the municipality.

MIA has jumped more than 10 times in value since its August debut, to around 4 cents, which Suarez said shows how “exciting Miami is in the crypto world.” Regarding concerns of a potential crash of the token, the mayor reiterated that the city “bears no liability whatsoever for people’s investment decisions.”

“There’s absolutely no reason to believe that it wouldn’t be volatile based on the way bitcoin has performed,” he cautioned.” Coin Desk

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto News

Decentralized search engine becomes default option on European Android devices

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“Presearch is backed by a community of node operators who process user search requests and earn rewards through the Ethereum-based PRE token. 

Beginning Sept. 1, decentralized search engine Presearch will be listed as a default option on all new and factory-reset devices sold in the United Kingdom and Europe, a move that could erode Google’s dominance in the search engine market. 

The decision by Google to list Presearch as a default browser option follows a protracted legal battle with the European Commission over accusations that the technology company used Android to solidify its search engine dominance. In 2018, the European Commission’s antitrust regulator fined Google a record 4.24 billion euros for unfairly limiting competition on smartphone operating systems. In 2019, Google said it will allow search engine rivals to compete for free on Android devices.

Presearch’s private, decentralized search engine option will now be listed on Android devices alongside several other eligible search engines across Europe. Although the search engines will be listed randomly, Presearch may appear differently depending on the user’s location. Regardless of location or device, Presearch can be accessed on desktop or smartphone by downloading the app via Google Play or the App Store. 

Presearch processes more than 1 million searches per day across more than 2.3 million registered users. The company said daily searches have increased more than 300% since January 2021. All search engine requests are processed by Presearch node operators, who earn rewards through Ethereum-based PRE tokens. 

PRE tokens are listed on CoinMarketCap and currently trade for less than 5 cents. The project has a total market capitalization of nearly $17 million. ” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Categories
Crypto News

Enjin Ecosystem Vlog Ep2

“earn more about the powerful Paratoken Standard that will enable cross-chain NFTs in Episode 2 of our Ecosystem Update video series.

What is a token standard?

Our Co-founder & CTO Witek Radomski is the force behind the ERC-1155 token standard, having created it back in 2018. 

ERC-1155 is a token standard for Ethereum. So… what does that mean? 

Let’s say you want to create something on Ethereum, whether a new cryptocurrency or an NFT. You’d probably want apps, wallets, and smart contracts to recognize your tokens, right?

That’s what token standards are for; they’re basically a set of rules for creating smart contracts that power cryptocurrencies and NFTs, so that they can be used in as many wallets, marketplaces, and other apps as possible. 

Cryptocurrency tokens built on Ethereum (like Enjin Coin) follow the ERC-20 standard. On the other hand, NFTs use the ERC-721 and ERC-1155 standards. While ERC-721 is a legacy standard made for one-off NFTs, ERC-1155 takes things a lot further. 

For example, with ERC-1155, you can group NFTs and fungible tokens in the same contract, creating different types of tokens and adding functionality around them.

Some of the cool features of ERC-1155 are not only cheaper transactions (saving up to 90% on gas fees when minting!), but any block explorer gets a ton of info about what exactly happened with your tokens, whether they were minted, burned, or anything else.”Enjin.io

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.