Category: Digital coin

Turkey bans bitcoin and other cryptocurrencies as a means of payment

Posted on by Charles Barnett

Purchases of cars or holidays, for example, cannot be settled with cryptocurrency in Turkey, the Turkish central bank announced on Friday. According to the regulator, bitcoins and other digital currencies cause transaction risks and irreparable damage. The price of the bitcoin immediately plunged a few percent into the minus after the news. Currencyconverters.org Crypto in Spain is popular.

The central bank said the coins should not be used as a means of payment either directly or indirectly. “Cryptocurrencies are not subject to legislation or regulatory mechanisms. Nor is there any authority to control it,” said an explanation. “In addition, it can undermine confidence in current payment methods.”

Investing in bitcoins in Turkey has become increasingly popular in recent months. This was partly because the currency of the country, the lira, has lost a lot of value. For example, the currency lost 16 percent of its value last month. By investing in digital currency, Turks want to prevent their assets from diminishing as a result of inflation. Crypto in Italy is popular.

Digital coins are becoming more and more accepted worldwide. For example, the number of companies that accept bitcoins as a means of payment is increasing; Apple, Expedia and Tesla, among others, do this. There is also an increasing number of regulations in various countries to ensure that the trade in and use of digital currencies runs smoothly.

Parachains on Kusama ready to launch on Polkadot

Posted on by Charles Barnett

Kusama is ready to roll out parachains on Polkadot’s network. This means that auctions can finally take place where companies and projects compete for one of the scarce parachains. The two chains have a special relationship: Kusama is actually a copy of Polkadot, and is considered a kind of test network where apps and parachains are tested before they go to the mainnet of Polkadot.

Polka dot version 0.9

Kusama and Polkadot creator Gavin Wood wrote in a blog post today that Polkadot is entering the fourth and final phase of its mainnet launch, deploying parachains from the Kusama network. According to Wood, the development arm behind Polkadot, Parity Technologies, released an upgrade. This is Polkadot version 0.9 and intended to integrate Kusama apps. This upgrade is ‘now finally ready to host parachains.’ XLM stellar is well known in crypto.

Yesterday, the Kusama board voted to deploy the first shell parachain (an empty parachain that produces blocks but has no other functionality) on the network. Today or tomorrow, this shell chain is expected to be upgraded to Statemine, a general-purpose parachain for deploying generic assets from fungible tokens to stablecoins, central bank digital currencies (CBDCs) and non-replaceable tokens (NFTs). If approved by the board and successfully deployed, Statemine will be the first parachain to be launched in the wider Polkadot ecosystem.

Parachains and sharding

The Relay chain is the central blockchain of the Polkadot network where all nodes are located and on which users can stake. Then you have parachains, these are parallel blockchain shards that connect to the Relay chain. The parachains are maintained by their own unique nodes, called collators and bridges. These bridges are special blockchains that allow parachains to connect to, for example, Ethereum and Bitcoin.

public loan

Wood said the launch of the parachains would come after a full external audit of the new version of Polkadot and Kusama. At least one successful public loan auction and hosting at least one functional parachain must be conducted in real life. He did not provide a specific timeline for this roadmap, but added that he expected the audit to be completed in the near future. On the Kusama website you can read that the first of five auctions will be announced a week in advance. “After Kusama’s first auctions have been successfully completed, you can expect Polkadot’s auctions to take place shortly thereafter,” Wood said. LINK chainlink is well known in crypto.

The Polkadot protocol rollout has been underway since August 2020, when the project launched its Rococo testnet to evaluate its planned sharding implementation of parachains. Kusama is ready a bit later than expected, many analysts had hoped for the first quarter of 2021. But there were reportedly problems with the stability of the Rococo testnet, for example one of the parachains was apparently stuck for more than a day.

At the time of writing, the Polkadot rate is approximately 33.50 euros. This is an increase of 2.6% compared to 24 hours ago.