#wazirx problem today

[assetfinx]

Web 3.0: Know The Pros Of New Technology

Web 3 has led to numerous innovations and a number of real-world problem-solving solutions. However, their true potential cannot be realised until the new technology is fully integrated into the web infrastructure.

Says Dileep Seinberg, founder and CEO of MuffinPay, a crypto fintech platform, “We are now entering the third era of the internet, also used in the tech buzzword web 3. This is primarily possible because of its decentralised nature, community-driven aspect, and data ownership by people instead of a few companies. It will combine four technologies: IoT (Internet of things), artificial intelligence/machine learning, data science and blockchain, and 5G telecom capabilities.”

Web 3 Adoption In India

India has been one of the early proponents of Web3 technology. It was also ranked first in terms of global crypto adoption, according to a survey conducted by Finder, a global research platform, in July 2022. Additionally, according to the Cryptotech Industry in India 2021 report by NASSCOM and WazirX, India is home to more than 230 Web 3 start-ups already.

“India has been a frontrunner in IT & Software, and right now, global investors are investing huge capital in Indian-made crypto and blockchain ventures. I believe India will be a significant player in building the future of the Internet though some caution on the policy side will be required. Web3 in India can simultaneously flourish with the right people (founders), investments and the policy,” says Seinberg.

But the new technology comes with its pros

Pros Of Web 3.0

Faster And Fairer: As more people invest in cryptocurrency, they would want to use it for the full range of transactions that fiat currently allows, such as lending and borrowing, investing in assets, and making payments.

In June 2022, Chainanalysis, a blockchain data firm, released The Chainalysis State of Web 3 report which mentioned that web 3 will enable faster and more convenient transactions. For instance, in today's world, borrowers must go through a time-consuming mortgage application process that heavily relies on human judgement. In a web 3 world, this process becomes faster and fairer. Borrowers can simply link their wallets and an algorithm could instantly give them a “yes or no” based solely on their financial profile and transaction history as represented on a blockchain.

Direct Relationship Between Sellers And Customers: Web 3 technology can also eliminate middlemen, allowing sellers and customers to interact directly. For example, consumers can now easily connect with artists or creators via social media platforms.

NFTs are already enabling much of this, largely in static digital art, but the arrangement could easily be replicated in music, films, and other mediums.

Decentralisation: Web 3 has the potential to decentralise the business world by allowing community ownership of companies as opposed to the current norm of hierarchical corporate control. We see this happening now with decentralised autonomous organisations also known as DAOs, where all buyers have a stake in decision-making.

Kavya Prasad, founder of Lumos Labs, an innovation management firm, says, “The decentralised structure is the staple of Web 3 technology. It allows users, innovators, and others exploring the space to avoid middlemen, red tape, tedious documentation, and other administrative processes. It also allows for direct channels of communication, learning, earning, and even governance. It is steadily moving towards the DAO infrastructure where the users of the community hold the governing power in terms of voting rights, decision-making power, etc, for the web 3 firm.”

Source: Outlookindia

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[thepause]

WazirX Faces Government Heat | The Daily Forkast

WazirX Faces Government Heat | The Daily Forkast

Malaysian police nab members and machines of a Bitcoin mining syndicate. India’s WazirX is being investigated over crypto transactions amounting to over US$380 million. More on those stories and other news shaping the cryptocurrency and blockchain world in this episode of "The Daily Forkast." #cryptocurrency #digitalfinance #finance #bitcoin #crypto Subscribe to CoinDesk on…

[insperonjournal]

Shortfalls Faced By Crypto Industry Due to Fall in its Price.

The young generation is always keen to use advanced technologies. The digital world is specially dear to young people. But, today after investing money in the block chain, people find themselves in deep trouble as they do not know how to recover the money. Today, this is more because the crypto economy is not doing well and cryptocurrency is almost an everyday   fintech news in India. The block chain system is going into a slump and the crypto currency values are lower every day.

Crypto in India

Now, many investors are smart enough and they do not invest in Indian crypto but invest in the worldwide crypto exchanges. This way they evade paying the TDS. However, Indians have always been curious about crypto currency. The doubt became more profound when the crypto world showed signs of the up and down in the market every day that affected businesses heavily. Plus, the Indian government is making step-by-step scrutiny of crypto exchanges and investments in India. RBI in India has strict rules and regulations that check transactions in the crypto world.

RBI of India does not believe in native crypto currencies because there are many fraud crypt currencies that are doing rounds in the block chain. Today, there are more than twenty thousand crypto currencies that are circulated in the block chain. But the vigilance in the block chain system is weak. Many times governments have found loopholes and money laundering cases via crypto.

Types Of Crypto currency Tokens

In the fintech news worldwide, the most common cryptocurrency is bitcoin and ether. These are the native cryptocurrencies. The others are different types of the crypto tokens like utility tokens that provide for payment of services, governance tokens for management and governance, safety tokens and reward tokens, and also non-fungible tokens called NFT for digital certificates of assets. There are also stablecoins like Tether which is backed by fiat currencies.

Banks In India And Cryptocurrency

Because the RBI in India is so skeptical about crypto, the banks in India have tight scrutiny on crypto exchanges. Plus in India, the sale of cryptocurrencies is taxed at the rate of 30% and traders pay extra 1% TDS for crypto transactions.

However, this is also true that rules and regulations for crypto are flouted many times in the blockchain system. The CGST authorities in India have recovered in March 2022 large sums of crypto exchange values (almost amounted to Rupees 81.54 crores in GST) that have been taxed and that the crypto traders had evaded from paying. The new regulation and amendment list for cryptocurrency rules are compiled in Cryptocurrency And Regulation of Official Digital Forex Invoice 2021 which was scheduled for a presentation in the parliament in December 2021.

The WazirX cryptocurrency cases

Now, there are many companies that went through problematic cases. Like the WazirX cryptocurrency problem. In March 2022, CGST had recovered Rupees 95.86 crores from eleven crypto traders. CGST said that the crypto traders had evaded Rupees 81.54 crores in GST. Again in August 2022 ED department froze Rupees 64.67 crores of money from Zanmai Labs Pvt. Ltd.

India And Cryptocurrency

The Supreme Courtroom lawyer, N.S.Nappinai said that stakeholders today oppose any type of government rules and regulations. This attitude of the stakeholders should be changed. But, the claims of the stakeholders are different. The stakeholders, on contrary, think that India has strict financial rules that make investments difficult, especially in the blockchain system.

The Flexible Character Of Cryptocurrency

Cryptocurrency is a decentralized system. Many cryptocurrency companies have faced shutdowns as different fintech news sources have claimed. The transactions in the blockchain world are safe but still, investors look towards blockchain with doubt. As a result, the investment in blockchain is shrinking recently. When the cryptocurrency was first introduced it became very popular. But, with the changing value of cryptocurrencies, crypto investors are now not sure how to recover their money. Many companies have also become bankrupt after investing in the blockchain.

[bitcofun]

Binance CEO CZ has actually made an unexpected Twitter statement, specifying that the WazirX-Binance deal was never ever total. CZ even more included that Binance does not own any equity in Zanmai Labs, the entity that runs WazirX Binance's CEO Changpeng Zhao has actually made unexpected statements relating to the Indian crypto exchange WazirX. While a number of media homes have actually been describing WazirX as an entity owned by Binance, CZ has actually provided information through Twitter on how the Binance-WazirX deal never ever went through pointing out "problems that can not be quickly revealed." Earlier today, Indian crypto exchange WazirX checking account were robbed by the Enforcement Directorate of India for supposed infraction of the Foreign Exchange Management Act. Binance Does Not Own Any Shares In Zanmai Labs, The Entity That Owns WazirX: CZ The current WazirX frozen fund debate has actually forced Binance's CEO to release particular information. In a detailed Twitter thread, Binance's CEO clarified worrying several media homes that have actually been describing Indian crypto exchange WazirX as an entity gotten and owned by Binance. Zhao even more competed that Binance does not own any equity in Zanmai Labs, whom he described as the genuine owner and operator of WazirX. Quick thread on Binance and WazirX, and some inaccurate reporting. Binance does not own any equity in Zanmai Labs, the entity operating WazirX and developed by the initial creators. 1/4-- CZ Binance (@cz_binance) August 5, 2022 He even more admitted how the exchange had actually previously released a blog site on its site revealing that it had actually obtained WazirX. Neglecting the contents of the blog site in the future, CZ stated how the Binance-WazirX deal never ever went through or in easier terms, was never ever finished in the long run. In addition to this, Zhao likewise clarified that Binance does not own any shares of Zanmai Labs, the company that runs WazirX individually. 2/ On 21 Nov 2019, Binance released a post that it had actually "obtained" WazirX. This deal was never ever finished. Binance has never ever-- at any point-- owned any shares of Zanmai Labs, the entity operating WazirX.-- CZ Binance (@cz_binance) August 5, 2022 Earlier today, WazirX crypto exchange was robbed by ED authorities in India who had actually supposedly implicated the company of breaching the Foreign Exchange Management Act. The ED licensed workers had actually supposedly browsed the properties of Zanmai Labs, a business that runs WazirX as mentioned by CZ. Per the current reports, almost $8 million worth of WazirX funds were frozen by Indian authorities. As far as the Binance-WazirX relationship is worried, Zhao detailed how Binance had actually offered restricted crypto services to WazirX in the kind of wallet services as a tech option. 3/ Binance just offers wallet services for WazirX as a tech service. There is likewise combination utilizing off-chain tx, to minimize network costs. WazirX is accountable all other elements of the WazirX exchange, consisting of user sign-up, KYC, trading and starting withdrawals.-- CZ Binance (@cz_binance) August 5, 2022 In reaction to the concern of why Binance did not go through with the WazirX acquisition, Zhao responded that the acquisition was met a couple of" concerns which are challenging to reveal." We have actually been attempting to conclude the offer for the previous couple of years, however it hasn't. "a couple of" concerns. Hard to reveal.-- CZ Binance (@cz_binance) August 5, 2022 The crypto discovery made by CZ today came as a surprise to a number of crypto lovers, who had actually formerly thought about WazirX as an entity owned and handled specifically by Binance. Several users were left perplexed with the news, because there have actually been circumstances where CZ had actually shared tweets that described WazirX being owned by Binance. " Binance-owned Indian crypto exchange WazirX

crosses $200 m in day-to-day trading volume; eyes $1b in 2021-- The Financial Express https://t.co/t3GD7UwvYt-- CZ Binance (@cz_binance) April 5, 2021 Numerous Twitter users revealed their hesitation in reaction to the news, including that CZ must describe why a deceptive blog site stating the Binance-WazirX acquisition was released in the very first location when the deal was never ever validated. A post stating Binance has actually aquired wazirX must be published after the deals are total, not previously. Or the post must state Binance is preparing to aquire wazirX. This is total deceptive of your users who bought wazirX-- Zombiemode (@cryptcindian) August 5, 2022 Read More

[bowsetter]

Indian Supreme Court Gives Government Two Weeks to Submit Cryptocurrency Report

India’s supreme court has brought up the case against the cryptocurrency banking ban by the Reserve Bank of India after one-and-a-half months of delay. The court has reportedly asked the government to submit a report of the findings from the committee it had set up to understand the crypto space and recommend regulatory measures.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Supreme Court Hearing

The Supreme Court of India originally planned to hear the petitions against the cryptocurrency banking ban imposed by the country’s central bank, the Reserve Bank of India (RBI), on Sept. 11. After repeatedly postponing the case, the court finally brought it up on Thursday, Oct. 25.

“The matter came up for hearing today briefly. So some progress in the case finally,” Nischal Shetty, the CEO of Indian crypto exchange Wazirx, told news.Bitcoin.com. He described:

Supreme court has asked govt. to file an affidavit related to the findings of the crypto committee set up by them. They’re supposed to submit this within 2 weeks.

He elaborated, “The government of India had set up a crypto committee previously to understand this space. The supreme court has asked the government to submit the committee report.”

“We don’t know what the committee report contains as of now,” Shetty continued, adding that either the government will submit the report in court for all to see or they will “just inform the court about what they will be doing for crypto in India.”

“So regardless, what we can expect is much more clarity about crypto from a government point of view. That’s a good step forward,” he concluded.

The head of the committee, Subhash Chandra Garg, had previously said that the crypto guidelines would be ready in September. However, subsequent reports suggest that they will not be finalized before the year’s end.

Crypto India Marches On

The RBI issued its infamous circular on April 16, banning financial institutions under its control from providing services to crypto businesses. Soon after the circular was issued, a number of industry participants filed petitions against the ban, which went into effect in July. Banks subsequently closed the accounts of crypto exchanges.

A number of local exchanges have come up with their own solutions to bypass the banking ban including exchange-escrowed peer-to-peer (P2P) services. Several of them claim they are seeing rapid growth in trading volumes on their P2P platforms.

Last week, a major crypto exchange in the country, Unocoin, launched its INR deposit and withdrawal kiosk. However, police soon seized the machine and arrested two founders of the company, including the CEO.

Meanwhile, Zebpay halted its exchange activities in India due to the banking problem on Sept. 28 and proceeded to set up operations in Malta. On Oct. 18, Silvio Schembri, Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, tweeted in response to the news of Zebpay moving to his country. “Welcome to #Malta. I look forward for the 1st of November for the Maltese regulators to start accepting applications for licensing.”

What do you think of the Indian supreme court asking for the government’s crypto findings? Do you think RBI’s banking ban will be lifted soon? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Indian Supreme Court Gives Government Two Weeks to Submit Cryptocurrency Report appeared first on Bitcoin News.

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[coin-news-blog]

What Indian Crypto Exchanges Are Doing to Protect P2P Users

New Post has been published on https://coinmakers.tech/news/what-indian-crypto-exchanges-are-doing-to-protect-p2p-users

What Indian Crypto Exchanges Are Doing to Protect P2P Users

What Indian Crypto Exchanges Are Doing to Protect P2P Users

With the Supreme Court of India postponing the crypto hearing, the Indian crypto community is calling for better protection when trading on P2P platforms. Several top crypto exchanges in the country have shared their processes and policies they have implemented to protect their P2P platform users.

A Standard KYC Protocol

With the Indian supreme court postponing hearing the arguments against the banking restriction by the central bank, crypto traders in India will have to continue using peer-to-peer (P2P) trading platforms to buy and sell cryptocurrencies for INR. In addition, the government has decided not to introduce the bill to ban cryptocurrencies in the Winter session of parliament.

Since the Reserve Bank of India (RBI) banned financial institutions from providing services to anyone dealing in cryptocurrencies, a number of local crypto exchanges began offering P2P trading to their users. However, according to Indian news analysis platform Crypto Kanoon, there are problems some people are facing when using these platforms. “Many users of P2P exchanges are facing bank account seizure & FIRs,” Crypto Kanoon explained last week. “Money they received for selling crypto was sent from hacked bank accounts … Enquiry reveals that the culprits often use fake KYC docs.”

“Hackers are easily able to create accounts on your exchanges either with fake ID’s or through identity theft,” Crypto Kanoon alleged, directing questions at local crypto exchanges concerning their anti-money laundering (AML), anti-terrorism funding (ATF) and know your customer (KYC) policies. Crypto Kanoon further wrote:

Do you think that the time has arrived when all the virtual assets services providers in India need to join hands together and design a standard protocol for KYC, AML & ATF? Especially when the draft bill will take time to get introduced in Loksabha.

“Don’t you think video KYC will help in controlling this growing menace?” the exchanges were also asked. Crypto Kanoon also set up a poll on Twitter asking the community whether they think P2P exchanges need to adopt stricter KYC process. In total, 788 votes were gathered and 84% said yes.

Crypto Exchanges Respond

A number of cryptocurrency exchanges responded to Crypto Kanoon’s questions. The CEO of local crypto exchange Pocketbits, Sohail Merchant, explained that his exchange has “already deployed a customized video KYC solution since May for P2P trades.” He added, “You can be certain that the user you will be transacting with is thoroughly verified and not a scammer.” Noting that video KYC is mandatory for all INR-based transactions, he further clarified, “We do have certain other comprehensive checks to verify authenticity too.”

“For us, user safety is always number 1 priority,” Wazirx CEO Nischal Shetty emphasized, adding that his exchange has “stringent KYC processes.” Regarding the aforementioned problems, he shared:

Our data does not show this to be a large problem. Isolated cases may be. Nevertheless, we’re working on solving these isolated issues and will announce measures at the right time.

Responding to the question of establishing a standard protocol for all exchanges, Shetty agreed that it is “Definitely a good idea if everyone agrees to get together and do it,” but raised the issue of enforceability of such standards. His exchange was recently acquired by Binance.

Bitbns CEO Gaurav Dahake said his exchange would consider video KYC but for now users have to submit proof of identity, address, and a “Selfie with today’s date, Bitbns written, and signature.” He added, “we run it through a couple of checks on the images and post that a team manually verifies it.”

Coindcx CEO Sumit Gupta was adamant that his team takes security very seriously. “For KYC verification, we already have a system in place, where a user has to upload a selfie with PAN card and a list containing text (Coindcx, current date, and signature),” he explained. “At support, we verify the photo, user details, etc.”

‘Remarks’ Function Helps Avoid Bank Account Closure

Indian crypto traders are also facing the problem of banks closing their accounts if they are found to engage in any crypto activities, as news.Bitcoin.com previously reported. Banks look for clues including in the payment “remarks” box for any crypto-related keywords such as the name of crypto exchanges.

To combat this problem, Wazirx changed its payment remarks function on Sept. 25 after receiving multiple requests from its users. “This is the most wanted feature for Wazirx P2P,” the exchange wrote, adding that payment remarks are important for two key reasons. Firstly, it helps sellers confirm transactions faster, especially if they are dealing with multiple buyers. Secondly, it ensures that buyers do not enter keywords relating to cryptocurrency and get into trouble with their banks.

Source: news.bitcoin

[coin-river-blog]

Regulation

India’s supreme court has brought up the case against the cryptocurrency banking ban by the Reserve Bank of India after one-and-a-half months of delay. The court has reportedly asked the government to submit a report of the findings from the committee it had set up to understand the crypto space and recommend regulatory measures.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Supreme Court Hearing

The Supreme Court of India originally planned to hear the petitions against the cryptocurrency banking ban imposed by the country’s central bank, the Reserve Bank of India (RBI), on Sept. 11. After repeatedly postponing the case, the court finally brought it up on Thursday, Oct. 25.

“The matter came up for hearing today briefly. So some progress in the case finally,” Nischal Shetty, the CEO of Indian crypto exchange Wazirx, told news.Bitcoin.com. He described:

Supreme court has asked govt. to file an affidavit related to the findings of the crypto committee set up by them. They’re supposed to submit this within 2 weeks.

He elaborated, “The government of India had set up a crypto committee previously to understand this space. The supreme court has asked the government to submit the committee report.”

“We don’t know what the committee report contains as of now,” Shetty continued, adding that either the government will submit the report in court for all to see or they will “just inform the court about what they will be doing for crypto in India.”

“So regardless, what we can expect is much more clarity about crypto from a government point of view. That’s a good step forward,” he concluded.

The head of the committee, Subhash Chandra Garg, had previously said that the crypto guidelines would be ready in September. However, subsequent reports suggest that they will not be finalized before the year’s end.

Crypto India Marches On

The RBI issued its infamous circular on April 16, banning financial institutions under its control from providing services to crypto businesses. Soon after the circular was issued, a number of industry participants filed petitions against the ban, which went into effect in July. Banks subsequently closed the accounts of crypto exchanges.

A number of local exchanges have come up with their own solutions to bypass the banking ban including exchange-escrowed peer-to-peer (P2P) services. Several of them claim they are seeing rapid growth in trading volumes on their P2P platforms.

Last week, a major crypto exchange in the country, Unocoin, launched its INR deposit and withdrawal kiosk. However, police soon seized the machine and arrested two founders of the company, including the CEO.

Meanwhile, Zebpay halted its exchange activities in India due to the banking problem on Sept. 28 and proceeded to set up operations in Malta. On Oct. 18, Silvio Schembri, Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, tweeted in response to the news of Zebpay moving to his country. “Welcome to #Malta. I look forward for the 1st of November for the Maltese regulators to start accepting applications for licensing.”

What do you think of the Indian supreme court asking for the government’s crypto findings? Do you think RBI’s banking ban will be lifted soon? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

[cryptocoinguides]

Is This The #1 Ethereum Solution ?

While Ethereum struggles to find a layer 2 solution with the delay of Optimism’s rollups and Ethereum 2.0 nowhere near the horizon, one project is live with its own layer 2 solution using optimistic rollups with interactive dispute resolution that’s continuing to solidify itself as a top competitor. One that not only helps the scalability of Ethereum but other blockchains as well. But it’s not just about scalability as you’ll learn.

It’s about mass adoption and ease of use for developers. Find out what it is and let’s find out if I’m optimistic on it. Let’s get it! BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap will get you the very best price and value for your trades. BitSwap is changing the game.

Try it now at bitswapdex.com. Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs. My name is Ben.

Everyday on this channel, I show you how to make money in cryptocurrency.

If you like money and crypto, make sure to hit that subscribe button for your chance to win a full Bitcoin. Details down below. Today, we are going to talk about one of our favorite partner projects, Cartesi. It isn’t just a second layer scaling solution, it provides massive computational scalability and allows developers for the first time to code smart contracts with any language on mainstream software components running on a Linux OS.

Compared to other optimistic rollups like Optimism, Cartesi can provide much better computation scalability, effectively allowing for tens of thousands of heavier computational tasks, because of the interactive dispute that’s missing on solutions like Optimism.

ZK-Rollup’s team are working hard to be able to provide generic programmable environment for developers. Even when all research complexities are finally solved and implemented, ZK-Rollups will struggle with heavy computational tasks as they become a victim of off-chain computational scalability problems where Cartesi or other interactive dispute resolution solutions will exceed. Other scalability solutions like Plasma, sidechains and state channels by themselves would succumb to serious compromises in terms of both programmability and security of smart contracts.

Cartesi can provide much higher computation scalability. It effectively allows smart contracts to leverage computations that are thousands of times heavier than one supported on-chain. As Charles Hoskinson of IOHK often points out, there are only a few thousand smart contract developers in the world currently due to having to learn Solidity, which is an unfriendly coding language, fewer developing applications for blockchains because they need to learn new skills and new blockchain languages like Solidity that they just don’t yet understand.

Cartesi closes the gap with its Descartes machine. Cartesi will enable mainstream developers to use the software, tools, languages and components they’re already used to to create smart contracts in a way that will be similar to building traditional desktop or web applications for coders. This will open the doors of adoption for millions of developers in the world to start creating decentralized applications. Not only that, even those already familiar with Blockchain application development will be able to create systems that would be very hard or impossible to do without the computation scalability and the real operating system that Cartesi brings to blockchains.

Cartesi is a key piece in the puzzle creating a decentralized future. And don’t underestimate that statement. One that’s going to bridge the power of 50 years of the traditional software infrastructure with the existing blockchains and DLTs like Ethereum, Avalanche, and a blast from the past, IOTA.

With the missing puzzle piece in place, they intend to promote a massive explosion of decentralized systems built on its blockchain and using Descartes. Speaking of Descartes, Cartesi recently released its 1.1 of its Descartes SDK for developers. Without getting into the technical jargon, the SDK provides developers with important new features and technology updates according to Cartesi’s Medium.

Even if Cartesi’s scalability solution seems superior, it’s important to note that Cartesi isn’t in competition with other scalability solutions as much as you might think. In fact, Cartesi and Polygon, formerly Matic, recently partnered to build a decentralized poker app built by Cartesi and running on Polygon.

The poker app is to demonstrate and showcase how Cartesi and Matic can be combined for things that simply were not possible before. Cartesi also announced some interesting partnerships, partnering with IOTA, Travala, and integration with Binance Smart Chain and Injective Protocol. Cartesi is integrating with Injective Protocol to push mainstream developer adoption of the Injective Chain.

Cartesi and Injective will also begin a research collaboration exploring how to integrate Cartesi’s tools into the Injective ecosystem. The goal here is to allow developers to utilize existing programming tools from Linux, unlocking tremendous smart contract capabilities offered by the highly interoperable and flexible Injective Chain.

All enabled by Cartesi.

The main objective of this initiative is to enhance the programmability on the Injective Chain, giving Injective’s developers more opportunities than ever to launch new applications on top of their chain thanks to Cartesi. This can include new front end interfaces as well as new trading mechanisms for derivatives such as an AMM according to the announcement.

Cartesi has additionally now integrated with the Binance Smart Chain. Binance has also enabled deposits and withdrawals for CTSI on Binance.com as a wrapped BEP-20 token on the Binance Smart Chain. CTSI is further enabled on the Binance Bridge, which will introduce a safe, fast and secure way to bring cross-chain assets to the Binance chains in the future. If that’s not enough, Cartesi has further partnered with IOTA as discussed above.

In regards to the IOTA partnership, Cartesi states the two companies will support the research and development of new distributed ledger technologies including the IOTA Tangle, with both organizations and communities working together to expand the user base of popular decentralized finance use cases, such as automated market makers, gaming, non-fungible tokens and oracles, while seemingly strengthening IOTA’s ability to offer decentralized technologies to corporations with their technology stacks.

Cartesi’s Linux-based virtual machine, IOTA Oracles and IOTA Smart Contracts, the two groups will bring non-blockchain-based use cases and businesses into the world of decentralized finance, gaming, NFTs and industrial IoT. All that being said, Cartesi’s objective is not only about improving the scalability of smart contracts.

Cartesi provides a Linux operating system for the development of smart contracts. Running an operating system is only possible because of the huge computational scalability it allows for and the VM tech the team has developed. That is what makes Cartesi a very unique project compared to other scalability solutions and why BitBoy Crypto research team and myself feel that Cartesi will be one of the biggest winners in the scalability race and potentially one of the largest winners in this bull run. That’s exactly why we partnered with them.

I’ve said it once and I don’t want to sound like a broken record, Cartesi is the future for smart contracts and blockchain. I implore you guys to explore what these guys at Cartesi are doing. Make sure to do your own research to decide for yourself. No one else out there is involved and doing what Cartesi is. As such, we believe Cartesi is a gem kind of like finding a needle in a haystack. We’re starting to see huge partnerships made by Cartesi.

And this is only just the beginning. Cartesi recently expanded its team onboarding several new engineers to develop and scale with solution. Cartesi is also continuing to hire talented blockchain Solidity developers and backend engineers to work on its products. You can pick up a bag of Cartesi looking for the token ticker symbol CTSI on Binance, WazirX, Bilaxy, 1inch, Uniswap and Gate.

io.

But let me know what you think about this project. Are you still bullish on CTSI? Make sure to drop your comments down below so we know. Also, smash the like button if you enjoy these project-focused videos. That’s all I got. Be blessed. BitBoy out..

Read More: Best Crypto Gem in History Cartesi Hands Down

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via Is This The #1 Ethereum Solution ?