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Nevada May Give Government Power to Tech, Crypto Firms

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  • The Nevada governor is working on legislation that would allow for opportunity zones.
  • Technology companies with a lot of land and money could apply to form governments within these zones.
  • Blockchains, LLC fits the description given in the draft legislation.

Blockchains, LLC made a big splash in 2018 at Devcon, when the tech company announced plans for a “smart city” in the desert outside Reno, Nevada.

That vision has come one step closer to fruition.

According to reporting from the Las Vegas Review-Journal, Nevada Governor Steve Sisolak is pushing a plan for “opportunity zones” that would give large tech companies the power to create their own governments. The semi-autonomous zones would be able to carry out the same functions as county governments, “including the ability to impose taxes, form school districts and justice courts and provide government services.”

The Review-Journal, citing a draft of the legislation that has not yet been sent to the Nevada Legislature, said the proposal would require companies to own 50,000 undeveloped acres of land outside a town. They’d also need $250 million in the bank and to dedicate $1 billion in spending across 10 years.

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The zones would be earmarked for “innovative technology,” including blockchains, AI, and robotics. The Governor’s Office of Economic Development would be charged with reviewing applications.

There’s at least one company that may fit that bill. In 2018, Blockchains, LLC purchased 67,000 acres in Storey County, roughly 15 minutes from Reno. The company relocated from California to its cozy 67,000-acre confines in the Tahoe Reno Industrial Center after Nevada lawmakers made overtures to attract disaffected tech companies. For example, it passed a law in 2017 “prohibiting a local government from taxing or imposing restrictions upon the use of a blockchain.”

The Tesla Gigafactory, where the electric car manufacturer makes batteries, is also located in the Tahoe Reno Industrial Center, as is a Google data center.

Governor Sisolak also seems to think Blockchains would be a good candidate to form an opportunity zone. He namechecked the firm in his January State of the State address—pointing out that welcoming policies toward tech firms could bring more jobs to the state.

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The legislation in its current form would give a technocracy in an innovation zone quite a bit of power. Though the innovation zone would initially fall within the county’s purview, it would then become independently run by a three-member supervisory board. According to the Review-Journal, the company would have influence over board seats.

Not everyone is thrilled by the idea. Storey County Commissioner Lance Gilman, who helped broker the sale of the land to Blockchains, told the Review-Journal, “We’re going to want to know that Storey County gets the benefit of the bargain.”

Though it’s a provocative concept in the United States, other countries have used similar concepts. Honduras, for instance, has Zones for Employment and Economic Development, which allows corporations to set up semi-autonomous areas.

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Blockchains, LLC hasn’t just been purchasing land to get a smart city off the ground. It’s also been purchasing companies. Since its move to Nevada, it’s acquired both Germany-based slock.it, the company founded by The DAO programmer Christoph Jentzsch, and digital ID company Cambridge Blockchain.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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