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Solana (SOL)

Civic launches free tool to combat NFT-hungry bots on Solana

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Civic’s Ignite Pass aims to combat bots targeting NFT drops on the Solana network by verifying video-based selfies using artificial intelligence.

Identity verification tech firm Civic Technologies has launched a free tool to combat botting activity in Solana (SOL)-based NFT drops.

According to a Nov. 8 announcement, Civic’s new tool “Ignite Pass” will filter out bots by requiring buyers to complete a liveness verification before being approved to make NFT purchases.

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Civic’s website notes that users will be required to take a video selfie in order to verify, with an Ignite Pass then being issued to their wallet address upon completion. The pass also remains active for 24 hours to “limit the options of malicious botters verifying multiple wallets. ”

The website also outlined that “Civic does not store this video selfie,” but does not clarify if the data is deleted or stored elsewhere.

The Ignite Pass is a free version of the firm’s suite of know-your-customer (KYC) and anti-money laundering (AML) compliance tools, Civic Pass. The tools are designed for decentralized finance (DeFi) platforms, NFT marketplaces and public blockchains.

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Civic Technologies CEO Chris Hart emphasized the revolutionary capabilities that nonfungible tokens have recently unlocked for artists, lamenting the negative impact that bots are having on creators:

“Bots are more than a nuisance – they’re destroying the trust that communities have built as well as the future prospects of its creators.”

Bots gone wild

In February earlier this year, Dapper Lab’s NBA Top Shot was forced to delay the launch of a new series of Premium Packs due to high levels of botting activity on the platform.

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The following month, many users of the MoonCats NFTs were complaining that the project had become overrun by bots programmed to accumulate new cats the moment they dropped online.

In response to the botting, MoonCat developers Ponderware held a vote on whether to destroy a private key holding a collection of rare unreleased MoonCat NFTs or not, with 72% of the community voting “yes” during the 48-hour poll.

September saw TIME Magazine sell out of 4,676 NFTs in less than one minute, with Paradigm researcher Anish Agnihotri attributing the rapid sales to botting activity:

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Many folks knew the mainnet deploy in advance and were able to plan ahead to bot their transactions.

A surge in activity from bots targeting Grape Protocol’s Initial DEX Offering (IDO) also caused the Solana network to go offline for roughly 17 hours in September.

The Solana Foundation characterized the incident as a “denial of service attack,” estimating the bots had spammed the network with a transaction load of roughly 400,000 every second.

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Solana

Solana price at now-or-never moment as whales continue accumulating the altcoin

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  • Solana price has dropped by 10% over the past 24 hours, investors have continued accumulating the altcoin. 
  • Over $43 million in institutional capital flowed into Solana over the past week.
  • Sam Bankman-Fried, the co-founder of FTX, believes that another competing blockchain could disrupt Solana. 
  • Analysts argue that Solana price is likely to plunge to $169 before starting recovery to $200.

Solana price drops below $200 as crypto market capitalization drops. Analysts expect the Solana price trend to reverse with increasing capital inflow into the altcoin. 

Analysts await Solana trend reversal as whales buy the dip

Solana price dropped below $200 as billions were wiped off the total market capitalization on Black Friday. The altcoin price is currently on a downtrend, and analysts expect a trend reversal. Over the past week, over $43 million flowed into Solana from institutions. 

Whales have continued accumulating the altcoin through the dip and have a bullish outlook on Solana. 65 wallet addresses hold over a million SOL tokens, amounting to a total of $31.3 billion. Solana ownership is concentrated; therefore whale accumulation implies an upcoming price rally in the altcoin.

Sam Bankman-Fried, the co-founder of FTX, believes that Solana could outperform Ethereum. At the same time, Bankman-Fried considers the possibility of Solana getting disrupted by a competing blockchain.

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The FTX CEO commented on Solana taking over Ethereum, he said, 

It could happen. It could never happen.

An analyst at the YouTube channel “Adam Coins” is bullish on Solana. The analyst has predicted a trend reversal in SOL price in a recent video. Identifying a double bottom, the analyst expects the SOL price to make a comeback above $200 before climbing to $225, the next price target. 

Analysts expect the Solana price to remain above $200 over the weekend.

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FXStreet analysts have evaluated the SOL price trend and predicted that breaking $230, the altcoin is expected to resume a parabolic uptrend. 

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New report says each Solana network transaction takes less energy than two google searches

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  • A new report by the Solana Foundation said a single Solana transaction uses less energy than two google searches.
  • In the report, the Solana Foundation said that it will work towards ensuring that the network uses more reduced energy.

A recent report by the Solana Foundation has shown that each transaction on the Solana network uses less energy than two searches on Google. In addition, a transaction on the network utilizes about 24 times less energy than charging a phone. The Foundation recorded details of the energy use on the Solana network in a November 2021 report. The Solana Foundation said it contracted energy and climate advisor Robert Murphy to help initially “frame the environmental impact of transactions performed on the Solana global state machine.”

The report stated:

Transactions are the fundamental building blocks of Solana: Purchasing an NFT, making a trade, or other activities you can perform using Solana are all transactions.

Solana’s energy use

Stating the energy use in google searches and Solana transactions, the report revealed that a single search on google takes 1,080 Joules (J) while a single Solana transaction uses 1,836 J. In contrast, it takes about 36,000 J to power an LED light bulb for one hour. Also, 126,000 J goes into one eth2 transaction. 

The report further revealed that the entire Solana network uses an estimated 3,186,000 kWh per year. The amount of energy the whole Solana network uses annually equals the electric usage of 986 households in America.

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The Solana network is less decentralized than both Bitcoin and Ethereum, with 1,196 validator nodes, processing 20 million transactions annually. It relies on the Proof of Stake (PoS) consensus mechanism, which requires less energy compared to the Proof of Work (PoW) mechanism. The likes of Bitcoin and Ethereum use the PoW mining method. This causes their energy consumption to be on the high side. Per the Solana Foundation report, one Bitcoin transaction uses 6,995,592,000 J. Also, each Ethereum transaction utilizes 692,820,000 J. Following the switch to the PoS mechanism, Eth2 will expectedly use 99 percent less energy than the current mainnet. 

Solana Foundation promises lower energy usage

Even with reduced energy consumption, the Solana Foundation plans to further lower the Solana ecosystem’s environmental impact. According to the Foundation, there will be a new program by year-end. The program will enable the Solana validator network to be carbon neutral and offset the ecosystem’s footprint. The report concluded:

The Solana Foundation will continue to release periodic reports on Solana’s energy usage and take steps to minimize the ecosystem’s environmental impact.

Ripple (XRP) is another low-energy alternative. It uses 28,440 Joules for a single transaction. According to a report published by Ripple last year, the energy used for a million transactions on the network could power a light bulb for 79,000 hours. In comparison, the energy used for a million BTC transactions can out on a bulb for 4.51 billion hours. Due to the huge difference, Ripple stated that XRP is 57,000 times more efficient than BTC.

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Solana Price Analysis: SOL drops 15 percent, support found at $184?

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  • Solana price analysis is bullish for rest of the day.
  • SOL/USD spiked below the previous low.
  • Support was found around the $184 mark.

Solana price analysis is bullish today as we expect recovery after a 15 percent drop over the last 24 hours. Likely, SOL/USD will look to regain the loss later today as buying pressure returns.

Solana Price Analysis: SOL drops 15 percent, support found at $184? 1
Cryptocurrency heat map. Source: Coin360

The market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 7.8 percent, while Ethereum by 9.3 percent. Meanwhile, Solana (SOL) is among the worst performers, with a loss of over 11 percent.

Solana price movement in the last 24 hours: Solana spikes below the previous low at $187

SOL/USD traded in a range of $184.33 – $216.40, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.5 percent, totaling $ billion, while the total market cap trades around $57.4 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL found support at $184? 

On the 4-hour chart, we can see a slight recovery over the past hours as the Solana price looks to return back above $190, indicating we should see further upside later today.

Solana Price Analysis: SOL drops 15 percent, support found at $184?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen strong volatility over the past week as the market continued to set lower highs. After peaking at $260 on the 6th of November, SOL/USD saw a continuous decline to the $190 mark.

From there, a sharp recovery followed last week, peaking at $240. Selling pressure returned early this week, slowly leading SOL lower again until a strong spike lower began late yesterday.

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This Solana price action development has resulted in a new lower low set at $184. Buying pressure has returned over the past hours, taking SOL/USD back above $190. Likely, SOL will continue to regain some of the loss over the next 24 hours as sellers are finally exhausted.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as another strong lower low has been set after a 15 percent drop. Therefore, we expect SOL/USD to have found a bottom at $184, leading to recovery over the rest of the day. 

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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