IMF starts development of global CBDC infrastructure

The International Monetary Fund (IMF) is creating a new class of platforms for cross-border and domestic payments in central banks’ digital currencies

The International Monetary Fund (IMF) has begun developing an infrastructure for international central bank digital currency settlements (CBDC). A report released by the fund on June 19 said. That the new class of platforms is designed to ensure interoperability. As well as the efficiency and security of cross-border payments.

“Today’s new technologies allow the public sector to update cross-border payments infrastructure, and possibly domestic payments as well. <…> It’s about technology, but also about governance, which sets the “rules of the game”. This was stated by Tobias Adrian, head of the IMF Monetary System Department and one of the authors of the report, speaking at the IMF roundtable in Morocco before the publication of the document.

Trans-border payments are more complicated than domestic ones. Because they involve an exchange of value between parties located in different jurisdictions. And also subject to different laws, Adrian said. According to him, limited infrastructure makes international settlements expensive, slow and non-transparent. And the management of the existing system is “sporadic. And that leads to significant legal and operational costs.

According to the report, the IMF work on a new class of platforms is being done to speed things up. And also to make remittances between countries easier and cheaper. Experts are developing two types of platforms: for international settlements in CBDC and for domestic ones.

Trans-border settlements in tokens representing the reserves of member countries’ central banks will be provided by platforms called XC, according to an IMF report. They “create representations” of existing assets – reserves held by central banks, the authors explain.

Our experts note that another solution – CBDC platforms – is being developed to facilitate domestic payments in digital national currencies, both wholesale and retail. The report’s author emphasizes that such platforms will be supported by a strong regulatory framework.


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China’s Ether. What is Conflux and why Chinese authorities supporting it

Our experts tell us how the infrastructure of Conflux project is set up. How developers manage to achieve partnerships with large technology companies, and what led to the growth of the CFX token

In April, major cryptocurrency exchange Binance and decentralized platform Uniswap announced support for a new blockchain, Conflux. Behind its development is a team with the open support of the Chinese government. And the project’s infrastructure is also being implemented in major technology companies. And the market capitalization of the Conflux native token is approaching the $1 billion mark.

Investments and Partnerships Investments and Partnerships Conflux Network

Conflux Network is registered in Singapore, but the investors and all of its key employees are from the Chinese tech elite or have roots in mainland China. Founded in 2018, the company has raised $40 million from investment funds including Sequoia China and Baidu Ventures. In late March, the DWF Labs fund made a $10 million purchase of CFX tokens directly from the company, which was also a strategic investment in the project.

Fang Long, an associate professor of computer science at the University of Toronto, is behind the development of Conflux. And Andrew Chi-Chih Yao, who is the only Chinese Turing Prize winner to hold the position of chief scientist for the project. At least 10 of the company’s development team graduated from Tsinghua University’s computer science program.

Conflux’s blockchain went live in 2020. And since then, more than 300 platforms, brands and companies have used it, according to the developers. In 2023, the company partnered with China Telecom, China’s second-largest telecom operator, to create the “first SIM card on blockchain. As well as the popular social network Xiaohongshu to introduce NFT technology. The social network has 200 million users and is considered the Chinese analogue of Instagram.

Conflux works on the Tree-graph consensus algorithm, a kind of hybrid between Proof-of-Work (PoW). At that, on which Bitcoin operates, and Proof-of-Stake (PoS), which Ethereum or Cardano use. According to the developers, the network can process up to 3 thousand transactions per second. At the same time maintaining a high level of security and reliability. The blockchain has two subnets – Core and eSpace. eSpace is used for decentralized finance (DeFi) applications. The Conflux blockchain already has a CNH stabelcoin tied to the CNY exchange rate. And another “stablecoin” pegged to the Hong Kong dollar is expected in the future.

Support for a Chinese state

The developers themselves call Conflux the only regulatory-compliant blockchain in China with an indigenous Chinese team. They emphasize that the project has never conducted any form of ICO banned in China. In 2021, the Shanghai government gave Conflux Network a grant of more than $5 million. The company later received approval from Hunan provincial officials. With whom it was able to reach an agreement to incorporate its infrastructure into the government’s document workflow. And an administrative data verification system.

In China, government approval often allows a company to gain access to lucrative contracts in the public sector. Building relationships in the country plays an important role in doing business. And such an official endorsement is a notable event whose implications for Conflux go beyond mere PR.

China dominates the global blockchain market with an 84 percent share, compared to the United Kingdom (11 percent) and the United States (14 percent). Conflux wrote this when announcing the partnership with Uniswap. This, they said, is evidence of a “thriving ecosystem that makes China a critical player in Web3 project development.” Regulatory barriers in the U.S. and EU are expected to boost the growth of the crypto industry in Asia. More than 80 companies plan to open offices in Hong Kong. Where the government’s loyal attitude toward the blockchain industry “creates a vital link to mainland China,” the publication said.

Our experts note when the developers announced their partnership with Uniswap. Then they stressed that projects operating in currencies other than the U.S. dollar will benefit from it in a noticeable way.

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Where to invest money. Our experts have named several promising young potential cryptoprojects

Gaming coins, management tokens and other promising cryptoprojects with potential for growth in price.Review by Crypto-Upvotes experts

Every year a number of cryptocurrencies grows and it becomes difficult to determine which of the new coins can potentially bring profit. And which cryptoprojects should be treated with more skepticism. Our experts have named several promising tokens that have been released recently.

Apecoin (APE) 

One of the interesting novelties of 2022 is APE token. It was introduced by the developers of the acclaimed NFT collection Bored Ape Yacht Club (BAYC). The idea of the project is to use the new token as a manager in the ecosystem under development.

The BAYC developers plan to create a full-fledged meta universe for the owners of NFT collection monkeys. Apecoin will be used as a token to provide in-game transactions. And allowing you to take part in voting on the future of the project, says our expert.

Bored Ape collection almost immediately after the launch has become a kind of cult. It is used primarily as an admission ticket to the private club of “crypto-snobs”. APE owners can indirectly benefit from the development of this small but rather strong community.

“Potentially, after the change in global market trend, we can expect a high interest in this project, and, consequently, practical application of tokens and their multiple increase in price,” – believes our expert.

Aptos (APT) 

Our expert also called cryptoprojects Aptos, a new blockchain, a rather bright and loud novelty of 2022. The project is interesting from the point of view of marketing campaign. But not only because of that, it can also be useful as a testing ground for new technological solutions in the industry.

The team of Aptos creators is trustworthy. Earlier this team was engaged in development of Diem cryptocurrency wallet for social networks of Mark Zuckerberg. This cryptocurrency project never took off because of the resistance of American regulators. But according to our expert, there is no doubt in the competence of the developers.

Aptos blockchain is aimed at the hottest topic of this year – Web3. And this also plays into the hands of the project, which only attracts participants and investors so far. This blockchain has all the major innovations. Such as parallel transactions to increase the conductivity of the blockchain. As well as smart contracts, a system of increased cybersecurity, and the ability to run NFT collections.

Now the ecosystem is actively being filled with applications. Our expert believes that by the new year there will be a significant inflow of liquidity into the ecosystem. Aptos is definitely worth keeping an eye on in the next six months although the start of APT token trading in the middle of October was quite scandalous.

“Unfortunately, the reality is that today it is not so much the most useful projects that survive as the most quoted ones. Although one should not belittle the merits and technical results of the Aptos team. But it is obvious that the emphasis of the project is on the marketing component,” said our expert.

Battle Infinity (IBAT) 

If we consider more risky, but no less promising cryptoprojects in 2022. Then we should also pay attention to Battle Infinity gaming tokens. Despite the fact that previously the team of developers from India has not been seen in successful cryptoprojects, their proposed concept is interesting.

Token essence, as in many similar projects, comes down to the role of manager and in-game token, our expert explained. He specified that in case of successful realization this project will unite several sports games inside its own single Metaverse. In this Metaverse IBAT will be the link of the whole ecosystem.

Buying this token is quite a risky investment for this type of project at its current stage of development. Especially with the bearish trend of the whole crypto market, our specialist warned. But, he noted that in case of success, it may turn out that the price of the token will increase many times due to its active use within the ecosystem. Although the project is risky, it is worthy of careful study.

Algorand (ALGO) 

Another cryptoprojects worth keeping an eye on, even though it is not as new as the above mentioned ones, is Algorand. Our expert explained that it is a decentralized platform with smart contracts for DeFi, digital asset release, Web3 projects and other similar developments.

Our expert again turned his attention to the team of creators. This project was started by MIT professor Silvio Micali. The team managed to achieve partnership agreements with a number of states over several years. These include states like the Marshall Islands and El Salvador. This means that blockchain is potentially interesting for launching national digital currencies (CBDC).

Also, our expert pointed out that USDT and USDDC stackcoins are already running on the Algorand blockchain. And this means that it is a sought-after network. In the long term, Algorand may take its niche among other DeFi-oriented ecosystems.

Disclaimer: We do not give financial advice on buying certain cryptoprojects. This review focuses on cryptocurrencies that are promising according to our experts

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October highlights – Conflux hardfork, Lambda main network launch, Telos network update, Hydra hardfork review from Crypto-Upvotes experts

In October, there will be several high-profile events. Which can affect both price of individual coins and market as a whole. Crypto-Upvotes experts review

Launch of Lambda main network

Lambda (LAMB) – provides data storage capabilities for decentralized applications. Also, this project provides shared data storage services across multiple blockchains with management features. In addition, the site provides data privacy protection. As well as proof of ownership and distributed intelligent computing. Thanks to Sharding technology, the project provides high network speed. Which increases as the blockchain expands. On 10 October it is planned to launch main network of this project. And there will also be launched a cross-network bridge with Ethereum network. Which will open up access for validators and the ability to stack LAMB tokens. For early holders there will be an Airdrop on October 10 and October 15.

Conflux hardfork

The Conflux network update will begin in mid-October. Most of the changes will be available on October 25. It will also add the ability to change rewards without a hardfork and improve validator node performance.

This project was created as a competitor to Ethereum and was supported by Chinese government agencies. Project funding involved the leadership of Shanghai. As well as large private investors, including Sequoia China, Huobi Group, Shunwei Capital and Rong360.

Telos network update

Telos was launched in 2018 and is a fork of EOSIO blockchain. In 2022, the four largest forks of EOSIO (EOS, WAX, TELOS and Ultra) formed a coalition to switch to a common code base. This resulted in the Antilope hardfork.

Telos is unrivaled in versatility. With its EVM, Telos can be home to a huge number of decentralized applications. Telos is the only network that supports smart contracts on EOSIO and Ethereum.

Its compatibility with Solidity, Vyper and EOSIO C++ means that migration will be more accessible than ever. No other network offers as much compatibility as Telos. Telos is compatible with a record 95% of applications.

The move to new software is another step towards independence from, developer of EOSIO. Owners of validation nodes (nodes) on the core network need to upgrade their software to the Leap 3.1. release (previous name Mandel 3.1) by October 26.

Hydra hardfork

HydraChain project runs on Proof of Stake algorithm and was created as a solution for real business. Project features are 100% burning of all transaction fees, fixed transaction fees. As well as smart contracts, compatible with virtual machine Ethereum. Minimum stacking return of 20% per year. Anyone can become a full-fledged node in a few clicks and bid on Hydra to maintain their network. Stackers get a high economic stream through blockchain rewards.

Update will occur after block number 477,300 is found.  The number of processed transactions per second will increase to 2 thousand. And it will be possible to delegate stacking. Users need to update their software by October 27.


Important updates and changes to these old crypto projects can increase this token’s price. They can also significantly affect the whole cryptocurrency market. Therefore, we recommend to keep an eye on these important changes of these projects

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Kim Kardashian fined $1.26 million for illegal cryptocurrency advertising

Kim Kardashian agrees to pay fine for failing to disclose income from EthereumMAX ads

The Securities and Exchange Commission fined TV star Kim Kardashian $1.26 million. For promoting the cryptocurrency EthereumMax (EMAX) on social networks. Superstar did not disclose the income she received for this promotion, according to a press release from SEC.

Our experts found out that Kardashian did not disclose that she was paid $250,000 by posting a post on her Instagram account about EMAX tokens. Kardashian post contained a link to EthereumMax website with instructions for potential investors to buy their tokens.

“Ms. Kardashian case serves as a reminder to celebrities and others. That the law requires disclosure to the public of when and how much they are paid to facilitate an investment in securities,” said SEC Chairman Gary Gensler.

Kim Kardashian violated a provision of federal securities laws prohibiting advertising. Without admitting or denying the SEC charges, Kardashian agreed to pay $1.26 million. Included in her indictment is compensation for advertising revenue she received of about $260,000. And interest and a fine of $1 million. Kardashian also agreed not to promote cryptocurrencies for three years.



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SWIFT begins development of blockchain platform

SWIFT system will unite almost all blockchains. And it will give traditional financial institutions access to various cryptocurrencies on one platfor, Crypto-Upvotes expert review

Interbank messaging system SWIFT and decentralized oracle network Chainlink announced that they are working together on a proof-of-concept (PoC) blockchain project. This project will allow traditional financial companies to conduct transactions on a platform that supports virtually all blockchains. Chainlink co-founder Sergey Nazarov and SWIFT Chief Strategy Officer Jonathan Ehrenfeld Sole announced it at the SmartCon 2022 conference in New York.

SWIFT is the most widely used platform for traditional cross-border transactions, connecting more than 11,000 banks worldwide. Now it can take up to several days for a payment to go through this network. And moving to blockchain should significantly reduce that time.

Project PoC will use Chainlink CCIP (Cross-Chain Interoperability Protocol) to send SWIF messages across different blockchains. This will accelerate the adoption of distributed ledger technology (DLT) in traditional finance, Nazarov said.

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U.S. authorities have spoken out against Airdrop

SEC accused the Hydrogen platform of illegally distributing securities. Including through Airdrop

The U.S. Securities and Exchange Commission ruled that Airdrop (the free distribution of tokens) are illegal means of distributing securities. The charges against Hydrogen Technology Corporation indicate this. As well as its former CEO Michael Ross Kane and Moonwalkers CEO Tyler Ostern.

An SEC lawsuit says that in 2018, New York-based Hydrogen, which had ceased operations at this point, created a Hydro token. And then publicly distributed it via airdrop. These were rewards to individuals for promoting their token, rewards to employees, and in the form of direct sales on cryptoplatforms. Likewise, the SEC alleges that Hydrogen hired South African firm Moonwalkers after distributing its token. This was done to create the false appearance of market activity regarding Hydro token. As a result of this manipulation, Hydrogen made a profit of more than $2 million.

“Companies cannot avoid applying securities laws by arranging unregistered offers and sales of their securities as rewards, compensation or other similar methods,” said SEC Deputy Director of the Division of Enforcement Carolyn M. Welshahans.

Our experts also noted that SEC has requested injunctions against defendants for participation in certain types of activities. And including the distribution of securities.

Perhaps now we are seeing the first judicial precedent that will allow a complete ban on any Airdrop

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Hacking of arbitration mev-bot resulted in $1.45 million loss, Crypto-Upvotes expert review

Scammer was offered a reward of 1% of the stolen money from arbitrage bot mev-bot. For return of the remaining amount within 24 hours.

Hacking of arbitrage mev-bot led to the loss of 1.1 K ETH (about $1.45 million). It was reported on Twitter by PeckShield, a cybersecurity company. Analysis of this transaction showed that cybercriminals used a code vulnerability to substitute an arbitrary address for the funds transfer.

Mev-bots (also called flash bots) search for transactions suitable for arbitrage trading. The use of such programs makes it possible to profit from price differences on different exchanges.

Funds stolen in an attack on a bot called 0xbad belonged to many of its users. PeckShield reports that the community has announced that it is willing to consider the hack as the work of a “white hacker.” If the stolen funds are returned by the end of the day on Sept. 28. It has also been offered to fence 1% of the stolen money. Otherwise, an investigation will be initiated.

Our experts note that usually, if a hacker is recognized as a “white hacker”. Affected companies leave him as a reward of 10% of the funds stolen by him. But in this situation they offered only 1%.

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Harmony has refused to issue billions of ONE tokens to cover losses

Harmony blockchain developers have changed their plan to give users their money back. Which were stolen in Horizon blockchain bridge hack.

The Harmony network team has abandoned its plan to issue billions of ONE tokens to reimburse customers. Who were affected by the Horizon blockchain bridge hack, according to the platform’s blog. This proposal was put to a vote. As a result, it became clear that this community did not support this plan.

In late June, a hacker hacked Horizon Bridge. Which allowed transferring tokens between the Harmony blockchain and other networks. He then stole about $100 million worth of cryptocurrency. That incident led to the loss of 14 different types of digital assets on about 65,000 wallets.

The Harmony proposal included a monthly refund to customers in ONE tokens for three years and a hardfork. Two upgrade options were put before their community for evaluation. The first option is 100% compensation with an issue of 4.97 billion ONE. And second option is 50% compensation with issue of 2.48 billion coins

Instead, developers propose to use project treasury for reconstruction. And also for development of this project. A detailed description of how Harmony will develop mechanisms for the effective use of funds. Which are allocated for recovery, will be published separately.

Our experts say that in late June, a few days after they stole assets Harmony developers announced a reward of $ 1 million for recovery money. Then later, rewards were increased to $10 million.

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USA proposed to ban release of algorithmic stablecoins for two years

Creation of algorithmic stablecoins, working similarly to failed Terra USD coin, may become illegal

The U.S. Congress will consider a new bill to regulate cryptocurrencies. The bill could ban creation and issuance of algorithmic stablecoins for two years, Bloomberg reported. According to this document, the prohibition will apply to cryptocurrencies. Which are linked to prices of fiat currencies by another digital asset of the same issuer.

An example of such a cryptocurrency is stablecoin of failed project Terra UST. The collapse of this coin, supported by Luna token, began on May 8, 2022. On that day, UST lost its connection to USD after a one-time sale of tokens worth about $300 million. The collapse of this stablecoin led to billions of dollars in losses for ordinary investors.

The bill would also allow banks and nonbanks to issue their own stablecoins. And it would prohibit companies from pooling customer funds with company assets to protect consumers in case of company bankruptcy. The bill is currently in its drafting stage. Perhaps a vote on the bill will take place as early as next week, Bloomberg reports, citing unnamed sources.

Our experts note that the U.S. Congress continues to work actively to regulate cryptocurrency sector and increase control in this area.


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