As new reformations are being introduced and new systems are coming into existence, a need for sources that can provide us with adequate information has also been felt. Therefore, Revolt has come up with m extraordinary platform or educational tool. for crypto that was launched on Polkadot.
Its main focus is on making the complex processes involved in the crypto market, a little simpler band easier to understand for one and all. This is going to bring about a vast number of changes in the way one looked at or understood the digital assets industry. It can also help those who are involved in it more confident with all the necessary knowledge and information.
What shall users get to learn from the class?
The educational tool. that hall is available on the Polkadot platform for all to access and learn. It is said to be comprised of two courses. Users can choose any one of these courses and learn all they need to learn about the crypto industry with utmost ease and convenience. Users can even opt for the Basics course or can even opt for the courses based on Polkadot or another blockchain network. It offers benefits for the users or the participants as well. They shall also be able to earn a sum of $15 after they take each quiz based on the course.
What are its aims and goals?
The Polkadot platform has made the course as per the needs of the users and has kept the thought process and understanding level of learning ability of the users in focus as well. It claims to have made the course in such a way that it is easier for one and all to understand no matter what expertise they have. The courses are constructed in a way that keeps the user interested in them and engages more than one or two senses while making them learn.
These courses include short videos on certain topics as well as written materials on it as well for reference. The main aim of this educational tool is to enable those who have an inclination towards this industry and want to explore it in some ways but lack the primary knowledge or information to start with.
This program endeavors to make those users more interested in the crypto industry and offer them adequate information and appropriate tools with which they can venture into this world. They have also tried to get more people interested in it by offering them incentives for each course.
What are the incentives offered to users?
To access this platform, all the user has to do is enter into the Revolt app and under the learning, segment look for the tab that says crypto. After successful completion of the course which includes all the quizzes as well as, the users shall be rewarded with certain gifts that they can be able to cash afterward. There are millions and millions of users across the globe that are currently using Polkadot platform to gather more information on the crypto industry.
This platform is not only an educational platform but has given users a place where they can access different cryptocurrencies. They can even get access to different kinds of financial services. Revolt has been the source of information for all sorts of cryptocurrencies and has been spreading information on it as well.
However, it is also subjected to ups and downs along the road and has even witnessed a downward trend in the recent few days. This downfall has even led to a decline in its activity and has also led to a decline in the number of users using this platform.
Since the introduction of the digital currency market in the financial system, new changes are being made to it and new platforms are emerging as a result of it. One such new system is the introduction of Bitgert which was created adhering to the Defi protocol and was based on the Binance platform. Within just a short period, which is within almost less than six months, this new system has been successful in establishing its blockchain. The Bitgert BRC20 has become a hot topic for discussion in the crypto market owing to its very disruptive nature.
Take a look at the Bitgert BRC20 platform
It is not news for those who are associated with the crypto market that when all other cryptocurrencies are witnessing a downward trend, Bitgert has successfully managed to hold its position. For example, the cryptocurrencies like Shiba, Dogecoins, and Bitcoin have been experiencing the worst fall they had ever experienced in a long time.
The establishment of the blockchain is a big accomplishment that Bitgert achieved this year. It was not a vision that was in the minds of the Bitgert team and was something that was proposed for the later stages. The blockchain came into existence when there were no signs of it appearing in the market or even any trails of it as well. It was quite well appreciated and accepted by the market because it offered the two things that the market favored most, that is, zero gas free and a very fast speed.
What made Bitgert so very popular?
Out of the many reasons that contributed to the popularity of the Biggert, two of the most prominent ones have been mentioned above. Those are zero gas fees and fast speed which are considered the paths to success and profit in the crypto market. It is something that not all kinds of cryptocurrency offer parts from these two features, what helped it garner popularity is its smart contract features and it is compatible with EVM.
It has been analyzed that the Bitgert platform can be a powerful tool for all sorts of developers. These features have not only helped Bitgert become popular but also have helped it maintain its top position even during times when the market is witnessing one of the worst falls of some cryptocurrencies.
Let's take a peek at the other cryptocurrencies
When compared to Biggert, it is visibly evident that all other cryptocurrencies have suffered major setbacks and have also had to suffer huge losses. Some of these crypto coins include Bitcoin, Ethereum, Dogecoins, etc. This article has also endeavored to shed light on these cryptocurrencies and further state their position in comparison to Biggert. For example, even though the centcex has not shown a major downfall, it has certainly not been able to keep up with Biggert and the speed with which it was rising. It has remained stable as of now.
Likewise, the Shiba Inu coins have not been doing so well in the market as well. To keep up with a target of the need of Bitgert, experts have suggested that the team of Shiba Inu have to take certain steps that can help it rise. Even though Bitcoin has been one of the most popular cryptocurrencies in the market, it too has to suffer the downfall that has been experienced by many. Despite its popularity, it has been suggested that given the characteristics of the Bitgert, Bitcoin might soon start losing its hold on the market. In short, each cryptocurrency in the market has new competition, to win against whom they need to adopt certain reformations and drastic changes.
One of the decentralized platforms in the financial aspect is the crypto market. This global finance market is popularized for its non-control, decentralized, profitable investment and trading. But in this advanced era, it became riskier to fully believe in this marketing platform. So the regulation is mandatory to get a healthy crypto market all over the world. For the lack of regulation, this global digital asset exchange platform became a territory of hackers, fraudsters, and smugglers. A massive portion of the listed country has its economy from this crypto market cap. So, lack of regulation creates a huge space in protection and that leads a country to a huge financial loss. To prevent these unethical practices, the US is getting the approaches to have a regulation on this crypto market.
Overview Of The Crypto Regulation :
The release of the markets in crypto assets, provisional agreement with the EU, and release of the framework for international engagement on digital assets in the US indicate that regulation is going to control and protect the market.
The World Economic Forum's Digital Currency Governance Consortium (DCGC) has researched and analyzed the macroeconomic impacts of crypto and fiat-stablecoins. This analysis found that a massive amount of financial commodities is backed by the global crypto market. By this time, this amount is gradually loosening the value of the trading scams, and fraud in the market. Which leads the market users to leave the platform and reduce the market cap.
This analysis aimed to support financial stability, transparency, and protection along with users' beliefs.
Why Should Regulation Be In Force?
By the end of June 2022, the Council of President and the European Parliament have participated in the agreement on unbacked crypto assets, stablecoins, trading venues, and holding wallets.
It has exposed that numerous cryptos are unbacked and several wallets are anonymous. Even in trading, there are so many investors whose identity is unverified. The number of users' money losses is uncountable.
Apart from this, in November 2021, the crypto market cap was at its peak point of $3 trillion. But by the last period and start of the new year 2022, the crypto market has been facing a tragic turning point. Since the last of 2021, Bitcoin has lost its value by over 70%. This top crypto's value loss affects the other cryptos negatively. As a result, the $3 trillion market cap falls to $1 trillion by the new year of 2022.
Additionally, the fraudulent activity caused the price of stablecoin TerraUSD (UST). As an effect, the sisters' coins such as LUNA, and BTC lost their value rapidly.
Even the lack of regulation unsucceeded Ethereum's coin DAO. This coin failed to exist in the market. For the hacking in 2016, Ethereum lost $60 million Ethereum coins by a massive theft. Though the currencies were returned, the impact on the users was not curable. After this robbery, this blockchain was divided into two platforms named Ethereum and Ethereum Classic.
Aims Of The Regulation :
The initial step of regulating the crypto market has been taken. This year, US president, Joe Biden has discussed the regulation of the crypto market.
This regulation or controller will be engaged to preserve financial stability and users' protection. It would keep the eye on every exchange and trading neutrally. The regulation would consist of various guidelines and rules. Though this has not been cleared to the users yet.
Who Will Regulate?
Sen. Cynthia Lummis, R-Wyo, and Sen Kristen Gillibrand have proposed a bipartisan Responsible Financial Innovation Act for the authority. The proposal has been referred to the Senate Committee on Finance. It is reported that the proposal has pleaded to give the primary regulatory authority to CFTC.
Predicted Impacts For The Regulation :
There are several predictions among the experts regarding the upcoming regulation impact on the crypto market.
It is expected to maximize the crypto market cap through fair regulation. If a healthy control will stand against unethical practices, investors would get reliability from this global marketplace. This will lead to generating more authentic users that will grow the market value in the future. Also, the volatility of cryptocurrencies will be diminished due to the regulation and help stabilize high prices.
During this downfall of the crypto market, top coins such as Bitcoin, Ethereum, etc. are struggling to retain their value. In these circumstances, over the last couple of months, stablecoins also encountered their value loss. Over the past year, the giant stable coin, Tether's USD has faced its historic downtrend. Though, this biggest stable coin succeeded to sit back at its appropriate price.
What Is a Stable Coin?
A stablecoin is a separate part of the crypto market. Other non-stable coins like Bitcoin, Ethereum, Dogecoin, Solana, etc are so volatile. But stablecoins are naturally stagnant in their price or value. Every stable coin is validated by equalizing it with a physical currency like the US dollar, Pound, etc., and also valuable commodities like gold. It means 1 Tether equals $1. For the volatility of other cryptocurrencies, stablecoins such as Tether USD (USDT), Binance USD (BUSD), Terra USD, etc. are validated for exchanging purposes.
As the stable coin's value is stable, there is no risk of losing the user's assets. But in this historic fall of the crypto market, even stable coins got their value declined. This reducing value of a stablecoin or pegged coin has lost its market cap over the past year.
Why Did Tether (USDT) Lose Its Value?
The whole clutter started after the declining value of Terra USD. One of the biggest stablecoins, Terra USD, collapsed with its rate. Awarding this massive change in Terra, investors didn't want to take more risks anymore. Investors started to redeem their USDT earlier. The bulk redemption of the Tether stablecoin led this coin's value to less than $1.
Declining Rate Of Tether and Other Stable Coins :
Last year in October, Tether USD fell to a lower rate. Over the year, Tether declined to $0.97. Which is lower than the stable price of $1. Letter it was able to get into $1 again.
According to recent data, Tether USD lost 6.5% of its market cap which is around $10 billion. Its increasingly declining graph scared the crypto investors and forced them to redeem their USDT.
To get an overview of the diminishing nature of the Tether value, it is crucial to have a look at the other stable coin's elasticity.
In the last period of 2021, the crypto market started to fall. In October 2021, USDT fell to a lower rate. Letter it regained its higher market cap at $83 billion.
Next year, from February 2022, stablecoins were shown their volatility in a never seen manner. From January to February 2022, Binance USD (BUSD) declined very fast. That time Tether was doing well. The value of USDT was higher than BUSD. In mid-March of 2022, USDT decreased its value. Whereas USDC and BUSD were increasingly rising in value.
From March to May, USDC and BUSD grew respectively up to 26.17% and 28.41%. At that time, USDT and USDP declined to the negative point of the data graph. This year, from March to May, USDT and USDP decreased respectively -by 6.51% and -8.69% of their value.
In June 2022, USDT sat back at $68 billion in the global market cap. Though in the middle of the month, this stablecoin again lowered its value.
Same time, Binance USD bounced back a little bit. Later, the three major stablecoins, Tether, TerraUSD, and BUSD managed to retain their validity.
Present Condition Of The Stable Coins :
Over the last year, these USD pegged coins performed a historic activity in the crypto market. The short-term liquidity increased the redemption of the investor's stablecoins. Last month, around $7 billion was redeemed from its total supply. Though, currently to the volatility and downfall of the non-stable cryptocurrencies, stablecoins have started to regain their value.
One of the largest crypto exchanges, Binance, was continuing its journey from 2017 all over the world. It is now a well-known popular crypto platform for global crypto traders and investors. But its money laundering rumpus has been making headlines over the past few years. Till now, its anti-money laundering operation is not fixed well. The assurance given by this exchange company ultimately failed to be fulfilled.
Binance's Assurance Vs The Productiveness :
The CEO of Binance, Changpeng Zhao was indicated as responsible for several clatters. It was reported that Mr. Zhao initially ignored his compliance team employees' concerns about the issue. At that time, a spokesperson of Binance stated that they were planning and investing in some valuable and effective technologies to get a transparent crypto world. It was even said that Binance got approval from France and Italy as the first crypto exchange company among G-7 countries to upgrade their security.
Later, a well-known mainstream media reported that Binance was not done with its anti-money laundering program. Instead, it becomes a 'hub' of fraudsters, hackers, and drug traffickers. Though, the official of Binance, Matthew Price rejected this claim saying that Binance became an agenda for the media. According to him, the exchange platform was focused on several security projects for the users.
In 2021, KYC (Know Your Customer) became mandatory for every user. Without updating the KYC, users were only able to transfer 0.06 BTC from 2 BTC.
At that time another spokesperson claimed that Binance was leading and investing in future technologies to grow a well-regulated crypto world. Whereas practically no changes have been seen in this platform regarding their claim.
Several Blunders Exposed :
In the same year, Binance was exposed to serving its services in Iran until September 2021. But according to the regulation, from 2018, Iran was banned to serve Binance offers after the US reimposed sanctions. This raised the question, of why and how Binance was serving Iran after banning it?
Even 7 traders from Iran of Binance were investigated. They claimed that they were able to trade through Binance until the KYC came into force last year.
But the tightened KYC process did not work well among the transactions. It was claimed as a weak KYC and anti-money laundering initiative. Ultimately the overall business and financial structure of Binance became obscured. Lack of transparency and weak management failed to perform well in money laundering prevention.
Last year, Mr. Zhao merged with Germany's Munich-based regulated financial service firm, CM-Equality. At that time, the service company started a close investigation on the users who transacted more than $11k in a one-time transaction. Binance upped it into a $1 lakh transaction.
During this time, it was reported that Binance was getting several letters from the German authority and law enforcement sector. In this context, Binance explained it as a regular letter from the authority regarding answering the law enforcement process.
After all these loopholes, Binance stands against its risk trading condition by recruiting customers from Russia and Eastern Europe. Additionally, Binance's CEO avoided three senior employees' concerns regarding the exchange platform.
Apart from these all blunders, 5 interviewees exposed Binance's weak technology and tools. They claimed that the exchange platform is unable to follow the exact footprints of each currency in the blockchain. According to them, the existing techniques and tools are backward and weaker.
Recent Updates :
Lastly, according to recent updates, Pakistan is investigating a fraud over $100 million which took place on this exchange platform. Other than that, a Turkish organization fined Binance $750,000 for violating the regulation. Similarly, in April 2022, the Dutch Central Bank fined EUR 3.3 million to this exchange company for offering services to the Netherlands without being registered in the country. Asia has withdrawn its application from Binance regarding a crypto exchange operation in Singapore.
