Venue One, a new blockchain-powered predictions exchange will soon launch live operations on Algorand. Deploying on the Algorand chain will enable Venue One to deliver super speed, flexibility, and security.
In May of 2022, Venue One declared beta tests would begin. The platform had complete functionality in the beta stage, and beta-testers were able to make predictions and offer feedback to the Venue One team.
After a final audit is complete, the launch date will be imminent. However, the Venue One team noted that the official launch date will depend on current market conditions.
Decentralized, non-custodial prediction protocol built on the Algorand blockchain…
On Venue One, users are able to take positions in sports, eSports, finance, events, and more, with a focus on short-duration markets and events.
Besides support for USDC and USDT stablecoins, Venue One has its native token anointed $VENO, which powers players and liquidity by providing rewards.
Players can interact with the platform in three ways:
Classic Bets – which demand and supply between buyers and sellers define the price or odds. Basically, people will bet on a yes or no outcome for particular events.Liquidity Pools of Mutual Bets – where the liquidity of the pool determines the outcome.Financials – Venue One is working on a forthcoming exchange for financial assets and indices.
One of the prominent features of the Venue One prediction protocol is that it enables users to deposit collateral and access payouts in stablecoins (USDC and USDT). Those who don’t operate with stablecoins can use the fiat and $ALGO on-ramps.
Essentially, players can put collateral against their predictions and receive payouts in stablecoins.
Initial support will feature USDC and USDT for collateral and payouts
Liquidity providers (LPs) can deposit funds while betting against certain outcomes to ensure that the market built around an event has enough liquidity. This constructs high-volume markets in sports, eSports, and other categories while helping LPs secure generous rewards at low risk.
Final outcomes on bets will be a hybrid approach, using decentralized, 3rd-party data to verify outcomes. Eventually, the Venue One team plans to decentralize outcomes by using on-chain oracles to verify results.
The protocol was created by George Cotsikis, who trained as an engineer and has more than two decades of experience working in traditional finance, mainly trading quantitative portfolios. He held senior positions at Salomon Brothers and Citigroup, which eventually acquired the former.
Leveraging Algorand, Venue One provides the following benefits:
Low Fees — Algorand employs a consensus mechanism called Pure Proof of Stake (PPoS), which enables fast transactions at a low cost. If it went for other major blockchains, users could have ended up spending more than $50 to make a $100 transaction, which is not reasonable or feasible.Instant Finality — on Algorand, every transaction reaches finality in less than five seconds. Elsewhere, it can take several minutes to more than an hour to fully confirm a transaction on Proof of Work (PoW) blockchains. A trading venue has to resolve prices in seconds at worst. When a player places a bet or trade, he has to know at which level they have traded immediately, not in half an hour.Safety — Algorand is intrinsically a secure ecosystem since it relies on randomness as the main principle of how the committee of validating nodes is selected. Also, it provides a developer-friendly ecosystem that enables smart contract developers to avoid potential loopholes and bugs.
The post Venue One: new blockchain-powered predictions exchange deploying on Algorand appeared first on CryptoNinjas.
Title: Venue One: new blockchain-powered predictions exchange deploying on Algorand
Sourced From: www.cryptoninjas.net/2022/07/07/venue-one-algorand-blockchain-powered-predictions-exchange-soon-live/
Published Date: Thu, 07 Jul 2022 17:17:18 +0000
LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Bitso, a leading cryptocurrency platform operating in Latin America, and the Mexican Football Federation (FMF), today announced the joint launch of the first collectible NFT of the Mexico National Team’s jerseys that was acquired in cryptocurrencies.
This morning through their social media platforms, the FMF and Bitso announced the opportunity to acquire the new official National Team fan jerseys ahead of the team’s participation in the 2022 World Cup. In just 20 minutes, the entire collection sold out.
The NFTs of the jerseys have an exclusive design for the metaverse – each is unique on the blockchain and can be resold by its owner in subsequent transactions.
The collection consisted of 100 official physical jerseys, each with a corresponding NFT version of the jersey that fans’ avatars can wear within the Decentraland metaverse. Each physical and NFT jersey set sold for the equivalent of $1,800 MXN in ethers.
“Our mission is to make cryptocurrency useful in the everyday life of Mexicans; we are committed to spreading the technology through innovative opportunities that help people throughout the country familiarize themselves with this new world. We are very excited to offer the incredible, historic opportunity for the fans of our National Team so that through their Bitso account, they can wear the colors of the National Team on and ‘off’ the field in the metaverse.”
– Bárbara González Briseño, General Director of Bitso México
Created by Bitso, the virtual jersey sports the official colors of Mexico and the new National Team shield, characteristics that will make it stand out when users wear it in the virtual world of Decentraland.
The post LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys appeared first on CryptoNinjas.
Title: LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Sourced From: www.cryptoninjas.net/2022/07/29/latam-crypto-exchange-bitso-and-fmf-launch-nft-of-mexicos-national-team-jerseys/
Published Date: Fri, 29 Jul 2022 15:19:02 +0000
Did you miss our previous article…
Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
EXMO, a crypto exchange platform operating since 2014, announced this week a rebranded visual identity with includes a new logo, brand colors, and design features. This new branding comes as EXMO continues to grow its crypto platform while also seeking to expand its presence in other jurisdictions.
Some new developments underway at EXMO:
Soon, users will be able to earn passive income from EXMO’s new staking platform.Plans to launch an EXMO crypto debit card.Expansion of its services in international markets with the opening of offices in Poland and Lithuania.
EXMO’s new logo
The rationale for the re-brand:
“At EXMO, we have a vision of a world where crypto is in every wallet. Hassle-free. We want to achieve this by making crypto as simple and accessible to everyone as possible. And we know that you already appreciate EXMO for offering user-friendly services and helpful support. Also for the opportunity to trade anywhere and anytime, closing deals in just a few taps. Such important changes required a rethinking of our corporate style, which has long needed a massive upgrade. So today we are introducing a new brand identity for EXMO with a completely new visual concept. We are launching a new logo, brand colors, and design elements. Our key design principles are simplicity, boldness, and a pinch of fun. But most importantly, we have changed our logo. Simple and easily recognizable, it represents the humanity of our brand. The logo stands out due to the wavy letter ‘m’ which symbolizes exchange rate charts and also resembles a spring that will launch you into the crypto world.”
– The EXMO Team regarding the re-branding
The post Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth appeared first on CryptoNinjas.
Title: Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
Sourced From: www.cryptoninjas.net/2022/07/26/long-running-crypto-exchange-exmo-unveils-lively-rebrand-amidst-growth/
Published Date: Tue, 26 Jul 2022 08:10:38 +0000
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Stitching together the grid will save lives as extreme weather worsens
The blistering heat waves that set temperature records across much of the US in recent days have strained electricity systems, threatening to knock out power in vulnerable regions of the country.
The electricity has largely stayed online so far this summer, but there have been scattered problems and close calls already.
Heavy use of energy-sucking air-conditioners is the biggest problem. But intense heat can also reduce the output of power plants, blow transformers, and force power lines to sag. Severe droughts across large parts of the country have also significantly reduced the availability of hydroelectric power, according to the North American Electric Reliability Corporation (NERC).
It’s unlikely to get better soon. A number of grid operators may struggle to meet peak summer demand, creating the risk of rolling blackouts, the NERC report notes.
The nation’s isolated and antiquated grids are in desperate need of upgrades to keep the lights, heat, and air-conditioning on in the midst of extreme weather events that climate change is making more common, severe, and dangerous. One clear way to ease many of these issues is to more tightly integrate the country’s regional grids, stitching them together with more long-range transmission lines.
If electricity generated in one area can be more easily shared across much wider regions, power can simply flow to where it’s needed at those moments when customers crank up air-conditioners en masse, or when power plants or fuel supply lines fail amid soaring temperatures, wildfires, hurricanes, or other events, says Liza Reed, a research manager focused on transmission at the Niskanen Center, a Washington, DC, think tank.
The problem is it’s proved difficult to build more long-range transmission and grid interconnections for a variety of reasons, including the permitting challenges of erecting wires through private and public lands across cities, counties, and states and the reluctance of local authorities to forfeit control or submit to greater federal oversight.
The case of Texas
The unreliability of the US grid is not a new problem. Severe heat and winter storms have repeatedly exposed the frailty of electricity systems in recent years, leaving thousands to millions of people without power as temperatures spiked or plunged.
One of the fundamental challenges is that the grids today are highly fragmented. There are three main electricity networks within the US: the Eastern Grid, the Western Grid, and the Electric Reliability Council of Texas (ERCOT). But there are numerous regional transmission organizations within those first two systems, including the California Independent System Operator, Southwest Power Pool, PJM Interconnection, New York ISO, and more.
These grids form a complex web of networks operating under different regulators, rules and market structures, and often with limited connections between them.
A variety of regional transmission organizations oversee different parts of the nation’s aging and fragmented grids, which operate under different rules and with often limited connections between them.
ERCOT is especially isolated, in part because of the desire among local politicians, citizens, and power companies to avoid added competition, the hassle of following other states’ rules, and oversight from the Federal Energy Regulatory Commission (FERC). But the state offers a case study in why that can be a serious problem amid increasingly harsh climate conditions, Reed says.
The Texas grid operator pleaded with customers several times earlier this month to cut electricity use as blistering summer temperatures created demand surges that threatened to outstrip supply and require rolling blackouts. Low wind conditions, cloud cover, and outages at fossil-fuel power plants added to the strains.
Shutting off the electricity needed to run air-conditioning in triple-digit temperatures
By: James Temple
Title: Stitching together the grid will save lives as extreme weather worsens
Sourced From: www.technologyreview.com/2022/07/28/1056483/stitching-together-the-grid-will-save-lives-as-extreme-weather-worsens/
Published Date: Thu, 28 Jul 2022 08:00:00 +0000
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