Daily Crypto News | June 12th, 2022
1. Helium Crypto Wireless Network Launching New Tokens
Helium’s idea of creating a crypto-powered wireless network has been seen as a novel concept and received countless support. In an attempt to expand its network, Helium is now about to realease new MOBILE and IOT tokens that are directly linked to individual networks.
Along with the expansion of the Helium ecosystem, the token HNT will remain in use and will most likely serve as a ‘native currency’ to the ecosystem itself. Through this movement, Helium has shown its ambition to create a ‘network of networks’, bringing in even more decentralized protocols under its umbrella.
2. Crypto Projects Have To Stand Up for Their Privacy
In the world of crypto projects, privacy is always among one of the top priorities, a core principle for them. In fact, a privacy coin, Zcash (ZEC), recently announced its system upgrade that enable users to make mobile digital cash payment more easily. However, not everyone is supporting this development, as privacy has been demonized by those in power.
With the increasing number of scammers, hacks, and data breaches, the protection over user’s privacy should be a big concern to the authoritative figures. 2021 wasn’t a great year for America, as approximately 294 million people were affected by data breaching, and more than 18.5 million records were disclosed.
3. Coin Center vs. US Treasury on Alleged Financial Spying
Coin Center has officially announce their lawsuit filing against the Tresury Department regarding their disapproval of Section 6050I within the Infrastructure Investment and Jobs Act. The lawsuit claims: “In 2021, President Biden and Congress amended a little-known tax reporting mandate. If the amendment is allowed to go into effect, it will impose a mass surveillance regime on ordinary Americans.”
The 6050I Amendment requires recepients of all transactions worth $10,000 or over to reveal information of the senders, including name, date of birth, and Social Security number. Coin Center strongly believes this amendment has a negative influence on the crypto community as a whole.
4. Fiat on-ramps Innovation: A Solution to Crypto’s High Card Fees
Since crypto represents the idea of creating a more efficient use of money, it is essential to seek issues that cause users to lose money unnecessarily and eliminate them. One of which happens to be the expensive card fees.
The Motley Fool reported that credit card users are paying at least 7% extra for every crypto purchase they make. The gap between the digital and fiat world has brought about some inconvenieces to the users, as they sometimes have to diligently look for the best time to make crypto transactions to reduce the fees attached to them
Multiple firms have stepped in to figure out ways to convert fiat to crypto in a less wasteful way. Bitfinex has collaborated with OpenPayd to allow users to transfer fiat money from bank accounts onto the Bitfinex platform at only 50 euro cents per transaction. Though this method is only for euros at the moment, bigger fimrs are also coming up with solutions to bridge the 2 worlds together to build a more friendly environment for crypto users.
5. Ukraine Wants to Use NFTs to Preserve Cultural Values
Amid the invasion of Russia, a number of Ukrainian architectures, museums, and other cultural landmarks have been badly damaged. In response to this event, the crypto user community of Ukraine had to have a few words to the goverment and to the people as a whole. They sought to launch a project that preserves ‘every single piece of art or history’ in the form of digital asset. The Blockchain Association of Ukraine is hoping this project to be viewed as a national project instead of a private one.
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