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<ul><li><keyword id="7185671" type="General" weightage="20" keywordseo="aave" source="Orion">Aave</keyword>’s <keyword id="12465420" type="General" weightage="20" keywordseo="web3" source="Orion">Web3</keyword> social media platform has been in the works for a few months now.</li><li>Dubbed ‘Lens’, the decentralised social network plans to provide users an alternative to <keyword id="6354576" type="General" weightage="50" keywordseo="facebook" source="Orion">Facebook</keyword>, <keyword id="6354616" type="General" weightage="50" keywordseo="twitter" source="Orion">Twitter</keyword> and others for interacting online.</li><li>The platform is currently in testing and is likely to go public between April to June, later this year.</li></ul>Decentralised finance (DeFi) platform, Aave, has officially stepped into the world of social media with a new platform called ‘Lens’. The new platform is amongst the first Web3 social media platforms out there, hoping to take on established ones like Facebook, Twitter and many more. <div type="twitter" handle="LensProtocol" handlename="LensProtocol.eth 🌿" image="http://pbs.twimg.com/profile_images/1490782523701481474/DtyJ_8ej_normal.jpg" favoritecount="545" retweetcount="141" status="2/ Today everything changes. We’re excited to introduce Lens Protocol 🌿 a permissionless, composable, and decentral… https://t.co/0JUUC7gxaD" createdat="1644265266000" id="1490782692786515970"></div> Lens is hosted on homegrown platform Polygon, which just announced <a href="https://www.businessinsider.in/cryptocurrency/mark-cuban-backed-polygon-raises-nearly-half-a-billion-dollars-from-sequoia-and-39-others/articleshow/89420109.cms">fresh funding of $450 million</a> through a private token sale. The company described itself as a “a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy.” It sounds like a take on the Graph API that platforms like Facebook are built on, but in a more decentralised manner. According to Aave, the aim isn’t to simply bring on as many users as possible but to create a “great experience.” However, it’s not open to just anyone yet. Still in testing, it’s likely to go public sometime between April to June, later this year. <cmsannotation type="cmsannotation" annotationid="What does Lens do?" comment="subhead" text="What does Lens do?">What does Lens do?</cmsannotation> The Lens Protocol claims to allow users to create their own NFT-based profiles,which should mean that the user will own and control their profile, instead of having the platform change it as required. <div type="twitter" handle="LensProtocol" handlename="LensProtocol.eth 🌿" image="http://pbs.twimg.com/profile_images/1490782523701481474/DtyJ_8ej_normal.jpg" favoritecount="133" retweetcount="13" status="4/ Lens Protocol has familiar social media functions like having a profile, commenting, resharing a post, and more… https://t.co/fV6jQI6iN7" createdat="1644265280000" id="1490782754547580931"></div> The profiles will be able to store posts, follower history and more. “When you follow someone, you’re granted a follow NFT. Each of these NFTs has a unique token ID that comes with innate rarity &amp; utility,” the company explained in its series of <a href="https://twitter.com/LensProtocol/status/1490782758200877064">tweets</a>. Lens will also have revenue-sharing features for users who post content on it. This can be anything from pictures to music to videos or digital art. Others, in turn, will be able to collect these publications from the people they follow. Even resharing a post comes with a kind of finders free. If anyone collects content via a user’s repost, that user gets a ‘mirror fee’. A grants program has been launched for developers who want to build applications on the social network. “The cool part is that every app will expand the social graph. Essentially there is less need for developers to growth hack for users, instead the focus can be shifted towards better and more humane user experience,” Aave founder Stani Kulechov told <a href="https://www.coindesk.com/tech/2022/02/07/defis-aave-launches-web-3-social-media-platform-lens/">CoinDesk.</a> Lens will <a href="https://twitter.com/LensProtocol/status/1490782807840509954?s=20&amp;t=JXwHd2wCHbSvzJkzSwZWyg">host</a> a Twitter Spaces on Wednesday at 4:30 a.m. Indian Standard Time (IST) to introduce the platform and share more details. <cmsannotation type="cmsannotation" annotationid="What's the big deal about decentralised social media?" comment="subhead" text="What's the big deal about decentralised social media?">What's the big deal about <keyword id="8438855" type="General" weightage="100" keywordseo="decentralised-social-media" source="Orion">decentralised social media</keyword>?</cmsannotation> The Lens Protocol isn’t the first time that the idea of a decentralized social media platform has been pitched. The idea itself can be traced back to platforms like Mastodon, which allowed anyone to create their own Twitter like platforms. The difference, however, is that while Mastodon didn’t plug back to the central servers of one large corporate entity, the platform in question would be <a href="https://www.businessinsider.in/tech/news/what-is-mastodon-why-are-twitter-users-joining-the-platform/articleshow/71970376.cms">owned by</a> the user or a group of users who created it. In comparison, decentralised social media platforms seek to remove the central entity from the equation. The idea is to give users more control and autonomy, instead of having a Facebook or Twitter monitor content and determine what is right or wrong. However, this does have its down side. When you’re giving freedom of speech to everyone, it includes bullies and hate groups. Individual users may have the ability to block these users but, without a central authority, there is no mechanism to stop them from engaging with the network altogether. Moreover, decentralised platforms don’t require users to create accounts that necessarily link back to their real world identities with email addresses or phone numbers — a feature that many governments around the world, including India, have asked large social media platforms to enforce. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/mark-cuban-backed-polygon-raises-nearly-half-a-billion-dollars-from-sequoia-and-39-others/articleshow/89420109.cms">Mark Cuban-backed Polygon raises nearly half a billion dollars from 40 VCs led by Sequoia</a>

Aave's Web3 social network plans to take on Facebook and Twitter by giving users control

<ul><li>The ‘world’s <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> bank’ Aave’s CEO wants to build an alternative version of <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> on the Ethereum <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> network.</li><li>According to Stani Kulechov, users will be able to monetise their posts and frame their own rules.</li><li>The Ethereum blockchain has proven to be an excellent platform for experimenting with tokenisation and incorporating new ideas — like non-fungible tokens (NFTs).</li></ul>The founder and CEO of Aave, Stani Kulechov, wants to build a new blockchain version of Twitter. And on this new version, users can earn money from their interactions on the social microblogging platform. <div type="twitter" handle="StaniKulechov" handlename="stani.eth rAAVE 👻 =(⬤_⬤)= 👻 🦇🔊" image="http://pbs.twimg.com/profile_images/1376555220298305543/8Hyukuep_normal.jpg" favoritecount="3609" retweetcount="366" status="Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum" createdat="1626527696000" id="1416385933549654016"></div> Aave is a decentralised money lending platform built on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a> and considered to be the ‘world’s bank’ by crypto enthusiasts. The company is a leader in the space with a market cap of $4 billion. And, its total value locked (TVL), which represents the number of assets that the blockchain has secured, is $16.4 billion. Considering Aave’s expertise in the domain, Kulechov wants to try and build the Twitter-like network using the Ethereum blockchain as well to leverage smart contracts. Users will make the rules and be able to monetise their posts "We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data," Kulechov told <a href="https://decrypt.co/76278/defi-project-aave-to-release-ethereum-based-twitter-alternative-this-year">Decrypt</a>. He explained that, currently, Twitter's revenue comes through its users but the platform functions in a centralised manner. This means that Twitter decides what content or which users get traction through its innate algorithm. And, while alternatives to Twitter exist, all of them are still centralised in nature. "Nowadays, if you tweet or retweet, there is no monetisation, and you also do not own your own audience," said Kulechov. If Twitter is built on Ethereum, Kulechov claims that users would be able to monetise their posts and frame the rules that'll govern the network. While the concept may sound far-fetched, the Ethereum blockchain has proven to be an excellent platform for experimenting with tokenisation and incorporating new ideas — like non-fungible tokens (NFTs). <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Twitter is adopting crypto while crypto is adopting Twitter." comment="subhead" text="Twitter is adopting crypto while crypto is adopting Twitter.">Twitter is adopting crypto while crypto is adopting Twitter.</cmsannotation></h2> The proclamation was sparked by Twitter CEO Jack Dorsey when he <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-is-building-a-bitcoin-inspired-financial-services-business/articleshow/84471013.cms">announced </a>plans to create a new business division via his payment firm, Square. It aims to build an open developer platform that makes it easier for developers to develop non-custodial and decentralised finance on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a>. Kulechov implied that Dorsey's business idea is similar to Aave, as it's also an open-source, non-custodial DeFi protocol that makes it easier for users to borrow assets and earn interest. It's worth noting that DeFi-based social networks already exist but haven't managed to take off. Steemit tried to bring a Reddit-like experience but could barely stay afloat. Founded in July 2016, Steemit was an early blockchain project that showed promise. However, these blockchain-based solutions are yet to go mainstream. From a moderation point of view, the idea has potential as regulators and governments globally are concerned about the rise of Big Tech and its looming hazards. Twitter as a centralised network has been in stormy waters in multiple countries like India, and Nigeria has entirely banned it. However, it's also safe to assume that Aave's plans are still nascent and untested. If it's able to launch a platform that can challenge the traditional internet, it'll have to be user-friendly, easy to understand, and straightforward. Blockchain has a vast range of applications in real life, but most of them haven't been explored yet. Every company is trying to incorporate the concept in their regular operations, including conventional banks, energy companies, and more. The next frontier for crypto is often said to be decentralised finance since it helps counter traditional limitations like borders, regulations, and more. And, companies are focusing on getting a head start since it could potentially change how the world works. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/japan-is-increasing-vigilance-on-crypto-to-hire-more-employees-and-explore-cbdc/articleshow/84475780.cms">Japan is increasing vigilance on crypto — to hire more employees and explore CBDC</a>

Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules

<ul class="summary-list"><li>Altcoin is short for "alternative coin" and - as the name suggests - is an alternative <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> to Bitcoin.</li><li>Altcoins have become a major segment of the cryptocurrency markets, with projects like Ethereum (ETH), Stellar Lumens (XLM), and Uniswap (UNI) distinguishing themselves as platforms with innovative capabilities.</li><li>The altcoin markets are characterized for their volatility and are highly speculative investments subject to speculation.</li></ul>Since the emergence of Bitcoin, the concept of a decentralized, trustless peer-to-peer (P2P) payment network has inspired an entire class of digital assets. The crypto markets are a product of Bitcoin's success, and the fast-growing space consists of more than 9,000 altcoins.Now we have altcoins, which began to emerge in 2011 in an attempt to reinvent Bitcoin, with their own rules and improvements on different features.<h2>What is an altcoin? </h2>Altcoin is a <a href="https://www.businessinsider.com/what-is-cryptocurrency" target="_blank" rel="noopener">cryptocurrency</a> alternative to <a href="https://www.businessinsider.com/what-is-bitcoin" target="_blank" rel="noopener">Bitcoin</a> - its name is a portmanteau of "alternative" and "coin." Since Bitcoin is widely regarded as the first of its kind, new cryptocurrencies developed after are viewed as alternative coins - or altcoins. The emergence of altcoins began around 2011, with the first generation formed using the same blockchain engine as Bitcoin.The first altcoin was Namecoin, which is based on Bitcoin's code and was released in April 2011. Namecoin is integral to the history of altcoins in that it showed that there's enough room in the crypto markets for more than one kind of coin.Blockchains today can run several hundreds of "altcoins," fueling similar currency projects with unique rules and mechanisms. Altcoins like <a href="https://www.businessinsider.com/what-is-ethereum" target="_blank" rel="noopener">Ethereum</a> can provide developers with a toolkit and programming language to build decentralized applications into the blockchain.<h2>Understanding how altcoins work </h2>To understand how altcoins work, it's good to first understand how blockchain technology works - which is where all cryptocurrencies operate. The blockchain network is a distributed ledger that stores data like cryptocurrency transactions, NFT ownership, and decentralized <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword> (DeFi) smart contracts. This ledger is often referred to as a "chain" comprising "blocks" of data, which are used to verify new data before additional blocks can be added to the ledger.This network, on which Bitcoin operates, is groundbreaking because it's a decentralized, trustless, P2P payment network that functions without a central authority or entity facilitating transactions. And altcoins function on the exact same premise as Bitcoin: to operate using this blockchain technology. However, there have been some altcoins that have emerged to instead improve on the flaws of Bitcoin or to achieve some other goal. For example, Litecoin was designed by former Google engineer Charlie Lee as a "lite version of Bitcoin."<h2>Understanding forks</h2>A fork refers to an update in network protocol (the open source software blockchains run on). There are two kinds of forks: a hard fork and soft fork. A soft fork is a minor upgrade to the software, and typically means nothing for users. A hard fork is a major change to the network, and requires users/miners to update to the latest software in order to continue mining. If developers decide they do not like the direction a blockchain network is going in, they can do a hard fork and create a new coin. Since 2009, Bitcoin has seen over <a href="https://mapofcoins.com/bitcoin" target="_blank" rel="noopener">400 hard forks</a>. In the news: In the past year, crypto and celebrity influencers have come under fire for promoting cryptocurrencies. Even social media platforms like TikTok have <a href="https://markets.businessinsider.com/news/currencies/tiktok-crypto-bitcoin-investing-trading-ban-sponsored-ad-content-branded-2021-7" target="_blank" rel="noopener">banned crypto promoters</a> from the platform. Here are the two key things to know about altcoins.Altcoins are a highly speculative and volatile investment. <a href="https://www.businessinsider.com/what-is-speculation" target="_blank" rel="noopener">Speculation</a> is a powerful driver of the crypto markets so it's important to do your research before investing in any altcoin. Half-baked whims and trading based on rumors are exactly what the experts advise against."An emerging technology like crypto is going to attract people of ill-repute who are looking to make a quick buck off of the new investor," says Ben Armstrong, founder of <a href="https://bitboycrypto.com/" target="_blank" rel="noopener">BitBoy Crypto</a>. "So it's important to be cautious and not fall for the hype of a slick new project, or get FOMO when you see a crypto asset making new all-time highs." The decentralized, intangible, and often misunderstood nature of cryptocurrencies in general makes predicting the long-term, steady success of an altcoin project difficult to predict. Some altcoins, like Ethereum, have maintained their position in the market through constant innovation and the strength of their community. Speculation has a more dramatic effect on newer altcoins. External factors like public perception, Bitcoin price fluctuation, or a meme on Reddit can oftentimes cause drastic price fluctuations.While the crypto community stands united on its long-term bullish outlook for Bitcoin, the temptation of selling coins for short-term profits is built into the crypto zeitgeist. The crypto community created the term "hodl" in an effort to encourage people to hold on to their crypto assets for the long-term. "Hodl" means "hold on for dear life," and to resist the impulse of selling when the value of their crypto drops or rises.Quick tip: Smart contracts are programs that are stored on blockchain that execute when certain conditions are met.Cryptocurrency takes a toll on the environment. Bitcoin's energy consumption is a well-known flaw. As of August 2021, Bitcoin's energy consumption is 151.57 TWh according to Digiconomist's Bitcoin Energy Consumption Index - that's comparable to what the entirety of Malaysia uses in energy. The culprit for the tremendous costs of energy lies with the "proof of work" (PoW) consensus algorithm, which is how transactions are verified. And as Bitcoin mining has become more competitive, the computing power required to profitably mine new bitcoins is represented in factories loaded with servers all working toward solving the network's algorithms.The PoW consensus mechanism is responsible for driving the competition for faster and more powerful computational processing power. The faster a miner's computer can complete the formula, the higher their odds of winning a block reward. Over time, miners have developed computer hardware with the sole function of processing the PoW consensus algorithm. This has evolved from a miner running a program in the background of their PC to entire mining farms. Miners (or a pool of miners) will buy factories in countries where electricity is cheap and fill them with thousands of mining rigs. The energy required to keep the rigs running 24/7, combined with the fans and coolant systems to prevent overheating and fires, has made crypto mining an environmental disaster.<h3>The emergence of "green coins"</h3>Bitcoin's carbon footprint has provided an opportunity for altcoins with greener consensus mechanisms to market themselves as "green coins." While proof of work is the main culprit for the Bitcoin energy crisis, blockchains like Ethereum and <a href="https://cardano.org/" target="_blank" rel="noopener">Cardano</a> (ADA) operate on proof of stake consensus mechanisms. Compared to the energy-hungry PoW, staking requires no mining in order to participate and earn coins. The success of Ethereum and Cardano prove that people can participate in crypto while being environmentally friendly.Quick tip: Proof of work is the consensus mechanism used by Bitcoin and many other altcoins to audit transactions on the blockchain and "mine" new crypto. Crypto mining is solving computational formulas to audit transactions on the blockchain. Completing the formula means a chance at receiving a newly minted BTC reward. <h3>Types of altcoins</h3>Over time, there have been many altcoins that have come along. And now, there are the main types:<ul><li>Mining-based: Altcoins that are mining-based are created through the process of mining, like Bitcoin. One example of a mining-based coin is Litecoin.</li><li>Stable coins: These types of altcoins are a new subset to the crypto market that's meant to reduce volatility. By design, they're digital assets with their value pegged to fiat and physical assets (off-chain) and crypto collateral (on-chain). Algorithmic stablecoins are not backed by on-chain or off-chain assets, but governed by a smart contract at its core.</li><li>Security tokens: These types of altcoins are a digital or liquid asset that represents an ownership stake in a tangible asset. Stored on a distributed ledger, security tokens are the blockchain-equivalent to shares, but can represent a stake in IP, a car, or property, etc.</li><li>Utility tokens: Once very popular in the 2017 initial coin offering (ICO) boom, utility tokens are not pegged to any currency or tangible value. In exchange for capital in the early stages of an ICO, investors would receive a quantity of utility tokens in exchange for their investment determined by the company or project owner. The utility tokens will serve as a coupon or voucher after funding to purchase goods and services from the issuer.</li></ul>Quick tip: One of the main benefits of blockchain technology is transparency. If something is on the blockchain, it means it is visible, permanent, and accessible to the public. On-chain typically refers to a transaction that is performed and recorded on the blockchain. Off-chain is a transaction not directly recorded on the blockchain.<h2>Staking an altcoin</h2>Staking is the <a href="https://www.businessinsider.com/passive-investing" target="_blank" rel="noopener">passive-investing strategy</a> where an investor holds funds in a cryptocurrency wallet in order to earn rewards over time. When an investor chooses to stake their holdings, the network can use it to forge new blocks on the blockchain. The process of staking supports the process of PoS work because it requires participants to support it. And so stakers are essentially helping to make this happen.Also, staking is incredibly energy-efficient - unlike mining. According to the Ethereum Foundation, the latest switch to a PoS system <a href="https://blog.ethereum.org/2021/05/18/country-power-no-more/" target="_blank" rel="noopener">will reduce energy costs by 99.95%</a>.<h2>7 notable altcoins 2021</h2>While no altcoin has managed to "dethrone" Bitcoin in value, many projects have proved themselves worthy enough to a global community of investors and developers:<h3>1. Ethereum (ETH)</h3><div type="image" title="Ethereum altcoin on green background 2x1" height="835" width="1668" msid="85848268" hostid="261"></div>The second-largest blockchain in crypto, <a href="https://www.businessinsider.com/what-is-ethereum" target="_blank" rel="noopener">Ethereum's</a> evolution has taken it from an asset to an application. Founded by Vitalik Buterin in 2013, Ethereum is a distributed blockchain platform for smart contracts and dApps (decentralized applications). With its native token, ether (ETH), users can interact with the Ethereum platform. Ether can be traded on most crypto exchanges, used to pay transaction fees, or as collateral for ERC-20 tokens, which have DeFi utility. Ethereum's integration with smart contracts via the Solidity programming language has distinguished the project from Bitcoin. A smart contract is a self-executing code that can run on the blockchain.<h3>2. Chainlink (LINK)</h3><div type="image" title="Chainlink altcoin on green background 2x1" height="835" width="1668" msid="85848271" hostid="261"></div>Launched officially in 2019 on the Ethereum blockchain, Chainlink is a decentralized oracle network that's meant to expand on smart contracts. In a nutshell, it connects smart contracts with "off-chain" data and services. The network is built around the LINK network and token and has two parts: on-chain and off-chain.The on-chain component comprises oracle contracts on the Ethereum blockchain, which oversee and process data requests that come in from users. The off-chain component is made up of off-chain oracle nodes that connect to the Ethereum network, which are responsible for processing external requests that are later converted to contracts.<h3>3. Aave (AAVE)</h3><div type="image" title="AAVE altcoin on green background 2x1" height="835" width="1668" msid="85848274" hostid="261"></div>The AAVE is an open-source DeFi lending protocol that allows anyone to loan or borrow crypto without an intermediary. As a lender, you can deposit funds - which are allocated into a smart contract - where you can earn interest based on how Aave is performing in the market. Making a deposit means you can also borrow by using your deposit as collateral.Rebranded from ETHLend following a successful ICO in 2017, Aave switched from a decentralized P2P lending platform into a liquidity pool model. This means loans are acquired from a pool instead of an individual lender. Since 2020, the Aave Protocol has been an open-source and non-custodial liquidity DeFi protocol for earning interest on deposits and borrowing assets. Holders of AAVE can decide on the direction of the project by voting on and discussing proposals.<h3>4. Stellar Lumens (XLM)</h3><div type="image" title="Stellar Lumens altcoin on green background 2x1" height="835" width="1668" msid="85848277" hostid="261"></div>Stellar is an open-source payment network that doubles as a distributed intermediary blockchain for global financial systems, designed so all the world's financial systems can work together on a single network. Stellar began in 2014 when Ripple co-founder Jed McCaleb disagreed with the direction of the Ripple project. The ethos behind Stellar's development is to make international money transfers possible for the everyday person. While Stellar is an open-source network for currencies and payments, Stellar Lumens (XLM) is the circulating native asset on the network. Stellar keeps its ledger in sync using its <a href="https://www.stellar.org/papers/stellar-consensus-protocol" target="_blank" rel="noopener">Stellar Consensus Protocol (SCP)</a>. Instead of relying on a miner network, SCP uses the Federated Byzantine Agreement algorithm, enabling faster transactions.<h3>5. Uniswap (UNI)</h3><div type="image" title="Uniswap altcoin on green background 2x1" height="835" width="1668" msid="85848283" hostid="261"></div>Uniswap is a decentralized exchange ecosystem built on the Ethereum blockchain. Launched in 2018, Uniswap uses an on-chain automated market maker. One of Uniswap's unique features is that anyone can be a market maker by depositing their assets into a pool and earning fees based on trading activity.Uniswap uses an automated market maker protocol that executes trades according to a series of smart contracts. The smart contracts automate price discovery, allowing users to swap one token for another without an intermediary. In traditional finance, market makers are usually brokerage houses with incentives that can cause a conflict of interest.<h3>6. PotCoin ($POT)</h3><div type="image" title="Potcoin altcoin on green background 2x1" height="835" width="1668" msid="85848284" hostid="261"></div>PotCoin is a Canadian-based digital currency that was launched in 2014 to allow consumers to buy and sell legal cannabis products. PotCoin was introduced as a solution for cannabis enthusiasts and the industry looking to legally transact at a time where banks were unable to do so.PotCoin is an open source cryptocurrency forked from the Litecoin core. There are subtle changes to the PotCoin protocol including a shorter block generation time and the increased 420 million max supply of PotCoins. Potcoin switched from a Proof of Work mechanism to Proof of Stake in 2016 to make supporting the network more accessible and less harmful to the environment.<h3>7. Litecoin (LTC)</h3><div type="image" title="Litecoin altcoin on green background 2x1" height="835" width="1668" msid="85848288" hostid="261"></div>One of the first-generation of altcoins made in 2011, Litecoin is a cryptocurrency based off of Bitcoin. Key things that distinguish Litecoin from Bitcoin include blocktime (four times faster block times than Bitcoin), supply (Litecoin has a max supply of 84 million while Bitcoin max supply of 21 million), its hashing algorithm, and distribution.Dubbed the "digital silver" to Bitcoin's "digital gold," Litecoin's goal was to optimize the Litecoin asset while preserving the best parts of Bitcoin.Quick tip: <a href="https://ethereum.org/en/developers/docs/standards/tokens/erc-20/" target="_blank" rel="noopener">The ERC-20 standard</a> is a set of rules applied to smart-contract tokens on the Ethereum blockchain. The flexibility and fungibility of the ERC-20 token allows dApp developers to create utility tokens, security tokens, or stablecoins.<h2>The financial takeaway</h2>Altcoins have come a long way since 2011, and continue to prove themselves as more than just an "alternative to Bitcoin." The crypto space is a fast-moving and increasingly popular point of interest for investors. Thanks to the innovation and integration of crypto into mainstream business, people can safely and legally buy altcoins on their phone or computer.Easy access to the crypto markets doesn't mean it isn't risky. Before investing in an altcoin, ask yourself: have you researched and performed enough due diligence? Would you be able to explain the project to your family or friends at the dinner table? Whether you want to trade altcoins full-time or just "hodl" onto your Bitcoin, the choice is yours. Listening to the experts, evaluating the risks, and assessing your financial goals are keys to investing responsibly.<a data-type="600f72e1fdb68e08982d5365">A bitcoin IRA lets you profit from the cryptocurrency's potential gains in a tax-advantaged way</a><a data-type="5fac1720bf96b9125f748159">How to diversify your portfolio to limit losses and guard against risk</a><a data-type="5fdc12cc3617355d27686ece">How to invest in bitcoin: The major ways to buy, their pros and cons, and the strategies to consider</a><a data-type="5fd1032bbca41b06e2352e87">Bitcoin taxes: Understanding the rules and how to report cryptocurrency on your return</a>

Altcoins are the alternative digital currencies to bitcoin - here's what they are and how they work

<ul><li><keyword id="12415631" type="General" weightage="20" keywordseo="biconomy" source="Orion">Biconomy</keyword> was founded in 2018 and was the first Indian crypto company to list a <keyword id="6937186" type="General" weightage="100" keywordseo="token" source="Orion">token</keyword> on Coinlist.</li><li>In the <keyword id="12465420" type="General" weightage="20" keywordseo="web3" source="Orion">web3</keyword> world, Biconomy basically wants to become the payment gateway for crypto transactions.</li><li>The <keyword id="12415632" type="General" weightage="50" keywordseo="bico" source="Orion">BICO</keyword> token is the network’s native governance token.</li></ul>Amongst the handful of <keyword id="13178808" type="General" weightage="20" keywordseo="web3-companies" source="Orion">web3 companies</keyword> from India making waves in the web3 space is Biconomy. The company provides a non-custodial and gas efficient scalable relayer infrastructure that aims to simplify transaction processes for <a href="https://www.businessinsider.in/cryptocurrency/news/polkadot-filecoin-bittorrent-and-other-exciting-web3-crypto-tokens-to-watch-out-for-in-2022/articleshow/89076820.cms">web3</a> firms. The company also has the BICO token, which is listed on many large exchanges, including <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> right now. Among its many plaudits, Biconomy was also the first Indian web3 firm to list a token on <a href="https://coinlist.co/?__cf_chl_tk=7rHmhqQFjfIW43tdhYmad5vxAqxhgObU.AkkS03.l8M-1644828051-0-gaNycGzNByU">Coinlist</a>, which in itself is a sign that the platform is not in the web3 space to take advantage of the crypto craze. Coinlist is an initial coin offering platform, and has a diligence process that keeps just any web3 firm from listing a token on its lists. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="What is Biconomy?" comment="subhead" text="What is Biconomy?">What is Biconomy?</cmsannotation> In simple terms, Biconomy wants to become the Stripe of the web3 world. The company was founded by Aniket Jindal who studied from Fudan University in Shanghai and worked at Binance in 2017. He moved back to India in 2018 and decided to launch Biconomy with co-founders Ahmed Al-Balaghi and Sachin Tomar in an effort to make the adoption of decentralised apps easier. While Balaghi was an advisor and seed investor at Matic Network, which is now called Polygon, Tomar was a software engineer at Samsung Electronics before coming to Biconomy. “We are solving for the makers and players of web3. Our mission is to simplify the future of transactions, ensuring that decentralisation is truly accessible to all,” the company says on its website. The company <a href="https://www.business-standard.com/article/companies/biconomy-raises-9mn-in-pvt-funding-round-led-by-dacm-mechanism-capital-121072900343_1.html">raised</a> $9 million in a private funding round led by DACM and Mechanism Capital in July last year. It also has strategic investments from Coinbase, Bain Capital, Coinfund, NFX True Ventures, Proof Group, Ledgerprime and more. <keyword id="4164994" type="General" weightage="20" keywordseo="defi" source="Orion">DeFi</keyword> firm <a href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave’s</a> founder Stani Kulechov has also backed the company. So far, the company has partnered with 100+ dApps including DeFi platform Curve Finance, trading platform Perpetual Protocol, gaming platform Decentral Games, social blogging platform Sapien Network and more. At the time of writing, the BICO was trading at around ₹148 on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-advertorial">WazirX</a>. <cmsannotation type="cmsannotation" annotationid="BICO Token is the network’s native governance token" comment="subhead" text="BICO Token is the network’s native governance token">BICO Token is the network’s native governance token</cmsannotation> The BICO token is the primary driver of the Biconomy platform. The token has a market cap of over $189 million as of February, according to <a href="https://coinmarketcap.com/currencies/biconomy/">Coinmarketcap</a>, and a circulating supply of over 106 million tokens. Its total supply is one billion. The BICO token is the native governance token of the Biconomy network, and it has two main objectives — providing network fees and incentives to stakeholders. This means that node operators on Biconomy pay the network fees, while they are also paid in BICO for the work they put in for validating transactions on the network. Node operators have to stake BICO tokens in order to join the Biconomy network, and the token also helps in other aspects of running the network. Perhaps most importantly though, the token also acts as a mechanism that allows others a say in the network. Being a governance token, BICO token holders can propose and vote on decisions that affect the network’s progress in the long run. Any token holder is allowed to propose changes to the network, and such changes can only be passed once there’s a <a href="https://www.businessinsider.com/personal-finance/proof-of-stake-vs-proof-of-work?IR=T">consensus</a> amongst the majority of the holders. <cmsannotation type="cmsannotation" annotationid="What role does Biconomy play in web3?" comment="subhead" text="What role does Biconomy play in web3?">What role does Biconomy play in web3?</cmsannotation> The Biconomy network is basically meant to allow gasless transactions, which essentially means that it will bring down costs for DeFi platforms which are facilitating transactions in the web3 world. The company has three main products — Mexa, Forward and Hyphen. Mexa is the one that allows gasless transactions in decentralised applications, while Forward allows users to pay transaction fees using tokens instead of cash. Hyphen, on the other hand, is meant to provide faster and inexpensive token transfers across different blockchain networks. Together, the three products give Biconomy multiple use cases. On the one hand, it provides gasless transactions, but on the other, it also allows interactions between layer 1 and layer 2 solutions, and in the long run can become part of any web3 platform that incorporates crypto transactions in any way. <cmsannotation type="cmsannotation" annotationid="Importance of the BICO token" comment="subhead" text="Importance of the BICO token">Importance of the BICO token</cmsannotation> While tokens like BICO have more applications than simple utility tokens, they too are traded on exchanges like WazirX. In the long run, tokens like BICO will attract serious crypto investors, who invest in the long term development of a company like Biconomy that helps decentralised apps and finance, rather than single tokens that may or may not survive. The token can be traded on WazirX in both INR and USD, and was trading at around ₹148 at the time of writing. Disclaimer: This is a sponsored post in partnership with WazirX.

Here’s how Indian crypto firm Biconomy is gearing up for web3

<ul><li>YouTube plans to let users and creators own videos as NFTs, and also use them as collaboration tools.</li><li>The company hasn’t clarified when such tools will be brought to the platform.</li><li><keyword id="819905" type="General" weightage="20" keywordseo="instagram" source="Orion">Instagram</keyword> and <keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> have also been exploring NFTs on their platforms.</li></ul>Twitter’s in, Instagram is in, and now YouTube has signalled its intention to adopt non-fungible tokens (NFTs) on its platform. To be fair, YouTube chief executive Susan Wojcicki had signalled the company’s intention to include NFTs on its platform last month, but the <a href="https://blog.youtube/inside-youtube/innovations-for-2022-at-youtube/">blog post</a> from last night makes things a tad clearer. The underlying message seems to be to lure more creators to its platforms as well as hold onto the ones it has got with the promise of participation in the next generation of the internet, <a href="http://coindcx.com">web3</a>. The platform isn’t just promising innovation but also new ways to make money. <div type="ExtQuote" text="And across all these formats, you’ll see even more ways to help creators make money and build a business" auname="Excerpt from YouTube’s blog post on its plans for 2022"></div> <cmsannotation type="cmsannotation" annotationid="YouTube’s web3 plans for 2022" comment="subhead" text="YouTube’s web3 plans for 2022">YouTube’s web3 plans for 2022</cmsannotation> In its plans for 2022, YouTube’s chief product officer Neal Mohan, revealed that the company plans to add a host of new features this year, including web3 technologies like NFTs, blockchain and more. <div type="ExtQuote" text="Web3 also opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans." auname="Excerpt from YouTube’s blog post on its plans for 2022"></div> The post suggests that YouTube is likely to kick things off by allowing users to own videos on the platform, presumably by employing NFTs. “For example, giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favourite creators could be a compelling prospect for creators and their audiences,” the post said. All said and done, the company hasn’t pointed to concrete dates for when NFTs and web3 tech will come to YouTube. But the post at least clarifies that such deployments are already in the works, even if YouTube may be far from the final phases of said deployments. <cmsannotation type="cmsannotation" annotationid="Competition galore" comment="subhead" text="Competition galore">Competition galore</cmsannotation> YouTube’s decision to employ NFTs may come as a shot in the arm for web3 firms, but it may be more of a reaction to competition as well. Current web2 social media firms, including Twitter, Instagram and <a href="https://www.businessinsider.in/investment/news/meta-is-done-with-diem-but-not-with-blockchain-payments/articleshow/89455339.cms">Facebook</a>, have already signalled their intention to use web3 technology — at least NFTs — on their platforms. In December last year, Instagram chief executive Adam Mosseri said that the company is “actively exploring” NFTs on its platform. “Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” Mosseri said via his own Instagram account at the time. On the other hand, Twitter is a touch ahead of competitors already. The micro-blogging platform already has <a href="https://www.businessinsider.in/investment/news/twitters-long-awaited-hexagonal-profile-pictures-that-give-bragging-rights-to-nft-holders-is-here-but-not-everyone-loves-it/articleshow/89042268.cms">hexagonal profile pictures</a> for those who want to use NFT artwork as avatars on the platform. Twitter has also said that it will be bringing more NFT authentication features to the platform, along with Bitcoin and other crypto-based payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave's Web3 social network plans to take on Facebook and Twitter by giving users control</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/sundar-pichai-pegs-googles-web3-ambitions-to-the-cloud/articleshow/89409184.cms">Sundar Pichai pegs Google’s Web3 ambitions to the cloud</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/meta-is-done-with-diem-but-not-with-blockchain-payments/articleshow/89455339.cms">Meta is done with Diem, but not with blockchain payments</a>

YouTube wants to bring NFTs to its platform — touts it as a way for creators to make more money

<ul><li><keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword>’s annual SEC filing says that the Novi wallet and more may still use blockchain-based payments.</li><li>Stablecoins like USDC might be used for payments on Meta’s future products.</li><li>Meta’s metaverse platforms are also supposed to incorporate <keyword id="902592" type="General" weightage="20" keywordseo="NFTs" source="Orion">NFTs</keyword>.</li></ul>Meta’s cryptocurrency project <keyword id="1766708" type="General" weightage="20" keywordseo="diem" source="Orion">Diem</keyword> is <a href="https://markets.businessinsider.com/news/currencies/facebook-diem-association-mark-zuckerberg-silvergate-stablecoin-libra-meta-sale-2022-2">in the ground</a> and its intellectual property has been sold. But CEO <keyword id="6354630" type="General" weightage="20" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> isn't quite done with blockchain-based payments just yet. In its annual 10-K filing with the US Securities and Exchange Commission (<a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/14039b47-2e2f-4054-9dc5-71bcc7cf01ce.pdf">SEC</a>), Meta highlighted that future initiatives like the Novi digital wallet might use “blockchain-based assets” like the stablecoin USDP, which is issued by the Paxos Trust Company. Further, the company said that its future initiative “to support commerce in the metaverse” may use <a href="http://coindcx.com">blockchain-based</a> assets in digital payments. <div type="ExtQuote" text="“Use of blockchain-based assets in payments are a relatively new and unproven technology, and the laws and regulations surrounding them are uncertain and evolving,”" auname="Excerpt from Meta’s SEC filing"></div> <cmsannotation type="cmsannotation" annotationid="Meta knows it’s going to be a bumpy ride" comment="subhead" text="Meta knows it’s going to be a bumpy ride">Meta knows it’s going to be a bumpy ride</cmsannotation> When Diem was killed, many wondered what digital payment mechanisms Meta would use for its future virtual platforms. In October, while rebranding <keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword> to Meta, Zuckerberg had said that the company would be pumping in significant resources into Oculus and future metaverse platforms. He even showcased meeting rooms, games and more that were designed for these virtual spaces. In its SEC filing, Meta noted that the company expects scrutiny from governments and regulators for its future digital payments systems. This, along with how the market accepts these new payments systems, means that Meta is uncertain about whether its future payments systems will be launched in time, or even if they will be launched at all. The company said that it is “participating in responses” to government inquiries relating to its digital payments and said that adverse actions from regulators and governments could “harm” its business. <cmsannotation type="cmsannotation" annotationid="Government acceptance is a key" comment="subhead" text="Government acceptance is a key">Government acceptance is a key</cmsannotation> The SEC filing, which comes days after Meta reported <a href="https://www.businessinsider.in/stock-market/news/meta-platforms-stock-suffered-a-historic-rout-but-that-doesnt-derail-the-metaverse-industrys-mega-growth-potential-say-2-experts/articleshow/89369676.cms">lacklustre results</a> for the fourth quarter of 2021, also reiterated some of the concerns Zuckerberg had highlighted during the company’s earnings call earlier this month. Meta stated that Facebook’s user growth in countries like India had been <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-reported-decline-in-daily-active-users-for-first-time/articleshow/89314035.cms">limited</a> by growing data prices of prepaid mobile plans. However, a drop in daily active users from the US was seen as well. Overall, Zuckerberg pointed the finger at <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword>’s new App Tracking Transparency rules for the dip. According to him, since the new rules block companies from tracking user activity across the Internet, it affected Facebook’s ability to target ads online. In his October address, Zuckerberg had indirectly postulated that one of the reasons for Meta’s focus on the metaverse was to get out from under companies like Apple’s rules. “The metaverse will not be created by one company. It will be built by creators and developers making new experiences and digital items that are interoperable and unlock a massively larger creative economy than the one constrained by today’s platforms and their policies,” he <a href="https://about.fb.com/news/2021/10/founders-letter/">said in a letter</a> at the time. This means, Diem or not, digital payments in the metaverse will be an integral part of Meta’s future products. The company has also been exploring non-fungible tokens (NFTs) through platforms like Instagram, which gives it even more onus to incorporate blockchain-based payments into its future products. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave's Web3 social network plans to take on Facebook and Twitter by giving users control</a> <a href="https://www.businessinsider.in/investment/news/sundar-pichai-pegs-googles-web3-ambitions-to-the-cloud/articleshow/89409184.cms">Sundar Pichai pegs Google’s Web3 ambitions to the cloud</a> <a href="https://www.businessinsider.in/investment/news/ubisoft-is-joining-google-ibm-wipro-lg-and-others-on-hederas-governing-council-as-it-doubles-down-on-crypto/articleshow/89349706.cms">Ubisoft is joining Google, IBM, Wipro, LG and others on Hedera’s governing council as it doubles down on crypto</a>

Meta is done with Diem, but not with blockchain payments

<ul><li><keyword id="6416838" type="General" weightage="100" keywordseo="coindcx" source="Orion">CoinDCX</keyword> hit the milestone of 1 crore users in February, growth of over 60 times within the span of a year.</li><li>In 2021, CoinDCX was the first Indian crypto company to become a unicorn.</li><li>According to co-founder Neeraj Khandelwal, CoinDCX will be looking to grow, not just in India, but also other countries going forward.</li></ul>CoinDCX, <a href="https://www.businessinsider.in/investment/news/indian-crypto-exchange-coindcx-has-joined-the-crypto-unicorn-club-after-new-funding/articleshow/85200985.cms">India’s first crypto unicorn</a>, saw explosive growth in users over the past one year. The company claims to have gone from 1.3 lakh users at the end of 2020 to hitting a milestone of 1 crore in February this year. A unicorn, in startup parlance, is a private firm valued at or more than $1 billion. In the month of January alone, CoinDCX added 23 lakh users to its overall base – that’s nearly a 30% jump after already having grown 60-fold within the span of a year. Overall, it’s a 76x increase amid <a href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">India’s crypto boom</a>. <div type="ExtQuote" text="“Accomplishing such a phenomenal milestone in just under four years since our launch is a remarkable feat, and is a testament to the growing demands for digital assets in India.”" auname="Statement by CoinDCX CEO and cofounder Sumit Gupta"></div> The demand for <a href="http://coindcx.com">cryptocurrency</a> trading surged not just in India, but <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-and-blockchain-deals-soared-131-in-2021-in-a-defining-year-for-the-sector-according-to-a-report/articleshow/88400514.cms">globally</a>, during the pandemic with CoinDCX’s peers like WazirX also reporting a 10x jump in users to 1 crore in December last year. Cofounder Neeraj Khandelwal has hinted that going forward, it will be looking beyond the India market. “We’re proud to continue strengthening our growth in India and beyond, lowering the barriers to make the future of finance more accessible to all,” he said in a statement. <cmsannotation type="cmsannotation" annotationid="Tax on crypto could keep investors away" comment="subhead" text="Tax on crypto could keep investors away">Tax on crypto could keep investors away</cmsannotation> CoinDCX has been around for four years. This means it was there when Bitcoin initially emerged in India, the Reserve Bank of India (RBI) <a href="https://www.businessinsider.in/crypto-angadias-rbis-crypto-ban-might-incentivise-human-tellers-for-cryptocurrency-transactions/articleshow/63644805.cms">ban</a>, the Supreme Court (SC) <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">verdict</a> that overturned the ban, the most recent boom on cryptocurrencies in the country and, most recently, the <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">30% tax on all ‘virtual digital asset’ transactions</a>. While Gupta, who is also co-chair of Internet and Mobile Association of India’s (IAMAI) Crypto Council, is happy that the government is at least giving some legitimacy to the industry stating, “It gives much needed clarity and confidence to the industry,” does have his concerns. A 30% tax on cryptocurrency is one of the highest tax rates in the country at par with how lottery and gambling gains are taxed. "I am not saying that every crypto token has a very strong use case but you should not treat it equal to gambling. That would not be the best interpretation in my opinion,” Gupta told <a href="https://www.timesnownews.com/business-economy/industry/30-tax-on-cryptos-will-demotivate-investors-coin-dcx-co-founder-sumit-gupta-article-89403684">Times Now.</a> The bigger concern is that the tax may lead investors back to the stock market, where the taxes on making a profit are lower. “[It] will spur more and more money coming back to the equity or other financial assets. This structural move has started,” <a href="https://twitter.com/BiIndia/status/1488420769986072577">Vikram Kotak</a>, the cofounder and managing partner at Ace Lansdowne Investments, told Business Insider after the Union Budget was announced. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="26" retweetcount="15" status="#BudgetInsider: Budget 2022 with Business Insider India https://t.co/3ENPhY55jo" createdat="1643702139000" id="1488420769986072577"></div> To be fair, CoinDCX has grown beyond simply being a <keyword id="6286377" type="General" weightage="20" keywordseo="crypto-exchange" source="Orion">crypto exchange</keyword> for users. It also has the DCXLearn platform to educate users on cryptocurrencies and blockchain. It also launched an Over-The-Counter (OTC) Desk to tap into the institutional client market for crypto trades — the average ticket size for such services start at over investments worth ₹30 lakh. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave's Web3 social network plans to take on Facebook and Twitter by giving users control</a> <a href="https://www.businessinsider.in/investment/news/sundar-pichai-pegs-googles-web3-ambitions-to-the-cloud/articleshow/89409184.cms">Sundar Pichai pegs Google’s Web3 ambitions to the cloud</a> <a href="https://www.businessinsider.in/investment/news/ubisoft-is-joining-google-ibm-wipro-lg-and-others-on-hederas-governing-council-as-it-doubles-down-on-crypto/articleshow/89349706.cms">Ubisoft is joining Google, IBM, Wipro, LG and others on Hedera’s governing council as it doubles down on crypto</a>

CoinDCX’s users grow 60-fold in just one year amid India’s crypto boom

<ul class="summary-list"><li>Altcoins like <keyword id="11154884" type="UNKNOWN" weightage="60" keywordseo="safemoon">safemoon</keyword> and <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> serve little purpose and are highly risky, analysts said.</li><li>Safemoon bills itself as a decentralized finance token that is set to skyrocket in price.</li></ul>Investors should be very wary of alternative cryptocurrencies such as safemoon and dogecoin, many of which are unregulated, highly volatile and could cause buyers to lose all their money, analysts have said.The breakneck rally in various altcoins has drawn in an army of retail investors, who are hunting for the next <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>. <a href="https://www.coingecko.com/en/coins/dogecoin">Dogecoin</a> had rallied 470% in the month to Friday. <a href="https://www.coingecko.com/en/coins/safemoon">Safemoon</a>, a token launched in March, had risen 1,320%, boosted by celebrities such as <a href="https://twitter.com/jakepaul/status/1375868696980123649">Jake Paul</a> and <a href="https://twitter.com/lilyachty/status/1378051154416963586">Lil Yachty</a>."Gains are being fueled by frenzied chat across social media with influencers jostling for position to push their favoured coins," said Susannah Streeter, market analyst at investment company Hargreaves Lansdown."But like a slot machine, the coins being pushed into circulation are very much a speculative bet and investors should only dabble if they have money they can afford to lose."Both dogecoin and safemoon have cooled since touching all-time highs earlier in April, with trading volumes down sharply. A plan by dogecoin supporters to send the token soaring even higher <a href="https://markets.businessinsider.com/currencies/news/safemoon-dogecoin-new-meme-token-crypto-doge-day-cryptocurrencies-2021-4-1030341944">recently faltered</a>.Regulators stress that anyone investing in cryptocurrencies is taking a risk and should be prepared to <a href="https://www.businessinsider.com/bitcoin-price-investors-lose-all-their-money-warning-uk-regulator-2021-1">lose all their money</a>, given that given that the digital assets do not have inherent value like stocks or the uses of the dollar or gold.But analysts say buyers might want to be more cautious with some cryptocurrencies than others.Whereas bitcoin has drawn in <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-institutional-interest-cryptocurrencies-wall-street-tesla-microstrategy-jpmorgan-2021-3-1030194067">big institutions</a> and its market value is more than $1 trillion, relatively little is known about many altcoins that have been soaring in price.The creators of safemoon bill it as a decentralized finance token that is destined to rocket in price. A key part of its design is that it penalizes people for selling with a 10% charge, half of which is distributed back to holders and half of which is burned, according to its website.Edward Moya, senior market analyst at currency platform Oanda, said: "Many view it as a pump-and-dump coin. Safemoon's initial buzz started off as many anticipated it will have a similar rise like dogecoin. It seems unlikely safemoon will ever make it to the moon."Streeter said the token's set-up "sound[s] fresh alarm bells." She said "its model appears to be geared towards helping early holders of the currency get rich, as others pile in after them, pushing the price up further."She added: "Traders buying in late with expectation of celestial rewards are likely to be sorely disappointed when the price falls back to earth with a bump."Safemoon's creators did not respond to requests for comment.Bobby Ong, the co-founder of crypto analytics platform CoinGecko, said the problem with most altcoins is that they do not have any use cases.He argued that bitcoin is gaining weight as a form of digital gold, which people can use to hedge against inflation, although Goldman Sachs <a href="https://markets.businessinsider.com/currencies/news/bitcoin-digital-gold-failing-energy-use-competition-ether-goldman-btc-eth-2021-4-1030357114">has questioned</a> this argument. And he says <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword> is the fuel that powers the Ethereum network, on which <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4#:~:text=NFTs%20are%20digital%20assets%20stored,makes%20cryptocurrencies%20like%20Bitcoin%20possible.&amp;text=This%20means%20when%20you%20buy,same%2C%20each%20NFT%20is%20unique.que.">non-fungible tokens</a> and other applications can be built.By contrast, dogecoin is "a call option on meme culture," he said. "If you believe that memes are going to be a big thing then, yeah, dogecoin would be something interesting… but by itself there's really not much [of a] use case for dogecoin."But Ong added: "To say that all 6,000 altcoins are useless is unfair." He said he is broadly supportive of tokens that are part of the <a href="https://www.businessinsider.com/defi-decentralized-finance-bitwise-cio-disruption-bull-case-largest-assets-2021-4">decentralized finance</a> movement, which aims to use blockchain technology to create safe financial contracts without the need for central parties like banks. Ong cited uniswap and aave as two examples.Moya said coins like solana were becoming more popular as people try to find competitors to the Ethereum network. "Solana's meteoric rise is based off the belief its high performance is so much faster than Ethereum, it could become the <keyword id="6118260" type="UNKNOWN" weightage="60" keywordseo="altcoin">altcoin</keyword> of choice for widespread adoption."However, even tokens or coins that have more obvious purposes are liable to fail. According to the <a href="https://www.coinopsy.com/dead-coins/">Coinopsy</a> website, close to 2,000 cryptocurrencies have failed in the past.Streeter said: "Volatility is the name of the game in the crypto world, with coins on a rollercoaster ride from week to week, and predicting the point at which demand subsides and prices begin to fall is very difficult, if not impossible."

Altcoins like safemoon and dogecoin aren't going to the moon and you could lose all your money, analysts say

<ul><li>By the end of the week, <keyword id="6358826" type="General" weightage="100" keywordseo="russia" source="Orion">Russia</keyword> is expected to roll out new laws to govern cryptocurrencies in the country.</li><li>According to Russian media and the current draft of the laws, cryptocurrencies are most likely going to be treated as foreign currencies.</li><li>This means that while cryptocurrency transactions will be allowed, it’s unlikely to be legal for day-to-day transactions like buying a pizza or online shopping. </li></ul>There’s less than a week to go before new regulations to govern cryptocurrencies in Russia get finalised, according to <a href="https://www-kommersant-ru.translate.goog/doc/5206307?from=top_main_10&amp;_x_tr_sl=ru&amp;_x_tr_tl=en&amp;_x_tr_hl=en&amp;_x_tr_pto=sc">Russian media</a>. The country is planning on regulating cryptocurrencies as ‘an analogue of currencies’ rather than a ‘financial asset’ — a switch over from the earlier Russian law, which came into effect in January, last year. Simply put, cryptocurrencies will likely be treated as a foreign currency. There is one catch. According to the head of the Russian Union of Industrialists and Entrepreneurs (<a href="https://en.rspp.ru/">RSPP</a>), <keyword id="13175444" type="General" weightage="20" keywordseo="alexander-shokhin" source="Orion">Alexander Shokhin</keyword>, one won’t be able to use cryptocurrencies for payments. “If we are talking about prohibitions, then that is rather about a ban on the use of cryptocurrency as a means of payment, while other aspects are subject to regulations,” he told reporters. <cmsannotation type="cmsannotation" annotationid="Transactions and payments — what’s the difference?" comment="subhead" text="Transactions and payments — what’s the difference?">Transactions and payments — what’s the difference?</cmsannotation> The<a href="http://static.government.ru/media/files/Dik7wBqAubc34ed649ql2Kg6HuTANrqZ.pdf"> draft prepared</a> by the government, envisions regulation of “cryptocurrency providers” to protect investors. They would need to apply for licences, have adequate capital and liquidity, while operating under full client identification and anti money-laundering laws. After the new law comes into force, only licensed providers will be able to accept <keyword id="11356124" type="General" weightage="20" keywordseo="crypto-transactions" source="Orion">crypto transactions</keyword>, to avoid fines. Since it will be treated a foreign currency, licensed providers are allowed to accept transactions, but when it comes to day-to-day transactions, any token will have to be converted into rubles. Even after crypto trade and investments become officially legal, the chance of being allowed to, say, pay a fraction of an <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> coin to pay their taxes or buy pizzas, is almost zero. Any cryptocurrency transactions valued at over 600,000 rubles — around ₹6 lakh — will have to be declared to tax authorities, else it will be a criminal offence. <cmsannotation type="cmsannotation" annotationid="Unanswered questions around Russia’s new crypto laws" comment="subhead" text="Unanswered questions around Russia’s new crypto laws">Unanswered questions around Russia’s new crypto laws</cmsannotation> Any country that’s looking to regulate cryptocurrencies wants to put in measures to protect investors. Russia seeks to decrease activity in the ‘shadow economy’ and reduce ‘fraud cases’ — rug pulls, pump and dumps, and the proliferation of get rich quick scams. However, the draft is silent about how existing entities and transactions will be treated in the new regime. The draft, which discusses “mechanisms for organising the circulation of digital currencies” also does not define cryptocurrency, but calls it a “high-risk financial instrument.” <cmsannotation type="cmsannotation" annotationid="Nationalised blockchain monitoring service" comment="subhead" text="Nationalised blockchain monitoring service">Nationalised blockchain monitoring service</cmsannotation> Amid all the conversation of whether cryptocurrencies should be banned altogether or not, Russia seems to be particularly concerned with the privacy of its citizens when it comes to overseas-based blockchain monitoring tools. For the purpose of monitoring cryptocurrency transactions, licensed entities have been instructed to use ‘Transparent Blockchain’, an AI tool to track transactions and link them to users,<a href="https://www.rbc.ru/finances/11/08/2020/5f3171fd9a794756503cfcf4"> developed domestically</a> by the Lebedev Physical Institute for Science Research — and only that, no other software. That means tools like <keyword id="4332605" type="General" weightage="20" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> or Crystal Blockchain, which are used to track trends and trace hacker trails will be out of bounds for Russian banks and crypto exchanges. The brief reason noted in the draft by the finance ministry is that, foreign services “store requests generated by users.” <cmsannotation type="cmsannotation" annotationid="Size of Russia’s crypto economy, and tax potential" comment="subhead" text="Size of Russia’s crypto economy, and tax potential">Size of Russia’s crypto economy, and tax potential</cmsannotation> Even if cryptocurrency cannot be circulated as ‘real’ money just yet, the government stands to gain real money with taxes. As things stand, only large crypto transactions of over 600,000 rubles (₹6 lakh) will need to be formally reported to tax authorities. So, it’s possible that most small-time traders will be spared the bureaucracy. The Russian government is, however, aware of how large their golden goose is. The draft prepared by its Finance Ministry says Russia ranks third in crypto-mining, and has over 12 million crypto wallets, with an estimated holding of two trillion rubles ($26.7 billion). Estimates by Bloomberg in January indicated that<a href="https://timesofindia.indiatimes.com/business/cryptocurrency/blockchain/russians-own-12-of-the-worlds-crypto-assets/articleshow/89342468.cms"> Russians hold 12% of</a> the world’s crypto assets, with<a href="https://trends.google.com/trends/explore?q=crypto,nft"> Google Trends indicating</a> a high degree of interest in NFTs in Russia. An internal governmental<a href="https://thebell.io/tsena-vojny-za-kriptu-otchety-bigtehov-i-rezultaty-rossijskih-marketplejsov"> policy brief</a> offered more recent data, valuing the Russian crypto market at $214 billion. In an analysis<a href="https://thebell.io/tsena-vojny-za-kriptu-otchety-bigtehov-i-rezultaty-rossijskih-marketplejsov"> by TheBell</a>, a Russian publication, even a simplified tax rate of six percent would yield estimated tax revenues of $12 billion a year from crypto trades – without accounting for the value generated by crypto mining. <cmsannotation type="cmsannotation" annotationid="Economic upside" comment="subhead" text="Economic upside">Economic upside</cmsannotation> Acknowledging crypto already holds two benefits for Russia — bringing it into the open with regulations and a multi-billion dollar tax potential. Ancillary industries are a draw as well. An encouraged crypto industry is likely to generate high-paying jobs and attract talent, to further<a href="https://fortune.com/2014/11/03/open-innovations-forum-moscow-russia/"> Russia’s high-tech ambitions</a>. A domestic crypto industry could also accelerate the country’s<a href="https://www.themoscowtimes.com/2021/08/26/russias-drive-to-replace-foreign-technology-is-slowly-working-a74908"> domestic computing attempts</a>, and prevent centralisation of computing infrastructure production. The icing on the cake would be a highly profitable cryptocurrency mining sector, which draws enormous amounts of electricity, and has the money to pay for it – thus enabling public utilities<a href="https://uk.practicallaw.thomsonreuters.com/6-527-2969?transitionType=Default&amp;contextData=(sc.Default)&amp;firstPage=true"> to stay afloat</a> and even generate a power surplus for use by other industries. Right now, cryptocurrency mining is being blamed for power cuts all over the country. However, the head of Russia’s Ministry for Energy has proposed classifying mining consumption from residential consumption, to keep them from taking advantage of subsidised rates. <cmsannotation type="cmsannotation" annotationid="The U-turn" comment="subhead" text="The U-turn">The U-turn</cmsannotation> The news of regulation is a complete flip from earlier this year when the Russian<a href="https://www.cbr.ru/Content/Document/File/132241/Consultation_Paper_20012022.pdf"> central bank had proposed</a> a complete ban on cryptocurrencies, as China did. But the<a href="http://kremlin.ru/events/president/news/67641"> President Vladimir Putin urged a consensus in favour of regulation</a>, saying Russia had a competitive advantage in power production and manpower. This contradiction being reconciled in favour of regulation, may have had more causes than the President’s wishes alone, as the Ukraine crisis loomed large. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/crypto-tax-and-fees-that-every-trader-should-know/slidelist/89504583.cms">It’s not just tax — here are other fees that crypto traders need to watch out for</a> <a href="https://www.businessinsider.in/investment/news/youtube-joins-twitter-and-instagram-in-exploring-nfts/articleshow/89501728.cms">YouTube wants to bring NFTs to its platform — touts it as a way for creators to make more money</a> <a href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave's Web3 social network plans to take on Facebook and Twitter by giving users control</a>

Russia's new crypto law is less than a week away — Here’s what we know so far

<ul class="summary-list"><li><keyword id="1494563" type="PERSON" weightage="60" keywordseo="K-Pop">K-pop</keyword> stans have recently come into the digital spotlight after leading efforts online to spam a police app with fancams and flood hashtags on Twitter and Instagram in order to drown out racist posts.</li><li>The actions stans have taken amid <keyword id="2771111" type="PERSON" weightage="60" keywordseo="black-lives-matter">Black Lives Matter</keyword> are built on a <keyword id="1610727" type="PERSON" weightage="60" keywordseo="Fandom">fandom</keyword> history of digitally organizing around trending hashtags or leading charity campaigns for non-profits.</li><li>While the majority of the attention the K-pop fandom has experienced recently has been positive, it fails to address the racism that Black fans still face in the community.</li></ul>In the wake of George Floyd's killing and amid Black Lives Matter protests, there's been a paradigm shift in the perception of K-pop stans online. While locals (non-stans) have typically had an adversarial relationship with K-pop fandom in the past, recent events have shaken that relationship up.K-pop stans have made their presence known across the US and around the world. They <a href="https://www.insider.com/kpop-stans-fancams-iwatch-dallas-police-department-report-spam-blacklivesmatter-2020-6">spammed a police app with fancams</a>, took <a href="https://www.insider.com/kpop-stans-flood-spam-whitelivesmatter-hashtag-fancams-memes-2020-6">over hashtags on Twitter and Instagram</a> in an effort to drown out racist posts, <a href="https://www.insider.com/blackpink-fans-blinks-trend-blacklivesmatter-sour-candy-lady-gaga-chromatica-2020-5">worked to stop their own hashtags from trending</a> out of respect for #BlackLivesMatter, and in the case of BTS' ARMY, <a href="https://www.insider.com/bts-army-black-lives-matter-donation-one-million-matchamillion-blm-2020-6">matched the group's $1 million Black Lives Matter donation</a> in approximately a day.Reactions to those events typically bore a tone of shock or surprise, with Twitter users later using the #kpopstans hashtag to express appreciation or to alert stans of another hashtag. As <a href="https://www.technologyreview.com/2020/06/05/1002781/kpop-fans-and-black-lives-matter/">MIT Technology Review's Abby Ohlheiser noted</a>, "Online <keyword id="24504" type="ORGANIZATION" weightage="100" keywordseo="culture">culture</keyword> loves a vigilante in times of crisis."Previously, locals have <a href="https://www.insider.com/kpop-fancams-explained-stan-twitter-history-whitelivesmatter-police-app-2020-6">complained about fancams</a> (short fandom-focused videos or edits) and <a href="https://www.insider.com/isoverparty-hashtag-wednys-cancel-culture-twitter-doja-cat-dojacatisoverparty-2020-6">argued that stans are too quick to start cancelation hashtags</a>. Now, fancams are a good thing and K-pop stans are being praised by celebrities like <a href="https://twitter.com/KekePalmer/status/1268171613041684481?s=20">Keke Palmer</a> and Jordan Peele.While the public's change of heart around K-pop stans may come as a surprise, what doesn't is the fact that K-pop stans were able to mobilize so quickly. Modern K-pop fandom, after a decade of leveraging social media as a way to bring awareness to artists and using fandom organizing to raise money for worldwide causes, is built around digital organization on a massive scale.<h2>K-pop stans have a history of organizing digital campaigns</h2>K-pop fans have a long history of mobilizing around projects related to their artists, and that's part of what makes quick, collective action so possible. K-pop fans are well-accustomed to trending hashtags around new releases, and they're quick to respond to new content: for instance, <a href="https://www.youtube.com/watch?v=7UWBYJjuIL0">BTS released a new music video on June 11</a> for the song "We Are Bulletproof: The Eternal." Within an hour, ARMY (BTS fans) were trending <a href="https://twitter.com/search?q=%23WeAreBulletproofTheEternal&amp;src=typed_queryuery">#WeAreBulletproofTheEternal</a> to celebrate the new release.Even if K-pop fans sometimes trend a hashtag or keyword on Twitter without intending to (this <a href="https://twitter.com/for_ARMYs/status/969133814797627392?s=20">happens frequently</a>), <a href="https://twitter.com/ForeverKimJisoo/status/1208233192605401088?s=20">fans work to trend things on purpose plenty of the time as well</a>, sometimes voting and deliberately choosing when and how to trend tags for birthdays, music drops, or other events.<a href="https://twitter.com/ATEEZcommunity">Fanbases of individual groups</a> publicize voting campaigns to their significant followings on Twitter that typically number in the thousands; many fandoms focus on voting for idols on Korean music shows so that they can notch their first coveted music show win, a major signifier of success. Post-"Gangnam Style," PSY's breakthrough 2012 hit that brought Korean pop music into the US <a href="https://www.billboard.com/articles/columns/k-town/8544218/psy-gangnam-style-songs-that-defined-the-decade">mainstream</a>, fans turned towards platforms like YouTube and Twitter primarily to try and increase K-pop's visibility online, said Michelle Cho, a professor of East Asian popular cultures at the University of Toronto who specializes in Korean film, media, and the Korean wave. Cho <a href="https://www.technologyreview.com/2020/06/05/1002781/kpop-fans-and-black-lives-matter/">also recently spoke with MIT Technology Review</a>."[K-pop fans] have developed a certain kind of repertoire and skills on how to use social media platforms to bring things to prominence," Cho told Insider. "I think that the K-pop fandom over time has developed an awareness that they can have influence in this way."Recent works of so-called "fancam activism," like <a href="https://www.insider.com/kpop-stans-flood-spam-whitelivesmatter-hashtag-fancams-memes-2020-6">flooding hashtags like #whitelivesmatter with videos of dancing K-pop idols</a>, was possible because K-pop stans were able to leverage the stability of pre-existing fandom networks in order to coordinate to take over tags (it's worth noting that K-pop stans have a reputation on local Twitter for <a href="https://www.insider.com/isoverparty-hashtag-wednys-cancel-culture-twitter-doja-cat-dojacatisoverparty-2020-6">starting or commandeering #isoverparty hashtags</a>).Furthermore, through engaging in public acts like disrupting racist posts on social platforms, stans also stand to change public opinion of the fandom itself. Boy band fandoms have been denigrated in frequently sexist ways since the Beatles era, but Cho says that K-pop fans could present themselves in a different light, as a group of "diverse, politically progressive, social media savvy people."<h2>BTS fans matching the band's $1 million donation to Black Lives Matter relied on previous fandom systems</h2>One of the most compelling events in K-pop fans' wave of digital activism was a massive fundraising campaign by BTS' ARMY in an effort to match the group's million-dollar donation to Black Lives Matter. The campaign was successful — just a day after<a href="https://variety.com/2020/music/news/bts-big-hit-1-million-black-lives-matter-donation-1234627049/"> Variety reported BTS' contribution</a>, ARMY managed to collectively raise the same amount, splitting donations across organizations like Reclaim the Block, the NAACP, and Black Lives Matter.<a href="https://www.oneinanarmy.org/"> One in an ARMY,</a> (OIAA) a volunteer collective of BTS fans who have been organizing monthly charity projects since 2018, tracked the donations through a<a href="https://secure.actblue.com/donate/btsarmy"> split donation page on ActBlue</a>.Erika Overton, who does outreach and communications for OIAA, told Insider that the group typically plans out its charity projects months in advance in order to liaise with non-profits and prepare campaign materials. That model doesn't allow for quick responses to crisis events — in those cases, OIAA <a href="https://www.oneinanarmy.org/bonus-missions">typically compiles threads</a> of resources for ARMYs who want to help.On June 1, OIAA put out a Carrd website listing donation pages for non-profits as well as the split donation page that became the lynchpin of the #MatchAMillion campaign. Overton said that ARMYs had donated upwards of $50,000 before news of BTS' donation broke on June 6. After ARMY <a href="https://twitter.com/naija0329/status/1269415264703184896?s=20">decided to try to match it</a> and <a href="https://twitter.com/MonospIaylist/status/1269415368700973057?s=20">settled on the #MatchAMillion hashtag</a>, the Carrd began to circulate widely and donations began to climb into the hundred-thousands.The donation match was possible due to existing fandom structures like One in an ARMY. However, just as <a href="https://www.oneinanarmy.org/about">OIAA itself originated</a> from a group of ARMYs wanting to leverage the fandom's power to raise money for Syrian relief in 2018, the #MatchAMillion campaign started with ARMYs calling on each other."These kinds of things are not usual," Overton said. "But when BTS themselves actually make a statement… that's like pouring rocket fuel on a fire that's already burning. So when they did their donation, [ARMY] was like, heck yeah, we're doing this."<h2>K-pop fandoms, however, are still full of anti-Blackness</h2>Recent attention regarding ARMY's donation match or the fancam activism has largely referenced "K-pop stans" as if they were a homogenous group, rather than a diverse set of people who vary in terms of race, age, country of origin, gender, and political beliefs. Flattening the broad fandom into a singular force fails to account for the racism that Black K-pop stans face.Most recently, <a href="https://variety.com/2020/music/global/big-hit-entertainment-apologizes-suga-cult-leader-jim-jones-1234622958/">BigHit Entertainment and BTS' Suga apologized</a> for using a sample of cult leader Jim Jones, who was <a href="https://www.rollingstone.com/culture/culture-features/jonestown-13-things-you-should-know-about-cult-massacre-121974/">responsible for the death of hundreds of his followers</a>, many of whom were Black. Prior to the apology, and the removal of the sample from the track, some Black fans who had raised concerns over the sample were <a href="https://www.teenvogue.com/story/bts-fandom-needs-to-check-anti-blackness">harassed and labeled as "antis"</a> attempting to defame Suga's reputation.Cho says that these kinds of situations are how anti-Blackness frequently manifests in K-pop fandoms: some Black K-pop fans will call out an idol for cultural appropriation, blackface, or any other anti-Black action, and fans of an idol or group will become defensive and angry at those who leveled the criticism. "The reason why some fans don't see that as an expression of systemic racism is that they really feel like, 'No, we're just defending our individual idol against these unfair attacks," she said.<h2>Black fans are sometimes left out of the conversation when it comes to anti-racist efforts</h2>Black fans have been left out of much of the conversation about K-pop fandom's recent viral anti-racism efforts, said Ellie Forte, a 19-year-old Black K-pop stan who goes by <a href="https://twitter.com/nctbussyy">@nctbussyy</a> on Twitter and primarily follows SM <keyword id="4578" type="COMPANY" weightage="60" keywordseo="entertainment">Entertainment</keyword> groups. "When it came to talking about, 'Oh, K-pop fans are revolutionary, they're combatting racism,' what people forgot about a lot was that Black stans were the ones who were really bringing up awareness about George Floyd and the Black Lives Matter movement."Ellie said that Black fans' voices are silenced in K-pop fandom, most recently when she saw K-pop fans continuing to spread videos of George Floyd's death, especially without trigger warnings, despite Black fans asking them to stop doing so. She said that she's also seen pushback against Black fans who call on idols to speak up about Black Lives Matter. De'Andra, a 23-year-old Black K-pop stan who goes by <a href="https://twitter.com/tytaped">@tytaped</a> on Twitter and preferred to not use her last name, said that she has seen Black fans harassed and doxxed for speaking up about idols' actions in addition to seeing K-pop accounts pretending to be Black, using AAVE (African American Vernacular English), and weighing in on issues "as a 'Black' person."Certain efforts by groups of K-pop stans can also have effects other than those intended. De'Andra said that while she thought that spamming the Dallas police app and hashtags used to attempt to identify protesters were clever, she didn't like how the tactic was applied to hashtags like #whitelivesmatter because they ended up trending higher than they had been previously. "[The trending hashtags] triggered a lot of black people actually. Sometimes, we don't realize how counterproductive our actions can be," Ellie said. "I may see it as counterproductive, but another Black person may see it as, 'Oh my gosh, this was great because I don't have to see racist posts.'"<h2>Some Black fans feel that idols have a responsibility to speak up</h2>As <a href="https://www.theatlantic.com/technology/archive/2020/06/twitter-k-pop-protest-black-lives-matter/612742/">The Atlantic's Kaitlyn Tiffany wrote</a>, many K-pop stans were taking action to support protests even before their favorite idols spoke up. Still though, idols speaking up does make a difference — while some BTS fans were already donating and working to support Black Lives Matter long before <a href="https://twitter.com/BTS_twt/status/1268422690336935943?s=20">BTS spoke out in support on June 4</a> or their donation was made public, the group's action indubitably spurred the fandom into re-action with the donation campaign.More importantly, however, idols speaking out does matter to some Black fans, particularly given the extent to which K-pop draws on Black culture. In an <a href="https://www.teenvogue.com/story/k-pop-stars-speaking-up-black-lives-matter">op-ed for Teen Vogue, Natasha Mulenga argued</a> that K-pop artists should keep speaking up about Black Lives Matter due to K-pop's roots in and reliance on Black culture."Lately, I've been thinking now more than ever when I hear [K-pop artists] say that they care about and appreciate the support of all their fans if I am included in this, if Black people are included in this," De'Andra said.Ellie, along with other Black K-pop fans including De'Andra, <a href="https://twitter.com/DavonnaDarling">@DavonnaDarling</a>, and <a href="https://twitter.com/BlaxSeoul">@BlaxSeoul</a>, organized a hashtag project for June 12 calling on SM Entertainment, one of South Korea's major entertainment companies, to use its platform to "stand in solidarity with Black people in our fight for racial and social equality in all areas."Early in the morning on June 12, people began to use the hashtags <a href="https://twitter.com/search?q=%23SMBlackout&amp;src=typeahead_clicklick">#SMBLACKOUT</a> and <a href="https://twitter.com/hashtag/SMuseyourplatform?src=hash">#SMUseYourPlatform</a> to call on SM Entertainment to speak out, with some expressing that they wouldn't support the company until they did so. While some SM Entertainment idols like <a href="https://www.cheatsheet.com/entertainment/johnny-of-nct-127-yeri-of-red-velvet-and-other-k-pop-idols-who-spoke-out-in-support-of-the-black-lives-matter-movement.html/">NCT's Johnny and Red Velvet's Yeri have spoken out on social media</a>, SM Entertainment has not made a public statement.Ultimately, Ellie said that it's important to listen to Black fans and include them in conversations about K-pop fandom. However, she said that anti-Blackness is far from exclusive to K-pop stan spaces online: "Even though Black K-pop stans are finding themselves stuck in this anti-Black fandom, they can't go anywhere else because every fandom has anti-Blackness in it," she said. "Black fans, no matter where they go, don't have those safe spaces really to just be themselves."<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.insider.com/kpop-fancams-explained-stan-twitter-history-whitelivesmatter-police-app-2020-6">K-pop stans are using short videos called fancams to drown out racists online. This is how the movement started.</a></li><li><a href="https://www.insider.com/kpop-stans-flood-spam-whitelivesmatter-hashtag-fancams-memes-2020-6">K-pop stans flooded the #WhiteLivesMatter hashtag on Twitter and Instagram with fancams and memes to drown out racist posts</a></li><li><a href="https://www.insider.com/bts-army-black-lives-matter-donation-one-million-matchamillion-blm-2020-6">BTS stans matched the K-pop group's $1 million Black Lives Matter donation in one day through the #MatchAMillion campaign</a></li><li><a href="https://www.insider.com/kpop-stans-fancams-iwatch-dallas-police-department-report-spam-blacklivesmatter-2020-6">Dallas Police asked people to report illegal protest activity via an app. K-pop stans organized to spam it with fancams instead.</a></li></ul>

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Aave's Web3 social network plans to take on Facebook and Twitter by giving users control

BI India Bureau

Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules

Shivam Vahia

Altcoins are the alternative digital currencies to bitcoin - here's what they are and how they work

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Here’s how Indian crypto firm Biconomy is gearing up for web3

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YouTube wants to bring NFTs to its platform — touts it as a way for creators to make more money

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Meta is done with Diem, but not with blockchain payments

BI India Bureau

CoinDCX’s users grow 60-fold in just one year amid India’s crypto boom

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Altcoins like safemoon and dogecoin aren't going to the moon and you could lose all your money, analysts say

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Russia's new crypto law is less than a week away — Here’s what we know so far

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K-pop stans have been heralded as digital heroes for fighting racists online, but Black fans are still getting left out of the conversation

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