Tues AM-PM Seeds of Wisdom Crypto Update(s) 10-29-24

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Seeds of Wisdom

CARDANO WILL RUN A NATION STATE: HOSKINSON SHARES WHEN AND HOW

In a keynote titled “After Voltaire: The Next Evolution of Cardano,” Charles Hoskinson, the founder of Cardano, unveiled an ambitious roadmap that could see the blockchain ecosystem running a nation-state by 2030. Hoskinson envisions this nation-state as a substantial entity, potentially serving tens of millions of people.

We as an ecosystem have to make a decision. Do we want to be timid and just chase our tales and focus on small concerns or do we want to be bold and change the world? There’s no reason we can’t for the first time in human history.

We have to decide what we’re going to do with it and how far we want to take it. I believe we can run a nation state on Cardano by 2030 and not a small one, one with tens of millions of people,” the Cardano founder claimed.

How Cardano Can Run A Nation State

Hoskinson reflected on the journey of Cardano over the past seven years, emphasizing the project’s transformative impact. “We have gone from a whiteboard like this to something that has changed the lives of countless thousands of people,” he stated. 

Having traveled to 74 countries and interacted with tens of thousands of individuals, he noted that many have expressed how their lives have been changed by being part of the Cardano community.

A central theme of Hoskinson’s speech was the power of on-chain governance and community collaboration. He highlighted that the upcoming on-chain governance system is “not just some [mechanism] to make a decision; it’s a thing to bring people together to make the right decisions.” This system aims to engage the community in shaping the future of Cardano, with hundreds of workshops planned for next year to discuss marketing, branding, and system growth.

Hoskinson also highlighted the central role of the Cardano Constitution, crafted “by and for the people,” which embedded human rights at its core. “We have to have some protections for our data and our privacy, our freedom of association, commerce, and expression,” he asserted.

The constitution seeks to guarantee that the original intentions of the ecosystem are preserved, especially in a landscape where trust in unelected entities is dwindling.

The roadmap includes the launch of major projects like Midnight, which is expected to attract millions of new users to the ecosystem. Hoskinson believes that such initiatives will catalyze the development of dozens of other significant projects across various domains, further expanding the Cardano community.

Addressing the broader implications of Cardano’s evolution, Hoskinson drew parallels with historical revolutions that have reshaped societal structures. 

“Just like the American Revolution fundamentally changed the social contract of the world […] we can hold another revolution to take back our digital lives,” he proclaimed.

He criticized the dominance of multi-trillion-dollar corporations that exert significant control over individual lives, advocating for a future where power is decentralized and returned to the people.

Hoskinson also emphasized the unity within the blockchain industry against centralization. “Everybody in the blockchain industry is the same in that we’re all trying to fight the same thing: centralization,” he said. He called for an end to divisive narratives, urging collaboration to prevent a “terrible future of 2030” dominated by centralized control.

Concluding his keynote, Hoskinson expressed optimism about the Cardano ecosystem’s future. “We built a group of people who can do pretty much everything and we now have the resources as an ecosystem to do that. And we also have an engine that keeps speeding up and getting faster.

We just have to have the will to coordinate and prove that we are the ones to do this and we also have to realize that.”

@ Newshounds News™

Source: Bitcoinist

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BIS AND BIG BANKS INTRODUCE PROJECT MANDALA FOR IMPROVED CROSS-BORDER TRANSACTIONS

The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.

This initiative addresses common hurdles in international transactions, such as varying regulations that often increase costs and slow transaction speeds. According to the BIS, hopes to streamline cross-border payments without s*********g privacy or the quality of regulatory checks by using a “compliance-by-design” approach.

Project Mandala can also integrate with both modern digital asset systems, like central bank digital currencies, and established systems, such as SWIFT, making it flexible for traditional financial institutions and emerging digital financial systems.

The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.

This initiative addresses common hurdles in international transactions, such as varying regulations that often increase costs and slow transaction speeds.

According to the BIS, hopes to streamline cross-border payments without s*********g privacy or the quality of regulatory checks by using a “compliance-by-design” approach.

Project Mandala can also integrate with both modern digital asset systems, like central bank digital currencies, and established systems, such as SWIFT, making it flexible for traditional financial institutions and emerging digital financial systems.

@ Newshounds News™

Source: Crypto News

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Source: Dinar Recaps

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JUST IN: BINANCE LAUNCHES FIRST-EVER CRYPTO EXCHANGE SERVICE FOR WEALTH MANAGERS

Binance has launched the a first-of-its-kind crypto solution which will cater to the crypto needs of wealth managers.

▪️Binance has launched ‘Binance Wealth’ which will cater to wealth managers and further boost crypto adoption.
▪️This initiative will provide easy access for high net-worth individuals seeking digital asset exposure.
▪️The exchange will provide exposure to a wide range of crypto assets beyond Bitcoin and Ethereum.

Binance, the world’s largest crypto exchange by trading volume, has launched the first-ever crypto exchange solution for wealth managers. According to the exchange, this initiative will be similar to traditional wealth management. This move could also help further assert the exchange’s dominance in the crypto space.

Binance Launches ‘Binance Wealth’

The crypto exchange announced in a press release the launch of Binance Wealth, the first crypto exchange technological solution catering to wealth managers. 

This service will allow wealth managers to oversee their clients’ onboarding and make investment recommendations, ensuring that these clients enjoy strong support throughout the onboarding process.

Wealth managers will also retain full discretionary control, similar to traditional wealth management services. Wealth managers seeking the Binance Wealth program must apply to gain access. After their application has been approved, they can support their clients with the onboarding process into the crypto space.

These clients will have to submit the necessary KYC/KYB documentation for verification. Once boarded, these clients can manage their investments and gain guidance from their wealth managers on the best investment decisions for them.

This move comes just over a month after Binance CEO Richard Teng mentioned that their institutional investors grew 40% this year. With this first-of-its-kind offering, the top crypto exchange will attract high-net-worth individuals looking to gain exposure to cryptocurrencies.  This could also help boost the crypto exchange’s dominance as it looks to wade off its competitors.

Advantage Of This Initiative For Investors

Binance mentioned in the press release that this initiative will significantly reduce the entry barrier for wealth managers and their clients seeking digital asset exposure. These investors will enjoy an experience similar to the traditional financial advisory framework they are accustomed to.

These investors will gain exposure beyond Bitcoin and Ethereum as the top exchange will offer a wide range of supported tokens beyond the top two cryptocurrencies by market cap.

Wealth managers’ clients will have access to trading and earn/staking products, which cater to the needs of all clients, whether they are looking for active or passive investment opportunities.

Lastly, the crypto exchange mentioned that Binance Wealth will provide a ‘White-glove VIP service’ as wealth managers will receive high-touch VIP services and support from the exchange’s VIP key account client managers.

@ Newshounds News™

Source: CoinGape

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FIVE THINGS TO EXPECT IN CARDANO’S UPCOMING CHANG 2 UPGRADE

The Cardano blockchain’s two-part Chang Hard Fork represents a major upgrade that will enhance network functionality and decentralized governance. On Sept. 1, Chang 1, the first phase of the Chang Hard Fork, was activated, bringing crucial improvements such as empowering the Interim Constitutional Committee.

In November 2024, the process to enact the second phase of the Chang upgrade is expected to kick off in full swing, ushering in a critical phase for Cardano’s governance evolution. Chang 2 will require five governance actions to be successfully enacted on-chain.

The current roadmap anticipates a prerelease of Cardano node v10 for testing in mid-October. This crucial phase will initiate thorough testing across multiple environments, starting with the preview and preprod testnets. This second controlled Chang hard fork will complete the metamorphosis of Cardano to the age of Voltaire.

This culmination of the Chang upgrade will mark a watershed moment for Cardano’s governance, marking a pivotal shift that will have far-reaching and long-term consequences for the whole ecosystem. What to expect The second phase of the Chang Hard Fork is expected to bring even more advancements. In a recent tweet, Emurgo, a founding entity of Cardano, outlined five updates to potentially expect.

First is Delegate Representative (DRep) Voting. Introducing Delegate Representative (DRep) Voting aims to strengthen the community’s voice. DReps will be one of the key governing bodies in Cardano’s governance framework, able to vote on ideas and governance actions on behalf of the whole community. SPO (Stake Pool Operator) voting will also be a key upgrade in the Chang phase 2.

Through this update, SPOs will gain voting power by leveraging the stakes delegated to their pools, altering their role in Cardano’s future decentralized governance to one of greater participation.

The Cardano Chang 2 upgrade will also usher in governing actions; here, community members will be encouraged to propose governance actions. Anybody in the community will be able to initiate a proposal with a small ADA deposit, which will be refunded after voting ends.

The proposal will go through a voting procedure with DReps and SPOs to verify that the results match the Cardano community’s vision.

Another update to be expected is Treasury Withdrawal. To carry out the approved governance actions, a treasury withdrawal system will be deployed. Approved governance actions will receive funding allocated directly from Cardano’s treasury.

This system will allow community members to shape treasury funds, promoting the Cardano network’s long-term growth.

@ Newshounds News™

Source: U Today

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PETER SCHIFF EXPLAINS WHY AMERICA IS ENTERING A HORRIFIC FINANCIAL CRISIS | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

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Source: Dinar Recaps

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