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Events dApps are Bettering: Intuitive, Convenient and Transparent

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Blockchain technology has been taking the events management industry by storm.

The COVID-19 pandemic led many to reflect on the failings of traditional, centralized ticketing and event platforms. These tools often feature low security, difficult user experiences, and high hidden fees.

Blockchain continues to interest many event managers and promoters. The technology offers the opportunity to digitally manage events and payments without a central administrator, all while eliminating ticket duplication, fake tickets, and bots. Blockchain also can be harnessed to allow for event details to be managed and shared in a uniform and transparent manner.

A greater interest in a decentralized approach to managing events and attendees has led to the rise of several decentralized applications (dApps) with a focus on ticketing and events management.

Blockchain-Based Event dApps Transforming Traditional Models

Phoenix DAO’s Events Marketplace is one dApp making waves due to a dedicated and focused team who have been hard at work optimizing the platform.

The Eventbrite-style dApp empowers users to host events or buy, sell, and exchange tickets thanks to the power of blockchain. Phoenix’s unique Identity protocol ensures decentralization and trustworthiness while permanently tying tickets to a particular user no matter where they go. All Event dApp users rely on the native $PHNX token for payment, but the PhoenixDAO team plans on offering more cryptocurrencies and on-ramp methods. Hopes are expansion will encourage user growth and open up more revenue streams.

Phoenix Authentication helps verify logins and approve ticket transactions to eliminate bots and bulk purchasing. The entire Event dApp is multi-chain offering both Ethereum and Polygon’s sidechain solution, offering Layer2 solution instead of only Ethereum. A recent developer update includes multi-chain support, giving dApp users the opportunity to host events on either the Ethereum or Polygon networks, based on their preferences, to foster advanced cross-chain interoperability.

Additional updates promoting convenience and transparency include a new affiliate partnership with Travala.com, opening up PhoenixDAO Events dApp users to connect with one of the leading global crypto-friendly travel booking platforms boasting more than 2,000,000 properties in 230 nations. A second partnership with Transak provides fiat onramp services and fiat-to-crypto deposits and withdrawals. The PhoenixDAO team hopes future Transak support of the native $PHNX token will allow for the purchase of $PHNX with a credit or debit card.

Emphasizing A Hassle-Free Experience

A follow-up developer update in mid-October further enhanced the user experience and functionality based on requests and comments from Events dApp users.

As blockchain-based event dApps continue to become more intuitive, convenient to use, and transparent, many speculate the technology could forever transform the events and ticketing industry.

Contactless ticket sales and management remain a big benefit to busy events managers trying to reduce attendee/event staff interaction to ensure optimal hygiene standards for in-person activities in ‘the new normal.’ The ease of creating and promoting events on blockchain-based solutions like PhoenixDAO’s Events dApp is of particular benefit to event managers and planners who might have limited budgets and are uninterested in paying hefty fees to rely on traditional platforms.

The PhoenixDAO team characterizes their consistent work optimizing and enhancing the Events dApp as “a series until everyone is able to use the dApp hassle-free.” PhoenixDAO continues to lead the way in ushering in blockchain technology to the events and ticketing industry to provide a superior experience for both event managers and attendees.

PhoenixDAO has always been proactive in establishing new opportunities to connect and give back to the community. To that end, PhoenixDAO is hosting an event where the latest member of the team to join will be live streaming and participants stand a chance to win a $1000 NFT.

 Product growth is key, update to the events marketplace, with a rare NFT from Zed Run, with a win rate of 14.4% and ROI of 26.3%.

To participate in the event, users can purchase the tickets from Events dApp using a crypto wallet. To purchase a ticket for the event, users must hold $PHNX tokens on Polygon. Users holding $PHNX tokens on Ethereum wallets can move it to Polygon using the Matic Bridge if need be or purchase $PHNX from Quickswap.io.

About PhoenixDAO

PhoenixDAO is a revolutionary decentralized environment that has curated a list of flagship dApps, all designed to create a more rewarding and accommodating environment for the crypto community. PhoenixDAO is powered by The DAO (governance system), Staking dApp, Events dApp and the dApp store.

PhoenixDAO is an autonomous project with unique protocols (Identity management, authentication, payment, and tokenization protocols), which helps create a secure and safe decentralized space.

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Source: https://www.newsbtc.com/news/company/events-dapps-are-bettering-intuitive-convenient-and-transparent/

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CBDC is a tool to combat Bitcoin, says Bank of Indonesia exec

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Central bank digital currencies (CBDC), digital versions of national currencies introduced in response to growing cryptocurrency adoption, would be an essential tool for combating crypto, according to the Bank of Indonesia.

The central bank of Indonesia is considering launching a digital rupiah to “fight” against cryptocurrencies like Bitcoin (BTC), Bank of Indonesia’s assistant governor Juda Agung said at a recent parliamentary meeting.

“A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions,” Agung stated, according to a Nov. 30 Bloomberg report.

The official noted that cryptocurrencies like Bitcoin are currently traded alongside commodity futures and regulated by the trade ministry despite severe impacts on the financial system.

The news comes shortly after the National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, reportedly found cryptocurrencies like Bitcoin to be haram, or forbidden, by the tenets of Islam. The East Java branch of one of MUI previously issued a statement deeming the use of the cryptocurrency haram in late October.

As previously reported, the Indonesian government has taken a mixed stance on crypto regulation. Despite banning cryptocurrency payments back in 2017, local authorities have opted to keep cryptocurrency trading legal. In April 2021, Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) of the Ministry of Trading reportedly announced plans to launch a government-backed crypto exchange in the second half of 2021.

While maintaining a mixed stance on crypto, Indonesian regulators have been increasingly looking at a potential CBDC. In May, the Bank of Indonesia Governor Perry Warjiyo announced plans to launch a digital rupiah as a legal payment instrument in Indonesia.

Related: Retail-focused Singaporean CBDC to hedge against privately issued stablecoins

CBDCs like the Chinese digital yuan are apparently designed to curb cryptocurrency adoption as one of their key features. Indonesia is not alone in thinking that CBDCs can help governments combat crypto. In mid-November, Bank of Russia’s governor Elvira Nabiullina said that CBDCs should serve as a good option for governments to replace decentralized cryptocurrencies like Bitcoin.


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Source: https://cointelegraph.com/news/cbdc-is-a-tool-to-combat-bitcoin-says-bank-of-indonesia-exec

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Binance CEO reveals one key factor for token listings

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The CEO of Binance, the world’s largest cryptocurrency exchange by volume, has disclosed some information on how to get listed on the trading platform.

The most important criteria for listing a cryptocurrency on Binance is the number of users, CEO Changpeng Zhao, also known as “CZ,” said in a Forbes interview on Monday.

CZ went on to say that there are many other factors like the number of active addresses on blockchain, social media audience and code commits. However, the number of users is “the key metric,” he said, adding:

“If a coin has a large number of users, then we will list it. That’s the overwhelming significant attribute. Consider for example meme tokens, even though I personally don’t get it, if it’s used by a large number of users we list it. We go by the community, my opinion doesn’t matter.”

According to Binance’s listing tips from its CEO, the number of users is just one of many factors for listing a token on the crypto exchange. “If you have a large number of users, your product has value. That’s the easiest to measure. Do include the user statistics in the application form. It will help significantly,” the CEO’s statement on Binance listings reads.

According to Sergei Khitrov, founder of crypto listing-focused platform Listing.Help, major crypto exchanges like Binance don’t need to list minor tokens, as they earn mainly from trading volumes rather than listings.

“This is one of the main problems that many projects do not understand. They should start with building a community. And that means not 500 or 10,000 people in a Telegram channel, but a much larger audience,” Khitrov told Cointelegraph. He added that token creators are recommended to start from smaller exchanges.

At the time of writing, Binance supports a total of 346 cryptocurrencies, including major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), as well as popular meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB), according to data from CoinGecko. Binance’s daily trading volume is estimated at $28 billion.

In comparison, OKEx, the second-largest crypto exchange by trading volumes, has listed 312 coins and has a trading volume of roughly $7 billion. United States-based crypto exchange Coinbase supports just 123 tokens with a daily trading volume of about $6 billion.

Some major centralized exchanges (CEX) have more tokens listed than Binance does, with Bittrex listing over 450 cryptocurrencies at the time of writing.

Related: Kraken exchange defies competitors’ regulatory concerns with SHIB listing

As opposed to a CEX, decentralized exchanges (DEX) are the world’s biggest platforms in terms of the number of listed cryptocurrencies, as DEXs like PancakeSwap do not require contacting an exchange or asking permission. As such, PancakeSwap, a DEX running on the Binance Smart Chain, has over 3,200 listed tokens, while Uniswap lists over 1,800 cryptocurrencies.

Last month, PancakeSwap listed the Squid Game (SQUID) token, a cryptocurrency scam inspired by the eponymous Netflix show, which posted over 45,000% growth in a few days after launch. The token is listed on Binance-owned crypto website CoinMarketCap, while competitors such as CoinGecko retracted from listing SQUID due to being “most likely a scam.”


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Source: https://cointelegraph.com/news/binance-ceo-reveals-one-key-factor-for-token-listings

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India misinterpreted private crypto ban, says crypto bill creator

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The creator of India’s crypto bill, former Finance Secretary Subhash Garg, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology.

The parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban’s scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified:

“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying what the word “private” stands for.

As a result, the crypto community in India self-interpreted two different versions of the bill’s agenda — one that considers banning all non-government issued cryptocurrencies and the other that excludes cryptocurrencies running on public blockchains such as Bitcoin (BTC) and Ether (ETH).

Garg also pointed out a flaw in classifying cryptocurrencies as assets after underscoring the vast ecosystem powered by disruptive technology. He also said that crypto exchanges have limited interests and do not represent the entire community:

“You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets. That is too much of oversimplification to treat this as an asset.”

On an end note, Garg added that the central bank digital currency initiatives, especially in countries such as India, are complex. According to him, the government first needs to address challenges, including the unavailability of smartphones and digital wallet issuance.

Related: Singaporean crypto exchange enters India amid regulatory uncertainty

The Indian crypto market continues to attract international firms, with the latest being Coinstore, a Singaporean crypto exchange. As Cointelegraph reported, Coinstore has allocated a $20-million fund to set up three new offices in the region.

Speaking to Cointelegraph, a Coinstore spokesperson was hopeful for the development of a positive crypto regulatory framework:

“Strict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protect the Indian users and would clarify the legality of certain cryptocurrencies.”


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Source: https://cointelegraph.com/news/india-misinterpreted-private-crypto-ban-says-crypto-bill-creator

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