BNB dropped to $204 as the WSJ reported that Binance helped Russian users move money abroad.

Mounting legal and regulatory scrutiny over the exchange and a large distressed BNB-secured loan has weighed on the tokens price.

Some observers allege that Binance might be selling bitcoin to keep BNB price afloat.

BNB, a cryptocurrency closely linked to crypto exchange Binance, fell to its lowest in more than a year following a news report regarding fresh risks over Russia sanctions added to already mounting regulatory and legal pressure on the company.

The token sank to as low as $204 earlier Tuesday afternoon, its weakest level since June 2022's crypto market crash. It's since pared some of those losses, currently changing hands at $205, down about 14% over the past week.

This latest decline happened after the Wall Street Journal reported that Binance was facilitating Russian users' ability to move money abroad despite widespread international sanctions.

The exchange was already facing sprawling regulatory scrutiny around the globe, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) for multiple federal securities laws violations such as commingling customer funds and listing unregistered securities like BNB and Binance USD on the platform.

Risks around Binance weigh heavily on BNB, which is the fourth largest cryptocurrency with $32 billion market value and powers the BNB Chain network, formerly known as Binance Smart Chain.

Further price declines could potentially impact the broader crypto markets, as some market observers have long alleged that Binance might attempt to prop up the tokens value by selling bitcoin (BTC). The exchanges CEO, Changpeng CZ Zhao has previously denied such rumors.

Alongside BNB's drop this afternoon, the price of bitcoin (BTC) also declined to session lows below $25,800.

A looming liquidation of a crypto loan secured by $130 million worth of BNB on decentralized finance protocol Venus also adds pressure to the tokens price. BNB Chain is coordinating with Venus to dismantle the loan in an orderly fashion to avoid cascading liquidation and unnecessary damage to the market, according to a Venus governance vote.

The BNB Chain developer team liquidated a $30 million chunk of the outstanding debt on Monday, which somewhat helped ease liquidation risks, CoinDesk reported. Following the partial liquidation, BNB Chain received $30 million USDT from a Binance wallet, blockchain data on Arkham Intelligence shows.

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BNB Token Stumbles to 1-Year Low Amid Mounting Scrutiny Over Binance - Yahoo Finance

The IOTA Foundation has been working to bring the ShimmerEVM mainnet to the market. Web3 Builder and Venture Fund Nakama Labs has recently shared an update on how its battle-testing the ShimmerEVM beta version by conducting some spam attacks on ShimmerEVM.

In its recent tweet, Nakama Labs stated that Shimmers capabilities are evident as it achieves a peak of 700 transactions per second (TPS), resulting in an impressive $250,000 per hour to sustain this attack on the mainnet.

The IOTA development team has been diligently developing the Shimmer Ethereum Virtual Machine (EVM), which has already been launched as a testnet version in the market. The ShimmerEVM testnet chain introduces the first EVM-compatible smart contract chain within the Shimmer network. This chain enables efficient, fast, secure, and parallel processing of smart contracts on a scalable platform.

With these capabilities, the ShimmerEVM can challenge the likes of Arbitrum and Binance Smart Chain within the decentralized finance (DeFi) space. Nakama Labs noted: Shimmer isnt just about scalability or fast tx, its a perfect fit for a vast Web3 ecosystem. With EVM at its foundation with unique features, it empowers creators to bring their innovative ideas to life.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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Nakama Labs Tests ShimmerEVM Resilience In Recent Test - Crypto News Flash

Pepe Coin, Shiba Inu, and Bitgert have been making headlines in the crypto market. Here is a brief overview of Shiba Inu, Pepe Coin, and Bitgerts recent performance and upcoming developments.

Shiba Inu (SHIB) is another meme token that has gained popularity among crypto enthusiasts. Shiba Inu is based on the image of a Shiba Inu dog and claims to be a decentralized community-driven project. The Shiba Inu team, led by primary developer Shytoshi Kusama, has successfully relaunched the Shiba Inus Shibarium mainnet after thorough testing. This announcement led to a 14% price increase for Shiba Inus gas token, Bone ShibaSwap (BONE), within 24 hours. Lucie, a Shiba Inu team official, confirmed that Shiba Inus Shibarium is operating normally and generating blocks. However, the Shibariumscan.io explorer also observed block creation and transactions after a slight delay.

Pepe Coin (PEPE) is a meme token like Shina Inu. PEPE represents a deflationary meme coin that made its debut on the Ethereum blockchain. It was conceived as an homage to the internet meme Pepe the Frog, originated by Matt Furie and recognized during the early 2000s. Pepe Coin aims to provide a fun and engaging way for users to interact with each other and support various causes. Pepe has been at the investors scrutiny for its lack of a clear roadmap. Pepe's price experienced significant fluctuations. These declining numbers suggest a bearish trend for Pepe (PEPE), and experts are uncertain about its potential for significant growth.

Alongside meme coins Shiba Inu and Pepe, we have Bitgert. Bitgert (BRISE) is an innovative crypto project that has captured significant attention within the crypto community throughout 2022. Its ecosystem, which encompasses decentralized finance, non-fungible tokens, and Web3 products, is rapidly expanding. Over the past year, the Bitgert team has introduced a range of products and initiatives, with the Bitgert BRC-20 blockchain standing out as a notable achievement. Bitgert's introduction of fees as low as $0.00000001 gained substantial attention. The Bitgert team demonstrated exceptional scalability as the BRC-20 chain achieved an impressive throughput of 100,000 transactions per second (TPS). Surpassing even the Solana chain, Bitgert emerged as the fastest blockchain in the crypto realm. Its unique combination of zero-gas fees and high TPS has propelled Bitgert BRC-20 to become one of the most widely adopted blockchains.

One of the main factors that can benefit investors in this market is the upcoming developments of each coin. Pepe Coin is planning to launch its own decentralized exchange (DEX) called PepeSwap, which will allow users to trade Pepe Coin and other tokens with low fees and high liquidity. Shiba Inu is working on its own layer-2 scaling solution called Shibarium, which will enable faster and cheaper transactions on the Ethereum network. Bitgert is preparing to launch its own peer-to-peer exchange called BRISE P2P, which will allow users to buy and sell Bitgert and other cryptocurrencies directly with each other. These developments are expected to boost the demand and adoption of each coin and potentially increase their prices.

To buy Bitgert (BRISE), users need to follow these steps:

- Create an account on a crypto exchange that supports Bitgert, such as PancakeSwap or Gate.io.

- Deposit some funds in the exchange using fiat currency or another cryptocurrency.

- Swap the deposited funds for Binance Coin (BNB), which is the native token of the Binance Smart Chain network where Bitgert operates.

- Transfer the BNB tokens to a compatible wallet that supports Bitgert, such as Trust Wallet or MetaMask.

- Connect the wallet to the Bitgert website or app and swap the BNB tokens for BRISE tokens.

The upcoming P2P exchange launch is expected to pump the price hard because it will create more demand and liquidity for Bitgert. Users will be able to trade Bitgert with other users without any intermediaries or fees, which will make Bitgert more accessible and attractive. To know more, visit Bitgert.com.

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

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Crypto Insights: Shiba Inu, Pepe Coin, and Bitgert in The Spotlight | Mint - Mint

As the crypto market evolves in tandem with innovative solutions demanded by investors, Bitcoin Spark emerges as a potential force to reckon with, raising questions about its potential to outperform established players like Binance Coin (BNB).

BNB crypto (Binance Coin) serves as a cryptocurrency created to facilitate services on the cryptocurrency exchange Binance. Binance Coin operates on the Binance Smart Chain (BSC), a smart contracts facilitator and enabler of dApps. It is a utility token for trading fee settlement, staking on BSC, cross-chain transactions, online platforms, NFTs, and digital collectibles.

MetaMask is a digital wallet operating as a browser extension or mobile app, helping you manage your Ethereum wallet and use dApps. To add Binance Coin (BNB) to your MetaMask wallet, youll need to set up a custom token using the Binance Smart Chain network details. If you dont have MetaMask installed in your browser, download and install the MetaMask extension for your preferred browser (Chrome, Firefox, or Brave). Create a new wallet or import an existing one into MetaMask. MetaMask primarily connects to Ethereum, but for Binance Smart Chain DApps, settings need adjusting. When you connect the Binance smart Chain, youll see your balance in BNB and a Smart Chain dropdown. With BSC connected to MetaMask, you can make transactions by getting the tokens contract address and copying it. Open MetaMask again, click Add Token, paste the copied contract address, and complete the process.

Bitcoin Spark is emerging as a serious contender looking to outshine the rest, including BNB. As such, it has rolled out an innovative Proof-Of-Process infrastructure that disrupts the norm. Its PoP protocol picks and improves on the best from PoS and PoW protocols. BTCS miners will have to stake and provide processing power to earn rewards. Mining will be through smart devices, effectively allowing anyone to mine, regardless of computational power. The improvement and facilitation of easy entry to mining are in response to Bitcoins skewness toward centralization by concentrating the mining power on a few entities holding massive capabilities.

Bitcoin Spark application is the vehicle to onboard BTCS products and services. Heres where prospective investors make a pick among the project offerings. The app facilitates mining, validation, computational power rental, and reward distribution. The reward distribution is designed in a non-linear way, courtesy of advanced algorithms. The app has an inbuilt reward calculator for prospective miners to know the expected results of their efforts beforehand. The smart contract system offered is one of a multi-language channel and a multi-layered ecosystem comprising execution, consensus, mining, and rewards layers.

BTCS prioritizes the security and safety of investor funds by implementing good practices. As such it has subjected its infrastructure to a Cognitos KYC certification and ContractWolf smart contracts audit. BTCS goes at $1.75 in ICO phase two giving investors a potential ROI of 657% on launch at $10 each. Investors will also be treated to a bonus of 15% as a reward for early adoption.

Bitcoin Sparks unique solutions, underlying technologies, and market reception reveal a valid potential to surpass BNB and carve its significant niche in the crypto market.

Website: https://bitcoinspark.org/

Buy BTCS: https://network.bitcoinspark.org/register

Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice.Thecoinrepublic.comdoes not, and will not endorse any information on any company or individual on this page. Readers are encourage to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsor post.Thecoinrepublic.comis and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.

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How Bitcoin Spark is Poised to Outperform BNB in the Crypto Market - The Coin Republic

Description

In the complex ecosystem of business, administrative processes have historically served as the bedrock of organization and operational efficiency. At the heart of any successful enterprise lies a well-oiled machine of procedures, documentation, and protocols that ensure the seamless functioning of its myriad components. As industries rapidly evolve, so does the urgent need for more Read more

In the complex ecosystem of business, administrative processes have historically served as the bedrock of organization and operational efficiency. At the heart of any successful enterprise lies a well-oiled machine of procedures, documentation, and protocols that ensure the seamless functioning of its myriad components. As industries rapidly evolve, so does the urgent need for more innovative, transparent, and efficient systems. Enter blockchain technology and its most promising offshoot smart contracts. This Cryptopolitan guide aims to elucidate the transformative potential of smart contracts in streamlining business administrative processes, paving the way for unprecedented levels of transparency, security, and efficiency.

In the realm of blockchain technology, smart contracts have emerged as a revolutionary tool, poised to redefine traditional contract mechanisms. At their core, smart contracts are self-executing contracts where the agreement between the buyer and the seller is written directly into lines of code. This code, and the agreements contained therein, exist across a distributed, decentralized blockchain network.

Contrasting with traditional contracts, smart contracts operate devoid of any intermediaries. Instead of relying on third parties or middlemen for enforcement or verification, these contracts leverage the inherent characteristics of blockchain; transparency, immutability, and security. Once set in motion, a smart contract executes predefined rules and automatically enforces obligations when specific conditions are met.

Supporting this innovative paradigm is blockchain technology, a digital ledger where transactions are chronologically recorded and linked together. Given that each block in the chain is secured and bound to the others using cryptographic principles, the integrity and authenticity of the information contained within smart contracts remain uncompromised. With platforms such as Ethereum and Binance Smart Chain leading the charge, the implementation and adoption of smart contracts have witnessed an exponential growth, providing a robust framework for businesses seeking greater efficiency and transparency in their administrative processes.

Historically, the landscape of business administrative processes has been in a constant state of flux, evolving in response to technological advancements and shifting market demands. During the nascent stages of commerce, businesses primarily relied on manual methods, with painstakingly documented paperwork serving as the backbone of operational undertakings. This era was marked by physical ledgers, handwritten memos, and in-person negotiations, each of which demanded significant time and resources.

With the advent of the digital age, businesses witnessed a tectonic shift. Digital tools began to infiltrate the administrative arena, enabling organizations to transition from manual to electronic documentation. This digitization introduced an array of benefits: accelerated processes, reduced errors, and enhanced accessibility of records. However, even with these technological strides, a new set of challenges surfaced. The increasing complexity of global trade, the mounting demands for real-time data access, and concerns about security and privacy emerged as pressing issues.

Today, with global commerce intertwined in a web of intricate processes, the necessity for automation and heightened transparency has become paramount. Traditional systems, despite their digitized facades, often remain plagued by bottlenecks, opacity, and vulnerabilities. The introduction of blockchain technology and, more specifically, smart contracts presents a promising solution to these challenges. By offering a mechanism that inherently bolsters transparency while simultaneously automating various administrative tasks, smart contracts signify a pivotal step in the ongoing evolution of business administration.

In a world where technology continually redefines business operations, smart contracts stand out as a paradigm-shifting innovation. To truly appreciate their potential, one must first understand their underlying mechanics and functionalities.

A smart contract, in essence, is a digital protocol that automatically enforces, verifies, or facilitates the performance of a contract when predefined conditions are met. These conditions, articulated in precise lines of code, are embedded within the decentralized structure of a blockchain. This decentralization ensures that no single entity has control, thereby maintaining an impartial and transparent execution of the contract.

Unlike traditional contracts that necessitate intermediaries, such as notaries or legal representatives, to oversee and authenticate agreements, smart contracts eliminate this requirement. This is achieved by employing cryptographic principles, which guarantee the authenticity and security of the transaction. Once initiated, a smart contract is irrevocable and automatically executes the stipulated actions when the set criteria are met. For instance, in a supply chain scenario, the receipt of goods at a warehouse could trigger an automatic payment to the supplier, all governed by the smart contracts code.

Platforms like Ethereum and Binance Smart Chain have been instrumental in popularizing smart contracts. Ethereum, for example, introduced the concept of Decentralized Applications (DApps), which are essentially applications built on its blockchain that utilize smart contracts. These platforms provide developers with the tools and frameworks needed to design and implement their smart contracts, thereby expanding their reach across various sectors and industries.

The digital age, while ushering in unprecedented convenience and efficiency, has also exposed enterprises to a myriad of vulnerabilities. Against this backdrop, smart contracts emerge as a beacon of security, fortifying transactional integrity with the robust principles of cryptography.

At the heart of smart contracts is the utilization of cryptographic algorithms. These algorithms ensure that every transaction is securely encrypted, making it exceedingly difficult, if not impossible, for unauthorized entities to decipher or alter the details. Moreover, each transaction is chronologically recorded on the blockchain, with each block linked to its predecessor. This chained structure, combined with its decentralized nature, provides an added layer of protection against malicious attacks.

Eliminating the need for intermediaries not only streamlines processes but also diminishes points of potential compromise. In traditional setups, every additional participant or middleman introduces a new potential vulnerability. Smart contracts, by autonomously executing without third-party intervention, curtail this risk.

Moreover, the transparency intrinsic to blockchain technology further amplifies security measures. Every participant within the blockchain network can verify and audit transactions in real-time. Such a level of openness deters fraudulent activities, as any irregularities or inconsistencies become immediately apparent to all stakeholders.

To further elucidate this security advantage, consider a business that integrated smart contracts into its operational framework. By doing so, the business not only experienced accelerated transaction speeds but also reported a marked reduction in fraud cases and security breaches. Such instances serve as empirical evidence of the profound security enhancements that smart contracts bring to the fore.

Traditional administrative processes, while established and familiar, often come with operational inefficiencies and associated costs. With smart contracts, businesses are presented with an avenue to dramatically enhance efficiency while simultaneously curtailing operational expenses.

Smart contracts inherently streamline numerous administrative tasks by automating processes that previously demanded manual intervention. This automation ensures instantaneous execution once predefined conditions are met. For example, in a financial transaction scenario, the mere confirmation of a products delivery could prompt the automatic release of payment, circumventing the need for manual invoice processing and payment approval.

Furthermore, the automation embedded in smart contracts minimizes human-induced errors, which can often lead to delays, disputes, and additional costs. By operating based on meticulously defined criteria, these contracts eliminate ambiguities and provide clarity in execution, ensuring consistent outcomes devoid of discrepancies.

One of the most profound financial benefits of smart contracts lies in their ability to negate the need for intermediaries. Traditional transactions frequently involve various intermediaries, each accruing fees and elongating the transaction timeline. Banks, legal representatives, and other third parties have historically played pivotal roles in verifying, authenticating, and facilitating agreements. Smart contracts, being self-executing and self-verifying, eradicate these middlemen from the equation, resulting in direct, peer-to-peer interactions. This not only accelerates the process but also translates to substantial cost savings.

To provide a tangible perspective, consider a business that transitioned from a conventional administrative setup to one anchored by smart contracts. The consequent reduction in intermediary fees, coupled with the decline in error-related rectifications, resulted in marked cost savings. Such real-world examples underscore the compelling economic value proposition offered by smart contracts.

Smart contracts, bolstered by the rigors of blockchain, have already started to manifest their transformative potential across various sectors. Their profound impact is evident in domains ranging from supply chain management to financial services.

Supply chain management has historically grappled with challenges related to transparency, verification, and traceability. Smart contracts offer an elegant solution to these challenges. Each product, from the point of its origin to its final destination, can be monitored in real-time. The blockchain records every movement, ensuring that each handoff, transaction, or change in status is both transparent and immutable. This not only facilitates trust among stakeholders but also significantly reduces the chances of counterfeit goods entering the supply chain.

Human resources, a domain entrenched in documentation and verification, stands to benefit immensely from smart contracts. Imagine an automated system where a new employees credentials, from educational qualifications to work experience, are verified without human intervention. Once these predefined criteria are met, the onboarding processes, including contract generation and benefits allocation, are triggered automatically. This not only expedites the onboarding process but also ensures accuracy and consistency.

Real estate transactions, traditionally mired in paperwork and prolonged verification processes, are undergoing a revolution. Smart contracts offer a streamlined approach to property transactions. Sale agreements or lease contracts can be programmed such that upon the validation of payment, property ownership or access rights are instantaneously transferred. This eliminates the protracted wait times associated with bank clearances and document verifications.

The financial sector, with its intricate web of transactions, stands at the cusp of a major overhaul with the advent of smart contracts. Instantaneous settlements, transparent loan agreements, and automated insurance claims are but a few of the myriad possibilities. Smart contracts ensure that predefined conditions, once met, trigger the agreed-upon actions, circumventing the traditional bottlenecks and inefficiencies associated with financial transactions.

While smart contracts hold tremendous promise for streamlining business administrative processes, their adoption is not without challenges. As with any nascent technology, a thorough understanding of potential pitfalls is essential to ensure effective and safe utilization.

One of the primary limitations of smart contracts is their inherent inflexibility. Once deployed, altering them can be arduous, if not impossible, without initiating a new contract. This rigidity, while advantageous in terms of security and transparency, can be problematic if errors are present or if contract terms need adjustments based on unforeseen circumstances.

Moreover, smart contracts are wholly dependent on the accuracy of external information fed to them. They cannot verify the truthfulness of real-world data, making them susceptible to the garbage in, garbage out phenomenon. The utilization of oracles, third-party services that supply data to blockchain, brings forth another layer of complexity and potential vulnerability.

The legal standing of smart contracts remains ambiguous in numerous jurisdictions. Are they legally binding? Who is accountable in the event of a code flaw? These questions highlight the blurred intersection of code and law. Businesses must grapple with these uncertainties and remain vigilant about regulatory shifts that may impact the validity or enforceability of smart contracts.

Furthermore, with automation comes the potential displacement of traditional intermediaries like notaries, which could lead to legal complexities. The need for a robust regulatory framework is paramount to address these challenges and ensure that smart contracts gain legal legitimacy.

Smart contracts, for all their advantages, are not invulnerable to risks. Security remains a primary concern. Coding errors or vulnerabilities can be exploited by malicious actors, leading to financial losses. Notable incidents, such as the DAO attack, underscore the critical importance of rigorous code testing and audits.

Interoperability is another consideration. With multiple blockchain platforms in existence, ensuring that smart contracts can communicate and operate across different platforms is vital.

To mitigate these risks, businesses should:

In the dynamic arena of business administration, the emergence of smart contracts represents a paradigm shift. Their potential to redefine processes, enhance security, and drive efficiency is undeniable. Yet, like any transformative technology, they come with their complexities and challenges. As businesses contemplate their integration, its imperative to adopt a dual-lens perspective: one that visualizes the horizon of possibilities and another that scrutinizes the terrain of challenges. The fusion of foresight and caution will be the compass guiding enterprises in harnessing the full potential of smart contracts in this blockchain era.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Smart contracts can be integrated with "oracles" - external systems that provide real-world data. However, it's crucial to ensure the reliability of these oracles as smart contracts can't independently verify their accuracy.

No. While many cryptocurrencies are based on blockchain, not all support the execution of smart contracts. It's essential to choose platforms specifically designed for this, such as Ethereum.

While traditional smart contracts run autonomously, newer designs can incorporate "circuit breakers" or pause functions, allowing for temporary halts under specific conditions.

Privacy remains a concern due to the transparent nature of blockchains. However, solutions like zero-knowledge proofs and off-chain computations are being explored to reconcile privacy with transparency.

It depends on the underlying blockchain. Proof-of-work systems, like Bitcoin, are often criticized for high energy consumption. In contrast, proof-of-stake and other consensus algorithms aim to be more energy-efficient.

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How Can Smart Contracts Help Streamline Business Administrative ... - Cryptopolitan