Core Scientific, the self-described “largest digital asset mining infrastructure provider in North America,” has partnered with NFN8 Media, a group that “uses specialized computer system setups called Mining Farms to create Crypto-Assets for less than the current market price and then leverages those assets by high-frequency trading,” according to a press release.
From now on, Core Scientific will be NFN8 Media’s new “exclusive hosting services provider,” the release continues. This means the latter group will gain full access to the former’s “full suite of turnkey solutions and proprietary value added services,” the release also notes.
These include but are not limited to miner sourcing, logistics management, white glove installation, a dedicated Client Success Manager (CSM), and more.
Speaking on the matter is Kevin Turner the CEO of Core Scientific, who said:
“NFN8 has become one of our fastest-growing hosting alliances. This strategic alliance will no doubt provide NFN8’s clients with access to new-generation miners and market leading hosting services provided by the Core Scientific team.”
Also sharing some thoughts is Cory Rodriguez, the COO of NFN8 Media, who said:
“There are many hosting opportunities out there. Core Scientific is simply the best of the best. They have a great team that is always accommodating to our team. Our clients benefit from data centers that are state of the art and secure… When we learned that “in rack repair” was part of the deal, materially reducing downtime, the decision was easy for us.”
Monex to Offer Stock-Lending Services on Margin Accounts
The brokerage first introduced the service in January 2003.
Japanese online stock brokerage Monex, Inc. has announced on Monday that it will enable stock-lending services on its margin trading accounts, effective from November 6.
Stock-lending services will allow Monex’s margin trading account holders to earn interest using the margin trading collateral stocks. The brokerage customers will lend their stock holdings to the brokerage that will pay appropriate interest rates.
“Customers with margin trading accounts will now be able to use their owned shares as substitute securities for margin trades and receive stock-lending interest rates,” Monex explained. “Substitute securities used for stock lending will be assessed in the same manner as if they were not being loaned out, thereby not affecting maintenance rates.”
Usually, the brokerage will pay an annual interest of 0.1 percent. However, for some stocks, the interest rate can go as high as 10 percent and is continuously working to adding bonus interest stocks to this list.
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The brokerage highlighted that the traders can easily sell the loaned shares without any special procedures.
This enhancement in services came as the brokerage was receiving “numerous requests” to allow stock-lending services for margin trading clients.
Enhancing Services to Traders
Monex first offered stock-lending services in January 2003 and has enhanced its offerings since.
The Monex Group subsidiary pointed out that only a few in the Japanese trading market, including Matsui Securities and Rakuten Securities, offer stock-lending services, while Kabu.com Securities partially offers this service.
To receive the stock-lending benefits, Monex customers need to forfeit the other share-holding benefits. However, the brokerage is developing a service enhancement to automatically offer shareholder benefits to the continuous holders of any shares.
Survey: Bitcoin’s positive market sentiment shades USD, European equities
A recent survey compiled by Real Vision revealed quite a few interesting observations about the present-day crypto-market. The survey in question, while evaluating market sentiment across different asset classes, found that by and large, there is an extremely bullish sentiment around Bitcoin.
In fact, it found that 65% of all market participants believe that Bitcoin will rise by over 5% in the one-month horizon, while 72% of the participants believe that it would grow by more than 5% in the three-month horizon.
While Gold is also expected to increase, according to a majority of the participants, the upside potential is expected to be lower in the short-term, when compared to Bitcoin. On the three-month horizon, the view on Gold is more positive.
Further, evaluating bullishness and bearishness over a one-month horizon, on a scale of -1 (most bearish) to +1 (most bullish), Bitcoin scored 0.52 followed by Gold, while all other asset classes including those with reserve currency status noted a highly bearish sentiment.
This is an interesting finding since the sentiment for the U.S Dollar has reversed itself from strong bullishness to bearishness, a shift perhaps fueled by the Fed’s printing spree over the year.
Most market participants also believe that volatility levels would be considerably high this month, a finding that is unsurprising, given the approaching elections. While October did see Bitcoin climb to $13,000, it should be noted that many expect corrections to soon ensue.
In fact, future expectations and sentiment were best evidenced by the number of long v. short positions currently in the market. Long positions in Bitcoin have increased, with 83.5% of respondents reporting long positions, with no reported short positions amongst the participants.
However, it should be noted that a few metrics did highlight the lack of retail excitement during the most recent price surge, a finding that is a spanner in the works for the market’s bullish perception. As was reported, it is likely that any price drops are being absorbed by institutions, given the ATHs of institutions and leveraged funds holding positions in the opposite directions in BTC Futures.
It is evident that there is a lot of positive sentiment around Bitcoin at the moment, and not just from Bitcoin maximalists. As can be seen from the chart above, exchange sentiment and CFTC interviews are also bullish on BTC and bearish on Equities.
Let’s Talk Audius: The Ethereum Music App Putting Streaming in Artists’ Hands
Finance isn’t just the realm of big banks and suit and tie types. Money touches almost every aspect of all of our lives.
That’s the big promise of decentralized app networks like Ethereum. It gives anyone anywhere in the world the ability to create and use applications that are open and community-owned, disintermediating rent-seeking middlemen in the process.
That said, one of the most promising areas that Ethereum can deliver in is the culture arena. More than ever, artists and creators need new ways to guarantee their finances on their own terms, and Ethereum dApps can deliver such avenues. That’s where Audius comes in.
What Is Audius?
The music industry pulls in billions of dollars of revenue every year, yet only just over 10% of that money gets into the hands of artists. Even worse, these creators are hardly given any agency as to what happens with their music — from distribution and beyond — after they create it.
It’s time for a change, and Audius is hoping to usher that change in.
How? By serving as a decentralized, community-owned music streaming platform that empowers artists to take control of their music and pave new ways to get paid from, and even enrich, their fans. Audius is trustless, so creators don’t have to worry about being censored for their art as they would on more centralized platforms like Apple or YouTube.
Moreover, Audius is open-source, so developers around the world are free to build atop it and build new kinds of musical experiences however they’d like. And the platform’s data tools can help artists intimately understand their fanbases.
Why It Matters
To date, centralized music streaming platforms have unfortunately proven to be rent-seeking structures that extract as much value from artists as possible. It’s not about the music or the creators for these companies, it’s about the bottom line where profits are concerned. Full stop.
That’s no way to help musicians actually flourish. So instead of making these platforms like they always have, in a top-down manner, what if one was built from the ground up with an artist-first, community-first mindset? That’s Audius. The project’s team want to raise up voices of all stripes, especially artists that have been overlooked or disenfranchised by the traditional music industry, by giving them the tools they need to build up their own communities and finances.
Inside the Audius System
Under the hood, the Audius protocol has several key structural components. These include:
- The AudSP decentralized file storage solution.
- The Audius content ledger.
- Audius governance.
To start, AudSP is the file system built on IPFS (the InterPlanetary File System) where artists can upload their music to Audius for posterity. The project’s content nodes then interact with AudSP and facilitate permissioning features thereafter.
Then there’s the Audius content ledger, which can be understood as the totality of the relationships among Audius’s Ethereum smart contracts, the POA Network, and any and all other base layer or layer-two (L2) networks that the Audius protocol will interact with in the system. Accordingly, this content ledger is responsible for facilitating and recording all Audius activities, like when users like tracks or create song libraries.
Lastly, there’s no understating the importance of the new Audius governance system. As a community-owned project, this system is what will allow Audius’s users to decide among themselves on protocol parameters like royalties, fees, token rewards, and more.
Speaking of the Audius governance system, the key that unlocks the whole thing is the $AUDIO token, which was first unveiled in October 2020. As such, $AUDIO is a governance token that’s earned by using Audius and that holders can use to collectively vote on “value-add actions” around the protocol.
“Artists should control their own means of distribution, and we believe the future of Audius should be dictated by its most active contributors to avoid repeating the mistakes of the industry’s past,” the project explained in their $AUDIO announcement.
Beyond governance, $AUDIO also has security and feature-access dimensions. With regard to security, Audius node operators can stake $AUDIO to secure the project’s network, while artists and fans can stake the token in order to unlock special toolings and perks.
The $AUDIO Airdrop
On October 23rd, the Audius team made a surprise distribution of $AUDIO to the platform’s top 10,000 artists and users so far. Notably, among the prominent artists included in the drop were Zeds Dead, RAC, and deadmau5.
“As an artist, I spend much of my time seeing around the corner to the future of the industry, and Audius is clearly the way forward,” said Joel Zimmerman, a.k.a deadmau5, who has also joined the Audius team.
On the news of the token’s release, Dead Wilson, the CEO of deadmau5’s independent record label mau5trap, added:
“Audius and the launch of $AUDIO marks a huge step forward for the evolution of the music industry and the technology that fuels the relationship between artists and fans. The next generation of artists are flocking to Audius because it’s clearly the future.”
Welcome to Mainnet
To celebrate the $AUDIO release and the coinciding launch of Audius on the Ethereum mainnet, the project held a “Welcome to Mainnet” concert on October 23rd, too.
The Twitch concert wasn’t just a treat for its live performances from deadmau5 and RAC — it also allowed fans who watched the concert to claim a special $AUDIO airdrop dedicated to the festivities.
— RAC (@RAC) October 20, 2020
Artists Tokens Coming
So we’ve seen where Audius is at now. But where’s the platform going from here?
While the project’s team has lots of development tasks currently on its slate, one of the most interesting ones is adding support for artist tokens (e.g. the $RAC token that RAC just released).
Indeed, we’re starting to see more and more creators like RAC launch their own community tokens. Going forward, Audius plans to go all in on these tokens by giving artists the ability to natively distribute and wield their artist tokens through the streaming platform, e.g. restricting special features to token holders. Audius is also preparing to serve as an artist token aggregator by supporting external tokens from social token platforms like Roll and Zora. Additionally, artists will be able to stake $AUDIO in order to receive premium token support services.
Roadmap for 2021 and Beyond
Audius has big plans for the future, as the project’s whitepaper indicates:
“The Audius community will roll out new mechanisms for content ownership and revenue never before possible, backed by the crypto-native primitives driving the protocol under the hood. As a platform well poised to bridge the gap between crypto and a mainstream audience, Audius will always prioritize simplicity to offer an intuitive user experience grounded in web3.”
Audius may not be the most high-profile Ethereum dApp right now, but it holds huge potential as a “Soundcloud killer” that can empower musicians like never before. Accordingly, the venture can easily be a huge app in the future if the Ownership Economy continues to play out like it already is now.
In the meantime, you’ll certainly want to keep Audius on your radar as an up-and-coming project to watch.
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