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Polkadot to Run Final DOT Redenomination Vote with Real DOT Tokens

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Blockchain interoperability protocol Polkadot is planning to run another vote in regard to the denomination of its native token, DOT.

Following a similar vote conducted on Polkadot’s “wild cousin” network, Kusama, in May 2020, the creator of Polkadot project, Web3 Foundation, decided to reconduct the vote on Polkadot with real DOT tokens.

Announcing the news on July 13, Polkadot invited community members to participate in the poll, which will finally define whether to redenominate DOTs 1:10, 1:100 or 1:1,000 on Polkadot. According to the blog post, the poll is open now and will last for two weeks. All DOT holders and those who claimed DOTs on the mainnet, are invited to take part in the vote, Polkadot noted.

This article is developing and will be updated.

Source: https://cointelegraph.com/news/polkadot-to-run-final-dot-redenomination-vote-with-real-dot-tokens

Blockchain

Atari Chief: ‘I’m a Big Supporter of the Blockchain’

Atari CEO Frédéric Chesnais may not be into nostalgia, but the company’s public token sale has both gamers and cryptocurrency investors reminiscing both about video games and the ICO era. The public Atari Token sale launched on Bitcoin.com Exchange today at $0.25 per token. The company is targeting a hard-cap of $1 million. While it’s […]

The post Atari Chief: ‘I’m a Big Supporter of the Blockchain’ appeared first on BeInCrypto.

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Atari CEO Frédéric Chesnais may not be into nostalgia, but the company’s public token sale has both gamers and cryptocurrency investors reminiscing both about video games and the ICO era.

The public Atari Token sale launched on Bitcoin.com Exchange today at $0.25 per token. The company is targeting a hard-cap of $1 million. While it’s unclear whether or not they are on pace to achieve that amount, Atari has big plans for its token, which is designed to go beyond gaming to “power the interactive entertainment industry.”

Chesnais was featured as a keynote speaker during CoinAgenda Global 2020 in a virtual fireside chat today hosted by Michael Terpin, founder and CEO of Transform Group. The gaming exec explained that Atari, which helped to shape the early video game industry, is still alive and kicking, saying,

“There is a lot of awareness about this brand. The audience just got older, the fan base got older. That’s a good thing for us because we have a wider reach in terms of the potential audience and people who are interested in what we are doing. We’re still doing video games. That’s still the DNA of the company. But at the same time, we realize the world is changing.”

In order to compete with companies like Activision, Atari is focused on virtual products, which according to Chesnais is the direction in which the world is going.  Chesnais said he is a “big supporter of the blockchain,” pointing to Atari Chain, which is a Gibraltar-based entity responsible for the governance and ecosystem of the Atari Network fueled by the Atari Token. It is comprised of an Atari wallet blockchain ecosystem powered by the ERC-20-based Atari Token. Chesnais said during the fireside chat,

“This is what the brand needs.”

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The Road Less Traveled

When Atari set out to build Atari Chain, they were faced with a fork in the road. They could have built the platform exclusively for its own games, in which case Atari would be the only company to use the token. In that case, Chesnais explained, the company could try and “corner the video game market on the blockchain.” But Atari is involved in a cryptocurrency and blockchain sandbox initiative and they have some NFTs. So this option wasn’t really possible.

On the other hand, they could make it very broad and let anyone who would like to use the Atari token on their platform or in the app do so. This is ultimately the direction in which Chesnais and his team decided to go. In the spirit of Satoshi Nakamoto, Atari is giving others access to use the token and the household brand in an invitation ripe for partnerships and licensing agreements.

Ultimately Chesnais envisions an Atari Chain that can build bridges from Ethereum to other chains, especially if issues like gas fees on Ethereum aren’t solved.

The Next Living Room

Atari is an icon whose history dates back to the Pong game from 1972. But Chesnais is far from being stuck in the past. The company is on a blitz to build “video game-themed Atari hotels” across the United States, which has the potential to introduce a whole new audience to the Atari Token. These hotels will be popping up in Las Vegas, San Francisco, Seattle and more U.S. cities while the company eyes an international expansion.

Chesnais also has his sights set on self-driving vehicles, saying that while the concept has not yet caught on entirely, it will in the next couple of years. He envisions a world in which the vehicle becomes the “new living room.” Classic and newer Atari games are already featured in the lineup of Elon Musk’s Tesla vehicles.

*Direct quotes are an approximate translation from a live video stream.

Source: https://beincrypto.com/atari-ceo-blockchain-is-what-the-brand-needs/

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OKEx, Still Paralyzed by Founder’s Arrest, Details Plans for Bitcoin Cash Hard Fork

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Cryptocurrency deposit withdrawals are still suspended at the OKEx exchange following a founder’s recent arrest, but officials with the Malta-based company are moving ahead with other matters, including planning around an upcoming hard fork on the Bitcoin Cash blockchain.

Source: https://www.coindesk.com/okex-bitcoin-cash-hard-fork

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Crypto Platform Harvest Finance Loses More Than $20 Million

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It’s happened again, folks. Bad actors have made their presence known in the cryptocurrency space and another exchange has been targeted in what appears to be a rather expensive hack. Harvest Finance, a web portal that allows consumers to trade and invest digital currencies and then garner interest on their holdings, has been targeted, and reports losing as much as $24 million in a recent attack.

Harvest Finance Is the Latest Hacking Victim

This is nothing new, and at this stage, it’s likely that many crypto traders and enthusiasts everywhere are numb to this kind of story, especially considering that while $24 million may sound big at first, it’s nothing compared to the other massive hacking incidents that have taken place in the past.

Arguably the two largest crypto hacks occurred in Japan on the exchanges Mt. Gox and Coincheck. The former occurred in February of 2014, while the latter happened roughly four years later in January of 2018. The first hack saw more than $400 million in BTC funds disappear overnight. While this may sound huge, it’s small beans compared to the half-a-million+ that was lost through Coincheck, a company that specifically saw its hot wallet accounts by malicious individuals.

From there, other trading platforms, such as Binance, have seen their holding dissipate at the hands of those looking to gain access to funds that aren’t theirs.

The hack on Harvest Finance occurred earlier in the week and was confirmed on Twitter by executives, who appear to take full responsibility for the event. The messages on Twitter explain that a hacker invested quite a bit of money on the platform and then exploited a loophole in Harvest Finance’s algorithms to manipulate funds for his or her own benefit. The hacker ultimately targeted stable currencies, making off with roughly $13 million worth of USD Coin (USDC) and $11 million in Tether.

In a bizarre twist, executives claim that shortly after performing the attack, the hacker returned close to $3 million in digital funds. At the time of writing, the reasoning behind this move remains unclear, though it could be to try and ease relations somewhat considering those in charge of the platform claim they know who the attacker is, citing them as “well-known in the crypto community.”

According to a tweet, the attack occurred simply because Harvest Finance’s technological prowess wasn’t up to speed, and executives say they are doing everything they can to ensure the money is returned. At press time, they have even reached out to the hacker saying that should all funds be returned, they will not face any consequences.

Trying to Put Things Right

The team writes:

We made an engineering mistake. We own up to it. We do not have any interesting in doxing the attacker… People should have their privacy. You’ve proven your point. If you can return the funds to the users, it would be greatly appreciated by the community, and let’s move on.

Tags: , , , Source: https://www.livebitcoinnews.com/crypto-platform-harvest-finance-loses-24-million/

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