The appeal to attackers is pretty straightforward. Ransomware can take time to propagate throughout a network, as hackers work to escalate privileges for maximum control over the most systems. The longer it takes for anyone to notice, the more damage they can do. “Generally speaking, the threat actors deploy their ransomware when there is less likelihood of people being around to start pulling plugs,” says Brett Callow, threat analyst at antivirus company Emsisoft. “The less chance of the attack being detected and interrupted.”
Decentralized finance (defi) has set a trend during the latter half of 2020 and into this year, as statistics show $168 billion is locked in defi across various blockchains. The Bitcoin Cash network now has the Smartbch protocol and in recent times, a decentralized exchange (dex) platform has joined the defi fray. The newly launched Smartbch dex platform benswap.cash gives users the ability to earn via liquidity pools, and swap tokens in a noncustodial fashion.
Bitcoin Cash Supporters Flock to Benswap.cash for 1,000% APY and Decentralized Trading
Five months ago, the BCH community anticipated the benefits of a project that combines the forces of Bitcoin Cash (BCH) with the Ethereum (ETH) network. The project is called Smartbch, a smart chain that maximizes the throughput of EVM and Web3 on a sidechain of Bitcoin Cash.
Smartbch has matured quite a bit since Bitcoin.com News reported on the project successfully launching three nodes. Now BCH community members have been leveraging a dex trading platform called benswap.cash, a clone of the dex benswap.finance.
Basically, the ability to earn yields and swap tokens in a noncustodial manner is now possible using bitcoin cash (BCH), the Smartbch sidechain, the SEP20 token protocol, and benswap.cash. The dex benswap.cash operates similarly to swapping platforms like Uniswap, Pancakeswap, and Sushiswap. In order to leverage benswap.cash you will need a wallet like Metamask to interact with the Smartbch network and connect with benswap.cash.
A Comprehensive Guide for Smartbch Newbies, Leveraging the Coinflex Bridge and the ‘Green Ben’ Token
In order to get started, there are a few prerequisites, which are explained in comprehensive detail in a guide posted to the blogging site read.cash. The Smartbch for newbies walkthrough written by “Moregainstrategies” shows the reader how to configure Metamask to work with the Smartbch network.
Furthermore, the blog post explains that for the time being, the only bridge to access sBCH is via the trading platform Coinflex. Because sBCH is required, anyone looking to test the network’s capabilities must swap bitcoin cash (BCH) for sBCH. The only cost a person will pay when swapping BCH over to the SEP20 token sBCH will be BCH network fees.
Coinflex only requires an email address to register, however, a person can also simply use Metamask and avoid registration. After the account is registered or tethered to a Metamask wallet, the user needs to deposit bitcoin cash (BCH) into the Coinflex wallet. After the funds have been confirmed, the user can withdraw but instead, they need to withdraw sBCH using the SEP20 standard.
The Metamask wallet address is the address needed to send the sBCH to, and after a small wait, the sBCH should arrive in the wallet. From here, benswap.cash can be used to either swap Smartbch tokens or join a yield farm in order to gather passive income from their liquidity tokens. For instance, on the benswap.cash platform there is a section where swaps can happen for Smartbch tokens like “$cats,” “arg,” “green ben,” “honk,” and more. The token green ben (EBEN) is the native token for benswap.cash and is also leveraged for governance decisions.
At the time of writing, a single green ben (EBEN) is trading for $2.4826019 per EBEN and there is a circulating supply of 5,723,529 EBEN today. The price per EBEN and the number of tokens in circulation give the coin a market cap of around $14.2 million. In addition to being able to swap tokens in a noncustodial fashion, users can stake LP tokens to earn EBEN via liquidity pools.
Current Smartcash Farms Show Yields Between 200% and 1,000%+ APY
The current annualized percentage yields (APY) for benswap.cash liquidity pools are quite high. For instance, the EBEN-BCH liquidity pool at the time of writing gives a user 1,070% paid in EBEN, minus fees. There’s also the $CATS-BCH and $CATS-EBEN liquidity pools which have current APYs between 210% and 290%. It should be noted that APYs hosted on benswap.cash can fluctuate like the myriad other dex applications that offer liquidity pools.
It should also be noted that benswap.cash is a clone of the BSC dex benswap.finance, which is in the midst of being audited by Certik Security. This means the audit is not yet complete; all dex applications come with risks, and users should leverage due diligence and make sure their wallet’s network settings and token contracts are not malicious or falsified. Audited or not, traders should never invest more than they are willing to lose on any dex application.
Bitcoin cash fans have been discussing the benswap.cash dex regularly on the forum r/btc and on Twitter. The r/btc Reddit forum has a number of posts that discuss how benswap.cash works and that it’s the first dex to build on top of the Bitcoin Cash (BCH) network.
What do you think about the Smartbch project and the benswap.cash dex? Let us know what you think about this subject in the comments section below.
Following El Salvador making bitcoin legal tender, privacy activist and whistleblower Edward Snowden says, “there is now pressure on competing nations to acquire bitcoin — even if only as a reserve asset.” He warned, “Latecomers may regret hesitating.”
Edward Snowden Warns Countries That Hesitate Adopting Bitcoin May Regret Their Decisions
Former computer intelligence consultant for the National Security Agency (NSA) and contractor for the Central Intelligence Agency (CIA), Edward Snowden, commented on El Salvador making bitcoin legal tender Tuesday. He tweeted:
Today Bitcoin was formally recognized as legal tender in its first country. Beyond the headlines, there is now pressure on competing nations to acquire bitcoin — even if only as a reserve asset — as its design massively incentivizes early adoption. Latecomers may regret hesitating.
El Salvador’s Bitcoin Law went into effect on Sept. 7 and BTC is now a national currency alongside the U.S. dollar. Nayib Bukele, the president of El Salvador, also revealed Tuesday that his government has purchased 550 BTC.
Snowden is not the only one expecting other countries to follow in El Salvador’s footsteps and adopt bitcoin. Dante Mossi, the executive president of the Central American Bank for Economic Integration (CABEI), said that if adopting bitcoin as legal tender goes well in El Salvador and the cost of remittances drops substantially, “other countries will probably seek that advantage and adopt it.”
Even Bank of America sees benefits in adopting bitcoin as legal tender for El Salvador. “Bitcoin could be used as an intermediary for cross-border transfer … Using bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels,” the bank wrote in early August. In addition, global investment bank JPMorgan said in June that the move by El Salvador could be “the beginning of a broader trend among similarly situated, smaller nations.”
Do you agree with Edward Snowden? Let us know in the comments section below.
The U.S. Securities and Exchange Commission (SEC) has threatened to sue the Nasdaq-listed cryptocurrency exchange Coinbase over its lending product. The exchange says, “We don’t know why … We got no explanation from the SEC.”
Coinbase Threatened by SEC
Coinbase revealed Tuesday that it received a Wells notice from the SEC last Wednesday about its planned Lend program. A Wells notice is the official way a regulator tells a company it intends to sue the company in court.
In a blog post titled “The SEC has told us it wants to sue us over Lend. We don’t know why,” Coinbase explained that it has been “proactively engaging with the SEC about Lend for nearly six months” so the notice came as a surprise. The company described that the Lend product will “allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD coin (USDC).”
The Nasdaq-listed crypto exchange detailed:
The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion … In June, we announced our Lend program publicly and opened a waitlist but did not set a public launch date. But once again, we got no explanation from the SEC. Instead, they opened a formal investigation.
The SEC asked Coinbase for various documents, which the company said it “willingly provided.” However, the regulator “also asked for the name and contact information of every single person on our Lend waitlist,” which Coinbase said it has not agreed to provide.
Coinbase noted: “The SEC has repeatedly asked our industry to ‘talk to us, come in.’ We did that here. But today all we know is that we can either keep Lend off the market indefinitely without knowing why or we can be sued … The net result of all this is that we will not be launching Lend until at least October.”
Coinbase CEO Brian Armstrong took to Twitter to share his thoughts and clarify the situation with the SEC early Wednesday morning.
“Some really sketchy behavior coming out of the SEC recently,” he began, adding:
Ostensibly the SEC’s goal is to protect investors and create fair markets. So who are they protecting here and where is the harm? People seem pretty happy to be earning yield on these various products, across lots of other crypto companies.
“Shutting these down would arguably be harming consumers more than protecting them, and by preventing Coinbase from launching the same thing that other companies already have live, they’re creating an unfair market,” he argued.
Armstrong further opined: “If we end up in court we may finally get the regulatory clarity the SEC refuses to provide. But regulation by litigation should be the last resort for the SEC, not the first.”
Shark Tank star and owner of the NBA team Dallas Mavericks, Mark Cuban, offered his opinion on the subject. He told Armstrong: “Brian, this is ‘Regulation via Litigation.’ They aren’t capable of working through this themselves and are afraid of making mistakes in doing so. They leave it to the lawyers. Just the people you don’t want impacting the new technologies. You have to go on the offensive.”
What do you think about the SEC’s action against Coinbase? Let us know in the comments section below.
PRESS RELEASE. The Revive Project’s Unique ecosystem offers the crypto community a chance to be a part of and benefit from its unique investment platform and NFT marketplace.
Zug, Switzerland — The Revive Project is a revolutionary platform that will allow the blockchain community to come together to invest in crypto and develop exciting NFT projects. Revive has created an unique ecosystem for NFT and crypto investments, governed by its native utility token, PULSE. The ecosystem uses a 10% transfer commission to benefit its community of users in a variety of different ways.
The Revive Wallet will have an impressive level of application and functionality, specifically the ability to vote for upcoming Revive developments. The Revive Wallet and PULSE token will be specially combined so they can be integrated 100% in the Revive NFT Marketplace, Revive Academy and Revive Exchange. The Revive Wallet will be the gate for accessing these innovative platforms.
NFT Marketplace & Academy – Learn, Create and Market NFTs
The Revive NFT Marketplace aims to revolutionize, innovate and simplify the way NFTs are created and developed. Exclusive, and only accessible for PULSE holders, the NFT Academy helps guide creators through their journey as NFT developers.
Eduard Ifrim, CSO of Revive Project, stated:
“The Revive Marketplace and Academy combine in a unique way to completely simplify the marketing, investment and development processes behind NFTs. “
Revive Exchange – a new kind of CEX
The Revive Exchange will be the cherry on top of the entire Ecosystem. Its goal is to create a trading environment where we will be able to give the opportunity to all Pulse holders to invest in new and innovative financial derivative crypto products.
Marius Smochina, CEO of Revive Project, stated:
“We have already in our team some great minds from the financial sector with whom we will develop the Revive Exchange. We have some incredible ideas on how to connect all the points in the Ecosystem to create outstanding derivative assets which will be tradable from next year when we will launch the Exchange. “
Revive Ecosystem & Certik Audit
The Revive Ecosystem is designed specifically to encourage long-term holding and discourage token sell-offs, with the express intention of securing maximum benefits to its token holders. To achieve this, from each PULSE transaction the Smart Contract takes a 10% commission which is reappropriated across four areas:
1% goes directly to token holders’ wallets.
5% goes into the Revive Basket, an investment vehicle which uses a Smart Contract to automatically buy tokens from the selected Blockchain Projects. To start off, the basket will invest in FileCoin, Certik, Venus, TrustWallet and Cake.
2% goes into the Revive Launchdome, a platform for funding new crypto projects. Yields from the Launchdome will be intermittently dispersed to the token holders.
the final 2% is crucial for constantly injecting token liquidity in PancakeSwap pair Pulse/BNB
For all this to work, the Revive Project’s code was audited by the well known company, Certik – you can find it here
Token Holder Benefits
The benefits for PULSE token holders are vast and strongly encourage long-term token holding. Although the financial benefits of token holding are huge, the knowledge, skills and understanding of NFT creation and marketing could end up holding even more value.
Pulse token holders will receive:
1% commission from every transaction
Profits from Revive Basket
Profits from Revive Launchdome
Profits from the Revive NFT Marketplace & Academy
Profits from the Revive Exchange
The opportunity to automatically enter the Revive NFT Marketplace, Academy, and Revive Exchange
Special discounts on fees
The right to vote and special offers.
There is a total and maximum supply of 1 billion PULSE tokens, which have been allocated in a structure that uses a vesting period for team members and investors (here)
Following the Public Sale, Pulse token will be listed on DEX on PancakeSwap and on CEX on WhiteBIT shortly after.
Eduard Ifrim, CSO of Revive Project, stated:
“We chose WhiteBIT as the first CEX to list Pulse token on, because they have a very user friendly trading platform, very good volume and they are very careful with their security: WhiteBIT stores 96% of the digital assets on cold wallets and use WAF to detect and block hacker attacks, so the user’s funds are safe on the exchange.”
What is Next For Revive?
With the Smart contract development, Certik audit and Revive Basket analysis already completed, the project is looking to the expansive phase of its roadmap, following the Public Sale. Before the full launch of the Revive product line in 2022 the company will raise its token accessibility by partnering with more exchanges (WhiteBIT is already signed) and diversify its basket portfolio through its community voting process.
Revive Project is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com 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 in the press release.
The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses “a far greater danger to the world economy.” Therefore, in order to deal with such dangers or threats, Bawa advocates for a “collective and collaborative approach by authorities around the world.”
Economic Crimes Harm the Global Financial System
According to a report by Vanguard, the EFCC chairman made these remarks while speaking at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting which was organized to discuss the cost of economic crimes and who should foot this bill, Bawa is quoted explaining why countries must collaborate on this. He said:
[Economic crimes] affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development.
Bawa also warned that developed countries, just like their less developed counterparts, are not immune from a scourge that has been magnified by “the proliferation of cyber-crimes which threatens the stability of global financial institutions.” To drive home this point, Bawa uses the example of how criminals are now choosing “to transact or receive illegal monies [such as ransom money]for cyber-attacks in cryptocurrencies.”
Economic Crime Victims Must Not Bear the Cost
In the meantime, the EFCC chair also delved into the topic of who should bear the costs of economic crimes. The report quotes Bawa explaining his viewpoint on this matter. He said:
“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place.”
Still, the EFCC chairman is adamant “that perpetrators and not the victims” should be made to pay for the crimes.
Do you agree with Bawa’s remarks about cryptocurrencies? Tell us what you think in the comments section below.