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Andromeda To Revolutionize Web3 With Launch Of Native Web3 aOS

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Andromeda, an all-on-chain suite of products, tools, and utilities is set to revolutionize Web3 with the impending launch of its native OS dubbed the Andromeda Operating System – aOS.

aOS To Accelerate Web3 Growth

As highlighted in a press release shared with Bitcoinworld, this innovative multi-chain and cross-chain operating system promises to reshape the Web3 ecosystem, providing a powerful suite of tools through an intuitive, browser-based interface to accelerate the development of Decentralized Applications (DApps) and services.

As of now, Andromeda is actively operating in the testnet phase, fine-tuning its offerings, and plans to transition aOS to the mainnet by the end of Q1 2024. 

aOS is a pioneer in the industry as the first native operating system designed exclusively for Web3, boasting a low-code App Builder platform that empowers developers of all skill levels to navigate the complexities of blockchains and decentralized applications with ease.

The key feature that sets aOS apart is its App Builder platform, allowing developers to build and deploy intricate applications across multiple chains in a fraction of the time traditionally required. 

The user-friendly interface ensures that even novice developers can create sophisticated multi-chain applications quickly, without compromising control over capabilities, costs, and user privacy.

See Also: Transak Partners With Visa Direct To Streamline Crypto Conversions To Fiat

With the launch of aOS, Andromeda aims to simplify the Web3 experience for users while providing developers with the tools to build superior, more advanced multi-chain applications in record time. 

The aOS File System streamlines access and management of multiple Web3 assets, making it possible for developers to craft decentralized applications in a matter of minutes.

Complementing the App Builder is the Andromeda App Store, a hub for pre-built application templates and ready-made apps that developers can customize and brand within minutes. 

This fosters a culture of collaboration among developers, encouraging them to list their DApps on the App Store for monetization, creating a dynamic and cooperative ecosystem that propels the growth of Web3.

Another standout feature of aOS is the introduction of Andromeda Digital Objects (ADOs), created using the ADO Builder. 

These ADOs act as the building blocks for advanced decentralized applications, simplifying the process of creating and composing DApps and drastically reducing development times.

 Developers can access a collective repository of ADOs and Apps through the Andromeda Logic Library (ALL), enabling them to build sophisticated apps far faster than starting from scratch.

aOS Boasts Universal Compatibility

One of the key advantages of aOS is its universal compatibility, allowing the creation of apps deployable on any blockchain network within the Cosmos ecosystem. 

Upcoming integrations with Landslide and Axelar will extend aOS’s interoperability across ecosystems to Avalanche and Ethereum, thanks to the use of the Inter-Blockchain Communication (IBC) standard.

This unique ability to interoperate across multiple networks showcases the unparalleled versatility of aOS, facilitating seamless data and value flow across an expansive Web3 ecosystem.

Meanwhile, Andromeda recently made waves by announcing its initial token sale via Shade Protocol, a prominent private DeFi platform in the Cosmos ecosystem. 

The overwhelming demand for its native token ANDR during the sale, exemplified by a 140% pump in the value of SHD before the listing, underscores the anticipation and excitement surrounding aOS.

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Press Release

Nigeria Blocks Access Coinbase, Binance And Kraken

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Nigeria has taken drastic measures in an attempt to stabilize its plummeting national currency, the naira, by blocking access to major cryptocurrency exchanges like Coinbase, Binance, and Kraken.

This move comes as the Nigerian government attempts to crack down on currency speculation amid record lows for the naira.

See Also: Nigerian Currency Depreciation: Central Bank Of Nigeria (CBN) Head Reaffirms Commitment to Reviving Confidence in the Economy

The Nigerian Communications Commission (NCC) issued orders to telecoms companies late on Wednesday to restrict consumer access to websites of major cryptocurrency platforms like Binance, Coinbase, and Kraken. 

As a result, consumers experienced only intermittent access to these sites on Thursday.

Bayo Onanuga, Special Adviser Information and Strategy to the President of Nigeria, took to X to say a local report of the government blocking access to the exchanges was correct.

Cryptocurrency exchanges have played a big role in establishing unofficial market prices for the naira, with platforms like Binance often serving as benchmarks for local foreign currency exchange rates. 

The government’s move to block access to these platforms is an effort to regain control over the currency valuation of the naira.

“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform,” Onanuga further stated. 

See Also: Binance Adopts USDT Price Cap To Align With Local Rules In Nigeria

“Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”

Nigeria’s adoption of rash methods to defend its currency, including shutting down price-setting websites and declaring certain cryptocurrency entities illegal, highlights the challenges the country faces in managing its economic stability. 

Nigeria’s national currency has lost over 70% of its value since their central bank lifted its dollar peg in June.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in 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 decisions.

 

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Bitcoin Target $63,000 By March 2024, Is This Achievable: Matrixport Report

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A new report from Matrixport predicts that Bitcoin (BTC) could reach a target of $63,000 by March 2024. 

In its report, Matrixport identified four key catalysts that could propel Bitcoin to new heights, including the recent approval of spot Bitcoin ETFs, the upcoming halving event, and interest rate cuts. 

Since the SEC greenlighted spot Bitcoin ETFs on January 10, there has been a growing demand for these products. 

Earlier this week, daily spot Bitcoin ETF trading volume amounted to nearly $2 billion, the highest level since the first day of trading on January 11.

As reported earlier, spot Bitcoin ETFs witnessed a substantial influx of approximately $2.3 billion last week, nearly doubling the previous week’s inflow of $1.2 billion.

These inflows accounted for almost half of the total net inflow since the inception of BTC ETFs, which currently stand at approximately $5 billion.

See Also: There Is No Reason to Sell Bitcoin Anytime Soon: Michael Saylor

Bitcoin Halving To Further Drive Bitcoin Price Higher

The Matrixport report noted that the Bitcoin Halving event, slated for 2024, will further drive the price of BTC higher by reducing supply. 

The Bitcoin halving is a pre-scheduled event that reduces the reward for mining new blocks by half, effectively slowing the rate at which new bitcoins are created. 

Historically, halving events have been precursors to substantial price rallies, attributed to the reduced supply of new Bitcoins entering the market.

The report also mentioned that expectations of interest rate cuts following the Federal Reserve’s Federal Open Market Committee (FOMC) meetings could tilt the scales in favor of riskier assets like Bitcoin. 

Lower interest rates typically reduce the appeal of yield-generating investments, making growth-oriented assets more attractive.

Furthermore, the upcoming US presidential elections and policy uncertainty could also affect Bitcoin prices. 

Such periods have often seen investors flocking to alternative assets like Bitcoin as a hedge against potential economic policy shifts.

However, the impact of such political events on cryptocurrency markets is quite complex, making it challenging to make a clear prediction.

Bitwise CIO Sees Bitcoin Surpassing $80,000

Bitwise Chief Investment Officer Matt Hougan also expects Bitcoin to soar beyond $80,000 this year thanks to the recent success of spot ETFs.

In a recent interview, Hougan highlighted the sustained demand for ETFs, which has exceeded his expectations.

He said that this wave of interest from traditional finance, akin to Bitcoin’s IPO in the US market, will lead to further institutional investment and drive up prices.

“Think of the ETF launch as Bitcoin’s IPO in the U.S. market. It has just unleashed a huge wave of interest from traditional finance, and it has exceeded my expectations.” 

Likewise, analysts at investment firm Bernstein expect Bitcoin to resume its upward trajectory, surpassing its previous all-time high of $69,000 and potentially reaching $70,000 this year.

See Also: Bitcoin Exchange OKX Announced The Listing Of Smart Layer (SLN) On Its Spot Trading Platform

The analysts have expressed confidence in the cryptocurrency’s risk-reward profile, stating that no significant challenges are anticipated to impede its ascent.

Meanwhile, Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has suggested that the price of Bitcoin could potentially reach $170,000 in the coming year.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in 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 decisions.

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Reddit Announced Its Bitcoin (BTC), Ethereum (ETH) Holdings

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  • Social media platform Reddit has announced its crypto investment holdings by revealing how much Bitcoin and Ethereum it holds in the crypto market.

In line with Michael Saylor’s MicroStrategy and Elon Musk’s Tesla, Reddit has also announced its plans for cryptocurrency investments, signaling a tactical shift in its financial strategy. 

On the 22nd of February, the social media giant filed for its Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). 

As part of the filing, the social media company disclosed that,

“We invested some of our excess cash reserves in Bitcoin and Ether.”

The Story So Far

According to the filing, Reddit has invested surplus funds into Bitcoin [BTC] and Ethereum [ETH] since 2022. As of 31st December, 2023, Reddit held only Bitcoin and Ether in its treasury.

See Also: Nigeria Blocks Access To Coinbase, Binance And Kraken As Naira Falls To Record Lows

The filing further showed that the firm has also acquired Ether and Polygon [MATIC] as a form of payment for sales of specific virtual goods and will continue this strategy in the future.

The company did not disclose the amount of crypto it holds, but added that the value of the assets were “immaterial.”

Reddit said,

“The net carrying value of our cryptocurrencies, primarily Bitcoin and Ether, along with all associated cryptocurrency activities, was deemed immaterial for the periods covered.”

The Potential Outcome

Reddit also expressed its belief in the “significant potential” of blockchain-related technologies, although it remains uncertain about the sustained adoption by both businesses and consumers.

“The popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”

See Also: Winklevoss Twins Donate $4.9M To Support Pro-Crypto Candidates In US Elections

In conclusion, despite the firm’s reported net losses of $90.8 million, the news of its cryptocurrency holdings caused minor price shifts in Bitcoin, ether, and its DONUT token.

Thus, it would be interesting to see how the firms’ experiment with blockchain technology would unfold.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in 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 decisions.

#Binance #WRITE2EARN



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