Blockchain
Cardano’s Hoskinson Makes Analogy on IRS Killing Taxpayers Amid Sell-offs
Cardano’s co-founder Charles Hoskinson made an analogy about the United States Internal Revenue Service (IRS) hurting taxpayers in the country. In a social media post on X (formerly Twitter), Hoskinson described the present state of the crypto market likening it to the historical sell-offs that take place when taxes are due.
“Every year, there is a large asset sell-off for April 15th as taxes are due. Then the IRS (represented as Ivan the Terrible here) ponders why it killed its own son (you the taxpayers).”
Every year, there is a large asset sell-off for April 15th as taxes are due. Then the IRS (represented as Ivan the Terrible here) ponders why it killed its own son (you the taxpayers). https://t.co/TvfgQnKhUh pic.twitter.com/YyUHGoRoQE
— Charles Hoskinson (@IOHK_Charles) April 13, 2024
Hoskinson’s Tax Deadline Sell-offs
The crypto market faces plunging figures in the last 24 hours due to macroeconomic factors and geopolitical tensions as investors move funds from risky assets. Historically, market analysts have said the US tax due date, April 15 tanks crypto assets.
As a result, the stock has seen resistance with choppy trades hovering in the weeks leading to the deadline. The cryptocurrency market now trades similarly to stocks with massive outflows recorded in the last 24 hours. This correlation can be traced back to 2019 but is now heightened with the influx of traditional investors in cryptocurrencies.
In Q4 2023, traditional investors increased their exposure to the market on the back of spot Bitcoin (BTC) ETF applications attracting wider gains to the asset.
Analyst Explains Trend
According to Fundstrat’s Tom Lee, there might be some artificial sell pressure on stocks sparked by the tax deadline. An analysis shows that when the market goes bullish, it declines leading to tax day. This can be seen through stocks and crypto at the moment as both markets rallied last year for various reasons.
Lee pinned the reason for the bearish market movements on investors raising cash to pay for capital gains accruing from the previous years.
“The reason this relationship exists is that investors need to raise cash to pay capital gains. Hence, stocks come under selling pressure into tax day.”
Also Read: Uniswap’s Vs SEC: Adam Cochran Critiques SEC’s Case as Contradictory
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
XRP And NFT In The Spotlight As Ripple-Partner SBI Announces Service For World Expo
Ripple-partner SBI Holdings on Monday announced the launch of a non-fungible token NFT issued on XRP Ledger as the company is sponsoring the “EXPO 2025 Digital Wallet” project at the World Expo. Nicknamed “Myaku N!” the NFT service will allow users to collect original NFT from the EXPO2025 Digital Wallet starting July 1.
SBI Holdings Launches NFT Minted On XRP Ledger
Japan’s SBI Holdings, a partner of Ripple, has started minting the World Expo 2025 NFTs on the XRP Ledger. Users can download the Myaku-N! digital wallet on iOS and Google to receive the free Expo 2025 NFT issued on XRP Ledger.
According to the press release, SBI Holdings is to sponsor the “EXPO 2025 Digital Wallet” project at the 2025 World Expo in Japan and it has announced EXPO 2025 Digital Wallet NFT service, as per the press release. The NFT is limited to 500 users.
Users can still acquire rare NFTs and create NFTs, but these are commemorative and can’t be transferred or resold. SBI crypto exchange business SBI VC Trade and NFT business SBINFT plans to offer the service to 28.2 million people expected to visit the 2025 World Expo Osaka, Kansai Expo.
NFTs as part of the World Expo will no longer be viewable after October 13, 2025. The company will terminate the digital wallet app service after the expo.
Also Read: Elon Musk Announces xAI Grok 2 AI Chatbot Release Date
World Expo 2025 NFTs
The NFTs can be seen in real-time on XRPL explorer Bithomp. Users can collect NFTs as per standings as a reward for the “MyakuMyaku Reward Program.” Users can do more by higher status on NFTs, which can be increased by taking Expo actions such as charging the Expo’s electronic money “Myakupe!”
SBI has announced additional gifts, lotteries, and prizes including the “Myakumyakupon!” gift campaign. The focus on XRP and NFTs will help increase reach and adoption of these crypto-related technologies. Ripple and SBI Holdings have partnered for a number of solutions including supply chain, new remittance corridors, and mobile payment application MoneyTap.
Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
Time Enters Deal with OpenAI Amid Fresh Nonprofit Lawsuit
OpenAI and Time have signed a multi-year content agreement, allowing the Artificial Intelligence (AI) company to train its models on Time’s extensive archive. Concurrently, OpenAI and Microsoft face a new lawsuit from the Center for Investigative Reporting over alleged unauthorized use of copyrighted materials for AI training.
Time Partners with OpenAI for AI Training
Time has partnered with OpenAI to license over a century of its content for AI training. This deal, first reported by Axios, is set to enhance OpenAI’s model capabilities using Time’s vast repository of articles and news. In return, Time is expected to receive advanced AI tools and potentially financial compensation, marking a significant collaboration between the tech and media industries.
This agreement is part of OpenAI’s broader strategy to expand its data sources and improve AI models. Access to Time’s historical data will provide a rich dataset for refining AI algorithms, enabling more accurate and diverse outputs.
Moreover, Time’s involvement in this agreement signifies its strategic move towards embracing advanced technologies. The magazine aims to leverage AI tools to enhance its digital presence and operational efficiency. This partnership will create a symbiotic relationship, benefiting both parties through shared technological advancements.
Also Read: OpenAI CTO Mira Murati Says Realizing AI’s Potential Is Not Guaranteed
Legal Battle Intensifies Over AI and Copyright
While OpenAI is expanding its content partnerships, it faces a new legal challenge from the Center for Investigative Reporting (CIR). The nonprofit organization, which recently merged with Mother Jones and produces the Reveal news site, filed a lawsuit against OpenAI in New York on June 27. The lawsuit alleges unauthorized use of CIR’s copyrighted materials for AI model training without permission or compensation.
CIR’s CEO, Monica Bauerlein, expressed concerns over the implications of such use, describing it as “immensely dangerous” for the journalism industry. Bauerlein emphasized that the unauthorized use of their content undermines the value of their work and threatens the sustainability of their operations. CIR argues that AI-generated news summaries, derived from their copyrighted material, erode the direct relationship between news organizations and their audiences.
This lawsuit joins a growing list of legal actions against OpenAI and Microsoft. Other prominent media organizations, including the New York Times, New York Daily News, Chicago Tribune, and Denver Post, have filed similar lawsuits. These cases highlight a broader industry concern regarding using copyrighted content for AI training and the potential impact on traditional news media.
Also Read: Coinbase Partners Stripe to Onboard USDC on Base
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
Solana Exec Explains How ZK Compression Cuts On-chain Storage Cost By 99%
In a significant breakthrough for blockchain technology, Head of Strategy at Solana, Austin Federa, weighed in on a new feature called ZK Compression. This innovative development promises to drastically reduce the cost of on-chain account storage. Hence, it addresses one of the key challenges faced by institutions and mass-consumer applications.
Solana Dev Spotlights Cost Advantages Of ZK Compression
“Compression on Solana solves one of the key pain points faced by institutions and mass-consumer applications: the cost of on-chain account storage,” stated Federa. The high cost of storing data on the blockchain has been a major barrier for businesses looking to leverage blockchain technology for large-scale applications. Thus, with ZK Compression, these costs are slashed, making it feasible to onboard millions of users onto the blockchain.
Moreover, Federa highlighted the staggering cost savings with generalized compression. For instance, creating a 100-byte PDA account typically costs about 0.0016 SOL. With ZK Compression, this cost plummets to approximately 0.00001 SOL, making it 160 times cheaper. Similarly, the cost of creating 100 token accounts drops from around 0.2 SOL to just 0.00004 SOL, a reduction of 5000x.
Furthermore, these cost reductions are not merely theoretical. Federa emphasized the practical implications for businesses. The Solana exec explained, “If you’re a business who wants to bring 450 million users on chain with tokens, that could cost tens of millions of dollars to reserve that account space. Thanks to generalized compression, that cost is now just ~$25k.” This dramatic decrease in costs opens up new possibilities for large-scale blockchain adoption.
Also Read: Canada’s 3iQ Under Fire For Misleading Solana ETF Claims, What’s Happening?
Other Features Of ZK Compression
ZK Compression is not just about cost savings. It also maintains the high security and performance standards of the Solana blockchain. Moreover, the compressed data is stored securely on a cheaper ledger space, while execution and data availability remain on Solana’s L1. This ensures that users benefit from the same level of security and performance as before.
Through ZK Compression on Solana, developers and users can significantly reduce on-chain storage costs by compressing their reserves. In addition, this approach maintains the security, performance, and composability of the Solana Layer 1 blockchain. This flexibility allows developers to choose between regular and compressed on-chain states.
Hence, it enables seamless interaction with multiple programs, accounts, and compressed accounts. The development of ZK Compression is a testament to the collaborative spirit within the Solana ecosystem. Federa pointed out that the project brought together Light Protocol and Helius Labs, two entities with different initial focuses.
He wrote, “The launch of generalized Compression on Solana is a case study in supporting world-class founders, no matter what they are building at the time. Light Protocol began as a privacy layer on Solana, Helius Labs an rpc provider. I think two years ago it would have been pretty hard to predict they’d collaborate to build something like this.”
Light Protocol, in their announcement on X, highlighted the transformative potential of this new technology. They noted, “Today, we launch the next generation of Light. Together with Helius Labs. At its core, a new primitive: Tokens and accounts: orders of magnitude cheaper, while enabling native ZK compute on Solana. We call it: ZK Compression.”
Also Read: Why Solana (SOL) May Trigger a Bull Run Soon?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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