Algorand

United Nations agency to upskill thousands of staff in blockchain tech

The UN Development Programme, which is tasked with eliminating poverty in over 170 countries, wants to educate its 22,000 staff on distributed ledger technology.

A United Nations agency tasked with helping countries eliminate poverty is set to upskill its 22,000 staff in blockchain technology, with the ultimate goal of helping countries achieve “sustainable development” growth.

According to a Nov. 30 statement, the United Nations Development Programme (UNDP) has partnered with the Algorand Foundation to launch a blockchain academy in 2024.

The academy will serve the UNDP’s 22,000 staff members across 170 countries, educating them about distributed ledger technology and blockchain, including how it could be used for financial inclusion, supply chain transparency, real-world asset tokenization and digital identity applications.

During the Algorand Impact Summit in New Delhi, UNDP’s expert for alternative finance and low-carbon development, Robert Pasicko, told the audience the partnership will enable the organization to “upskill, empower, and inspire UN practitioners around the world.”

The curriculum will include lectures, workshops and hands-on assignments and will be “instrumental in equipping our team with the tools needed to address complex global challenges using blockchain technology,” said Pasicko.

Doro Unger-Lee, head of education and inclusion at the Algorand Foundation, added that education was a “critical first step toward identifying and delivering actionable, on-the-ground use cases of blockchain to help achieve the Sustainable Development Goals in a number of areas.”

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Coinbase and Algorand give divergent reasons for staking reward suspension

Algorand Foundation CEO said the crypto exchange is evaluating its products and services after receiving a Wells Notice. Coinbase denies the claim.

Algorand Foundation CEO Stacy Waden took to Twitter to confirm rumors about Coinbase’s decision to discontinue Algorand (ALGO) staking rewards for retail customers. Coinbase and Algorand, however, cite different reasons for the move.

According to Waden’s tweet, Coinbase informed Algorand about the sudden termination of rewards for ALGO tokens on March 22, as the crypto exchange evaluates its portfolio of products and services following a Wells notice issued by the United States Securities and Exchange Commission the same day.

The change does not affect the ALGO token trading and governance rewards for institutional investors, Waden added in the thread. 

The claims have been denied by Coinbase. “The Algorand news is not related,” a spokesperson for the crypto exchange told Cointelegraph, asserting that halting ALGO rewards is not tied to recent regulatory developments:

“Coinbase works alongside asset issuers to provide rewards and continuously reevaluates our offerings to ensure the best customer experience. We have decided to discontinue Algorand (ALGO) rewards at this time.”

Cointelegraph reached out to the Algorand Foundation but did not receive an immediate response.

Coinbase is the latest crypto company to be targeted by U.S. regulators in 2023. After receiving a Wells notice on March 22, the exchange’s chief legal officer, Paul Grewal, said the warning “comes after Coinbase provided multiple proposals to the SEC about registration over the course of months, all of which the SEC ultimately refused to respond to.”

Grewal further said Coinbase has “repeatedly, formally asked the SEC to engage in rulemaking for our industry.” This includes filing a petition for rulemaking in July, submitting a comment letter on March 20 supporting the petition, and requesting clarity about the SEC’s views on staking services and the lack of notice provided to the industry. According to Grewal:

“Just two days later we received a Wells notice that includes our staking services — the same staking services referenced 57 times in the S-1 the SEC reviewed in 2021 when we became a public company.”

A Wells notice is a letter warning a company that the SEC may follow with enforcement action after identifying potential violations of securities law. Despite the notice, the crypto exchange says its products and services “continue to operate as usual.”

The Coinbase notice was sent less than two months after the SEC reached an agreement with crypto exchange Kraken for “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which the commission claims qualified as securities under its purview. As part of the settlement, Kraken agreed to cease operations of its U.S. staking program and pay $30 million in disgorgement, prejudgment interest and civil penalties.

Algodex reveals wallet infiltrated by ‘malicious’ actor as MyAlgo renews warning: Withdraw now

Crypto exchange Algodex and wallet provider MyAlgo have suffered security breaches in the last few weeks.

Algorand-based wallet provider MyAlgo has again urged users to withdraw their funds after a February security breach which doesn’t appear to have been resolved.

Meanwhile, decentralized exchange Algodex has revealed a malicious actor infiltrated a company wallet on March 5 in what “appears to be similar to what is currently happening in the Algorand ecosystem,” it said in a tweet.

In a March 6 post, Algodex explained that a malicious actor infiltrated a company wallet during the early hours of the previous morning.

Algodex took precautions before the attack, including moving the bulk of its USD Coin (USDC) and native Algodex (ALGX) tokens to secure locations.

However, the infiltrated wallet was tied to Algodex’s liquidity rewards program and was responsible for providing extra liquidity to the ALGX token.

“This resulted in the malicious actor being able to remove the Algo and ALGX in the Tinyman pool created by us to provide additional liquidity to the ALGX token,” Algodex said.

The exchange noted that $25,000 in ALGX tokens allocated to provide liquidity rewards were taken but said it would replace this in full.

It added that the total loss from the theft was less than $55,000, but Algodex users and the liquidity of ALGX were not affected.

Meanwhile, the wallet provider for the Algorand network, MyAlgo, has renewed warnings for users to withdraw their assets or rekey their funds to new accounts as soon as possible.

Multiple warnings have been issued after a Feb. 19–21 security breach at MyAlgo, which resulted in losses of around $9.2 million.

On Feb. 27, the MyAlgo team tweeted a warning of a targeted attack carried out “against a group of high-profile MyAlgo accounts” conducted over the past week.

Related: 7 DeFi protocol hacks in Feb see $21 million in funds stolen: DefiLlama

The wallet provider further stated the cause for the wallet hack was unknown and encouraged “everyone to take precautionary measures to protect their assets” by transferring funds or rekeying accounts.

John Wood, chief technology officer at the networks governance body, the Algorand Foundation, went on Twitter the same day, saying around 25 accounts were affected by the exploit.

“This is not the result of an underlying issue with the Algorand protocol or SDK,” he said.

Algorand to drive Web3 adoption in India through key partnerships

Algorand has partnered with several educational institutions and schools to create programs for faculty members, students and businesses looking to jump into Web3.

Algorand Foundation announced several partnerships in India, including collaborations with schools to develop educational programs to help grow Web3 in the country. 

In an announcement sent to Cointelegraph, the Algorand team said it partnered with Jawaharlal Nehru Technological University Hyderabad and the Indian School of Business to launch educational programs. This includes programs for faculty development and student developer training. Additionally, the firm will host a master class for businesses looking to dive into the Web3 space.

Anil Kakani, Algorand’s recently-appointed country head for India, said that the partnerships aim to build sustainable impact. He explained:

“We are ready to take center stage in India and across the globe to fuel world-changing solutions to improve access to financial services, healthcare, education and so many other critical applications.”

Apart from the educational sector, the company is also trying to tap into the country’s startups. Algorand also announced a partnership with T-Hub, an innovation center based in Hyderabad. According to T-Hub CEO Srinivas Rao Mahankali, the partnership will help local startups access capital from across the world and scale their projects globally. 

The Algorand foundation also became the technology partner for a Global Climate Resilience Fund launched by the Clinton Foundation. The fund will contribute to helping local businesses connect with carbon markets and monetize carbon credits. The firm will support women-led businesses through seed investments and accelerator programs to increase financial inclusion. Algorand Foundation CEO Staci Warden said:

“I am thrilled to be back in India, and especially to see the embrace and enthusiasm by people across the country for technology that can so significantly and positively impact their quality of life.” 

Warden mentioned that the partnerships will help blockchain live up to its potential and aid the local ecosystem in becoming a more inclusive economy. 

Related: Algorand Foundation outlines $35M exposure to crypto lender Hodlnaut

The Algorand Foundation has been continuously expanding its presence globally. On Dec. 13, 2022, the company announced that it had been chosen to support a bank and insurance guarantees platform in Italy.

Bitcoin, Ethereum and select altcoins set to resume rally despite February slump

Bitcoin and select altcoins such as ETH, OKB, ALGO and THETA may extend their up-move after a brief correction.

After the impressive rally in January, Bitcoin (BTC) seems to be taking a breather in February. This is a positive sign because vertical rallies are rarely sustainable. A minor dip could shake out the nervous longs and provide an opportunity for long-term investors to add to their positions.

Has Bitcoin price bottomed?

The opinion remains divided, however, on whether Bitcoin has bottomed out or not. Some analysts expect the rally to reverse direction and nosedive below the November low while others believe the markets will continue to move up and frustrate the traders who are waiting to buy at lower levels.

Crypto market data daily view. Source: Coin360

In an interview with Cointelegraph, Morgan Creek Capital Management founder and CEO Mark Yusko said “the crypto summer” could begin as early as the second quarter of this year.

He expects risk assets to turn bullish if the United States Federal Reserve signals that it will slow down or pause interest rate hikes. Another potential bullish catalyst for Bitcoin is the block reward halving in 2024.

Could the altcoins continue their up-move while Bitcoin consolidates in the near term? Let’s study the charts of Bitcoin and select altcoins that may outperform in the next few days.

BTC/USDT

Bitcoin has been gradually correcting since hitting $24,255 on Feb. 2. This indicates profit booking by short-term traders. The price is nearing the strong support zone between $22,800 and $22,292. The 20-day exponential moving average ($22,436) is also located in this zone, hence the buyers are expected to defend the zone with all their might.

BTC/USDT daily chart. Source: TradingView

The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that bulls have the edge. If the price turns up from the support zone, the bulls will again attempt to catapult the BTC/USDT pair to $25,000. This level should act as a formidable resistance.

On the downside, a break below the support zone could trigger several stop losses and that may start a deeper pullback. The pair could first drop to $21,480 and if this support also fails to hold up, the next stop may be the 50-day simple moving average ($19,572).

BTC/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the price is trading inside an ascending channel but the RSI has been forming a negative divergence. This suggests that the bullish momentum may be weakening. A break and close below the channel could tilt the short-term advantage in favor of the bears. The pair could then fall toward $21,480.

Alternatively, if the price rebounds off the support line of the channel, the bulls will again attempt to kick the pair above the channel. If they manage to do that, the pair may resume its uptrend.

ETH/USDT

Ether (ETH) has been trading near the $1,680 resistance for the past few days. Usually, a tight consolidation near an overhead resistance resolves to the upside.

ETH/USDT daily chart. Source: TradingView

While the upsloping 20-day EMA ($1,586) indicates advantage to buyers, the negative divergence on the RSI suggests that the bulls may be losing their grip. If bulls want to assert their dominance, they will have to propel and sustain the price above $1,680.

If they do that, the ETH/USDT pair may rally to $1,800. This level may again act as a resistance but if bulls do not allow the price to dip below $1,680, the rally may stretch to $2,000.

Instead, if the price turns down and plummets below the 20-day EMA, the ETH/USDT pair could tumble to $1,500. This is an important support level to monitor because a bounce here could keep the pair range-bound between $1,500 and $1,680. On the other hand, if the $1,500 support cracks, the pair may dive to $1,352.

ETH/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the bears have pulled the price below the 20-EMA. This is the first indication that the bulls may take a step back. There is minor support at the 50-SMA but if it fails to hold, the pair may slide to $1,550 and then to $1,500.

Conversely, if the price turns up from the moving averages, the bulls will again attempt to thrust the pair above the overhead resistance. If they succeed, the pair may resume the uptrend.

OKB/USDT

While most cryptocurrencies are well below their all-time high, OKB (OKB) hit a new high on Feb. 5. This suggests that bulls are in command.

OKB/USDT daily chart. Source: TradingView

Some traders may book profits near the overhead resistance of $44.35 as it may act as a formidable resistance. If the price turns down from the current level but rebounds off the 20-day EMA ($37), it will suggest that bulls continue to buy the dips.

That could increase the possibility of a break above $45. The OKB/USDT pair could first skyrocket to $50 and thereafter to $58.

If the price turns down and breaks below the 20-day EMA, it will indicate that the traders may be rushing to the exit. The pair could then drop to $34 and later to the 50-day SMA ($30).

OKB/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the bears are trying to protect the $44.35 level. The pair could turn down and reach the moving averages, which is an important support to keep an eye on. If the price bounces off the moving averages, the bulls will again try to overcome the barrier at $45 and start the next leg of the uptrend.

Contrarily, if the price breaks below the 50-SMA, the selling could intensify and the pair may slump to $36 and then to $34. Such a move could delay the resumption of the uptrend.

Related: Fantom’s 5-week winning streak is in danger — Will FTM price lose 35%?

ALGO/USDT

Algorand’s (ALGO) recovery reached the breakdown level of $0.27 on Feb. 3. The bears defended this level but the bulls have not given up much ground. This suggests that the bulls expect the relief rally to continue.

ALGO/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($0.24) and the RSI in the positive territory indicate that bulls have the upper hand. If the price turns up from the 20-day EMA, the likelihood of a break above $0.27 increases. The ALGO/USDT pair could then travel to $0.31 where the bears may try to offer strong resistance.

If the price turns down from this level but bounces off $0.27, it will suggest that the downtrend could be over in the short term. The pair could then attempt a rally to $0.38.

This positive view could invalidate in the near term if the pair turns down from the current level and slides below $0.23. The pair could then dive to the 50-day SMA ($0.21).

ALGO/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the bears are guarding the $0.27 level but a minor positive is that the bulls have not allowed the price to stay below the 50-SMA. If the price turns up from the current level, the bulls will again try to clear the overhead hurdle. If they do that, the pair could pick up momentum and surge toward $0.31.

Contrary to this assumption, if the price continues and breaks below the moving averages, the pair risks a drop to $0.23. The bears will have to smash this support to gain the upper hand.

THETA/USDT

Theta Network (THETA) successfully completed a retest of the breakout level on Feb. 1, indicating that bulls have flipped the downtrend line into support.

THETA/USDT daily chart. Source: TradingView

The bulls will try to push the price to the overhead resistance at $1.20. This level may act as a minor hurdle but if bulls do not give up much ground from $1.20, the THETA/USDT pair could extend its up-move to $1.34. This is an important level for the bears to defend because if this resistance crumbles, the pair could soar to $1.65.

If bears want to stop the bulls, they will have to quickly pull the price back below the 20-day EMA. The pair could then fall to $0.97 and later to the 50-day SMA ($0.89).

THETA/USDT 4-hour chart. Source: TradingView

The pair bounced off the $0.97 level, which becomes an important level to watch out for on the downside. A breach of this level is likely to tilt the advantage in favor of the bears and open the doors for a possible drop to $0.85.

The rally is facing resistance near $1.20 but the upsloping 20-EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers push the price above $1.20, the momentum should pick up for a rally toward $1.34.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Hodlnaut creditors reject the restructuring plan, prefer liquidation

Hodlnaut downplayed its exposure to the Terra ecosystem, but an investigation into the embattled crypto lender shows it lost $190 million in the Terra crash.

The Singapore-based crypto lender Hodlnaut is looking at a possible liquidation as the firm’s creditors have rejected the proposed restructuring plan and seek liquidation of the platform’s assets.

The group of creditors rejected a restructuring plan offer allowing the current directors to oversee the firm’s operations during the restructuring phase. However, a Jan. 12 hearing rejected an application to remove the interim judicial managers, reported Bloomberg.

Cast your vote now!

The creditors believe restructuring plans are of no help and it is in their best interest to wind down and liquidate the firm’s remaining assets. Algorand Foundation, one of Hodlnaut’s key creditors, called for immediate liquidation and distribution of remaining assets among creditors to maximize the remaining value.

Hodlnaut’s trouble first surfaced in August 2022 when the firm suspended withdrawals, citing volatile market conditions and a lack of liquidity. However, it was later revealed that the crypto lender downplayed its exposure to the collapsed Terra ecosystem and lost nearly $190 million. The executives later deleted thousands of documents related to their investments to hide their exposure.

Related: Winklevoss slams SEC charges against Gemini as a ‘super lame … manufactured parking ticket’

The crypto lender sought judicial management under Singapore law to avoid forced liquidations. The firm was eventually placed under a creditor protection program in August, hoping to utilize the management period to restore its asset-to-debt ratio to 1:1 and allow users to withdraw their initial cryptocurrency deposits. However, the government-aided judicial management program didn’t help its cause for long.

Later in November 2022, the firm’s founders were probed for downplaying their exposure to specific crypto tokens and misrepresentations of facts. The investigation was based on several complaints from investors between August and November 2022.

Hodlnaut and Algorand Foundation didn’t respond to Cointelegraph’s request for comments as of publication time.

Argentina’s fan token sinks 31% after World Cup loss against Saudi Arabia

The price of soccer fan tokens, designed for fan engagement, is seemingly impacted by the on-field performance of teams.

Argentina’s shock 2-1 loss to Saudi Arabia in the opening match of the FIFA World Cup has plummeted the price of the Argentine Football Association Fan Token (ARG), in line with the hopes of the nation’s die-hard soccer fans. 

With the ARG token priced at $7.21 at kick-off, the poor performance by the Lionel Messi-led soccer team saw the token’s price fall 31% to $4.96 by the end of the match before rising to $5.22 at the time of writing, according to data from CoinGecko.

By contrast, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection unrelated to the soccer team, skyrocketed 52.6% from 0.196 Ether (ETH) to 0.3 ETH over the same time before cooling off to a price of 0.225 ETH, around $250.

The collection’s sales volume also spiked 990% over the last 24 hours, closing in on 24.5 ETH, according to OpenSea data.

Despite the built-up hype for the FIFA World Cup, which officially kicked off on Nov. 20, cryptocurrency research firm Delphi Digital noted that the fan engagement platform Socios’ native token Chiliz (CHZ), in addition to other soccer-based tokens representing participating nations, has also cooled off considerably over the last few days:

CHZ is an ERC-20 token native on Socios, a blockchain-powered fan engagement platform that has been one of the largest contributors to the sports-fan token boom.

Many of the soccer–based tokens run on Socios, which has partnerships with some of the largest soccer clubs in the world, including Barcelona F.C., Paris Saint-Germain F.C. and Manchester City F.C.

While the tokens don’t represent ownership in teams, the token allows buyers to vote in some decisions made by sponsoring teams in addition to enabling access to some rewards.

Related: Billions are spent marketing crypto to sports fans — Is it worth it?

Popularity for fan-based tokens in the sporting industry has surged lately, too, with token sales volumes often increasing more than 250% month-on-month since Jan. 2022.

Some appear to have viewed the tokens as an indirect way to bet on the success of such teams, despite them not being designed for that purpose.

The tokens are also impacted by factors other than the on-field success of soccer teams, such as the regular ebbs and flows of crypto markets and breaking news events. 

An example is the recent FTX collapse sending the price of CHZ falling by nearly 40% since the reports of the exchange’s liquidity issues and proceeding bankruptcy.

In May, smart contract platform Algorand became the first official blockchain-based sponsor for the FIFA World Cup, which is set to wrap up on Dec. 18.

5 altcoins that could turn bullish if Bitcoin price stabilizes

If Bitcoin price stabilizes and begins to consolidate, these five altcoins could see strong upside.

The major United States stock market indexes continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022, and major indexes recorded their fifth weekly close in the past six weeks.

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Crypto market data daily view. Source: Coin360

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

The Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone in the past few days but they continue to face strong selling at the 20-day exponential moving average (EMA) of $19,720. This suggests that the bears continue to sell on minor rallies.

BTC/USDT daily chart. Source: TradingView

The downsloping moving averages indicate that the bears have the upper hand but the positive divergence on the relative strength index (RSI) suggests that the bearish momentum could be weakening.

A break and close above the 20-day EMA will be the first sign that the bears may be losing their grip. The BTC/Tether (USDT) pair could then rise to the 50-day simple moving average (SMA) of $21,043 and later to $22,799. Buyers will have to overcome this barrier to set the stage for a rally to $25,211.

Conversely, if the bears sink the price below the June low of $17,622, the selling could intensify, and the pair may resume its downtrend. The pair could then plummet to $14,500.

BTC/USDT 4-hour chart. Source: TradingView

The bulls are buying the dip below $18,626 but the bears continue to stall the recovery at the 50-SMA. This has squeezed the price between these two levels, but this tight range trading is unlikely to continue for long.

If the price turns down and sustains below $18,626, the bears may pull the pair to the vital support at $17,622. This level may again witness a strong battle between the bulls and the bears. On the upside, if the bulls thrust the price above the 50-SMA, the pair could rise to $20,400.

ATOM/USDT

Cosmos (ATOM) has been trading above the breakout level of $13.46 for the past several days, indicating that the sentiment remains positive and traders are buying on dips.

ATOM/USDT daily chart. Source: TradingView

The 20-day EMA of $14.22 has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks above $15.26, the short-term advantage could tilt in favor of the buyers. The ATOM/USDT pair could then rise to $17.20.

This level may again act as a resistance but if buyers thrust the price above it, the pair could pick up momentum and rise to $20.34 and later to $25.

Contrary to this assumption, if the price turns down and breaks below the 50-day SMA of $12.90, the advantage could tilt in favor of the bears. The pair could then decline to $10.

ATOM/USDT 4-hour chart. Source: TradingView

The pair has been stuck between $13.45 and $17 for some time. Buyers aggressively defended the support at $13.45 and are attempting to push the price above the 50-SMA. If they do that, the likelihood of a rally to $16 and thereafter to $17 increases.

Conversely, if the price turns down from the current level and breaks below the 20-EMA, it will suggest that bears continue to sell on rallies. That could pull the price to the strong support at $13.45. The sellers will have to sink the pair below $13 to clear the path for a possible drop to $11.50.

ALGO/USDT

The uncertainty of the range-bound action between $0.27 and $0.38 resolved to the upside on Sept. 23, indicating the start of a new up-move. If that happens, Algorand (ALGO) could still be in its first leg of the uptrend.

ALGO/USDT daily chart. Source: TradingView

The important level to watch on the downside is $0.38. If the bulls flip this level into support, it could increase the likelihood of the start of a new uptrend. The ALGO/USDT pair could then rally to $0.45 and later to $0.50.

This bullish view could invalidate in the near term if the price slips below $0.38 and re-enters the range. That could sink the price to the 20-day EMA of $0.33. If the price rebounds off this level, the bulls will again try to clear the overhead resistance.

ALGO/USDT 4-hour chart. Source: TradingView

The price rose above the overhead resistance at $0.38, but the bulls could not build upon this momentum. This shows that the bears have not yet given up and they continue to sell on rallies near $0.41.

If thebears pull the price below the 20-EMA, the pair could drop to $0.36. This is an important level for the bulls to defend because a break below it could open the doors for a possible drop to the 50-SMA.

On the upside, the bulls will have to push the price above $0.41 to signal the resumption of the up-move.

Related: What is scalping in crypto, and how does scalp trading work?

CHZ/USDT

Chiliz (CHZ) recovered sharply from its June lows and the bulls cleared the overhead resistance at $0.26 on Sept. 22, signaling the resumption of the up-move. When a coin moves against the market sentiment, it warrants a close look.

CHZ/USDT daily chart. Source: TradingView

The bears have been trying to sink the price below the breakout level of $0.26 for the past three days but the bulls have held their ground. This shows that the bulls are viewing the dips as a buying opportunity. The rising moving averages and the RSI in the positive territory indicate that buyers are in command.

If the price turns up and breaks above $0.28, the CHZ/USDT pair could rally to the next stiff resistance at $0.33.

Conversely, if the price turns down and breaks below $0.26, it will suggest that traders may be rushing to the exit. The pair could first drop to the 20-day EMA of $0.23 and later to the 50-day SMA of $0.21.

CHZ/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up indicating an advantage to buyers but the negative divergence on the RSI shows that the bullish momentum may be weakening. If the bears sink the price below $0.26, the pair could drop to the 50-SMA. This is a key level for the bulls to defend because if it gives way, the pair could drop to $0.22.

On the other hand, if the price rebounds off $0.26 and rises above $0.28, the up-move could resume. The pair could then rally to $0.32.

QNT/USDT

Quant (QNT) is showing strength as it is trading above both moving averages. Even when the sentiment across the cryptocurrency sector has been negative, it has managed to charge higher.

QNT/USDT daily chart. Source: TradingView

The bears had been defending the $112 level for the past many days but the bulls pierced through the resistance on Sept. 24 and pushed the price to the downtrend line. The long wick on the day’s candlestick shows that the bears are trying to stall the up-move at this level.

A minor positive is that the bulls bought the dip to $112 on Sept. 25, suggesting that buyers are trying to flip this level into support. The QNT/USDT pair could once again rise to the downtrend line. If this hurdle is cleared, the pair could soar to $133 and later to $154.

Alternatively, if the price turns down and breaks below $112, the next stop could be the 20-day EMA of $106. A break below this support could pull the pair to $95.

QNT/USDT 4-hour chart. Source: TradingView

The pair picked up momentum after breaking above $112 and reached near the downtrend line. This pushed the RSI into the overbought territory, which may have tempted the short-term traders to book profits.

The price rebounded off $112, indicating that the sentiment remains positive and traders are buying on dips. The pair could rise to $121 and thereafter to the downtrend line. On the downside, a break below $112 could sink the pair to the 50-SMA and thereafter to $95.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Algorand upgrade boosts speed, adds trustless cross-chain communication

Algorand has increased its transaction speed, processing capacity and cross-chain functionality with a major upgrade.

Pure proof-of-stake (PPoS) blockchain Algorand has introduced cross-chain communication and transaction speed improvements with the latest upgrade to its protocol.

The layer-1 blockchain network announced the implementation of State Proofs to its mainnet, which introduces trustless communication between different blockchain protocols. The upgrade also increased Algorand’s processing speed from 1,200 to 6,000 transactions per second.

The upgrade also includes the provision of new tools for developers as well as on-chain randomness capabilities for decentralized applications (DApps) running on Algorand. On-chain randomness is a key feature of Algorand’s PPoS consensus, in which network validators are chosen at random despite the respective amount of staked Algorand (ALGO) tokens.

As Algorand unpacked in a recent Medium post, State Proofs are cryptographic proofs of Algorand’s state that allows DApps on other blockchains to trustlessly verify Algorand transactions. The upgrade also increased the block size to 5 MB and a “sub-4-second block latency and finality.”

The introduction of State Proofs allows Algorand to securely connect to different blockchain networks without using an intermediary. Cross-chain interoperability and connectivity have mainly been powered by cross-chain bridges and validator networks, which have been subject to high-level exploits in recent times.

Algorand touts its quantum-secure, trustless State Proofs as a solution to the centralized nature of storage points in existing cross-chain service providers and platforms. Exploits of cross-chain bridges have resulted in the loss of more than $2 billion in 2022 alone.

Paul Riegle, chief product officer at Algorand, highlighted the upgrade as a significant step in facilitating the growth of Web3 platforms running on its network:

“From State Proofs, which are a game-changing blockchain interoperability security feature, to increased TPS, we are unlocking the tools required for Web3 applications to fulfill their vast potential.”

Algorand’s upgrade is timely considering that Ethereum is on the cusp of its transition from proof-of-work to proof-of-stake (PoS) consensus, with the Merge set to take place in the next couple of weeks. Ethereum’s move to PoS is set to drastically improve the scalability and efficiency of the network while reducing its carbon footprint.

Algorand is the brainchild of MIT professor Silvio Micali, who founded the PPoS blockchain to address what is known as the “blockchain trilemma.” The trilemma suggests that no blockchain can be simultaneously decentralized, scalable and secure.

Blockchain firms fund university research hubs to advance growth

Universities implement physical and virtual research hubs dedicated to advancing blockchain technology through scientific and educational knowledge.

The demand for organizations to adopt blockchain technology is growing rapidly. Recent findings from market research and advisory firm Custom Market Insights found that the global blockchain technology market size was valued at $4.8 billion in 2021, yet this amount is expected to reach $69 billion by 2030. While notable, it’s become critical for the industry to enable rigorous research into the development of the blockchain sector. 

Tim Harrison, vice president of community and ecosystem at Input Output Global (IOG) — the developer arm behind the Cardano blockchain — told Cointelegraph that during the past year, the blockchain ecosystem has witnessed various risks from projects that have taken a “go fast and break things” approach.

“Not only do these companies run these risks for themselves, but mistakes and failures can also negatively impact their end consumers,” he said. As such, Harrison believes that peer-reviewed research can help prevent such situations while also resolving issues that continue to linger from earlier iterations of blockchain development.

Companies fund university-led research hubs

In order to ensure that blockchain projects are thoroughly researched moving forward, Harrison noted that IOG recently funded a $4.5 million Blockchain Research Hub at Stanford University. According to Harrison, the hub’s goal is to enrich the body of scientific knowledge within the blockchain and distributed ledger industry while driving a greater focus on fundamental research. 

Although the Blockchain Research Hub at Stanford was just announced on August 29, 2022, Aggelos Kiayias, chief scientist at IOG and a professor at the University of Edinburgh, told Cointelegraph that he believes the center will help the industry collectively solve current challenges.

For instance, Kiayias pointed out that IOG previously donated $500,000 to fund research for blockchain scalability with Stanford. This was an important initiative, as blockchain scalability remains one of the biggest issues hampering industry adoption. Yet, Kiayias noted that Stanford’s new Blockchain Research Hub will take this a step further since the projects being funded will come from researchers across a range of disciplines and backgrounds.

Kiayias added that research hubs associated with universities will likely add more value than typical blockchain-focused courses. “Stanford’s research hub will allow researchers to investigate the kinds of subjects that they are specifically interested in, giving them more freedom than taking a standard class,” he remarked. While many universities currently offer blockchain courses within their curriculum, research hubs funded by the industry may be the next step for universities aiming to advance the industry.

For example, Dawn Song, founder of Oasis Labs and a professor at the University of California at Berkeley, told Cointelegraph that Oasis Protocol, along with a number of other blockchain companies, has provided funding for the Berkeley Center for Responsible, Decentralized Intelligence (RDI). According to Song, RDI was founded about one year ago as a multi-disciplinary, campus-wide initiative focused on advancing the science, technology and education of decentralization. 

Song explained that the research at RDI is focused on areas including blockchain scalability, security and privacy, usability and decentralized autonomous organizations (DAOs). For example, Song noted that research for zero-knowledge proofs is critical for ensuring scalability and privacy for blockchain projects.

Given this, she pointed out that RDI researchers have started working on a project called Orion, which is a new zero-knowledge argument system. Song also mentioned that RDI researchers are developing a new type of key maintenance mechanism that will ensure greater usability. The project is known as the “multi-factor key derivation function” and expands upon password-based key derivation functions with support from other popular authentication factors.

While innovative, Song added that RDI’s research is unique in the sense that the center is interdisciplinary:

“RDI contains faculty from Berkeley’s computer science department, finance and economics and the law school. RDI’s research covers many different disciplines that are more in-depth in comparison with blockchain courses. We focus on research, education and entrepreneurship, which can then help develop courses to train a new generation of students entering this industry.” 

In addition to physical research facilities at universities like Stanford and Berkeley, virtual research hubs are being established. For example, Klaytn, an Asia-based layer-1 blockchain, recently committed $20 million in funding for a virtual research institute to support industry growth. Known as the “Blockchain Research Center” (BRC), this program will be run by a global consortium led by researchers from the Korea Advanced Institute of Science and Technology (KAIST) and the National University of Singapore (NUS). 

Sangmin Seo, representative director of the Klaytn Foundation, told Cointelegraph that researchers from KAIST and NUS will also work closely with an international team of principal investigators from six other universities, such as UC Berkeley, Princeton University and Georgia Institute of Technology. “With BRC operating in an open-source manner, other researchers beyond these universities will be able to participate in ongoing research projects or submit their own proposals,” he remarked.

Seo shared that BRC research will span seven pillars focused on topics such as consensus, privacy, smart contacts, decentralized finance (DeFi) and the Metaverse. He added that although BRC is virtual, the program will regularly conduct community outreach efforts such as hosting conferences and workshops.

In addition, the Alogrand Foundation, which is responsible for maintaining the Algorand blockchain ecosystem, has committed $50 million in funding for a virtual research program. The Algorand Centres of Excellence (ACE) program started in August 2022 and takes a strong focus on the development of real-world blockchain solutions, along with social impact and sustainability projects.

Hugo Krawczyk, principal researcher at Algorand Foundation and head of the ACE program, told Cointelegraph that research teams are located across the globe to ensure a focus on local communities. He added that ACE researchers are tackling a number of problems associated with cryptography since this is the backbone of blockchain security: 

“We are also analyzing errors in smart contracts as errors in these can lead to huge losses of money and confidence.”

Importance of university-led blockchain research hubs 

While it’s noteworthy that blockchain projects are supporting the development of university-led research programs, the scope of these initiatives extend far beyond marketing tactics or research for a company’s own project. Shedding light on this, Krawczyk explained that although the Algorand Foundation is committed to developing its own ecosystem, emerging research hubs such as ACE are focused on advancing the entire blockchain industry:

“This is not just about educating developers to work on our own projects, but it’s about researching multiple projects that can help advance the blockchain sector. Even though we compete with each other, collaborating with others is beneficial for the space to mature and evolve.”

Echoing this, Harrison mentioned that although there is a lot of competition in the blockchain space, healthy competition is a vital part of any growing industry. “Especially in its early days, every player also needs to play its part in growing the space as a whole,” he remarked. 

Indeed, collaboration seems to be key when it comes to these research centers. For instance, Song mentioned that Berkeley’s RDI will work closely with Stanford’s blockchain research hub. Krawczyk added that there is an ACE research center at Yale University that collaborates with Columbia University and the City College of New York.

Another important point to note is that while it’s innovative for universities to offer blockchain courses as part of their curriculum, research hubs go a step further. Steven Lupin, director of the Center for Blockchain and Digital Innovation at the University of Wyoming, told Cointelegraph that university research hubs offer distinctive, hands-on learning opportunities. He said:

“These programs allow students to roll up their sleeves and develop and deploy blockchain and digital asset projects in a real-world environment. Universities also take a leading role in developing standards and governance that’s more difficult for the industry to create due to competitive pressures.” 

For instance, Lupin mentioned that the University of Wyoming Center for Blockchain and Digital Innovation — which was founded in 2019 and is focused on developing educational programs and applied projects across campus — is working on a smart contract research group to develop standards, governance and interoperability to allow smart contracts to be deployed more effectively.

While university-led blockchain research centers may be the next logical step for advancing the blockchain ecosystem, more work needs to be done to ensure that such programs are created.

“With Web3 still in its early stages, one research center alone is unable to solve all the challenges that lie ahead. More research centers are required to collectively solve such challenges,” Seo remarked. He added that research centers such as Klaytn’s BRC are multi-year projects that take time and effort to develop.