Up & Up!
What an exciting week that was!
This week on NNF (Navigate with Nord Finance),
Let’s dive into the crypto market action, decode important news, and understand a little bit about Smart Contracts.
NNF of the week:
1 Min Market:
After staying flat for the last week the crypto market quickly climbs back this week.
BTC reclaims $20,000 and ETH reclaims the $1,500 mark. The crypto market cap is hovering around $1 Trillion.
The market may try to test the august high in the coming weeks but we can’t predict the market. Staying invested and keep investing small amounts regularly can help you ride the crypto market volatility and generate long-term returns.
Today, we’re demystifying Smart Contracts in this segment. Quickly get an idea of Smart Contracts and understand the behind the scene tech of your favorite Web3 products.
Smart contracts are virtual contracts signed between two parties. The terms of the contract are coded into them and are documented on the blockchain. Smart contracts are also self-executable as soon as the predetermined terms are met. There is no need for an intermediary or third-party for the smart contract to be executed.
Blockchain ensures that smart contracts cannot tamper with after they are agreed upon by the parties. This is done by cryptographically recording data in an immutable manner. The element of corruption is prevented as there is no third-party involvement.
The smart contracts are documented on a blockchain, meaning anyone on the chain can view the transaction. But, since they are encrypted, traceability of the parties is tough. There is no authority to validate the smart contract. It self-executes as the terms of the contract are met.
Smart contracts replace the need for voluminous paperwork that is prominent in the traditional way of how contracts work. Also, smart contracts are executed in minutes and have a negligible time delay.
There is no need for a third-party to conduct or validate the transaction. Hence, smart contracts are inexpensive when compared to traditional systems.
Your favorite Web3 platforms such as DeFi, NFT Marketplaces, P2E games, DAOs, etc. use smart contracts to create new ways to use digital assets.
KYCN (Know Your Crypto News)
The adoption of cryptocurrencies and Web3 continues the momentum. We’ve shortlisted the most interesting and important news that can impact the market in the future. We’ve given simple takeaways that are important for your investment decisions.
Tel Aviv Stock Exchange to create a crypto platform:
- The five-year plan is drawn out to offer cryptocurrencies and other digital asset trading services to investors and traders.
- The move indicates the interest of various traditional exchanges to offer crypto trading and investing services. Long-term positive for the crypto market.
The UK recognizes Crypto as a regulated asset under the Financial Services and Markets Bill
- The regulation will accelerate the adoption of crypto assets by giving new innovations in the crypto space with a framework to follow.
- The UK is set to become a global crypto hub and the future is bright with new PM Rushi Sunak’s friendly stance towards digital assets.
Swiss Seba Bank launches NFT custody services:
- The move will allow retail and institutional clients to store their valuable NFTs in the regulated custody of the Seba bank.
- This is a step towards storing valuable NFTs safely without any worry and hassle of keeping them safe by yourself.
Australia’s Federal budget considers BTC as a digital asset and not a foreign currency:
- This will simplify tax on BTC for investors in Australia.
- A new set of people may start exploring BTC as an investment option after clearer regulation.
BTS Scoop of the week:
Our NNF (Navigate with Nord Finance) newsletter subscribers have received behind the scene updates on our upcoming Crypto Investment Platform.
Next Week, we’ll release a new BTS scoop to subscribers. So, Don’t forget to subscribe.