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The discussions on the importance of blockchain technology are gaining momentum and two of the most versatile Layer-1 protocols, Ethereum (ETH) and VeChain are gaining momentum in related conversations globally.

According to a research paper published by the Multidisciplinary Digital Publishing Institute (MDPI), Greek researchers led by Evripidis K. Kechagias, the ways in which Ethereum can be used to advance traceability in the Food supply chain ecosystem were highlighted.

According to the researchers, there are a number of complicated processes involved in the supply chain ecosystem that is often overwhelming and cause a lag. One of the major challenges is the issue of traceability which can cause a lot of regulatory problems for producers and distributors.

While the issue of traceability is an ancient one, blockchain technology appears to be a viable solution that can change things around. The research paper thus presents a framework that showcases how Greek Olives producers can utilize the Ethereum protocol to optimize their current approach to Traceability in their supply chain practices.

The paper also presents a methodological framework, which can help anyone aiming to implement an Ethereum decentralized application and demonstrates the practical use of the developed application by a Greek table olives producer. The application significantly improved the producers product traceability by providing a secure, transparent, and efficient solution for tracking and tracing the products in the supply chain, an excerpt from the papers Abstract reads.

Ethereum is considered one of the most robust smart contract protocols and arguably the largest in terms of its Total Value Locked (TVL) which is now pegged at $27.9 billion according to data from DeFiLlama. With its growing relevance, Ethereum is now considered a flexible fit by the Greek scientist for their Traceability in Supply Chain innovation.

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While the role of Ethereum as the biggest smart contract protocol in the crypto ecosystem is acknowledged, the role of other Layer-1 protocols like VeChain in key technological innovations cannot also be shoved aside.

In recognizing the role of VeChain in the supply chain world, the Greek researchers also mentioned VeChain with regard to its usage by the China Animal Health and Food Safety Alliance (CAFA). The research team highlighted the role of VeChain to improve food safety and quality control while providing transparent information to consumers by providing a food traceability certification system for CAFA members, enabling them to track the entire life cycle of food products, from production to distribution and sale.

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Since its inception, VeChain has played a very definitive role in innovations that are best suited for enterprise adoption. Build as a very scalable, fast, and flexible protocol, VeChain has joined the fight against Climate Change and sustainability management, a role that has earned it wide acclaim even among its crypto peers.

In all, it has been proven that blockchain protocols can help rebrand the multi-billion dollar supply chain industry.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash 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.

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Ethereum & Vechain showcase how blockchain technology ... - Crypto News Flash

March 16, 2023 11:00 AM | 1 min read

Over the past 24 hours, Ethereum Classic's (CRYPTO: ETC) price has fallen 3.95% to $18.79. This is opposite to its positive trend over the past week where it has experienced a 1.0% gain, moving from $18.51 to its current price.

The chart below compares the price movement and volatility for Ethereum Classic over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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The trading volume for the coin has climbed 120.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 1.29%. This brings the circulating supply to 139.95 million, which makes up an estimated 66.42% of its max supply of 210.70 million. According to our data, the current market cap ranking for ETC is #27 at $2.63 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Ethereum Classic Decreases More Than 3% Within 24 hours - Benzinga

Binance, the worlds largest crypto exchange by trading volume, responded to the latest drama around the USDC stablecoin by converting the remainder of its $1 billion Industry Recovery Initiative funds into Bitcoin (BTC), Ethereum (ETH), and other digital currencies.

Given the changes in stablecoins and banks, Binance will convert the remaining of the 1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH, Binance CEO Chanpeng Zhao wrote in a tweet early Monday.

Binance launched its crypto industry Recovery Fund in November 2022 following the collapse of the FTX exchange. The initiative was aimed to help projects who are otherwise strong but in a liquidity crisis.

The move also comes in the wake of Paxos, BUSD's owner and issuer, being hit by a lawsuit from the United States Securities and Exchange Commission (SEC), with the agency claiming last month that the firm violated investor protection laws. Paxos announced it would halt BUSD minting and "end its relationship with Binance," for the stablecoin.

It is not immediately clear how much money from Binance's fund has been converted or is earmarked to be converted into the mentioned coins.

The ETH address shared by CZ shows some substantial transfers over the past few hours, with the original wallet almost emptied at the time of this writing. Transactions are continuing to be executed at the time of writing.

It's worth noting that last September Binance began auto-converting USDC deposits into its native BUSDeffectively delisting the rival stablecoin.

Decrypt reached out to Binance for additional comments but was yet to hear back by press time.

Furthermore, Binance's decision comes hot on the heels of the USDC stablecoin depegging from its intended $1 price.

The depegging event was triggered by the ongoing crisis surrounding the collapse of the Silicon Valley Bank (SBV), where the firm holds about $3.3 billion.

Silicon Valley Bank was among the 20 largest banks in the U.S. when it failed Friday after a bank run by customers. California state regulators placed the bank under the control of the FDIC, which in turn created a new entitythe Deposit Insurance National Bank of Santa Clarathrough which the remaining assets will be managed.

USDC plummeted to an all-time low of $0.87 on Friday night.

The collapse of SBV, preceded by the meltdown of the Silvergate Bank, also sent shockwaves through the stock market, while the crypto industry saw a depressing drop as well, with Bitcoin crashing below $20,000 for the first time since mid-January.

In a separate move, the Federal Reserve moved to shut down the Signature Bank on Monday morning, another crypto-friendly bank with total assets of around $117 billion as of the end of last year.

The scare, at least for now, appears to be short-lived though: according to a joint statement from the Fed, U.S. Treasury, and FDIC on Sunday, all depositors of now-shuttered Silicon Valley Bank and Signature Bank will be able to get their funds out on Monday.

"Circle is now out of the woods, which is a huge positive for the crypto world, Bradley Duke, co-CEO at ETC Group, said in a statement shared with Decrypt.

Circle has meanwhile stated that it will cover any shortfall caused as a result of the $3.3 billion in its funds held by the collapsed SBV.

The Boston-based company also reiterated that USDC is 100% collateralized with cash and U.S. Treasuries.

According to the firm, USDC is currently collateralized 77% ($32.4B) with U.S. Treasury Bills (with a three month or less maturation period), and 23% ($9.7B) with cash held at a variety of institutions, of which SVB is only one.

The latest news helped the broader crypto market flip green again, with Bitcoin trading around $22,280 by press time, up 9.1% over the day.

USDC is changing hands at $0.989, according to CoinGecko.

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Binance Swaps BUSD Stablecoin From 'Recovery Fund' to Bitcoin ... - Decrypt

Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 a 30% increase in activity since October 2022.

Moreover, the Polygon ecosystem recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine. As a result, Polygons native token, Polygon (MATIC), maintains a bullish narrative.

While notable, some believe layer-2 networks offering token incentive models may soon become obsolete. For instance, Jesse Pollak head of protocols and Base core contributor at American crypto exchange Coinbase told Cointelegraph at ETHDenver 2023 that there are currently no plans to associate a token with Base, the Ethereum layer-2 network recently launched by Coinbase. He said:

According to Pollak, Base is a layer-2 solution that allows developers to easily build applications without requiring an incentive mechanism. Our product will stand on its own. It will be very easy for developers to use to build applications and distribute those to real human beings, he said.

Focusing on ease of use and distribution are important points, as Pollak pointed out that many of todays decentralized applications have been used solely for trading cryptocurrencies. Trading is not enough to make cryptocurrency the future of the economy. At Base, we are making it easy for developers to build useful applications that people actually want to use, he added.

Pollak explained that Base is investing in core infrastructure, such as Ethereum Improvement Proposal 4844, which will make the network secure and low-cost compared with other layer-2 networks. It costs about 1015 cents to conduct transactions on layer-2s. We aim to bring that down, he mentioned.

While Base launched its testnet in February, Pollak shared that the Base mainnet launch will take place in the coming months. Moreover, while no plans exist for Base to offer a native token, several ecosystem participants have already expressed interest in building on Base.

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For example, Konstantin Richter, chief executive officer and founder of Blockdaemon a blockchain infrastructure provider told Cointelegraph at ETHDenver 2023 that Blockdaemon will serve as an official infrastructure partner for Base. Richter shared that he thinks Base shouldnt have a token associated with the network, as he believes proof-of-stake (PoS) is an entirely broken system. Blockdaemon runs more PoS nodes than anyone else, and I can tell you that proof-of-stake only works when token prices go up, he said.

Richter further explained that Blockdaemon plans to use the Base network to determine how to allow network participants to run nodes while possibly earning a fixed U.S. dollar fee. This may result in a different type of PoS mechanism, possibly around commitment of compute rather than a staked percentage of tokens that may not serve the network well, he said. Richter added that such a model could result in a better user experience. He said:

Yet it remains questionable how exactly Base will attract users and developers to the platform without a token incentive model. Given Coinbases vast understanding of institutions and decentralized finance (DeFi), Richter doesnt think this should be an issue: I prefer to work with Base given Coinbases understanding of institutions and DeFi. Its remarkable that a public Fortune 500 company is committed to putting transactions transparently on Base.

While its too soon to predict future outcomes, its important to note that Arbitrum, another Ethereum layer-2 network, also functions without a native token. This has certainly not stopped users from interacting with the Arbitrum network. According to data from the analytics website L2Beat.com, Arbitrum has about $3.35 billion total value locked, making up about 54% of the market share on Ethereum.

However, rumors have been circulating that Arbitrum may initiate a token airdrop in the future. While this may or not be the case, it demonstrates Arbitrums ability to determine product market fit before launching a token. Gil Rosen, president of the Stanford Blockchain Accelerator, told Cointelegraph at ETHDenver 2023 that finding product market fit is about ensuring projects acquire the right customers whose value is accretive to the ecosystem, which often isnt the case with tokens. Early projects that launch tokens are often locked into tokenomics models before finding product market fit and then are unable to pivot dynamically, Rosen said.

DeFi Dad, a partner at digital asset investment firm Fourth Revolution Capital, told Cointelegraph that he believes the main driver behind layer-2 tokens is to ensure decentralized control over layer-2 networks.

For example, he explained that the upcoming launch of zkSyncs Zero-Knowledge Ethereum Virtual Machine would use a PoS mechanism to allow zkSync tokenholders to act as stakers. Layer-2 tokens are necessary for building the decentralized future, he said.

DeFi Dad thinks a layer-2 network without plans to implement a native token could be successful if users are willing to sacrifice decentralization and censorship resistance in the short term.

Recent:Banks with crypto services require new Anti-Money Laundering capabilities

He said, Base could be successful as a network for transacting with a users crypto. However, make no mistake; Base will be a layer-2 (at least for the foreseeable future) that makes trade-offs. As DeFi users, we tend to deprioritize security and censorship resistance until we really need it.

With this point in mind, Rosen mentioned that he believes token models will remain for many decentralized projects with large developer and user communities, but these will launch later. A project may launch a token when the networks themselves are more mature and have found product market fit.

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Ethereum layer-2 solutions may focus less on token incentives in the future - Cointelegraph

What happened

The stock market may be closed this weekend, but crypto markets trade 24/7, so this is where we're seeing the minute-by-minute market reaction to Silicon Valley Bank's (SIVB -60.41%) collapse and potential rescue this weekend. Crypto values collapsed starting Thursday when the bank run began, but the sentiment has changed in the last few hours.

Between 1 p.m. and 3 p.m. ET, Bitcoin (BTC 1.21%) jumped 4.1%, Ethereum (ETH 0.31%) popped 5.1%, and Dogecoin (DOGE 1.00%) was up 3.2%. That's a big increase in a couple of hours, but it may be warranted today.

As ironic as it may seem, the crypto market is reacting to the potential rescue of Silicon Vallen Bank's depositors, who could have been frozen out of billions of dollars in assets on Monday, potentially starting a bank run across the U.S. This is the kind of centralized financial market crypto was supposed to be escaping from. But, in reality, cryptocurrency has been much more correlated with risky assets than they have been a hedge.

Crypto values started to pop as bids for Silicon Valley Bank were due from potential buyers and reports began to surface that the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) have considered safeguarding all uninsured deposits. The fear is that if deposits are lost, it will lead customers to pull deposits from other small and regional banks, which could collapse the financial system.

As I am writing, there's no resolution to the situation, but crypto markets are reacting as if a deal is imminent. By Monday morning, we will find out whether a buyer has emerged or regulators will somehow save deposits.

The risk to the financial system is very real if banks start collapsing, but this is an opportunity for investors to take a long-term view. Unlike in 2008 and 2009, Silicon Valley Bank didn't fail because it made bad loans but because depositors pulled $42 billion in assets out in one day. No bank could handle that. And if regulators come up with a solution to help keep depositor money safe, it would ease some market fear.

As for crypto, I think this incident did highlight what a risk asset it remains. Many people have argued that crypto solves risks in the financial system, such as banks failing and regulars not managing systemic risk, but the reality is that the crypto market plunged when a medium-sized bank failed.

If you're invested in crypto as an alternative to traditional currencies, this episode may make you think twice about the investment thesis for crypto. But I think the real value here is in the blockchain and business models that blockchain technology can unlock. As a result, I see the recent drop as a buying opportunity for crypto. But we can all acknowledge that systemic risk still impacts cryptocurrencies in a crisis like this.

SVB Financial provides credit and banking services to The Motley Fool. Travis Hoium has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and SVB Financial. The Motley Fool has a disclosure policy.

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Why Bitcoin, Ethereum, and Dogecoin Popped on SVB Rescue ... - The Motley Fool