The Future of the Crypto Industry Blazes Hot

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  • The Creators of Holdnaut stress the value of long-term corporate strategy
  • An innovative project by block
  • BeanQuest debuts on Binance Smart Chain as it Enters the Web3 gaming space

The Creators of Holdnaut Stress the Value of Long-Term Corporate Strategy

A crypto interest network based in Singapore, Hodlnaut’s co-creators have been looking for buyers who would purchase the business rather than dissolve it as was initially intended in Jan.

Simon Lee, one of the company’s co-founders, and Zhu Juntao, another co-founder, claim in a declaration that they have spoken with several possible investors who might serve as “white knights” again for business.

Its creators contend that a takeover will be better for Hodlnaut than going out of business. Due to the market’s state, Hodlnaut stopped accepting deposits, withdrawals, and swaps in Aug 2022. After a substantial loss when UST and Terra’s LUNA tokens crashed, Hodlnaut received creditor protection from a Singaporean courtroom.

Juntao and Lee gave creditors of Hodlnaut a turnaround strategy in Jan, but they declined it and preferred collapse. On the other hand, the Algorand organization, one of the lenders, backed the creation of an Algorand blockchain platform & believed that dissolution was to its most significant advantage.

The owners are opposed to the firm’s closure, nevertheless. In the declaration, Lee claimed that a sale would benefit Hodlnaut’s shareholders more since the customer base might be bought and incorporated into digital asset systems controlled or connected to prospective buyers, increasing the worth of the business.

Lee had attempted to decrease costs by 80% of employee reduction, but this effort did not affect the funder’s predicament. Singaporean regulators are looking into Juntao and Lee for possible fraud and misrepresentation as they continue looking for a business buyer.

Charges under Singapore’s Criminal Code of 1871 may follow from the accusations that they misled others about their exposure to LUNA and UST.

Innovative Project by Block

Block’s Cryptocurrency section TBD based majorly on Bitcoin, has revealed the beginning of c=. This company will concentrate on developing resources for and encouraging people to utilize the Lightning Network (LN) in BTC.

In response to scalability difficulties, Lightning Labs created a layer two system called the Lightning Network (LN) on the upper end of a Bitcoin system. As a result, the Platform can manage as many as one million transactions a second, whereas layer one only can process seven.

In a paper, the Reserve Bank of Cleveland stated that the Lightning Network is essential for Bitcoin advocacy. The Lightning Network’s capacity increased by 64% from the start of the calendar year in 2022 to another peak of 5,490 BTC in Feb 2023. Even with these accomplishments, layer 2 of BTC still needs work.

BeanQuest Debuts on Binance Smart Chain as It Enters the Web3 Gaming Space

Online crypto gaming has been an aim of many Decentralized Finance (DeFi) initiatives after the non-fungible tokens (NFT) surge, but only some have succeeded. The issue emerges when trying to reconcile the economic and gameplay aspects of various initiatives; the crypto component may prevent players from loving a game, or the game becomes a disguise for a financial product.

The component is particularly salient in Binance Smart Chain (BSC), in which most attempted game initiatives have failed before acquiring momentum or pursuing until now.

To set itself apart from previous failed game-fi projects, BeanQuest specializes in role-playing games (RPG), recently released on the Binance Smart Chain on Mar 2, 2023. Moreover, it has adopted a novel strategy: it completely shuns tokenization.

The popular role-playing games EverQuest, Dark Souls, and Dungeons and Dragons inspired BeanQuest. As a result, BeanQuest incorporates features from its forerunners while innovating with its simple gameplay mechanics.

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