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Cautious optimism prevails in crypto, but Chancer presale maintains momentum

  • Crypto markets are mixed this week as the outlook remains unclear

  • Chancer’s presale has surpassed $1.08 million amid high demand for the token

  • Chancer has strong potential due to a robust betting market and blockchain application

Investors might be a little cautious in crypto this week. The market has displayed a mixed outlook, with slight gains and losses across the major cryptos. Meanwhile, investors are undeterred when it comes to newly launching crypto projects. Chancer, a new predictive markets project, continues to attract buyers. The project’s presale has surpassed $1.08 million in amounts raised.

XRP ruling jitters and key market developments this week

Jitters over last month’s ruling that Ripple’s XRP is not a security could be rattling crypto markets. The July ruling saw crypto markets, especially XRP, make strong comebacks. Investors believed that the ruling cleared the uncertainty in the crypto sector. But the recovery has now been muted, as SEC is said to consider appealing the court decision.

Meanwhile, investors are also watching the US non-farm payroll data this week for July. The report gives a synopsis of the US labour market and causes huge moves in the market. Investors are looking forward to slower payroll growth amid extreme weather conditions in the US. 

Crypto markets have, in the past, reacted to NFP data. Strong payroll data has fueled selling in crypto on expectations of economic tightening. It also has a positive impact on the dollar and a negative relationship with crypto. Thus, the event will be closely watched on August 4. 

Chancer presale maintains momentum.

As investors exercise caution on crypto this week, the buying of Chancer tokens isn’t slowing down. As of August 2, the project had raised more than $1.08 million. Since launching the presale on June 13, Chancer has been selling fast. The demand has been fueled by Chancer’s revolutionary betting model.

The project is launched with the promise of taking betting to the blockchain. Chancer will allow a peer-to-peer betting model via a decentralised ecosystem, the first in the world. 

Decentralisation is the art of Chancer’s predictive markets system. Unlike the current betting system, P2P betting allows users to create their betting markets. They are not constrained by what their bookmakers provide. As such, one can bet on virtually any event through Chancer’s P2P markets. The platform also allows users to set their betting rules and bet against whomever they want. 

The idea of a decentralised betting ecosystem has attracted interest in the project. In the future, Chancer will focus on adopting a quadratic governance model. This is where participants use their voice credits to vote on governance issues. 

Is Chancer a good investment?

Betting is growing fast, allowing Chancer to carve a market niche. But aside from the novel betting model brought by the project, Chancer could be an ideal investment token.

First, the potential for the Chancer token to increase in value is high. The prediction emanates from a strong and growing betting market and the application of blockchain. Allowing investors to create Chancer markets and bet on multiple events will increase the token’s use case. This will allow it to increase in value and generate returns to investors.

Secondly, Chancer has an investment model beyond betting. Users get rewarded for creating Chancer P2P markets. Token holders can also participate in building the Chancer platform by staking the tokens. Other income-generating ways are sharing the platform and earning through a Share2Earn feature.

How much can the Chancer token increase?

Like any other newly launched token with a robust use case, Chancer can rise by up to 10x. The gains can be realised within months after the token debuts on exchanges. 

The projection depends on how much the project will unlock value. With the mainnet launching in Q1 2024, the project could start attracting users soon. However, the value of Chancer could start to be unlocked in Q3 2023. This is when the token will be listed on centralised exchanges, starting with Uniswap.

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Hyundai and Kia tap Hedera Network for CO2 emission monitoring system

  • Hyundai and Kia have introduced an AI-enabled supply chain carbon emissions tracking solution on the Hedera Network.
  • Hedera (HBAR) briefly surged above $0.053 after the announcement.
  • The adoption of Hedera technology by these two major automakers indicates an increase in blockchain adoption.

Two significant automakers, Hyundai and Kia, have adopted the Hedera network, pointing to an increase in blockchain adoption. Hyundai Motor Company and Kia Corporation have reportedly introduced an AI-powered CO2 Emission Monitoring System with the help of the highly scalable Hedera Network.

According to a post by the HBAR Foundation, the launch of a blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) on the Hedera mainnet demonstrates that the value of Hedera Network is “seen by enterprises beyond the Governing Council” and “when data accuracy and security are mission critical, Hedera is second to none”

The SCEMS is made to calculate carbon emissions at every step of the supply chain, giving Hyundai Motor and Kia access to accurate information about the operations of their suppliers, including the sourcing of raw materials, the manufacturing process, and the transportation of finished goods.

This is a huge step towards successfully mitigating the effects of climate change, which requires a reduction of carbon emissions.

SCEMS also incorporates AI technology, allowing for the precise prediction of future carbon emissions and the setting of carbon reduction goals.

Hedera (HBAR) price reaction

The price of HBAR, the native token of Hedera Network, saw a significant price surge that briefly pushed the price above $0.053, although the price has since slightly pullback to around $0.052 at the time of writing.

While there was a slight price surge, the pullback could good sign that Hedera is under quite some strong bear forces that have been pulling down the HBAR price over the past month.

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Ripple CEO slams SEC for weaponizing XRP reports in lawsuit

  • Ripple CEO Brad Garlinghouse says the SEC took Ripple’s transparency reports and used them against the company.
  • The SEC sued Ripple over its XRP sales in December 2020, alleging the sales amounted to securities contracts.
  • A court decision recently declared XRP not a security.

In Ripple news today, CEO Brad Garlinghouse has slammed the US Securities and Exchange Commission (SEC) over its apparent weaponization of what’s been “good-faith” transparency reports on XRP.

Acccoridng to him, the SEC took the regular reports and used their details in its lawsuit against the company and its top executives. Garlinghouse, who was also sued by the SEC in December 2020, however, reiterated Ripple’s commitment to transparency.

“We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit – however, we remain steadfast in our commitment to transparency but I suspect they’re going to look a bit different moving forward,” he said.

Ripple’s XRP markets reports

Garlinghouse’s remarks followed Ripple’s release of its Q2, 2023 XRP Markets Report, with the company noting the different approach taken. With previous editions, Ripple has focused on multiple XRP ecosystem developments, including market insights and quarterly sales.

“While published in a good faith effort at transparency, these quarterly reports have been weaponized against the Company by the SEC. Ironic for an agency that touts transparency and disclosure. Accordingly, Ripple is re-evaluating the role and contents of this report going forward and will have updates on that front in Q3 2023,” Team Ripple wrote in its report published July 31.

The change in approach already saw the Q2 report focus on the July 13, 2023 court ruling on XRP, including details “debunking misconceptions” about the ruling being a split decision and that the court deemed some sales of XRP as securities and others not.

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Worldcoin to allow governments and businesses to use its ID-verifying technology

  • Worldcoin launched its native token WLD on its mainnet on July 24, 2023.
  • The crypto project has faced serious criticism from several quarters for fears of data privacy.
  • The latest development is the Worldcoin suspension in Kenya because of what the government says are security concerns.

According to a Reuters report, Worldcoin intends to broaden its operations so that businesses and governments can make use of its iris-scanning and identity-verification technology to attract more users.

In the report, Ricardo Macieira, the general manager for Europe at Tools For Humanity, which is the company that created Worldcoin, said that the company is on a mission of “building the biggest financial and identity community” possible.

Macieira said, “The idea is that as we build this infrastructure and that we allow other third parties to use the technology.” He went ahead to add “The idea is that anyone can in the future build their own orb and use it to benefit the community that it’s aiming for.”

Plans to open-source the Orbs technology

To enable broader use of Worldcoin’s products, Macieria added that the company intends to open source the technology that powers the iris-scanning orbs. This will be a huge step towards countering difficulties in attracting users.

However, although reports about Worldcoin’s difficulties attracting users after its launch have recently gone around, Sam Altman, a co-founder of the project, has refuted those allegations in posts on X that include videos of people waiting in line for iris scans.

In the report, Macieira has also gone ahead to explain Worldcoin intends for companies and governments to pay to use its digital identity system. This will allow the institutions to implement some sort of localized system without having to gather personal data.

However, it is not clear how Worldcoin intends to circumvent the regulatory framework around the world, especially seeing that its data collection methods have already come under scrutiny from regulators around the world.

France’s privacy watchdog said that it finds the project “questionable,” while German regulators launched investigations into Worldcoin’s operations back in 2022. Regulators in the UK are also considering opening an inquiry into Worldcoin. And in Kenya where the project had received such a huge reception, the government has slumped the door citing security concerns.

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