Korean Blockchain Game Publisher Joins UNGC to Bolster ESG Management

Yuan Surpasses Dollar in China Cross-Border TradeThere has been a lot of talk in recent weeks and months about the continued use of the US dollar as the global reserve currency and newly published data from Beijing now demonstrates that the Chinese yuan became the most widely used cross-border currency in China for the first time in March.©Pexels/VOLKAN SORKUNErosion of dollar dominanceOver the course of the month of March, the US dollar was used in 46.7% of cross border transactions. That’s down 1.1% on the preceding month. Meanwhile, the yuan was the currency of choice in cross border Chinese trade last month, used in 48.4% of all cross border transactions.While this may seem impressive and it is encouraging for the Chinese authorities, it is still just a drop in the ocean when compared with the overall global cross border transaction statistics. Data produced by international financial messaging service, SWIFT, demonstrates that while the yuan’s share of global currency transactions relative to trade finance increased to 4.5%, that’s just a drop in the ocean. The same data set reveals that the US dollar accounted for around 84% of global cross border transactions in March.While it’s unlikely that the US dollar will be usurped in its global reserve currency role over the short to medium term, certain cracks are beginning to emerge that serve to weaken the leading fiat currency. According to a recent report by emerging market focused management firm Eurizon SLJ Capital, the dollar demonstrated a decline in reserve currency use of 8% in 2022. Since 2016, the leading international currency has declined in use on an adjusted basis by 11%. It also emerged this week that Argentina will begin to pay China in yuan for imports. The move comes at a time when the South American country is experiencing an acute shortfall in its dollar reserves following a drought-induced decrease in agricultural exports which would have ordinarily brought more dollars into the country’s coffers.SanctionsIn the case of Russia, China’s yuan replaced the US dollar in monthly trading volume in February for the first time, according to data compiled by Bloomberg. The emergence of the Russia Ukraine conflict in 2022, and more specifically the United States’ response to Russia as a consequence of the conflict, appears to have led to major change in terms of dollar use. Prior to the invasion, the trading volume of the Chinese yuan in Russia was negligible.The United States introduced a raft of sanctions that made it difficult for Russian banks and Russian corporations to trade internationally. It also confiscated sovereign funds held in US dollars belonging to Russia.It’s thought that this move has had wider repercussions as other nations have started to feel increasingly insecure in holding US dollars against that background. The logic is that any potential conflict between a nation and the United States could lead to a similar outcome. The US may have crossed a line that destroys confidence in other countries’ use of the US dollar.Implications for cryptocurrencyWhile these weaknesses in the global reserve status of the US dollar are unlikely to lead to its demise in that role any time soon, they may well be a bellwether of what plays out over the longer term. US dollar weakness is one aspect. Set against that, it’s hard to imagine the yuan being so dominant as to ever be the leading world currency relative to international trade.It’s far more likely that we may see several global ‘reserves’ share the role in the longer term. Bitcoin has been mentioned in the past as a candidate for this role given that it is not associated with any one nation. However, its current market capitalization and trading volume is minuscule by comparison with what would be required of a global reserve currency. That said, in a future where various currencies play a part in holding that reserve status, Bitcoin could very well see a modest but increasingly significant increase in its use for global trade purposes in the years ahead.

Bitcoin layer-2 project Elastos sees ELA token surgeSingaporean blockchain developer Elastos has unveiled its BeL2 layer-2 network set to run on top of the Bitcoin blockchain, eventually prompting a token price surge.50% increaseThe project aims to address challenges such as transaction volume limitations and the complexity of programmable contracts within the Bitcoin ecosystem. Despite the initial muted response from the crypto community after the late November announcement, Elastos’ native token, ELA, has experienced an extraordinary surge on Wednesday. Over the course of the past 24 hours, the token’s unit price has jumped from $2.06 to $3.09. That represents a 50% increase.Photo by Kanchanara on UnsplashBringing smart contracts to BitcoinOn Dec. 2, the project released its BeL2 whitepaper, describing it as “a transformative approach to enhancing Bitcoin’s functionality.” BeL2 has the potential to bring about significant advancements by leveraging SmartWeb technology to introduce staking solutions and incorporate zero-knowledge proof technology.A zk proof is a cryptographic method through which one party can prove to another party that a particular statement is true, all the while avoiding the leakage of any additional information aside from confirming the statement is true. Up until now, zk proofs have been largely the preserve of Ethereum-centric projects.Alongside zk proofs, BeL2 will utilize Bitcoin-powered Ethereum Virtual Machine (EVM) smart contracts. This approach is expected to expedite transactions within the network and introduce governance through a decentralized model.BeL2 roadmapThe roadmap for BeL2 includes a three-month development phase for a proof-of-concept, followed by an additional three months dedicated to the decentralization of relayers. These relayers, acting as third-party services facilitating communication and data transactions between different blockchain networks, play a crucial role in the overall implementation of BeL2.Elastos envisions BeL2 as a Layer 2 network built on Bitcoin, introducing sophisticated BTC transactions on its blockchain. Beyond staking, the network aims to provide direct yield and affordable transactions on native decentralized applications. The move marks a significant shift, allowing Bitcoin holders to stake their assets directly, unlocking potential value exceeding $700 billion.Looking ahead, Elastos plans to chart the decentralized finance (DeFi) course on BTC by enabling smart contract deployment and irreversible digital agreements between participants.As interest in Bitcoin continues to rise, driven by innovations like inscriptions and spot ETF discussions in the United States, Elastos’ BeL2 initiative is garnering greater attention, relative to the potential to usher in a new era of possibilities for the world’s most popular digital currency.The project was founded in 2017 by Rong Chen, a former senior software engineer at Microsoft. Taking to the X social media platform earlier this month, Chen wrote:“I don’t see any other paths to the final #Web3 destination except:(1) A #BTC merge mining blockchain, plus smart-contract sidechains as needed;(2) A #SmartWeb operating system (OS) to facilitate personal node to own data, plus personal-node to personal-node direct communication links;(3) Personal Cloud Compute (#PC2) Runtime sandbox, so individuals are on the same footing as big brothers;(4) Digital goods software-development-kits (embedded OS #SDKs), entrusting your data to nobody else but yourself, i.e., your own code to check access tickets/tokens before loading and rendering data.”The Elastos ecosystem employs three-layer consensus mechanisms: auxiliary proof-of-work, proof-of-integrity and bonded proof-of-stake. It’s hoped that the project can improve upon the original layer-2 solution for Bitcoin, the Lightning Network, which has had issues in terms of scalability and centralization risk.

Foblgate adds Ripple market for increased investor opportunitiesSouth Korean cryptocurrency exchange Foblgate has added a Ripple (XRP) market, where cryptocurrencies can be traded for XRP, according to an article published by South Korean news outlet Blockchain Today. This is the third crypto-to-crypto market on Foblgate along with Bitcoin and Ethereum, providing users with expanded investment opportunities and convenient trading options.Photo by Kanchanara on UnsplashThe Ripple market opened at 10 a.m. today (local time) with a transaction fee of 0.01% and a minimum order amount of 6.5 XRP. Currently, it supports trading for EOS and BNB. Foblgate plans to add more trading pairs in the future.Ripple’s rise in South KoreaThe exchange revealed that it decided to add a Ripple market due to the cryptocurrency’s fast transaction speed and low trading fees, along with its popularity in the South Korean market. The company also emphasized the widespread expansion of Ripple’s ecosystem based on its blockchain network, XRP Ledger, and active participation from the country’s Ripple community.Foblgate’s vision“We have always been sensitive to the demands of investors and market changes,” said Ahn Hyun-jun, the CEO of Foblgate. “The launch of our XRP market aims not only to provide new investment options but also to play a role in promoting the growth and innovation of the crypto industry.”