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Altcoin Roundup: 3 ways blockchain technology could further mainstream in 2022

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Altcoin Roundup: 3 ways blockchain technology could further mainstream in 2022

2021 was a breakout year for the cryptocurrency sector and this year is expected to see an extension of the “mass adoption” trend.

Public awareness of blockchain technology is on the rise and a new cohort of projects designed to fill more niche roles in society are likely to emerge in the coming months.

Three sectors that have the potential to see significant growth in 2022 are human resources (HR), employee payment solutions and platforms that serve the gig economy by offering corporate blockchain solutions.

HR might pivot toward blockchain

Human resource management is ripe for blockchain integration due to the security and data storage solutions offered. Blockchain would allow each employee to have a unique address where all pertinent information could be cryptographically stored.

HR also deals with the recruiting and hiring of new employees, an increasingly difficult task in today’s world where the labor force participation rate stands at 61.9%, its lowest level since 1976.

For blockchain-related jobs, the task becomes even more challenging due to the limited number of people with the knowledge and capabilities to work in the nascent sector.

Keep3rV1 is one protocol that focuses on connecting employers with workers, and the decentralized job board is specifically designed to connect blockchain projects with external developers that provide specialized services.

KP3R/USDT. 1-day chart. Source: TradingView

While Keep3rV1 focuses specifically on blockchain developer jobs, if the model proves to be a success, the concept could easily be expanded to serve a wider audience of job seekers and employers.

Payroll also falls under the HR category and projects like Request (REQ) support a decentralized payments system where anyone can request a payment and receive money through secure means.

This is an ideal setup for freelancers. Experimental platforms like Sablier Finance also offer workers the option to be paid for their labor in real-time rather than wait for the end of a payroll period to receive their paycheck in a lump sum.

The gig economy

Ride-sharing services like Uber and Lyft and creator/freelance marketplaces like Fiverr were the bedrock of the gig economy. 2021 estimates show that 36% of the United States workforce participated in the gig economy either as their primary or secondary source of income. Data also shows that 55% of gig workers were also working a separate primary job.

Current projections indicate that by 2023, up to 52% of the U.S. workforce will be actively working in the gig economy or will have done so at some point in their career, so it’s a growing field that could benefit from the integration of blockchain technology.

One project that has already established its own freelancer job board is Chronos.tech (TIME), a blockchain-based recruitment, HR and payment processing protocol whose LaborX platform is similar to websites like Fiverr but conducts all transactions utilizing blockchain technology and smart contracts.

TIME/USD 1-day chart. Source: CoinGecko

In addition to the Chronos.tech, LaborX and PaymentX protocols, the ecosystem has also recently added decentralized finance (DeFi) functionality by allowing TIME holders to stake their tokens on the protocol to earn a yield.

Freelancers can stake TIME on the network to receive bonuses for completed tasks while customers can stake to earn special rebates as a reward for holding the token.

Related: Volcanos, Bitcoin and remittances: A Tongan lord plans for financial security

Corporations embrace blockchain solutions

Enterprise-level blockchain-based solutions are also expected to thrive in 2022.

Many of the top contenders that offer enterprise solutions are layer-one blockchain protocols like Ethereum and its Hyperledger framework or Bitcoin’s layer-two lightning network scaling solution that was recently integrated with the Cash App.

Other strong contenders in the field of enterprise solutions include Fantom and the Polygon network because they have lower transaction fees and faster processing capabilities.

FTM/USDT vs. MATIC/USDT 1-day chart. Source: TradingView

A final protocol that specifically focuses on creating an enterprise-grade public network that allows individuals and businesses to create decentralized applications (DApps) is Hedera (HBAR).

According to Hedera’s website, the project is owned and governed by some of the world’s leading organizations including IBM, Boeing, Google, LG and Standard Bank.

The high throughput nature of Hedera’s hashgraph architecture makes it ideal for large businesses that would require a significant amount of transactions to serve their global client base.

These use cases include payment processing, fraud mitigation, the ability to tokenize assets, verifying identity, the secure storage and transfer of data and the ability to create a private, permissioned blockchain for in-house use.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin (BTC) RSI and MACD Generate Bullish Divergences Near $40,000 Support

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Bitcoin (BTC) RSI and MACD Generate Bullish Divergences Near $40,000 Support

Bitcoin (BTC) indicators are showing several short-term bullish signals above a strong support level, making a breakout above resistance a likely scenario.

Since Jan 8, BTC has been trading slightly above the $41,500 mark. Despite slipping to a local low of $39,650 on Jan 10, it bounced immediately and created a very long lower wick. This shows a great deal of buying pressure at this level.

More importantly, both the RSI and MACD have generated significant bullish divergences (green lines). These divergences normally present before significant upward movements. 

If an upward move transpires, it’s likely to be met by resistance around $50,930. This target is both the 0.382 Fib retracement resistance level and part of a horizontal resistance area.

Short-term BTC movement

The six-hour chart shows that BTC has broken out from a descending resistance line and validated it as support after (green icon). 

After a brief rebound, BTC created a slightly lower low on Jan 19. This served to validate the $41,200 area as minor support. 

BTC is also following another descending resistance line (dashed) in the shorter term. A breakout above it would likely take the price to $45,850. This target is the minor 0.5 Fib retracement resistance level and a horizontal resistance area.

Finally, the two-hour chart shows that BTC is potentially trading inside a descending wedge, which is considered a bullish pattern. Currently, it’s approaching the end of this pattern which has been in place since Jan 13. 

Similar to the daily time frame, the RSI has generated a considerable bullish divergence, supporting the possibility of a breakout.

So, when taking into account the ample support just below the price and numerous bullish divergences, an eventual breakout seems like the most likely scenario. 

This is also in line with the short-term wave count.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Singapore crypto ATMs shut down after central bank crackdown

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Singapore crypto ATMs shut down after central bank crackdown

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public.

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Singapore crypto ATMs shut down after central bank crackdown

The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.

According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.

The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceling its ATM service on Tuesday evening. Its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites and social networks.

Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech startup based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.

Related: UK advertiser ASA continues crypto ad banning spree

Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.

The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Turkey’s governing political party has discussed the upcoming crypto regulation in its first metaverse meeting.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Ak Party, Turkey’s governing party, held its first metaverse meeting on Monday wherein it discussed upcoming crypto regulation. 

The Grand National Assembly of Turkey (TBMM) hosted its first meeting in the metaverse, Cointelegraph Turkey reported. Attending the virtual meeting were TBMM group deputy chairmen Mahir Ünal and Mustafa Elitaş along with Ömer İleri, the vice president of Ak Party responsible for information and communication technologies.

Physically, Elitaş attended the meeting from the parliament building, while Ünal and İleri were at the Ak Party (AKP) headquarters. Crypto regulation was the highlight of the meeting, Ünal told state-run news agency AA, adding that crypto assets require both financial and legal regulations.

Elitaş, who recently hosted a meeting with representatives from the Turkish crypto ecosystem at TBMM, stressed that it’s impossible to stay out of the virtual world. “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives,” he added.

Elitaş is also expected to meet with Binance Turkey on Thursday. As reported before, Binance Turkey was fined 8 million Turkish lira (about $600,000) after failing an audit for monitoring Anti-Money Laundering compliance.

As blockchain technology made digital ownership possible, Turkey has sped up its metaverse efforts, Öİleri said. Seeing the metaverse as a nascent yet quickly developing field, he predicted that it could impact many industries in the future.

Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR

— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022

The metaverse is open for development in virtual reality, product management and innovative business models, İleri noted, adding that AKP wants to pave the way for a metaverse ecosystem.

Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirms

İleri argued that digital and technological advancements have legal, economic and social aspects. The AKP is striving to develop policies regarding crypto assets and social media to protect the citizens while empowering Turkey’s innovation capabilities, he concluded.

While the Turkish government is keen on blockchain technology and a central bank digital currency, Turkish President Recep Tayyip Erdoğan is known for his stern stance against cryptocurrencies. Last year in a public Q&A session, he “declared war” on crypto, saying, “We have absolutely no intention of embracing cryptocurrencies.”

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