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The Latest Crypto News

27 Jul 2022 | Cryptocurrency news

The crypto market is constantly changing, which means that if you want to be ready for any fluctuations you will want to know everything that is going on behind the scenes. 

So, let’s just hop right through the top news of the week.

Experts Believe DAOs Could Change Sports Forever

It is believed that decentralized autonomous organizations (DAO) could very well change the way we look at sports in the future, and for good reason too. 

Experts believe that DAOs may be the change that we’ve been waiting for in the sports industry since they would in turn allow fans to influence the games as they watch them unfold in front of their very own eyes. 

Take for example this scenario, the year is 2036 and you are currently watching the fourth quarter of the Super Bowl LXX. The Chiefs are one point away from victory, and they could kick the PAT and get on top of the leaderboard, but they have to choose first and foremost. 

The thing about that is that since you are a part of the Chiefs DAO, you are the one choosing them, so you can start voting away this very second. 

That may sound like a bit of a distant future, but it may not be as distant as it seems, since there are already a ton of different DAO Sports projects that are flying above everyone’s radars right now. 

After all, the NFL officially acknowledges five different types of ownership, these being: 

  • Associations 
  • Partnerships 
  • Corporations 
  • Independent Wealthy Individuals 
  • “Other Entities” 

That last part is the most intriguing, to say the least, and the one that we are banking on if these DAO Sports projects will go through.

Senators Push Bill to Make Small Crypto Transactions Tax-Free 

US Senators have recently pushed a bill that will make any virtual transactions of less than $50 free of taxation. So, as long as the traders don’t make any more than $50, you will not have to pay any taxes, taking away from your profit.

This bill was pushed by Sen. Patrick Toomey and Kyrsten Sinema, as the two decided to push the exemption from tax requirements for any crypto users that wish to trade small assets from one another. 

This bill is known as the Virtual Currency Tax Fairness Act, and funny enough, introducing it into the House of Representatives was relatively easy since it seemed quite fair to everyone involved. 

This is not the first time one such bill was pushed, with a similar case having been brought up by Cynthia Lummis and Kirsten Gillibrand this same year. 

The two stated that since cryptocurrencies have been officially adopted by the American people, it seems only fair that the senate would make it easier to use them in everyday situations. 

Tokenomics May Have Saved the Play-To-Earn Industry

While creating Play-To-Earn games is not the hardest thing in the world, actually developing a platform that players are willing to return to is a lot more difficult than it seems. 

Recently though, South Korean game developer Wemade decided to try out a new method, unifying in-game currencies into a singular synthetic token. 

The name of this token is REFLECT, and as soon as the testnet of WEMIX3.0 launches, which should be around July or so, it may very well be the answer that the Play-To-Earn industry may have been waiting for all along. 

The interesting thing about REFLECT is that it is minted through a unique process known as “fusion” which combines individual game economic units all into a single token, making it possible to use it in any game while on the platform. 

Texas GOP Attempts to Enshrine Crypto Transactions into the State Constitution 

Texas has always been one of the most crypto-progressive states out there, and that’s a fact. As such, it’s no wonder that the Republican officials have decided to attempt and make it official that purchases can be made by any means, especially so through cryptocurrencies. 

The GOP decided to call for the state’s Bill of Rights to add in a new clause, pretty much allowing all of its citizens to own, use and hold onto any means of exchange that they choose to take advantage of, which of course includes any sort of cryptocurrency out there. 

The bill specifically states that no government can prohibit or encumber the ownership of any currency out there, so as long as this bill goes through, the citizens of Texas will be able to exchange and store all of their wealth in any wallet they choose, be it traditional or virtual. 

Conclusion 

As always, the world is changing and the crypto market always has its highs and lows around every corner of the way. 

Luckily, the world adapting to the new crypto medium, and mass adoption is around the corner.