charts, we can see that 9k level is a tough support level.. Something or someone is not letting it drop further….I wonder what it could be.??? Could it be those stonky stonks? Well, we know...it’s BlackRock doing that funny business, they were hired to do, by our current administration. Save the stock market...at all costs!
Which means, I don’t believe crypto will be going down anytime soon.
Like I have been saying, let’s enjoy this summer of market euphoria while it lasts. Because come Fall, things are going to get ugly, and ugly quick, in my personal opinion. But, we will talk about that, the closer it comes.
The 4th of July is coming, and stonks gotta be redhot for that!
Fireworks...you know what I mean? It’s America’s day come this weekend, and do you think for one second, they would let a significant collapse happen then or even for the markets to look bearish? No way in hell! So short term, and mid term to me the markets look great for crypto! And I’m eyeing an opportunity, of which I touched on 2 days ago with Centrifuge and their Tinlake product, which takes invoices and mints them as NFTs, and companies from their invoices, can access liquidity from investment pools by individual DeFi users. As long as they provide a return to the investors, which come in the form of token shares in the pools.
So the tokenization of assets in the real world like invoices and digital world, like
investment shares DROP and TIN in Centrifuges example...is going to be a big wave coming. You don’t have to look far to these, tokenization is on the top of tech powerhouse minds...like Microsoft...they published this paper “Tokenization: Establishing Digital Representations of Value as the Medium of Exchange” in October of last year. And they say “However, hidden in plain sight, at the core of one of the most hyped and misunderstood technologies, blockchain, lies an immensely powerful concept that will forever change the way transactions between parties execute.
And that is….Tokenization
They specifically mention Non Fungible tokens in the report, and they mention their token
taxonomy framework, TTF, of which I have covered before, but from a blog post about the framework release from Microsoft, It says “The initiative brings together some of the most important blockchain platforms from the Ethereum ecosystem, Hyperledger and IBM, Intel, R3, and Digital
Ya they mention Ethereum and it’s ecosystem 1st.
I wonder why?
Because that is what they are choosing to build the TTF tools on first, and then the other blockchain... Per example, the github for it which as we can see the overview was updated in May of this year. Going down to the section on Tooling and Taxonomy...it says “Other GitHub repositories can link to the taxonomy repository to link implementation specific code to specific taxonomy symbols like a behavior or token specification. This code is then mapped as a platform specific implementation of that artifact. For example, in the Ethereum community OpenZeppelin there is a popular open source repository for Solidity source code that developers use and is mapped to several artifacts in the TTF.
So why is this important?
Well a non crypto news outlet in the payments industry explained it well. From a payments journal article, titled “Look out Payment Providers! A Standard Is Born for Defining a Token’s Properties and Behaviors” The article says “Card payment networks have implemented proprietary tokens that establish a unique mapping between card numbers, card accounts and the network issued token that resides in a digital device. More recently, both Mastercard and Visa have announced that they intend to use a new tokenization process that will enable direct access to bank accounts that have no card associated with them. These private tokenization efforts will now compete with a new open standard for designing and implementing tokens created by the Enterprise Ethereum Alliance (EEA). Ya friends, I'm talking this is what allows crypto to go mainstream, where a token, whether it be ethereum, an erc20, a stablecoin, an NFT, loyalty points and more could be accepted for payment at your local stores.
Why didn’t I talk about other blockchains and tokens?
Well the article goes on to say “While the press release touts that the Token Taxonomy Framework is independent and is operational on any technology, including blockchains or databases, it appears that the GitHub repository leans towards the Ethereum environment...For example, the article goes on to identify a Santander implementation of a TTF token that is tied to an Ethereum smart contract which restricts access to “entities who’d passed the know-your-customer (KYC) regulatory process.” Hmmm need more confirmation they are going with Ethereum? Let just go to Microsoft azure’s blockchain tokens, which as we can see developers can “Easily define and create Token Taxonomy Framework compliant tokens that represent digital or physical assets”
Let’s go a bit deeper, and look into azure blockchain documentation and then scroll down
to development tools and samples.
And lookey there...azure blockchain development kit for….Ethereum & then an ethereum blockchain
As well as github code samples. So the signs are there, on the surface level, but what exactly has Microsoft the company
Well NFTs based on the ethereum erc1155 standard….I’m sure you're like who wait, who created that
token standard...I know Microsoft didn’t...it was a blockchain company... Well it was Enjin, and it happened in December of last year. From the blog post about the NFT reward badges they created it was “A collaborative pilot program between Microsoft Western Europe and Enjin, Azure Heroes rewards developers with blockchain-based digital badges—styled as badgers—for various achievements, verifiable acts of impact, and meaningful contributions in the developer community. And there was even a custom blockchain explorer for the NFT badges, created with EnjinX and Microsoft’s logo plastered right there. And going to the transaction section, we can see that yes the badges are being earned by the public, to ethereum addresses and they are being transferred back and forth. The pilot is working! So, I see the opportunity for NFTs, as it’s a brand new arena. The end of 2017 can be considered the beginning of the ERA, so basically just over a couple years old.
Then going to nonfungible.com...which has began tracking NFT sales volume, that almost
100 million dollars USD has been traded for a digital representation, since they began tracking. So 100 million since the beginning. Not that great, crypto exchanges do that in a day in just bitcoin trading sometimes.Well, again this is a new concept, I’m sure for some of you even... Remember...NFTs have only been around 2.5 years, compared with bitcoin’s over 10 years. So Chico’s opinion DeFi, Token Standards, Fungible tokens and NFTs are going to rock this world...one industry at a time.
Cheers viewers, I’ll see you next time!
Subcribe and Like!