ECASH Bill to Push for Digital Dollar, Mt.Gox NFT Drops, Crypto Paradise Satoshi Island

This episode is brought to you by Gate.io and Solice (Airdrop). The ECASH Act was introduced by Rep. Stephen Lynch which would allow the U.S. Treasury (Not The Fed) to begin its pilot on the proposed electronic cash system. A recent analysis by CoinShares confirmed market reversal, especially for Bitcoin & Solana. Crypto punks have been blessed by the Vanuatu government to build Satoshi Island in the pacific. Followed by a deep dive into the Play-2-Earn mechanics popularized by decentralized Web3 which gives power to the players.

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In today’s Headlines:

1. US Lawmakers Introduce 'ECASH' Bill in New Push to Create a Digital Dollar | 1 | 2 | 3 |
2. Crypto Funds See Largest Inflows Since Mid-December | 1 | 2 |
3. Mark Karpeles announces Mt. Gox NFTs | 1 | 2 |
4. World of Women Galaxy Ethereum NFTs sold out in 3 days | 1 | 2 | 1416 |
5. ‘Satoshi Island’ receives 50K citizenship NFT applications | 1 | 2 |

Sponsor: Solice (Airdrop)
Deep Dive: Power To The Players: Earn Money By Playing Videogames | 1 | 2 | 3 |

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Introduction:

Welcome back to the Gate.io Podcasts. I’m Peter, this is the show to get a neutral perspective on some of the latest headlines in DeFi, Metaverse, NFTs, and Big Tech. Today’s episode is sponsored by Astar Network and brought to you by Gate.io, a centralized exchange with a neutral stance on current events.

Before we get in, the information presented in this podcast is to help you stay up-to-date on the latest happening in the crypto space, and nothing presented hereby is financial advice. The news that I cover in this podcast will have the original source at your discretion. Stick by this podcast as I show you how to stay vigilant and learn to do your own research.

But, before jumping in, make sure to subscribe to this podcast or youtube channel and don’t forget to turn on the notification bell so you’ll not miss any info about the crypto space!

Now, without further ado.

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US Lawmakers Introduce 'ECASH' Bill in New Push to Create a Digital Dollar | 1 | 2 | 3 |

The Electronic Currency and Secure Hardware (ECASH) Act, introduced by Rep. Stephen Lynch (D-MA), would direct the Secretary of the Treasury to publicly test an “electronic version” of the US dollar.

The ECASH Act would require the US Treasury to establish a program called the Electronic Currency Innovation Program (ECIP). ECIP would oversee a series of pilot programs for Treasury Department-issued legal tender that can be used without private intermediaries like banks or credit card companies.

Ecash, as defined in the bill, would be a bearer instrument that people could hold on their phone or a card. The system would be token-based, not account-based, meaning if someone were to lose their phone or card, they would lose the funds. In other words, it would be like losing a wallet with dollar bills in it.

E-cash is supposed to have “minimal transactional data-generating properties” — a challenging goal for cryptocurrency systems that publicly log transactions — and it’s supposed to allow for peer-to-peer transfers that aren’t validated through a “common or distributed ledger.”

According to Lynch, users wouldn't be subject to any more severe know-your-customer rules than anyone trying to use cash. They would have to acquire the e-cash dollars via a bank account, peer-to-peer transaction, or a store, but could then do whatever they liked with it.

To dive a little deeper into the action plan, the bill would require at least three early proof-of-concept tests that run within 180 days of passage. They’d be potentially conducted in partnership with universities or existing financial institutions, and they’d be designed to experiment with different technologies. At least one test would need to involve a physical card that can store the cash, while another would need to involve storing funds on a cellphone or SIM card. Those early tests would be followed by a limited public trial and “general deployment” within 48 months.

The bill specifies that e-cash is distinct from CBDCs and wouldn’t supplant a potential Federal Reserve program. The goal is to “complement and advance” other Biden administration programs while getting a simple digital currency system in Americans’ phones and wallets.

Crypto Funds See Largest Inflows Since Mid-December | 1 | 2 |

According to a recent report by CoinShares, last week marked a reversal of the recent trend that included two straight weeks of outflows.

The report notes that digital asset investment products saw inflows totaling US$193m last week, the largest since mid-December 2021.

Investors focussed on Bitcoin saw inflows totaling US$98m last week, bringing year-to-date inflows to US$162m.

Meanwhile, Solana saw the largest single week of inflows on record totaling US$87m, representing 36% of AuM. AuM now sits at US$241m, making it the 5th largest investment product and the largest single altcoin other than Ethereum.

Most other altcoins also saw inflows last week, most notable were Cardano, Polkadot and relative newcomer ATOM, with inflows of US$1.8m, US$1.2m and US$0.8m respectively.

Regionally, the majority (76%) of inflows came from Europe at US$147m, while the Americas lagged at US$45m, with some providers continuing to see minor outflows. Trading volumes recovered to US$2.5bn for the whole of last week.

Be sure to check out the report link in the de_script_ion.

Mark Karpeles announces commemorative NFT drop for Mt. Gox users | 1 | 2 |

The former CEO of the now-defunct crypto exchange Mt. Gox has announced that certain users will be eligible to receive commemorative non-fungible tokens, or NFTs.

According to the whitepaper linked in the de_script_ion below, owning a MtGox NFT proves you’re OG. You were there in the early days of Bitcoin - living proof that you have survived one of the most covered Bitcoin-related disasters.

Mt. Gox users are required to verify they were customers of the exchange who registered accounts before Feb. 25, 2014. The NFTs will be ERC-721 compliant, issued on the Polygon blockchain and identified according to users’ Mt. Gox account numbers as well as their remaining balances in Bitcoin (BTC) and Japanese yen — though including the balance is optional.

Launched in 2010, Mt. Gox was a Tokyo-based cryptocurrency exchange. The platform handled over 70% of all Bitcoin transactions worldwide between 2013 and 2014, becoming the largest Bitcoin intermediary and the world’s leading Bitcoin exchange.

However, a 2011 hack, which resulted in the loss of 850,000 BTC — $460 million at the time and roughly $40 billion at the time of publication — as well as the exchange’s collapse, left thousands of crypto holders out of pocket.

In a recent interview with Forkast News, Karpeles revealed that the exchange’s remaining trove of Bitcoin, around 150,000 BTC, is slated to be distributed to creditors soon, although the timing and specific amount of the repayments haven’t been announced.

World of Women Galaxy Ethereum NFTs sell out in 3 days | 1 | 2 | 1416 |

WoW (or World of Women) has been on an upward swing since the start of the year, surging in price as celebrities buy in and the project charts Hollywood ambitions. Coming off the success of their first collection, their second collection seems to have lived up to its expectations as well.

While the original World of Women collection contained 10,000 different profile pictures, each with a randomized assortment of traits, World of Women Galaxy spans 22,222 images.

According to the team behind the project, World of Women Galaxy generated some $79 million worth of sales within the first 24 hours of availability. That includes $34 million worth of primary sales from the initial mint, as well as $45 million in secondary market trading per data from CryptoSlam.

Since the Saturday launch, secondary trading has now topped $60 million in total. As a result, World of Women Galaxy has done more trading volume in the last two days than other notable NFT profile picture (PFP) projects have done over the last week, including Azuki ($49.5M), the Bored Ape Yacht Club ($45M), and the Mutant Ape Yacht Club ($42.3M).

A share of primary and secondary royalties from World of Women Galaxy will go to benefit the recently-revealed WoW Foundation, which pursues opportunities for women in the burgeoning Web3 and metaverse spaces. The makers of the metaverse game The Sandbox pledged $25 million in grant funds to the WoW Foundation over the next five years.

To date, the original World of Women NFT project has generated about $200 million worth of secondary trading volume, per CryptoSlam.

‘Satoshi Island’ crypto utopia receives 50K citizenship NFT applications | 1 | 2 |

Satoshi Island is a 32 million square foot private isle giving you access to pristine waters, year-round sunlight, modular homes, and the promise of a decentralized democracy.

With its name inspired by the creator of Bitcoin (BTC), Satoshi Nakamoto, the team added that “the island intends to host events all year round, house and headquarter crypto projects as well as being a gathering place for crypto enthusiasts worldwide.”

Located in the tropical paradise of Vanuatu, between Australia and Fiji, the island is owned by Satoshi Island Holdings Ltd., which intends to turn it into "the crypto capital of the world"— a place where crypto enthusiasts and professionals can thrive.

According to the founders and I quote, “Anyone can own a piece of the island by acquiring Satoshi Island Land NFTs that can be bought and sold easily, without any of the complications associated with the transfer of traditional real estate.” They added that they have already received 50,000 applications for their free Citizenship NFT, acting as a whitelist to enter the official Land NFT sale in the future, while also permitting the holder to live on the island with many other benefits.

NFT Citizens also get the right to vote on the policies that govern the island. Each wallet can only hold one Citizenship and that NFT will count as one vote. And, NFT Mints & Airdrops are another perk given to such citizens: "Addresses that hold a Citizenship NFT are automatically whitelisted for early access to all Satoshi Island NFT mints and airdrops," the team explains.

Nonetheless, NFT residency does not grant Vanuatu citizenship. If crypto enthusiasts want to say goodbye to fiat and hello to a year-round cryptocurrency life in the sun, they can apply for a residence permit or citizenship. The Vanuatu government states that citizenship costs $130,000.

According to the team, the Vanuatu government warmed to the idea of creating a future-thinking space where job creation would be high. Nearby, in Tonga, Bitcoin as legal tender has been widely discussed while just across the same body of water, the Marshall Islands has “opened the gates” to DAOs.

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Sponsor | Solice

Before I continue with today’s deep dives, I must tell you about today’s sponsor, Solice, an open 3D world with limitless possibilities: a VR metaverse where users can play, build, own, socialize, and monetize their virtual experiences in an immersive way on the Solana blockchain.

The Solice Metaverse is based on a map of fixed amounts of scarce LAND. LANDS are physical spaces in the Metaverse owned by players to create and monetize any type of activity (free or paid). As the current technology trend shifts towards the metaverse, virtual real estate has become a highly sought-after asset, with some even transacting at real-world prices. In 2021, Sandbox reported a $4.3 million land sale, with Decentraland coming in second with a $2.4 million land sale of their own.

On March 17th, Solice announced that the Solice metaverse will have 60,000 pieces of Land for sale in total, starting with 1,200 Parcels (2,765 lands) in the first wave which is scheduled for the end of March.

Future landowners can look forward to utilizing their Land for revenue generation. Landowners will also have full creative control over their virtual real estate and can decide if they want to design their own revenue model or create a free and accessible haven for users that simply want to enjoy the game.

It is also possible to earn revenue in the form of Land staking, where users simply stake their SLC tokens on the Lands that they own to earn rewards like rare digital assets that can be used to enhance their gameplay.

Wanna buy lands and create your own paradise in Solice for free? Join the Gate.io Podcast Airdrop now! 900 SLC tokens are reserved for 150 podcast listeners until Mar 31.

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Power To The Players: Earn Money By Playing Videogames | 1 | 2 |

Esports & Microtransactions Are Dictating Today’s Gaming Industry.
Gamestop’s “Power to the players” is one of the strongest slogans in the gaming industry, aiming to highlight to consumers that a videogame purchase would allow people to resell it or trade it with another video-game.
People had really the power to play even more games, by participating into a new brand video-game market. This ecosystem had started to become pretty popular, even if it was limited to Gamestop, until the digitalization of the gaming industry asked for online marketplaces. Even if this innovation permits us to immediately purchase a game and instantly download it, this makes us unable to trade it or sell it after we complete it. In short, we’re stuck with the game we’ve bought. This was the cause of Gamestop’s decline and the start of a new digital market.

However, there are other methods that allow people to make money or save it. Games have become something more than pure entertainment: there are thousands of people that make a living by playing them. Esports is one of the most popular spheres of the gaming space. Tournaments, where gamers compete with each other, have existed since the beginning of the 2000s. Still, the great boom of the industry began with the spread of streaming services where competitiveness has been brought to masses.

People realized that companies were sponsoring tournaments by investing in the prize pool and funding gaming teams. Fortnite World Cup Finals of 2019 managed to raise over $15 Millions while League of Legends 2018 World Tournament benefited from a $6 Millions Prize Pool. However, that has encouraged people to start looking at video games as a new way of making money by doing what they love: playing games.

Instead, let’s say that you do not like to stream or to play in front of thousands of people. You will still have the possibility to show how good you are by playing a lot of hours completing tasks and receiving rewards. Which is something related to the battle-pass concept. The more hours you play, the more items you receive. But at the end of the day you can’t really do too much with skins if not making your character even cooler because, in most cases, you can’t trade it nor sell it. And, in case games permit it, the trading would be restricted to their platform. Despite that, an in-game service like a battle-pass has started to be over-abused, losing its meaning. Now you can purchase battle-pass levels to receive the locked features, by bypassing all the hours you need to achieve those rewards, making all the effort meaningless. Basically, someone who has money can enjoy a game even more, compared to someone that can’t afford exclusive items.

A Transfer Of Wealth From Companies To Players.
That’s why Play-to-earn games may give power to the players. All the effort that you put in building a map or designing a skin will allow you to sell those items to others. In short, you get paid based on goods and services you offer to the community. The companies, instead, won’t sell you items anymore, they will only be in charge of developing the game and updating it, while having a percentage of the price you sold your creation. This results in a transfer of wealth from software houses to players.

All the in-game creations of a play-to-earn game are called NFTs, it’s a fancy word to express the uniqueness of an object. Uniqueness grants the item value, something rare is something valuable. The fact that users can craft unique items and then sell them to other people creates a new sustainable and open market, allowing people to use different platforms to trade items without any restriction.
Even if the play-to-earn concept is still at the beginning, games keep evolving by trying to reach AAA level. Currently, the most popular play-to-earn games are far away from the titles we are accustomed to. Most of them are indie type games, like Axie Infinity, while others try to reach what GTA, The Sims and Skyrim wanted to achieve: let users live in another world full of adventures, while helping thousands of people to escape poverty at the same time.

Certainly, there is still a lot of work from an AI, design, mechanics and user experience’s perspective. Not all of them are easily playable. Sometimes you’ll need to invest a sum of money to get access to the adventure. The price is directly influenced by the crypto market flow. If it rises, then you’ll have to pay a higher sum. This was what happened to Axie Infinity, last year. The game was asking people to buy 3 creatures to get started, each costing between $5 to $10, until the market demand increased while the supply decreased, making prices reach a minimum entry point of approximately $200. This resulted in limitations for people, building a barrier that divided the new community from the old one.

So, even if the gaming industry has started to shape itself towards a new direction dictated by cryptocurrencies and supported by software houses like Ubisoft and Electronic Arts, there are still some aspects that must be improved. It will be hard to convince affirmed companies that the whole ecosystem is focusing on truly giving power to players rather than simply aiming to make profits. Play-to-earn games might be the answer to the current problems that afflict the digital economies of online games, by rewarding the truly passionate gamers and not just those who are able and willing to spend on microtransactions.

Listen the whole episode：

1: ECASH Bill to Push for Digital Dollar, Mt.Gox NFT Drops, Crypto Paradise Satoshi Island
2: ECASH Bill to Push for Digital Dollar, Mt.Gox NFT Drops, Crypto Paradise Satoshi Island

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