cryptocurrency Archives

Published on August 25, 2022

2 mins read

Web3 Revenue Strategies for Entrepreneurs and Creators

As digital assets (NFTs, DAOs, the metaverse, and blockchain tech) become more mainstream, the need to develop effective Web3 revenue strategies is becoming increasingly important.

JoAnn Holmes practices in the areas of digital asset law and intellectual property licensing. She helps innovators, brands, and creators monetize IP, build Web3 revenue, and manage evolving legal risks.

She advises digital asset clients on a variety of issues including NFT launches, brand partnerships, DAO governance, and metaverse assets. She also provides strategy sessions to help design and launch Web3 products and services, legal consultations for early stage projects, and recurring advisory services for scaling organizations.

For 20 years, Jo has successfully negotiated with Fortune 100s companies and managed IP portfolios spanning 150 countries that generate over $2 billion in annual revenue.

We caught up with her to find out more about her work.

VIDEO CHAPTERS

0:00 – Intro

0:39 – What inspired her to start her law firm.

2:36 – Why she pivoted to focus on digital assets/Web3.

3:57 – How Web3 differs from the present and previous versions of the internet.

6:36 – Why businesses, brands, and creators should consider incorporating Web3 technology.

8:53 – Types of businesses are best suited for a Web3 strategy.

14:00 – The first steps a brand or business should take in developing a Web3 strategy.

20:26 – How Web3 is influencing laws internationally.

25:40 – Using Web3 to advance diversity and racial equity in tech ecosystems.

32:33 – Contact info

Disclaimer: The information provided does not, and is not intended to, constitute legal advice; instead, all information provided is for general informational purposes only.

Tony O. Lawson

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Published on August 4, 2022August 5, 2022

4 mins read

5 Ways to Get Funding for your Web3 Startup

Raising funds to get your Web3 startup off the ground can be challenging and overwhelming. However, there are a few tried-and-tested methods that you can try to attract capital for your Web3 venture. This article will explain some of these methods to you.

1. Self Investing & Asking Peers

Some founders of startups choose to invest their own money into the startup. Investing in your own idea is a sign of trust and confidence that could appeal to potential external investors. It shows them that you have faith in your project and are willing to take financial risks for it.

Also, if you’re a founder of a Web3 startup, don’t overlook your personal network as potential investors. If you know friends, family, neighbors, or colleagues looking for new investment opportunities, pitch your idea to them.

However, you and your peers alone cannot fund the entire startup. Once you’ve garnered as many funds as possible from your peers and contacts, you need to look to other external sources to get your startup on its feet.

2. Grants from Traditional Entities

Grants are pretty popular among the Web3 community as they are an important source of non-repayable funds. You also don’t have to give up any equity in your company when you accept a grant.

You can take advantage of this by applying for grants offered by traditional organizations that are part of the public and the private sector. Some of these organizations are looking to grant funding to promising startups aiming for innovation in the Web3 space.

When applying for grants from traditional organizations, however, remember that they come with specific stipulations, so read the fine print.

3. Grants from within the Web3 Industry

Many renowned organizations within the Web3 industries are looking to offer grants to startups that use their particular technology. For example, big names like Ethereum, Solana, or Cardano can offer you substantial funding, but the competition can be too fierce.

You could also consider grants offered by newer blockchain players in the market. Establishing your startup on one blockchain network can help you raise funds to expand your idea to others.

4. Web3 Accelerators & Incubators

Startup accelerators and incubators are typically designed to help fresh entrepreneurs grow by providing training, education, and a sufficient workspace. While they may not always be direct sources of funding, they do prepare you for the next steps in fundraising.

If you’re still developing the skills or confidence to build your startup and pitch to potential investors, accelerators and incubators could be of great help to you. However, ensure that when choosing an accelerator or an incubator, you pick one that caters specifically to Web3 startups.

5. Web3 Crowdfunding

While crowdfunding isn’t a new concept, it works slightly differently for a Web3 startup. Mostly because crowdfunding for new Web3 projects happens on blockchain networks. You can find various decentralized crowdfunding platforms that aim to raise funds from the wider Web3 community to help DAO projects. You can browse through your options and create a crowdfunding campaign for your startup!

Do extensive research on how each of these funding sources could benefit the startup idea you have in mind. Before approaching potential investors for funding, think of optimal ways to create and market your brand and get comfortable with pitching to investors.

Tony O. Lawson

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Published on May 12, 2022

3 mins read

Mara Raises $23M for the First Crypto Exchange “Built by Africans, for Africans”

Pan-African centralized crypto exchange Mara announced Wednesday that it has raised $23 million to create a portal to the crypto economy for Africans.

Investors include Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones, and about 100 other crypto investors.

Unlike its competitors from North America and Europe, Mara’s onboarding, support, and ecosystem reflect the needs of Africans. Customer support is easily accessed and will be available in both local and international languages.

“While there are other crypto exchanges in Africa, there is yet to be an indigenous African crypto exchange,” said Mara’s CEO, Chi Nnandi. “That’s where Mara comes in — we are a Pan-African crypto exchange built by Africans, for Africans.

The Lagos, Nigeria, and Nairobi, Kenya-based company has also announced a partnership with the Central African Republic, which just passed a bill legalizing Bitcoin as legal tender. As part of this partnership, Mara will become the official crypto partner of the Central African Republic and an adviser to the president on crypto strategy and planning.

Mara’s launch comes during a period in which political and economic instability has led to the devaluation of currencies across Africa. As a result, interest rates, as well as food prices, have skyrocketed.

“The inefficiencies inherent to the old 20th [century] centralized Sub-Saharan African financial systems has presented an obstacle to the proper development of Sub-Saharan individuals and economies for decades,” said Chi Nnandi, CEO of Mara, in an interview with VentureBeat. “A decentralized alternative (which will include but not be limited to finance, art, ownership, infrastructure, and business as a whole) will give Sub-Saharan Africans an alternative to these tired systems. Through this digital financial system — through this freedom — the region will find itself in a much stronger competitive position before other parts of the world.”

“Mara’s mission is to facilitate a more equitable distribution of capital by providing a decentralized alternative that spans across tribes, class, cultures, and countries,” said Nnadi. “Our goal is to close the gap in opportunities for Sub-Saharan individuals and establish a financial infrastructure that they can build their lives upon.”

Tony O. Lawson

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Published on April 13, 2022

4 mins read

NFTs : Everything You Need to Know

Lately, you can’t go anywhere on the internet without stumbling across tweets, memes, or newspaper articles about NFTs. They seem to be all the rave these days, and almost everyone has something to say about them.

But what exactly are NFTs? If you find yourself asking this question, keep reading! In this article, we break down everything you need to know about NFTs, including what they are, how they work, and how they differ from cryptocurrency.

What Is an NFT?

Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata. These codes and data distinguish them from each other. NFTs digitally represent real-world objects such as music, gaming perks, art, and videos. They can be bought and sold online with cryptocurrency.

NFTs are usually encoded with the same underlying programming as cryptocurrencies, such as Bitcoin or Ethereum. However, that’s the only similarity between NFTs and cryptocurrency.

How Does an NFT Differ from Cryptocurrency?

Cryptocurrency is fungible, meaning that they are equal in value, and you can trade them in exchange for another. For example, if you trade a bitcoin for another bitcoin, you still have the exact same thing. Cryptocurrency’s fungibility makes it a trusted medium of exchange for commercial transactions on a blockchain.

NFTs, on the other hand, are non-fungible, meaning that they are unique and cannot be replaced with something else. NFTs have a unique digital signature that makes it impossible for them to be valued equally. This also means that you can’t exchange one NFT for another. If you want to exchange one video clip of a dance routine for another video clip of a dance routine, you can’t if they’re both NFTs.

How Does it Work?

NFTs exist on a blockchain, usually the Ethereum blockchain, although other blockchains support them too. All NFTs are minted or created from tangible and intangible objects such as art, music, GIFs, videos, collectibles, designer sneakers, video game avatars & skins, tweets, and much more.

NFTs are digital collector’s items, where the buyer obtains exclusive ownership rights, But instead of having a tangible charcoal portrait up on your wall, you’d get a digital file. Two people cannot own an NFT at the same time. An NFT’s unique data makes it easy to verify ownership in case of a dispute. If you created or own an NFT, you can also store metadata within the NFT, such as an artist’s signature.

How to Buy an NFT?

If you’d like in on the NFT scene, the first thing you need to do is set up a digital wallet that helps you store NFTs and cryptocurrencies, such as Ether. Most NFT providers don’t accept other cryptocurrencies.

Once you stock your digital wallet, you can shop from a large number of NFT trading sites, including OpeanSea, SuperRare, and Rarible.

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Published on December 19, 2021February 6, 2024

1 min read

Meet The Black Woman Rocket Scientist who is Building in the Metaverse

Mary Spio is a deep space engineer, tech innovator, and entrepreneur. She is also the CEO and Founder of CEEK VR Inc, a blockchain based streaming service for virtual events and other virtual experiences.

The CEEK VR platform includes a patented VR headset currently available at major retailers like Best Buy and Target. In addition, CEEK VR features artists like Ziggy Marley and much more.

The platform simulates the communal experience of attending a live concert, being in a classroom, attending a sporting event and other ‘money can’t buy’ exclusive experiences with friends from anywhere at any time.

In this interview, with Mary, we discuss:

Creating several patented products.
Presenting the idea of the metaverse to Facebook in 2015.
The role of NFT’s in the metaverse.
How her cryptocurrency, CEEK coin helps creators monetize their content.
CEEK’s role in the upcoming Black-In Festival.

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Tony O. Lawson

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Published on November 5, 2021April 13, 2022

4 mins read

How is Cryptocurrency Taxed? Everything You Need To Know

Cryptocurrency continues to be the talk of the town, with the whole world watching the increasing price of Bitcoin as it hit its highest ever price twice this year. In October 2021, its price reached $64,000.

As of October 2021, the total crypto market cap reached $2.6 Trillion. With such an increase in adoption, it’s important to understand how cryptocurrency is taxed so that they can better manage their wealth.

Here in this article, we have discussed everything you need to know about how cryptocurrency is taxed.

What is Cryptocurrency?

Cryptocurrency is a virtual currency that does not depend on intermediaries such as banks. Instead, it utilizes blockchain ledger technology to store and verify transactions.

The ledger is secured using strong cryptography. Cryptocurrency is designed as the medium of exchange.

Many different types of cryptocurrencies are available globally, such as Ethereum, Dogecoin, Cardano, Aave, etc.

How is Cryptocurrency taxed?

Many people believe that the government does not back cryptocurrency; therefore, it does not involve taxation. However, that is not true. In the United States, cryptocurrency is taxed almost the same way as traditional assets.

Crypto exchanges report user activity on gains and losses to IRS (Internal Revenue Service) because the IRS treats cryptocurrency as a capital asset which one must pay tax on gains and losses.

How to calculate tax on your Cryptocurrency

Tax on cryptos depends on various factors such as:

Capital gains: When you sell crypto, and its price exceeds the original cost.

Capital loss: When you sell crypto, and its price is less than the original price.

Duration: The length of time you held the assets. The time duration of holding assets determines the gains or losses as “short term” or “long term” and are subjected to tax differently.

Short-term capital gains or losses: If you buy a Cryptocurrency and sell within 365 days, it is considered a short-term gain if the cryptocurrency made a profit.

According to IRS, the Short Term Capital Gain Tax on Cryptocurrency profits is 10% to 37% in 2021.

Tax Rate	Single	Married	Head of Household
10%	$0 – $9950	$0 – $19,900	$0 – $14,200
12%	$9951 – $40,525	$19,901 – $81,050	$14,201 – $54,200
22%	$40,526 – $86,375	$81,051 – $172,750	$54,201 – $86,350
24%	$86,376 – $164,925	$172,751 – $329,850	$86,351 – $164,900
32%	$164,926 – $209,425	$329,851 – $418,850	$164,901 – $209,400
35%	$209,426 – $523,600	$418,851 – $628,300	$209,401 – $523,600
37%	$523,601 or more	$628,301 – more	$523,601 – more

Long-term capital gains or losses

If you own a crypto asset and sell it after one year, the difference between the sale price and purchase price determines long-term capital gain or loss. Long Term Capital Gains are 0% to 20%, which depends on your income.

The chart below shows how cryptocurrency profits (Long Term Capital Gains) are taxed when held for more than a year.

Tax Rate	Single	Married	Head of Household
0%	$0 – $40,400	$0 – $80,800	$0 – $54,100
15%	$40,401 – $445,850	$80,801 – $501,600	$54,101 – $473,750
20%	$445,851 – more	$501,601 – more	$473,751 – more

The Bottom Line

The taxation of cryptocurrency is not as simple as it seems. Cryptocurrencies are highly volatile, therefore, challenging to determine tax. However, crypto gifts below $15,000 do not involve taxation but are subject to capital gain tax if you sell the gift. Inherited cryptos are also subject to tax like other assets.

Its also important to stress that not reporting your Bitcoin earning is considered tax evasion by the IRS, and you have to pay the penalty if you don’t pay the tax after the deficiency notice from the IRS.

Presented by CryptoShare, a lending platform that allows people to lend and borrow money without banks or credit checks.

Published on October 11, 2021October 19, 2021

4 mins read

Intro to Cryptocurrency Lending: What is it and How does it work?

Cryptocurrencies have now been around for many years and have gained a lot of mainstream attention. The adoption rate of cryptos is so large that this industry is expected to reach $2.2 billion by 2026. There are many investment options in the crypto space for you to look into if you so desire.

Cryptocurrency lending, also known as “crypto lending”, is quickly becoming a go-to alternative for investors frustrated with minuscule yields from banks savings accounts.

Crypto lending may be a new concept for you but fear not! In this article, you will learn all you need to know about cryptocurrency lending.

So, let’s dive in!

What is Crypto lending?

Crypto lending allows investors to earn interest on their assets without actually selling them. An investor lends his cryptos to a borrower and earns dividends in return. The lender remains the sole owner of his assets. The interest rate ranges between 4% to 17% yearly.

On the other hand, a borrower has to offer collateral to get a crypto loan. He retains the ownership of his collateral but cannot use it until he pays back the entire loan amount by the end of the lending period.

How does Crypto Lending work?

Crypto lending involves lenders, borrowers, and a third-party i-e lending platform. Crypto lending consists of the following steps.

A borrower goes to a crypto lending platform and requests a crypto loan.
Upon approval of the loan by the platform, the borrower has to attach collateral.
A lender transfers the loan amount to the borrower through the lending platform.
A borrower has to pay back the entire loan amount within the loan period to get back his collateral.
If the borrower could not pay the loan amount, the lender can liquidate the borrower’s collateral to cover the losses.

Pros and Cons of Crypto Lending

Crypto lending has some pros and cons, which are mentioned below.

Pros

Crypto loans are easily accessible. Anyone can get a crypto loan with or without a credit score.
Crypto loans are faster. It takes only a few hours to receive funds after approval.

Cons

Some lending platforms have minimum borrowing requirements that you must have to get a loan. The requirements can be sometimes very high, causing barriers for some.
If you fail to pay the loan amount within the specified period, the platform will liquidate your collateral, and you will end up losing whatever you put up.

Top Crypto Lending Platforms

The following are few leading crypto lending platforms.

Celsius
Binance
CoinLoan
BlockFi

Conclusion

Crypto lending is different from traditional bank lending in many ways. It has many benefits but comes along with risks as well. Therefore, you need to be very careful when you start crypto lending.

Always choose a well-reputed lending platform and make sure how much interest rate you will earn, or you will have to pay and how much collateral is required to secure a crypto loan.

Crypto lending is rewarding but risky at the same time. Therefore, always do your own research and keep educating yourself.

Presented by CryptoShare, a lending platform that allows people to lend and borrow money without banks or credit checks.

Cryptocurrency lending

Published on October 11, 2021October 19, 2021

4 mins read

Intro to Blockchain: How it can be used in Everyday Life

Blockchain technology is one of the exciting developments of this century, having great potential to revolutionize many industrial sectors. But the question arises: What is blockchain technology, and how can it be used in our everyday lives?

Keep reading, and let’s find out!

What is blockchain technology?

In simple words, blockchain is a combination of two words; “block” and “chain.” It is a system of storing information such as digital transactions in a way that cannot be changed. The Block stores the information and the Chain is the record of the Blocks. It is Blocks of information that sit on a chain also known as a Digital Ledger.

Think of Blockchain as a type of advanced database that captures, records, and replicates data to make sure it is accurate.

Decentralization, transparency, immutability, and no third-party involvement are the main pillars of blockchain technology, and most of the blockchain projects are built around these core properties.

Applications of blockchain technology in everyday life

Blockchain technology is widely used in our daily life. Some of the examples are given below.

Digital Identity

The internet has become a part of our everyday lives, and today digital security is the primary concern because hacking is common.

Blockchain technology can help in this situation because of its potential to track and manage digital identities. It can not only store information securely but manages everything in one place, reducing the overall expenses.

Healthcare

The Healthcare sector has tons of information such as patient records. It is not easy to manually handle this considerable amount of data. Although the existing digital system is efficient, blockchain technology can make it more secure and easily accessible by combining different databases, comparatively saving a lot of time.

Digital voting

Transparent voting is essential for a successful democracy. Blockchain technology can help organize a transparent, reduced-cost, online voting system while ensuring voters’ privacy.

In 2014, Liberal Alliance in Denmark was the first organization that used Blockchain technology for voting.

Construction Industry

Blockchain-based smart contracts can be used in the construction industry. Using these contracts, involving parties in the project set their rules and regulations and work accordingly. Each milestone is appropriately recorded, and payments are released accordingly.

If any of the conditions are not met, the system will act according to predetermined terms. In this way, the entire system works in a manageable manner, where everyone involved in the project has access to the information and is accountable.

Blockchain can significantly improve the efficiency of the entire construction industry, reducing the chances of disputes.

Government Sector

Government databases store the information of the entire country and can be a perfect target for hackers. It is challenging for the current system to manage this large amount of data.

Blockchain technology can significantly mitigate the risks by ensuring more transparency, immutability, and accessibility. Governments can trace back any transaction to ensure there is no corruption in the system.

Conclusion

There are many other examples of blockchain technology implementation in various sectors such as the food industry, retail industry, financial services, real estate, etc.

Record keeping is the biggest concern in most sectors, and blockchain technology is the best solution that ensures speed, low cost, streamlines, and easy access within the network.

Many industries are warmly embracing blockchain technology, while some are still reluctant. But the truth is, blockchain technology is here to stay!

Presented by CryptoShare, a peer-to-peer lending platform that allows you to lend and borrow money without banks or credit checks.

blockchain

Published on April 30, 2021September 20, 2021

4 mins read

Black Data Scientist Creates a Digital Wallet For Lending and Borrowing Cryptocurrency

The World Data Science Institute is an SEC-registered financial data science research and development company. They develop Blockchain and financial technology applications.

So far, the startup has raised over $145,000 to launch its flagship product, CryptoShare. CryptoShare is a digital wallet and peer-to-peer lending app that provides the unbanked and credit challenged with the ability to borrow money.

THE PROBLEM

According to Fico statistics, African Americans have the lowest credit scores and are declined for loans three times as much as white applicants. Nearly 30% of African Americans and Hispanics do not have a bank account at all!

African Americans and Hispanics are also disproportionately forced to use high-interest cash advances and pawnshop loans that can be up to 500%.

This clearly shows that an inexcusable amount of African Americans and Hispanics do not have access to adequate loan products.

THE SOLUTION

CrypstoShare replaces the need for a bank account (think Paypal) and allows peer-to-peer lending to be done within the app, giving users the option to use physical and digital assets as collateral at much lower interest rates.

Physical assets can be placed in a Blockchain Smart Locker similar to the Amazon lockers that are used for deliveries.

The borrower places physical assets in the locker and if they don’t pay, the lender will have access to collateral in the locker or it will be mailed to them.

The digital wallets come with a Digital Debit Card so borrowers can use funds immediately to shop online and if they need cash they can withdraw from ATMs.

The most important part is interest rates will range from 10 – 20%. Essentially eliminating the need for expensive high interest loan options that plague the African American and Hispanic communities.

THE FOUNDER: Anade Davis

What inspired you to start CryptoShare?

I have struggled with either credit and access to funding to grow businesses my entire life. Sometimes I struggled to have access to both at the same time!

As I grew older and traveled to different countries; I realized how many people were dealing with the same struggles internationally.

The problem is the current global banking and credit system excludes billions of people. One thousand US dollars ($1,000) is enough in many countries to jumpstart a business.

These are the reasons that inspired me to create a lending solution for people around the world utilizing Cryptocurrency and ATMs.

What advantages does CryptoShare offer borrowers and lenders?

It’s convenient. The only document borrowers will need to provide is their ID.
It’s flexible. Ability to customize the loan terms to suit lenders’ needs. Both borrower and lender can customize their loan terms according to their requirements.
It’s accessible to everyone because there is no need for a bank account, credit score, or income statement.