In a surprising move, the Avalanche Foundation, the non-profit organization behind the Avalanche blockchain platform, has announced that it is considering investing in meme coins. Meme coins are cryptocurrencies that are created as jokes or for fun, often featuring humorous names, logos or themes. Some examples of meme coins are Dogecoin, Shiba Inu, Floki Inu and Baby Doge.
Avalanche protocol, which is a novel consensus mechanism that enables high throughput, low latency and low fees for transactions. The Avalanche protocol is powered by a unique algorithm family that combines the best features of classical and Nakamoto consensus mechanisms.
The Avalanche protocol supports multiple blockchains, smart contracts, decentralized applications and interoperability with other crypto platforms. The foundation also funds grants, scholarships and research projects related to Avalanche.
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The Avalanche Foundation said that it is exploring the possibility of buying meme coins as a way to diversify its portfolio, support innovation and creativity in the crypto space, and engage with new and existing communities. The foundation also said that it believes that meme coins have the potential to generate positive social impact, such as raising awareness and funds for charitable causes.
The foundation did not disclose how much it plans to invest in meme coins, or which ones it is interested in. However, it said that it will conduct thorough research and due diligence before making any decisions. It also said that it will adhere to its mission and vision of creating an open, decentralized and scalable platform for launching any kind of applications and assets.
The announcement has received mixed reactions from the crypto community. Some praised the foundation for being open-minded and adventurous, while others criticized it for being irresponsible and unprofessional. Some also questioned the legitimacy and credibility of the foundation, suggesting that it might be a prank or a publicity stunt.
Some of the reasons why people criticize the foundation are:
They think that meme coins are not serious or valuable investments, but rather speculative and volatile assets that can lose their value quickly. They think that meme coins are not aligned with the foundation’s goals and values, but rather contradict its vision of building a secure and reliable platform for decentralized applications.
They think that meme coins are not compatible with the foundation’s reputation and image, but rather damage its credibility and trustworthiness among potential users and partners. They think that meme coins are not beneficial for the crypto ecosystem, but rather distract from more important and meaningful projects and initiatives.
The Avalanche Foundation was founded in 2018 by a team of researchers and developers led by Emin Gün Sirer, a professor of computer science at Cornell University. The foundation is responsible for developing and maintaining the Avalanche protocol, which is a novel consensus mechanism that enables high throughput, low latency and low fees for transactions.
The Avalanche network supports multiple blockchains, smart contracts, decentralized applications and interoperability with other crypto platforms. The foundation also funds grants, scholarships and research projects related to Avalanche.
OKX to delist privacy tokens on Jan. 5
OKX, one of the leading cryptocurrency exchanges in the world, has announced that it will delist four privacy tokens from its platform on January 5, 2024. The tokens are Monero (XMR), Zcash (ZEC), Dash (DASH) and Horizen (ZEN).
According to a blog post published by OKX on December 29, 2023, the decision to remove these tokens was made in compliance with the regulatory requirements of the Financial Action Task Force (FATF), an intergovernmental organization that sets standards for combating money laundering and terrorist financing.
The FATF has issued guidance for virtual asset service providers (VASPs), such as cryptocurrency exchanges, to implement the “travel rule”, which requires them to collect and share information about the originators and beneficiaries of crypto transactions above a certain threshold. The FATF also considers privacy coins, which obscure the identities and transaction histories of their users, as high-risk assets that pose challenges for VASPs to comply with the travel rule.
OKX stated that it values the privacy and security of its users, but it also has to abide by the laws and regulations of the jurisdictions where it operates. The exchange added that it will continue to monitor the development of the global regulatory environment and adjust its policies accordingly.
The delisting of the privacy tokens will take effect at 10:00 AM (UTC) on January 5, 2024. OKX users who hold these tokens are advised to withdraw them to other platforms or wallets before the deadline. After the delisting, OKX will not support any deposits, withdrawals, transfers or trading of these tokens.
The announcement by OKX follows a similar move by another major cryptocurrency exchange, Binance, which delisted the same four privacy tokens from its Singapore platform in November 2023. Binance cited compliance with local regulations as the reason for its action.
Some people use privacy coins because they value their financial privacy and do not want their transactions to be tracked or traced by third parties, such as governments, corporations, hackers or criminals. Privacy coins can also enable people to access financial services that are otherwise unavailable or restricted in their regions, such as remittances, donations, crowdfunding or peer-to-peer lending. Privacy coins can also help people to avoid censorship, discrimination or persecution based on their political views, religious beliefs, sexual orientation or personal preferences.
The delisting of privacy coins by some of the largest cryptocurrency exchanges in the world could have a significant impact on the liquidity and market value of these tokens, as well as on the privacy and anonymity of their users. However, some experts and advocates argue that privacy coins are not inherently illicit or criminal, and that they serve a legitimate and important function in protecting the human rights and freedoms of people who live under oppressive regimes or face censorship and surveillance.