👋Hey Nimbus Community,

In the last #NimbusGlossary edition, we talked about PoS. It's time to talk about its precursor - ✨Proof-of-Work (PoW)✨

More facts about PoW:

✅ A miner cannot cheat or verify a bad block, thanks to Public Key Cryptography. When a user creates a transaction, they sign it, and anyone on the network can compare the user's sign and verify if they match the public key. So, any block that contains an invalid transaction gets rejected by the network. So the miner will only be wasting their resources should they attempt to cheat

✅ PoW is expensive and consumes a lot of computing power of the miner

✅ PoS that was released in 2011 is the more efficient mechanism of verifying the transaction, was considered to be a hybrid alternative to PoW

✅ Proof of Stake does have some benefits over Proof of Work. The most notable one is the smaller carbon footprint

✋Hey Nimbus community,

🥇 Did you know that the US government now holds $4 billion in Bitcoin? It is almost double Tesla’s wallet! It is forecasted that as long as cryptocurrency-related crimes continue to grow, the US government’s crypto pockets will get bigger too. The question then becomes, can the government’s funds beat the Grayscale Bitcoin Trust, which has $27.93 billion, and MicroStrategy, which holds $5.43 billion worth of BTC?

🙊 In terms of crypto integration, this time Apple stood out. Long story short, the company has presented a new Tap to Pay on iPhone feature, which raises hopes of on-device crypto transactions in the near future. Although it is not to become available until later in 2022, its launch has led to speculation that it will also unlock the ability to buy using cryptocurrencies via the new system. Dispute the fact that the new ability will only be available in the US on its release — it is a big step for the industry.

🍔 Talking about NFTs, McDonald’s has just recently filed trademark applications for virtual goods, services, and even virtual restaurants and cafes. Are you ready for some meta burgers?

👼 Last but not least, Gucci announced that it will launch its own virtual world on digital real estate platform The Sandbox, as it expands its presence in the metaverse for its Gen Z-focused platform Gucci Vault. The brand has even purchased an undisclosed amount of land on The Sandbox, which lets people and brands buy and develop virtual real estate. Gucci and The Sandbox will create an interactive fashion experience based on Gucci Vault.

We’re excited to release the Nimbus Mobile App 3.0 update!

Here’s what’s new:

🏆 Mint your Smart LP n-NFTs without going through unnecessary steps. It takes one click to start generating yield into your MetaMask wallet

🏆 Easily track the rewards of your n-NFTs, save on gas fees and redeem your assets any time

To use this dApp select Binance Smart Chain network in your crypto wallet.

Only available on the Google Play Store

Test and send your feedback here with "mobile app" in the subject line

👋Hey Nimbus Community, 

We’ve all experienced it in the last months —  🐻Bearish Market, we mean!

That’s why we believe that a clear understanding of the different market conditions can help you stay away from fear, uncertainty, and doubt.

Here are some facts and advantages about the bear that might interest you:

✅ A bear market can be quite vital, especially for those with long-term strategies. Acquiring assets during a bear market can generate higher yields when the bearish market reverses. Short strategies sometimes utilize the bear market to leverage price spikes or corrections.

✅ 2022 started on a bearish note for the entirety of crypto space in general. However, the recent price spikes and corrections in the middle of the bear have created multiple opportunities for participants to leverage this cycle.

This year’s Super Bowl hosted on 14 February was an exciting event for the crypto sphere.

Our CEO — Alex Lemberg had shared his foresight ahead of this event with Business Insider & The Street. 

Read here:
👉 https://link.nimbusplatform.io/jpu
👉https://link.nimbusplatform.io/79v

🦂 Mastercard is going full crypto – the payment giant is looking to add more than 500 college graduates who would help boost its digital strategy. By enabling banks and merchants to cover many digital currency capabilities, the company is looking forward to help financial institutions navigate the adoption of cryptocurrencies with its consulting efforts. 

🎯 Talking about crypto integrations, Twitter added Ethereum wallet support to tipping feature. On top of that, SpaceX allegedly testing payment options with Dogecoin. A user has found the name of the cryptocurrency in the source code of SpaceX's merch store. It is worth mentioning that Elon Musk has hinted multiple times that both SpaceX and Starlink, his satellite internet company, were working on accepting the meme cryptocurrency. 

🚀 Finally yet importantly, the New York Stock Exchange has filed an application to register the term "NYSE" for a marketplace for non-fungible tokens (NFTs), taking a step closer to setting up an online trading place for cryptocurrencies and NFTs.

😮 The largest crypto sponsorship deal in sports history just happened — Red Bull Racing (Formula One team) signed a $150 million 3-year contract with the Bybit crypto exchange. Crypto.com set the trend by partnering with sports teams and rebranding the Staples Center to the Crypto.com Arena. Do you think we’ll see a crypto sponsorship deal beating $150 million this year?

✌🏻Hey Nimbus community,

🙈 As a result of the geopolitical uncertainty, the price of bitcoin fell to a two-week low. The question then becomes, does Bitcoin still preserve its status as a form of “digital gold”?

😇 The only relief is that no matter what, countries are still willing to implement cryptocurrencies. In an interview, with El Salvador in English, Indira Kempis, Senator for the State of Nuevo León, Mexico, expressed her plans and opinions about Bitcoin and cryptocurrencies. She is preparing to make them a legal tender and make sure that they reach each and everyone in the country.

💎 Talking about the NFT space, Alibaba has started giving away NFTs as rewards in its first blockchain-based game, Ant Adventure. It was announced by Yahoo Finance. Users are invited to take a series of quizzes that help raise awareness of fraud. Points for successful completion can be redeemed for NFTs. Is it just the beginning?

🥇 Finally, the giant music service Spotify is most likely tending into the metaverse. According to job offerings posted the other day the platform is hiring a Senior Backend Engineer to drive growth with cutting-edge technologies such as web3.

👋Hello Nimbus Community,

The Nimbus Affiliate Program Trip-To-Dubai Contest has come to an end. Today, Feb 28th was the last date of participation.

We'd like to thank all of you who participated in the event!🙏

We're excited to meet the contest winners in Dubai soon…🙌 March 13th, to be exact!

And to all our Affiliate Program members who missed the contest or couldn't clear the levels in time... fret not! We'll be back with even more thrilling events soon.

Until then, Stay tuned and keep Staking!😎

P.S.
Tomorrow, all winners will be added to the chat in Telegram where they can ask questions regarding the trip and any other details they are interested in. All relevant information about the meeting in Dubai will be also added there.

🚨Important Update!

You must have noticed the inaccurate APRs on the Lend and Borrow dApps. We were aware of this issue and have been testing the smart contracts to identify the root cause behind it. Ever since the bug was identified, all hands have been on deck to address it. 

Today, we're here to brief the community on the bug and its after-effect.

We must go back a bit in time to understand the bug and what after-effects it caused:

⚫️ The Lend/Borrow dApp was launched in Aug 2021

⚫️ The price feeds for BUSD/BNB provided by Chainlink and that of NBU/GBU provided by Nimbus were prematurely updated to the production, which then caused the bug, and the error remained in the system for 8 hours. All four pools, including BUSD, BNB, NBU, and GNBU were affected by the bug.

⚫️ Due to this oversight, the loan to value ratio was such that it was possible to take out a loan of 100 BNB using less than 1 GNBU as collateral. That paints a picture of the eventual imbalance between the amount borrowed & the amount supplied.

⚫️ Back in Sept 2021, when the system accepted the loan (with the wrong collateral), the loan was accepted for 90 days since that was the primary condition set by the user.

During the span of these 90 days, the system did not catch that there was a misalignment between loan and collateral. However, after the end of this time period, which was in Dec 2021, when the imbalance had escalated, the system began calculating inaccurate APRs. In Jan 2022, interest was accrued on these loans, leaving us where we are now.

As soon as we noticed the irregularities, we began working on the bug extensively and even adjusted the amount of liquidity in the Testnet. However, even a stimulated replenishment of the pool failed to correct the rates on the dApp. As of now, we've figured out the solution to this bug, which is further elaborated as:

✅ For the rewards incorrectly accrued due to the bug, we aim to construct a script to calculate the sum of those rewards that users of the Lend and Borrow dApps received less out of the total sum. Since the process is extensive and complex, the resolution time could be around 2 weeks, after which we’ll be back with more updates.

✅ We will temporarily suspend the Lend and Borrow dApps until the end of March. During this period, we'll fix the bug and reissue the smart contracts. We also have solid advisors with expertise in lending-borrowing, aiding alongside to expedite the process as much as possible.

✅ The Lend and Borrow dApps is one of the key underlying mechanisms of the Smart LP NFT. To ensure that the n-NFT related operations are not affected while we fix the bug, we're also exploring the feasibility of sending 30% of the supply to the most enterprising lending-borrowing platforms.

We admit that this event has caused unnecessary inconvenience to our users and could have been avoided. To help make it better, we're utilizing all resources to correct this event from its very root cause. 

Thank you for your patience as we bring the order back to the platform and get back to you with more updates🙏

Keep up to speed with weekly crypto digest!

🧠 It looks like the Bitcoin ban in the EU is off the table for now. According to the new version of the European Parliament's MiCA compromise draft, the controversial paragraph 61 (9c) has been completely deleted. Otherwise, it would have meant a de facto ban on services for Proof-of-Work-based cryptocurrencies such as Bitcoin.

🤑 Japanese wealth manager Nomura prepares to enter the crypto space and NFTs with a new unit. According to its website, Future Innovation Company is being restructured into a brand new Digital Company, which will begin operations in April. The main objective of the new company will be to increase clients' use of digital assets and provide related services. On top of that, the recently born division will reportedly explore opportunities in cryptocurrencies and NFTs, among other digital assets.

🥇 Bitfinex Securities launched a brand new security token platform (STO) in Kazakhstan. According to the sources, the new STO platform is regulated within Kazakhstan’s national financial hub, known as the Astana International Financial Center (AIFC). It should be noted that the platform is not available to citizens or residents of countries like Canada and the United States.