Tag Archives: cryptocurrency

CEO of ‘Builderman’ Roblox Goes to Wall Street with Troop of Young Gamers | Instant News


Chief Executive Roblox Corp. David Baszucki won the loyalty of tens of millions of videogamers with a do-it-yourself gaming approach that defies industry-specific formulas for success.

Roblox is slated to make its public market debut March 10 through direct listing, an unconventional process that allows companies to trade on the stock exchange without raising new capital. The company based in San Mateo, California, was founded in 2004, rotated from traditional public offerings last year after

By Dash Inc.

and

Airbnb Inc.

jumped beyond expectations in their IPO.

Roblox founder and CEO David Baszucki, pictured in 2018, is a frequent presence on the platform, under the name ‘Builderman.’


Photo:

Steve Jennings / Getty Images for TechCrunch

Roblox’s debut is coming as the coronavirus pandemic has prompted people to do so spend more money and time on video games than before. Tech valuations have surged over the past year – Roblox was personally worth $ 29.5 billion in January, up more than seven times from early 2020 – although the stocks have recently faltered amid shifting investor sentiment that an improved economy will benefit the sector other.

Instead of relying on Hollywood-like budgets and rock star talent to produce a few blockbuster games each year, Roblox is shifting game development to its own players. These players, especially teenagers and preteens, in turn produce their own hits and earn 70% of the revenue their work generates.

“We are like YouTube, except our content is a game, and our content allows everyone to play together,” Baszucki said in 2018 while speaking at his alma mater, Stanford University. The 58-year-old man himself often appears at Roblox, using the name “Builderman”.

This approach has earned Roblox an estimated 33 million daily users who can choose between tens of millions of multiplayer games, ranging from obstacle challenges and catch the flag iterations to contests based on popular characters like Peppa Pig and Sonic the Hedgehog. The company provides free tools and instructions that players – even those with no coding experience – can use to create games for its platform.

Samuel Jordan of Fort Lauderdale, Florida, took a hiatus from college about a year ago to focus on creating games and other digital content for Roblox with his business partners. The 21-year-old, who participated in the company-run accelerator program in the summer of 2019, says he made about $ 600,000 last year from his Roblox creations, up from $ 30,000 in 2019.

“This is crazy,” Jordan said, adding that the pandemic was likely to contribute to a tremendous increase. More than 300 Roblox developers made $ 100,000 or more last year, the company said.

The health crisis provided significant fuel for Roblox’s business. Revenue grew 82% last year to $ 923.9 million, while orders – sales of virtual items on the platform – more than doubled to about $ 1.9 billion.

Samuel Jordan of Fort Lauderdale, Florida, says he made an estimated $ 600,000 last year from his Roblox creations.


Photo:

Maria Alejandra Cardona for The Wall Street Journal

London’s Alan and Sinéidin Cooper said their two daughters, ages 5 and 10, and 7-year-old son each spent about five hours a week at Roblox before the pandemic. Now that time is doubled because they are using the platform to connect with friends. The couple treated their kids to Robux worth around $ 40 to $ 45 per month.

“It’s a great way for them to socialize,” Mr said. Cooper.

Roblox hasn’t been able to turn user loyalty into profit, as its net loss in 2020 swelled to $ 253.3 million from $ 71 million a year earlier. The company has said it plans to continue investing in the platform, which can be used for distance learning, conferences and other group experiences, such as concerts.

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Like other online hangouts featuring user-generated content, Roblox has to contend with predators and troublemakers who target children with inappropriate material – a particular concern given that more than half of the platform’s users are under 13. The company says it has made significant steps to keep users safe, such as by adding a communication filter to eliminate offensive speech.

Supporters include the large venture capital firm Andreessen Horowitz, Altos Ventures and Greylock Partners. David Sze, a Greylock partner, said the company invested in Roblox partly because of Mr. Baszucki. While other CEOs may have switched from business models after modest initial growth, Mr. Baszucki remains confident in Roblox’s user-created mission, says Sze.

“It’s like 10 years walking through the desert without anyone trusting you,” he said. “Dave against all odds.”

Mr. Baszucki, who declined to be interviewed for this article, started and then sold a software company that specialized in physics simulation before founding Roblox with fellow programmer Erik Cassel, who died of cancer in 2013. They started making games for the platform, but soon invite other players to create their own. Roblox was released to the public in 2006.

“We immediately realized what they were building was much more interesting and exciting than anything we had ever made,” Baszucki wrote in a Roblox securities filing. Mr Baszucki is the largest shareholder of the company and holds 70% of the voting rights. He will forego cash and equity compensation for seven years after Roblox goes public, and in return qualify for a performance-based stock award, which he intends to donate for philanthropic causes.

Mr. Baszucki was an investor in Friendster, an early competitor for

Facebook Inc.,

and he sees Roblox as a combination of Second Life’s social networking platform and online virtual world, said Matt Dusek, a Roblox start-up employee who left the company in 2019. “He sees things as further away than anyone else around him often does,” Said Mr. Dusek.

Samuel Jordan and his business partner Kyle Hulse outside their shared office space in Fort Lauderdale on Thursday.


Photo:

Maria Alejandra Cardona for The Wall Street Journal

In the following years, Roblox gradually expanded its user base. Mr. Baszucki, as “Builderman,” will greet new players digitally, appearing as one of the platform’s signature box avatars and offering tips on how to get started. Popular games inspire players to become developers, who then make more games, attracting more users – the so-called network effect.

Roblox’s user-generated gaming strategy has won praise from industry leaders. Tim Sweeney, CEO of “Fortnite” creator of Epic Games Inc., credits the company for helping gamers become game makers. “Roblox has done a tremendous job building the ecosystem,” he said in an email.

Although the company has warned that people may spend less time with its games as the pandemic fades, it wants to continue to add to its base of more than 8 million developers. Similar to other videogame publishers, Roblox is also looking to join more brands like

Nike Inc.

and

Mattel Inc.

about marketing promotions.

Write to Sarah E. Needleman at [email protected]

Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Nvidia releases software that blocks cryptocurrency mining on its GeForce GPUs | Instant News


American technology giant Nvidia will launch the company’s latest and most powerful graphics processing unit GeForce RTX 3060 later this month.

Its main purpose is to provide the best user experience for games and professional work, but GPUs can also be used for other power-hungry tasks, including gene sequencing, weather simulation, and cryptocurrency mining.

As the value of Bitcoin, Ethereum and other digital currencies continues to grow, technology enthusiasts are increasingly interested in mining cryptocurrencies, which has led to a large demand for powerful graphics cards.

Obviously, Nvidia is working hard to meet the market demand for its GPU and expects the new GeForce RTX 3060 The series may not reach professional players. The worry is that cryptocurrency miners may cause a shortage of computer peripherals.

“We designed GeForce GPUs for gamers, and gamers desire more. However, NVIDIA GPUs are programmable. Users are constantly looking for new applications for them, from weather simulation, gene sequencing to deep learning and robotics. Mining encryption Currency is one of them. With the release of the GeForce RTX 3060 on February 25, we are taking an important step to ensure that GeForce GPUs will eventually fall into the hands of gamers.” said Matt Wuebbling, vice president of global GeForce marketing at Nvidia.

In the next few days, Nvidia plans to release the RTX 3060 software driver. It is designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm and limit the hash rate or cryptocurrency mining efficiency to up to 50% on the PC.

On the bright side, Nvidia has launched a new processor series specifically designed for professional Ethereum mining, called NVIDIA CMP (cryptocurrency mining processor).

The company said that CMP products will not be able to handle any graphics, but can provide the best mining performance and efficiency.

Must read| Bitcoin breaks through $56,000, Ethereum rises by 12%

What is cryptocurrency mining?
In short, cryptocurrency mining is a transaction process that involves the use of computers and encryption algorithms to solve complex operations and record data in a blockchain (decentralized distributed ledger). For this work, the developer will be rewarded with Bitcoin or any other cryptocurrency.

Get the latest news about personal technology, gadget reviews, apps, network security and more up-to-date information only in the following locations DH technology.

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What is available for crypto investors? Find it | Instant News


Unlike other currencies, cryptocurrencies can also be traded, resulting in large fluctuations in their value.

Countries such as the US, China, Japan, Switzerland, South Korea and South Africa have embraced cryptocurrency, while uncertainty looms over India. After facing a ban on cryptocurrency transactions once, crypto investors and other stakeholders are skeptical about their future due to the Cryptocurrency and the Official Digital Currency Bill Regulation, 2021 is scheduled to be presented in the current Parliament Budget session.

With Bitcoin crossing the $ 50,000 level after continuous demand from institutions like Tesla, MasterCard, Paypal, Microstrategy etc., cryptocurrency players are hopeful that the government will not carry out a complete ban.

Referring to the acceptance of Bitcoin and other cryptocurrencies like Ethereum, Doge etc., Nischal Shetty, CEO, WazirX, said, “Institutional participation is also very low in India in crypto and regulatory uncertainty is the biggest hurdle in it. Institutional players need clarity of regulations before participating in a new asset class such as crypto. The introduction of a regulatory framework will definitely help cryptocurrency thrive in India. “

Previously, the Reserve Bank of India (RBI) has banned cryptocurrencies in India because there is no regulation. although Indian Rupees (INR) can only be used as currency in India, cryptocurrency is used more like a digital asset.

Unlike other currencies, cryptocurrencies can also be traded, resulting in large fluctuations in their value.

Cryptocurrency Dilemma: How to show crypto earning on ITR?

As a result, there is no stability in the value of cryptocurrencies, while stability is one of the parameters that determines the quality of a currency.

However, in the cryptocurrency blockchain, only the cryptocurrencies involved – such as Bitcoin, Ethereum, etc. – can be used and not other traditional currencies.

To take advantage of the benefits of cryptocurrency, what is needed is a regulatory framework to protect the interests of crypto investors.

“The right crypto regulation will push India forward, while the Crypto ban will put our country back a decade,” said Shetty.

However, it is up to the government to decide whether to implement a regulatory framework or outright ban cryptocurrencies.

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A kind of celebrating Nime cat Gif sold in crypto art auction to celebrate the 10th anniversary of Meme | Instant News


OG Nyan Cat meme was uploaded to YouTube in 2011.
Gif: Chris Torres

Nyan Cat will turn 10 in April (do you still feel old?). To celebrate the anniversary of one of the healthiest memes on the Internet, Chris Torres, the artist behind the gif, released a newly restored version auction. Last Friday, the work was sold on the encrypted art platform Foundation for 300 Ether, which was converted to approximately US$587,000 based on the value of the encrypted currency at the time of issuance.

In the interview edgeTorres said that he never intended to sell another Nyan Cat original image file, which means that the sponsor of this gif now has a real similar product.

He told the media: “I know that I am the only one, which is cool.” “And I think Nyan Cat will be a very special owner.”

Torres made a series of adjustments and changes to the gif for nearly a decade, including enlargement of the gif and minor modifications to the art to correct the details that have plagued him for years. For example, in the original 12-frame animation, a specific star would appear or disappear randomly, so he took this opportunity to delete it completely. Torres told Verge that he thought the remastered version “this time the results are very good.”

If you are surprised by the price of several thousand dollars, then you should know that the crypto art market is in a temporary predicament. In recent years, many online platforms such as SuperRare, Zora and Nifty Gateway have sprung up, where artists and customers exchange digital works worth thousands of dollars. Foundation is one of the latest faces in the scene, which was launched only two weeks ago, but reportedly has recorded sales of $410,00 (by Verge).

These crypto art platforms usually sell works through “irreplaceable tokens” or NFTs (blockchain-based digital tokens representing unique assets). Since NFT is indivisible and no two are the same, its ownership can be verified and tracked through the blockchain.Although it should be noted that on many crypto art platforms, the actual sales (such as the sales of the improved new Nyan Cat gif) are derived from Ethereum (a type that runs on the Ethereum blockchain and is second only to Bitcoin Cryptocurrency) based on the market value and transaction volume Reuters.

The crypto community has been hotly discussing NFTs, but the traditional branches of the art world have only recently begun to adopt blockchain technology. this week, Christie’s famous auction house Announced the first auction of an NFT-based collection: “Everydays: The First 5000 Days” by digital artist Beeple, whose NFT-based digital works series In December, 3.5 million USD.Christie’s Bloomberg confirmed It plans to accept Ether as the principal payment for the artwork (collectors will still have to use old-fashioned dollars to pay for any additional auction house fees).

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As India Pulls A Ban on All Private Cryptocurrencies, Here Are State-Backed Digital Assets | Instant News


Union Finance Minister Nirmala Sitharaman announced on Tuesday that a high-level committee had suggested that all private cryptocurrencies, except for state-issued virtual currencies, would be banned in India.

Repeating that government stance not considering cryptocurrency tender or legal coins, the finance minister said all steps would be taken to eliminate the use of these crypto assets in funding illegal activities or as part of a payment system. “The government will explore proactive use of blockchain technology to deliver a digital economy,” he said.

While the government proposes such a regulation, here is a view of what cyrptocurrency means and which countries own and are exploring state-run digital currencies.

Cryptocurrency is the common name for virtual currency. One unit of cryptocurrency is a complex digital code that cannot be duplicated. It is used as a digital asset designed to function as a medium of exchange.

Whereas cryptocurrency bitcoin has hit record highs after electric carmaker Tesla invested $ 1.5 billion in digital currency.

While several countries such as Ecuador, China, Singapore, Venezuela Tunisia and Senegal have issued their own cryptocurrencies, others such as Estonia, Japan, Palestine, Russia and Sweden are exploring options to launch their own digital assets.

Iran has also changed its cryptocurrency laws to allow a central bank to use virtual currency to pay for imports, while Turkey will soon pilot digital banknotes. In Thailand, regulators have approved 13 legal crypto businesses to legally operate in the country.

Meanwhile, China will issue 40 million yuan ($ 6.2 million) as part of this week’s latest trial in digital currency to boost consumption during the upcoming Lunar New Year holiday.

According to reports, Beijing will distribute 10 million yuan in digital red packets worth 200 yuan each by lottery on Wednesday for use both online and offline. Suzhou City will also distribute 30 million yuan as part of the second ‘e-yuan’ trial.

Switzerland is also reportedly considering launching a state-backed cryptocurrency with its government seeking studies on the benefits and concerns of the ‘e-franc’.

Even the Caribbean is becoming a major player in cryptocurrency innovation, with projects supported by central banks in the Bahamas, East Caribbean and Jamaica.

The Marshall Islands have also launched legal cryptocurrencies after a law was passed by its parliament.

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