Avalanche Overtakes Dogecoin, Shiba Inu in Market Value After Deloitte Deal

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Ethereum-rival and popular Layer-1 blockchain platform Avalanche has been creating a stir in the cryptocurrency market, managing to surpass the likes of Dogecoin and Shiba Inu to make it into the list of top 10 cryptocurrencies in terms of market capitalisation. A number of factors have helped propel Avalanche to scale to a new all-time high but the biggest push behind its most recent rally is the announcement of a collaboration with “big four” professional services firm, Deloitte. The announcement notes that Avalanche will work with Deloitte in building a more efficient disaster-relief platform on the Avalanche blockchain.

Avalanche’s native token AVAX topped an all-time high of $146 (roughly Rs. 10,867) on Sunday, November 21, adding over 20 percent in value within a 24-hour period. As per data from CoinGecko, AVAX has surged nearly 47 percent in seven days, a massive 83 percent in two weeks, and more than 133 percent over the last three months. The blockchain currently has over 350 projects built on it and more to come — making Avalanche a strong contender for Ethereum’s dominance as the leading smart contracts platform. Avalanche also has a few advantages over Ethereum. It is more easily scalable, faster, and more cost-effective than Ethereum.

The collaboration with Deloitte is a testament to its preference over Ethereum too. As per a Deloitte press release on the collaboration, the “Close as You Go Service” aims to simplify “disaster reimbursement applications for victims of natural disaster, by aggregating, and validating the documentation required for funding.”

“The security and fast consensus of the Avalanche network quickly gathers, processes and authenticates required documents, improving the accuracy of federal disaster claims because of the nature of how code governs the process,” says Emin Gün Sirer, founder of Avalanche Labs. He goes on to mention that since Avalanche boasts of being a carbon-neutral platform, its eco-friendly goals align well with that of Deloitte too.

Earlier this November, Avalanche supporters also launched a new fund called Blizzard, which received an impressive $220 million (roughly Rs. 1,638.79 crore) in seed investing from such contributors that include Three Arrows Capital — a company that has supported Ethereum in the past but has moved to Avalanche due to high gas fees.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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Cryptocurrency Scams, Hacktivism Will Rise in 2022: Norton

Cryptocurrency Scams, Hacktivism Will Rise in 2022: Norton

Norton claims that cyber activism will gain momentum next year, and crypto scams are likely to increase as more users buy in. Furthermore, the cybersecurity firm predicts that scammers will target people suffering through natural disasters. Norton warns that 2022 will see more hacking, more scammers, and a bigger need for online security. The next year is likely to see more casual investors in the cryptocurrency market, hinting at more scams in the segment. Phishing campaigns to steal users’ login credentials or tech support scams to separate people from their money will likely see a rise.

Cybersecurity predictions for the next year have been listed out by Norton. At the top, the firm predicts a rise in cryptocurrency scams as several countries look to regulate it. The rise in casual investors who do not fully understand the nuances of how cryptocurrencies work will enable scammers to take advantage of it. “Scammers have been using those misunderstandings to separate people from their coins, and with this new set of new users, we expect a big increase in the number of scams out there. They will likely look like some of the old scams, but also, we expect to see new and creative attempts to target this new, larger set of potential victims,” the company notes.

Norton also says that the need to go online during the pandemic and having all identity documents online may cause theft, stealing of identity, and other scams. The firm also predicts that cybercriminals might carry out phishing campaigns to steal login credentials or tech support scams to separate people from their money. While most attacks are for money, some bend towards using cyber intrusion as a form of protest.

The company adds that hacker activists, or hacktivists, will use their knowledge to achieve political outcomes. They do this by disrupting governments, spreading fear, or bringing some information to light. Hacktivism and cyber terrorism were alive and well in 2021, revealing information governments would have preferred to keep secret. Norton expects to see these attacks continue, if not increase, given their reach and potential influence.

In 2022, Scammers will continue to exploit disaster struck users. Norton says that whenever there is money flowing from insurance companies or the government to the victims of natural disasters, there is someone who will try to exploit that situation, either by committing fraud with stolen identities or scamming people directly. If the trend continues, and there are more and more natural disasters and extreme weather events, Norton expects to see more scammers ready to cash in.

Lastly, Norton predicts that artificial intelligence and machine learning will increase cybercrimes. It will allow users to manipulate some forms of media and extract value from large datasets. It predicts that as deepfake technology gets better and easier to use, it will become a useful tool for criminals, scammers, stalkers, and activists.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.