#HeLa #helalabs #blockchain #crypto #innovation
Every on-chain transaction has a gas fee that is required by the blockchain as a way to reward block miners. These gas fees are determined by the supply side of each token's economics and are used to cover the operational costs associated with maintaining the nodes, or computers, that mine these blocks in order to create a chain and complete a transaction.

To pay for the gas fees associated with each transaction, several blockchains use various tokens or coins. Before transactions can be completed, ETH must be used as gas fees on the network for decentralized applications running on the Ethereum ecosystem. Similar to Hela chain transactions, users making transactions would require an amount of HLUSD to complete Hela chain-related transactions in their wallet. In this case, both chains use their native token to settle gas fees; however, HLUSD is a stablecoin while ETH on the Ethereum chain is a volatile coin.

Stablecoins are backed by reserves and issuance systems and pegged in the ratio of 1:1 which gives stability for its users. Hela USD (HLUSD), being the stablecoin of the Hela Network, is designed for the settlement of gas fees within the ecosystem. It is a fiat-collateralized currency backed by the USD dollar, similar to Tether and Circle USD.

In order to encourage users who live in areas where the US dollar isn't the main currency of exchange, Hela Labs is introducing additional regional stablecoins. These stablecoins will be used as gas fees. You can instantly settle gas fees with these stablecoins instead of converting your national corresponding stablecoin.

Due of the reliability that stablecoins provide to blockchain users' everyday lives, their adoption into the Hela ecosystem will be functional through their use as gas fees.

With national stablecoins, users can now determine transaction fees, the amount needed each time due to possible inflationary market activity on fiat, and the possibility of cross-regional exchanges. This marks the beginning of providing blockchain users with a truly exceptional experience and bringing widespread adoption to the Hela Ecosystem.

#HeLa #helalabs #blockchain #crypto #innovation
It is important for all of us to understand the HeLa Mission and Vision. The mission is to bring Web3 to the real-world and vision is to pioneer the transformation of traditional industries through the power of Web3 and blockchain technology.

Hela Labs is at the cutting edge of a groundbreaking change in Layer 1 blockchain technology, giving users full control over their interactions with the web. We provide people with power and control over their information by implementing a modular design, advanced security technologies, decentralised identity management, and innovative transaction fees.

The key features to help solve in challenges faced to solve them are the following:

1. Stablecoin Gas Fees
→ Hela Labs eliminates the constant volatility in transaction fees that other networks experience by using a stablecoin for gas fees. Regardless of how busy the network becomes, fees will always stay close to the target amount that the team has set. Users benefit more from this since they can avoid the volatility that comes with native tokens issued by other chains by having a stablecoin on hand to pay for transaction fees. This allows for a better overall user experience.

2. Data Confidentiality 
→ While Hela Labs promotes the open and transparent nature of blockchain technology, it also strongly believes in the ownership of each user's confidential information. HeLa is now giving customers a choice, allowing them to decide whether or not they want their transaction to be made public thanks to a built-in confidentiality feature. Naturally, there would be a larger transaction fee associated with this option, but rest assured that it will only be minimal.

3. Multi-level Decentralised Identity 
→ In addition to the confidentiality feature, Hela Labs will be introducing a Decentralized Identity system that will enable users to further improve their data ownership. It had earlier been stated that anonymous users would find it challenging to access services offered by different companies, including financial institutions. Users can be KYC-ed by a neutral third-party through the Decentralised ID system. This third party can then operate as an entity vouching for the users to the relevant financial institutions, enabling them to use these services without disclosing their identity. HeLa Labs took a lot of inspiration from the zero-knowledge proof systems that are being used in some of the different blockchains.

4. Modular Design
→ While the modular design makes blockchain technology more scalable, flexible, and maintainable, Hela Labs actually chose this design to enable the creation of a new asset-integration layer that could possibly one day eliminate the need for bridges and create an ecosystem that is truly interoperable.

The #government and financial regulators are considering imposing higher restrictions, including a complete ban on private #cryptocurrencies.
The government will promote a central bank digital currency (CBDC) as an innovative and cost-effective payment solution but it may not put to rest the Reserve Bank of India’s concerns regarding private cryptocurrency, such as risks to macroeconomic stability, by allowing any private crypto asset as a legal tender, two officials said.
A synthesis paper of the International Monetary Fund and Financial Stability Board highlighted these risks to the G20 nations in September and proposed a minimum threshold for regulation, they said, requesting anonymity.
“The paper doesn’t stop any country from imposing higher restrictions, as stringent as a complete ban,” one of them said. “The government and financial sector regulators, including the Reserve Bank, are seized with the matter.”
Compared to a cryptocurrency, a CBDC is more eco-friendly as energy requirement of a digital currency depends on its underlying technological stack, the other person said. “CBDCs could be based on algorithm-driven processes as against energy-intensive mining of #crypto assets,” he said.
Underscoring the adverse impact of a cryptocurrency on the environment, he said that people mine to create a private cryptocurrency, but no such process is required for CBDC. Either a sovereign or a central bank can issue CBDCs by converting the bank’s existing balances to CBDC balances, he added.
The Reserve Bank has launched a digital rupee that would revolutionise the financial technology sector by creating new opportunities and lessening the burn in handling, printing and logistics management of cash. This is one more instrument to catalyse India’s fast emerging digital economy, he said.
A cryptocurrency is neither a commodity nor has any claim on commodities as they have no intrinsic value. “They are designed to bypass the established and regulated intermediation and control arrangements crucial for ensuring integrity and stability of monetary and financial ecosystem,” the first official said.
“Both #innovation and benefits of virtual money is provided by CBDCs, while ensuring consumer protection and avoiding any threat to social and economic consequences of private virtual currencies,” he said. Due to its inherently cryptic nature, crypto assets are being used for terror funding, money laundering and tax evasion.
Central bank governor Shaktikanta Das recently said a #cryptocurrency is a “serious threat to financial stability” for all countries, especially for emerging economies, which was recognised in the synthesis paper as well.
“Everybody understands and agrees that there are serious risks, and that risk has to be looked at and managed very carefully,” Das said at an event on October 31.
The issue of cryptocurrency has to be dealt with properly, he said. “I have only one question to believers of regulation to ask, how will you regulate it? Whom will you regulate and regulate what? Before you think of regulating it, let us first understand what is this cryptocurrency. Is it a financial product? Is it an asset? If it is an asset, what is the underlying? It is not a tangible thing. What is the definition of cryptocurrency? Till now, I have yet to see a credible definition of what a cryptocurrency is,” he said.
“I have yet to come across what you call any sort of credible explanation of the larger purpose that cryptocurrencies serve. The third point which comes to my mind, and which is very important, what cryptocurrencies will do for international transactions or domestic transactions, whatever you call it in the digital mode, which CBDCs cannot do. The fourth and final point is the basic question. It is a kind of a new currency system developing,” he said.
“Are governments and central banks across the world comfortable with private currency vis-à-vis a fiat currency, a currency issued by a central bank on behalf of the sovereign? These are the four fundamental issues which need to be first understood before we talk of any kind of regulation, and these are very well recognised by the IMF-FSB Synthesis Paper,” he added.
The leadership of the G20 has welcomed the synthesis paper because it is a good beginning to understand what the risks are and possible ways to deal with them. “We are not trying to stifle innovation. All innovation, which is in the overall public interest, must be supported and promoted. We are not against innovation, but innovation should serve a public purpose,” Das said.

The US Securities and Exchange Commission (SEC) has announced that it will take approximately four months to review Coinbase's rulemaking petition. The popular cryptocurrency exchange submitted the petition in an effort to provide more regulatory clarity and guidance for the digital asset industry.

Coinbase's rulemaking petition seeks to establish a clear regulatory framework for cryptocurrency exchanges and address key concerns regarding investor protection, market integrity, and transparency. The SEC's decision on this petition is highly anticipated by the crypto community, as it could have significant implications for the industry's future development and growth.

The SEC's four-month timeline reflects the thorough evaluation and consideration required to assess the complexities surrounding the #regulation of cryptocurrencies. The commission will examine various factors, including legal implications, market dynamics, and potential risks and benefits associated with the proposed regulatory framework.

While the crypto industry eagerly awaits the SEC's decision, it is important to recognize the significance of establishing clear regulations. A well-defined regulatory framework can foster innovation, attract institutional investors, and instill confidence among market participants. It also provides a level playing field for businesses operating in the cryptocurrency space.

Coinbase's rulemaking petition is an important step towards bringing greater clarity and certainty to the regulatory landscape. It highlights the need for comprehensive and balanced regulations that strike the right balance between fostering innovation and protecting investors' interests.

As the SEC undertakes the review process, it is #crucial for industry #stakeholders to engage in constructive dialogue and provide input to help shape the regulatory framework. Collaboration between regulators, businesses, and industry participants is key to developing effective regulations that facilitate responsible #growth and #innovation in the crypto space.

While the four-month timeline may seem lengthy, it is a necessary period for the SEC to thoroughly evaluate Coinbase's petition and its potential implications. Investors and market participants should remain patient and continue to monitor developments in the regulatory landscape.

In conclusion, the US SEC's review of Coinbase's rulemaking petition signifies an important step in shaping the regulatory framework for the cryptocurrency industry. The commission's decision, expected within four months, will have far-reaching implications for market participants. Establishing clear regulations is crucial for fostering innovation, protecting investors, and promoting responsible growth in the crypto space.