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The state of cryptocurrency gaming in 2024: Highlighting major developments
In 2024, blockchain technology, cryptocurrencies, and gaming have had many successes. There have been innovations introducing new kinds of gameplay attractive to gaming aficionados and those interested in the blockchain, alike. From immersive game economies to intricate decentralised worlds, cryptocurrency gaming is advancing, changing the way we experience and enjoy digital entertainment. The year’s improvements all point in one direction: giving people a richer gaming experience, and bringing more great technology to the sector.
Improving blockchain-powered gaming ecosystems:
Transformations are well underway in the scope and complexity of blockchain-powered gaming ecosystems. That doesn’t mean the same games with the addition of cryptocurrency rewards; games become richly-detailed landscapes where people move, socialise, trade, and earn rewards from in-game events.
Unlike older games, in which rewards were virtual and temporary, advanced tokenomics’ integration means players earn unique items, tradeable assets, and tokens that carry real-world value. Based on openness, fairness, and user autonomy in the ecosystem, blockchain technology enables decentralised ownership and trading. Here, players are in charge of their own assets.
The introduction of non-fungible tokens (NFTs) has brought a new definition of digital ownership. Players can own unique items or characters that are the product of the game’s ecosystem, but that can be traded with others, or carried into different games. In virtual spaces where gaming and digital finance blend, this is a principal allure – attracting newcomers to gaming as well as old hands experienced in cryptocurrencies. Read More
A Bitcoin Reserve Act may end crypto’s 4-year boom-bust cycle
The Bitcoin Reserve Act could break the Halving cycle. Is this four year cycle going to play out differently, will we enter the mythical Supercycle?
With speculation mounting that incoming President Donald Trump may sign an executive order declaring a Bitcoin Reserve on day one, or pass legislation to establish a Reserve during his term, many wonder if the move could lead to a crypto supercycle.
Since Wyoming Senator Cynthia Lummis introduced the Bitcoin Reserve Act earlier this year, states like Texas and Pennsylvania have filed similar proposals. Russia, Thailand and Germany are reportedly considering proposals of their own, further ramping up pressure.
If governments are competing to secure their own stockpiles of Bitcoin, would we say goodbye to the four-year boom-bust cycle in crypto prices that many attribute to Bitcoin’s halving?
Iliya Kalchev, dispatch analyst from crypto lender Nexo, believes “the Bitcoin Reserve Act could be a landmark moment for Bitcoin signaling its “recognition as a legitimate global financial instrument.”
“Every Bitcoin cycle has a narrative trying to push the idea that ‘this one is different.' The conditions have never been so ideal. Crypto has never had a pro-crypto US President who controls the Senate and the Congress.” Read More
What is a seed phrase, and why is it important?
A seed phrase (also known as a wallet recovery phrase, mnemonic phrase or cryptocurrency seed phrase) is a series of 12 to 24 words generated by your cryptocurrency wallet.
Why is the seed phrase important? These words are used to derive your private keys, allowing access to your cryptocurrency holdings. The importance of a seed phrase cannot be overstated — it is essentially the key to your digital fortune.
In simple terms, a seed phrase is a human-readable backup of your private keys, the cryptographic keys controlling your wallet and its contents. If you lose access to your wallet — whether through a lost device or forgotten password — you can recover your crypto wallet by entering your seed phrase into a compatible wallet app. Regaining access is almost impossible without it, and you risk losing your funds.
For example, in 2013, James Howells threw away a hard drive containing the private keys to his Bitcoin wallet. The wallet held about 8,000 Bitcoin, worth $859.7 million as of Dec. 16. Without his Bitcoin seed phrase, he could not recover his assets, which were lost in a landfill. This underscores why it’s critical to secure your seed phrase.
A brief history of seed phrases:
Hierarchical deterministic (HD) wallets introduced the concept of seed phrases in 2012. Before that, wallets weren’t very user-friendly and managing private keys was a bit of a hassle.
HD wallets made generating and backing up your private keys easier by introducing seed phrases. Since then, the seed phrase has become integral to the cryptocurrency world. Read More
Dave Stewart: Live events are key to Web3 music loyalty
SongBits, the platform from Eurythmics’ Dave Stewart, is driving Web3 music forward with live events spotlighting new voices, supporting charity and shaping the industry’s future.
The music industry has long been a fertile ground for innovation, implementing new technologies not only to create music, but also to transform the way listeners engage with it.
In recent years, the industry’s legacy of innovation has continued, but as a testing ground for Web3 technologies. From blockchain-based royalties to non-fungible tokens (NFTs), startups have raced to redefine how fans connect with artists they love and how artists maximize their platforms.
This is not a fading trope either — Web3 tools being integrated into the music-making and sharing process is still a bright future for many budding artists.
Yet, as digital ecosystems evolve, one timeless truth remains: the magic of live music.
According to Dave Stewart, a musician known for his role in the duo The Eurythmics and co-founder of SongBits, live events could be the linchpin that bridges the gap between Web3 innovation and meaningful fan engagement. Read More
Exploring The IndoEx Cryptocurrency Exchange The First Trading Platform To List The Markethive Token - Hivecoin
The IndoEx exchange aims to cater to a broad spectrum of investors, including newcomers, seasoned traders, and institutional investors, rather than focusing on a specific target audience like most crypto trading platforms. The platform's primary objective is to offer a robust and efficient infrastructure that enables seamless and rapid transactions of crypto assets.
As the IndoEx trading platform is the first crypto exchange to list Hivecoin, this article delves deeper into the platform, exploring it further to bring awareness to the Markethive community. Since its establishment in 2019, IndoEx has gained prominence in the alternative cryptocurrency trading sector due to its reasonable commissions, secure wallets, high trading volume, and fast transactions.
The trading platform, with offices in the United Kingdom and Estonia, provides close to 300 trading pairs, can be used in 150 different countries, and supports a range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Ripple (XRP), as well as notable alternative coins like DASH, Chainlink (LINK), and Solana (SOL). Furthermore, it accommodates less mainstream coins and tokens like NEO, Cardano (ADA), and EOS, amounting to 180 cryptocurrencies. Users can exchange these coins for traditional currency or trade them with one another.
The platform provides users exclusive access to newly launched tokens through airdrops, giving them a head start in discovering and acquiring new tokens with the potential for long-term growth. Beyond trading, users can also benefit from receiving free tokens that may significantly impact the global market. Furthermore, the platform hosts trading contests and an initial coin offering (ICO) launchpad, offering crypto enthusiasts a comprehensive suite of features. Read More
Don't be afraid of quantum computers
Blockchain technology has a clear path to quantum-resistant security. Quantum computing challenges cryptography, but zero-knowledge proofs offer a solution.
The arrival of Google’s quantum chip, Willow, presents excellent opportunities, and a serious threat to the technology industry. Almost everything that uses cryptography, from identity-based services to online payments, could break upon the arrival of quantum computers.
Still, I am not afraid, and you shouldn’t be either.
Quantum computing uses quantum physics to solve specific problems much faster than regular computers. With Willow, Google has made a significant breakthrough in this space. Willow will perform operations in a few minutes that take today’s computers almost an eternity. This development may create challenges for any platform or service using cryptography — including blockchain technology — as it moves quantum computers closer to being able to break cryptographic algorithms that regular supercomputers simply cannot.
Predictably, much of the discussion has focused on the potential risks to cryptocurrencies. While quantum computing may widely affect all of our technology, it poses an exciting challenge to a field built on cryptography, as its name suggests. Read More
FedEx: How blockchain and Web3 are shaping the paperless future of global supply chains
FedEx’s blockchain experience began in 2017, with Chrystie leading the company’s initial use of the technology. By 2018, FedEx executives were publicly claiming blockchain’s revolutionary potential.
Chrystie recalls a key moment, explaining: “Our chairman, Fred Smith, said at ConsenSys in New York City that ‘if you’re not operating at the edge of innovation, you need to be prepared to be commoditised or to potentially become extinct.’ Those are pretty strong words, but they reflect the bold vision we had at the time – and still have today.”
Chrystie summarises blockchain with a straightforward definition: “Blockchain is a digital ledger that is permanent, transparent, and shared. It’s like double-entry accounting, but digital. It’s permanent because of cryptography, transparent because transactions are visible to both parties, and shared because it exists in the cloud.”
This clarity is critical, as blockchain’s complexity has frequently prevented widespread understanding. Chrystie believes that simplifying its concept will help the technology gain widespread acceptance. Read More
Lack of proper indexing is throttling DApp speeds — Pangea CEO
Users typically leave an application that does not respond within three seconds, and Web3 apps can have load times of up to 20 seconds.
Decentralized applications (DApps), also known as Web3 applications, tend to be slower than their Web2 counterparts because they have to organize blockchain data from multiple sources.
Maxim Legg, CEO of Pangea — a decentralized data indexing solution — told Cointelegraph that data indexing will fix the speed bottleneck for Web3 applications.
Legg said data from RPC nodes, smart contracts, and other blockchain infrastructure can be hundreds of terabytes on high-throughput chains. Indexing is the process of organizing this raw blockchain data in a way that it can be effectively recalled later. The CEO told Cointelegraph:
"This is not something you want your developers to be dealing with. This is a real infrastructure problem. It can be solved once. It does not need to be solved individually by every single DApp developer."
Unfortunately, many Web3 developers are forced to build in-house indexing solutions, which are inefficient, overly complex, and time-consuming to develop, Legg said. Read More
Blockchain broadens music royalty access on Audius with ICE deal
A new multi-territory licensing agreement between Audius and ICE opens up royalty opportunities for over 330,000 music rights holders.
Decentralized music community and discovery platform Audius has enabled more than 330,000 music rights owners on its platform, including artists and songwriters, to earn royalties from a broader territorial footprint via an International Copyright Enterprise (ICE) partnership.
Audius announced its partnership with the ICE on Dec. 19 in a multi-territory licensing agreement.
The landmark deal provides over 330,000 rights holders with a direct pathway to receive royalties for the use of their music on Audius, which spans territories that include sub-Saharan Africa and the Asia Pacific.
A new era for music rights:
The partnership reflects a shared vision of leveraging emerging technology to empower creators.
Audius chief business officer Shamal Ranasinghe commented on the development:
“ICE is one of the most forward-thinking technology players in royalty collection and distribution. Establishing an agreement with them ensures that thousands of artists, songwriters, and other rights holders around the world can begin earning royalties via Audius’ global music marketplace.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
