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Vitalik Buterin proposes metrics to measure ‘Ethereum alignment’
Ethereum-based projects should have metrics to help ensure they are collectively “building something that feels like one Ethereum ecosystem.”
Ethereum co-founder Vitalik Buterin has proposed putting together a set of metrics to measure how “aligned” projects are with Ethereum’s values.
In his latest blog post on Sept. 28, Buterin said achieving “Ethereum alignment” is one of the most important social challenges in the Ethereum ecosystem.
Still, he acknowledged that it’s a tough task, given the vast array of client teams, application developers, researchers and local communities — each trying to contribute to Ethereum in a unique way.
“The primary challenge is making sure that all these projects are, collectively, building something that feels like one Ethereum ecosystem, and not 138 incompatible fiefdoms.”
Buterin said there are already several “starting points,” such as how open source a project is.
He said that while “open source” means code can be inspected for security purposes, it also reduces the risk of proprietary lock-in and allows third parties to make improvements. Read More
Crypto wallet drainer was on Google Play for months, stole $70K: Report
The malicious wallet-draining app marked “the first time drainers exclusively targeted mobile users,” Check Point Research said.
IT security firm Check Point Research has uncovered a crypto wallet drainer on the Google Play store that used “advanced evasion techniques” to steal more than $70,000 in five months.
The malicious app disguised itself as the WalletConnect protocol, a well-known app in the crypto space that can link a variety of crypto wallets to decentralized finance (DeFi) applications.
The security company said in a Sept. 26 blog post that it marked “the first time drainers exclusively targeted mobile users.”
It added: “Fake reviews and consistent branding helped the app achieve over 10,000 downloads by ranking high in search results.”
More than 150 users were scammed out of about $70,000. Not all app users were affected, as some either didn’t connect a wallet or recognized it was a scam. Others “may not have met the malware’s specific targeting criteria,” Check Point Research said. Read More
Why DePIN Could Solve Some of Tech's Biggest Issues
Blockchain meets the real world: Why DePIN proponents say that it's not just another crypto buzzword, but a potentially revolutionary shift.
Decentralized physical infrastructure networks (DePINs) have emerged as a critical part of the blockchain industry, offering solutions that could disrupt traditional infrastructure models in data storage, computing power, and connectivity.
The momentum behind DePIN is impossible to ignore, according to a recent Messari report that puts the category’s market cap at $20 billion. DePIN projects—which are built on blockchains and incentivize decentralized networks of contributors—have seen investment from top venture capital firms, too, including Andreessen Horowitz, Pantera Capital, and Binance Labs.
DePIN projects are making strides in onboarding contributors to support their decentralized networks. For instance, IoTeX has over 100,000 devices connected to its network. And Akash Network, which is focused on decentralized cloud computing, boasts more than 50,000 contributors providing compute resources to its platform.
The potential for DePIN to transform markets like the internet of things (IoT) is substantial. With the IoT market projected to hit $500 billion in the coming years, according to McKinsey, DePIN likewise appears primed for growth. Read More
Ethereum Staking Yields Could Outpace US Rates, Boosting Prices Experts Say
A “double-whammy effect” is expected to narrow the gap between ETH staking returns and traditional risk-free rates in the coming quarters.
Ethereum staking returns are expected to exceed U.S. interest rates in the coming year, a shift that could bolster Ethereum’s price as investors seek higher yields, experts say.
Driven by falling rates and rising transaction fees on the Ethereum network, shifting market dynamics are expected to narrow the gap between Ethereum staking returns and traditional risk-free rates in the coming quarters.
The spread between Ethereum’s Composite Staking Rate and the Effective Federal Funds Rate has remained negative since mid-2023.
However, two key factors could push the spread into positive territory by mid-2025, creating a “double-whammy effect,” according to crypto trading and institutional brokerage outfit FalconX. Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
Smart contract blockchains will become less cypherpunk, says VC boss
Jesse Walden, managing partner at Variant Fund, says the original cypherpunk values that influenced early blockchains could fade over time.
The original “cypherpunk” values that inspired the first smart contract platforms will likely phase out over the next 10 years as institutional adoption forces them to become optimized for speed and compliance, says Jesse Walden, the managing partner of Variant Fund.
In a Sept. 30 blog post, Walden explained how the first decade of blockchain development was inspired by Bitcoin’s original cypherpunk values: “censorship resistance, open source, permissionlessness, and a new glimmer of building a democratic [and] equitable internet on top of a shared world computer.”
Now, smart contract platforms are more heavily driven by the values of “performance, cost, profitability,” and legal compliance over the more noble ideals of the past.
Walden notes that many of the most popular use cases for smart contract platforms — stablecoins, real-world asset (RWA) tokenization, or decentralized physical infrastructure networks (DePIN) — no longer need to be decentralized or permissionless.
Instead, they only need to utilize the decentralization of the underlying blockchain for “openness, interoperability, and settlement.” Read More
Dutch regulator warns of crypto pump-and-dump risks ahead of MiCA
The Dutch AFM issued warnings about crypto market manipulation, focusing on pump-and-dump schemes ahead of MiCA’s implementation in December.
The Dutch Authority for the Financial Markets (AFM) warned about the risks of cryptocurrency pump-and-dump schemes ahead of upcoming regulation.
According to an official AFM press release, the Markets in Crypto-Assets Regulation (MiCA) will come into effect on Dec. 30.
Under MiCA, market manipulation practices like pump-and-dump schemes will be explicitly prohibited in the European Union.
The AFM will supervise and enforce the new regulations in the Netherlands.
MiCA aims to increase transparency and market integrity in the crypto sector by prohibiting manipulative practices like pump-and-dump schemes.
“The Markets in Crypto-Assets Regulation (MiCAR) is designed to elevate the crypto sector’s maturity and enhance investor protection. However, MiCAR will not eliminate all risks in the crypto sector.” Read More
Telegram Tap-to-Earn Gaming Is Huge. Can It Avoid Play-to-Earn’s Fate?
Tap-to-earn games have taken over the crypto gaming landscape, but cracks are already showing. Can they find sustainable models?
Telegram gaming has been one of crypto’s biggest winners in 2024. Hamster Kombat pulled in 300 million players ahead of this week’s airdrop, and Notcoin launched a token that neared a $3 billion market cap—a screen-tapping game yielding one of the 100 biggest coins on the planet.
All of this revolves around the tap-to-earn mechanic, a simple concept with a growing list of variations and permutations. But has this model truly evolved upon the fraught play-to-earn gaming craze that dominated the last bull cycle before crashing and burning? Or is tap-to-earn doomed to the same eventual fate of mockery and shrugs from the masses?
In 2021, play-to-earn was all the rage with Pokémon-esque monster battler Axie Infinity peaking just shy of 3 million monthly active users. Gamers were required to purchase or borrow three Axie NFTs before they could start playing—a buy-in cost of $600 or more at peak—and then could start winning real crypto tokens by competing.
This model was so popular that people in low-income countries started playing the game as a full-time job. At one point, 40% of the game’s players were from the Philippines. Read More
Tether Aids DOJ in Seizing $6M in Assets Tied to Crypto Scams
Tether, a stablecoin issuer, recently helped the U.S. Department of Justice (DOJ) seize $6 million in digital assets linked to Southeast Asian crypto confidence schemes. These funds were stolen from individuals who fell victim to fraudulent schemes mimicking legitimate digital asset exchanges.
In a blog post, Tether stated that assisting U.S. authorities demonstrates its commitment to protecting the digital asset ecosystem. Paolo Ardoino, Tether’s CEO, emphasized the company’s dedication to eradicating cryptocurrency misuse.
“Tether is committed to supporting law enforcement agencies globally in combating cryptocurrency misuse,” Ardoino said. “We stand ready to collaborate with government agencies and provide necessary tools to ensure bad actors are brought to justice and victims are supported.”
In addition to recovering $6 million, Tether has helped the DOJ seize $9 million in USDT and nearly $5 million in USDT, disrupting pig butchering operations. They also recovered $1.4 million from a tech support scam network. 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
