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What is Worldcoin’s Orb, and how does it protect your personal data?
Worldcoin’s Orb is a biometric scanning device designed to verify individuals’ identities through their unique iris patterns and create a universal identity system.
Shaped like a chrome sphere about the size of a bowling ball, the Orb plays a critical role in the Worldcoin ecosystem by helping users register their digital identity. By scanning the iris, the Orb ensures that each registered ID corresponds to a real, unique person and not artificial intelligence or a bot.
Orb employs a combination of camera sensors and machine learning models to analyze both facial and iris features. Worldcoin does not use your iris to identify who you are; instead, it simply confirms that you are unique and do not already exist in the system.
Worldcoin’s Orb is more than just a biometric device; it’s a key component in the Worldcoin ecosystem. By facilitating identity verification through iris scans, the Orb creates a bridge between users and their digital identities, connecting them to World ID, a unique identifier that enables individuals to access various services and participate in the Worldcoin network. Read More
Crypto Enthusiasts Targeted in Multi-Vector Malware Attack Disguised As Python-Based Trading Tool: Report
Malware disguised as a Python-based trading bot has reportedly targeted crypto traders in a multi-vector supply chain attack.
According to a new blog post by cloud-based cybersecurity firm Checkmarx, crypto enthusiasts have been targeted by advanced malware cloaked as a suite of artificial intelligence (AI)-based crypto trading tools that aim to steal sensitive data and drain crypto wallets.
Checkmarx says the malware was distributed through code-sharing platform GitHub and PyPi (Python Package Index), a centralized location for Python packages, and targeted both Windows and Mac operating systems.
According to Checkmarx, the malware utilized deceptive graphical user interface to distract victims and a multi-stage infection process that led victims to a fake website.
“The CryptoAITools malware employs a sophisticated multi-stage infection process, leveraging a fake website to deliver its secondary payloads…
A unique aspect of this attack, compared to many malicious packages we have seen in the past, is that the CryptoAITools malware incorporates a graphical user interface (GUI) as a key component of its social engineering strategy.
This GUI appears the moment the second-stage malware is activated and presents itself as an ‘AI Bot Starter’ application. It is designed to distract users and collect sensitive information while the malware operates covertly.” Read More
Contemporary Interoperability Protocols – The Achilles’ Heel of a Modular Future
Interoperability protocols are hailed as the key to unleashing limitless potential for DApps (decentralized applications) and DeFi (decentralized finance), paving the way for further industry innovation.
These protocols promise to shape the future of multi-chain solutions and revolutionize how we interact with DApps.
Once all chains are connected with fast and secure interoperability, multi-chain Web 3.0 DApps can deliver user experiences as good as or better than Web 2.0 incumbents.
But there’s a catch. While interoperability protocols offer big benefits for modular stacks, their interconnectedness can also create substantial challenges.
The complexity of integrating and managing multiple layers across diverse blockchain networks is challenging for developers. Read More
Crypto surges in Eastern Europe: DeFi drives 33% of transactions
Eastern Europe has become the fourth-largest cryptocurrency market in the world, accounting for over 11% of the total crypto value received worldwide.
Decentralized finance-related activity is increasing in Eastern Europe, showcasing continued cryptocurrency adoption, according to the onchain analytics platform Chainalysis.
Eastern Europe received over $499 billion worth of cryptocurrency between July 2023 and June 2024.
Decentralized finance (DeFi) activity accounted for a third of the region’s crypto value flow, totaling more than $165 billion, according to the Oct. 30 Chainalysis crypto adoption report.
The Eastern European region has grown to become the fourth-largest cryptocurrency market in the world. The region’s $499 billion accounted for more than 11% of the total crypto value received worldwide.
The report suggests that increased retail adoption of cryptocurrencies across Eastern Europe may bring new capital into the crypto space. Read More
The Top Five Cryptocurrency Exchanges by Trading Volume And Its Significance
The world's financial landscape is undergoing a profound transformation driven by innovative approaches to economic exchange. This shift is influenced by technological progress worldwide and impacts various aspects of society. The traditional boundaries of finance have been erased, as transactions are no longer limited by physical presence or geographical constraints. The nature of commerce has also undergone a significant shift, with the rise of digital assets and the increasing popularity of buying and selling liquid assets that exist solely in the digital realm.
Cryptocurrency is a popular digital asset that is increasingly used for transactions and debt settlement on a global scale. Given the rapid advancements in the crypto industry and the growing government interest, cryptocurrency is anticipated to replace traditional fiat currencies eventually. In addition to serving as a form of payment, crypto tokens can also be exchanged with one another.
The emergence of cryptocurrency trading has given rise to a specialized market that operates through online exchanges. These exchanges facilitate the buying and selling to engage in transactions within the cryptocurrency space. Without these platforms, it would be highly challenging for individuals to participate in the market, highlighting their crucial role in modern finance.
These exchanges, which play a vital role in the cryptocurrency market, can be centralized, decentralized, regulated, or deregulated. A key metric for evaluating their importance is the total trading volume of transactions executed on these platforms over a specific timeframe. Essentially, trading volume gauges the level of market activity, revealing the number of participants engaged in buying and selling and their willingness to take risks on price fluctuations. Read More
DePIN aims to level the playing field for startups and consumers: Recap of AMA with U2U Network
The expanding need for bandwidth-intensive apps places pressure on the existing internet infrastructure. DePIN projects like U2U Network propose a solution by allowing users to share bandwidth, resulting in a more robust, decentralized internet.
“We first learned about projects like Filecoin in 2017, but the real interest started two years ago,“ said Chloe Phung, co-CEO of U2U Network, during a recent AMA with Cointelegraph. “There are existing Web2 companies looking to transition to Web3, as well as new companies emerging in the space. However, achieving growth is challenging and requires more than just a group of contributors. You need real demand for the decentralized resources you offer, whether it’s VPN, GPU or storage.“
Backed by KuCoin Ventures, Chain Capital, JDI and IDG Blockchain, U2U Network also aims to target several key areas. The EVM-compatible layer-1 platform, designed to support DePIN, features a variety of projects in the U2U chain, with U2DPN and a GPU-focused project as the flagship ones.
U2DPN, a decentralized VPN using U2U Network’s subnet technology, addresses key challenges faced by modern enterprises. Traditional VPNs, while providing advanced features, often suffer from security vulnerabilities, increased costs, and the risk of personal data exposure due to centralized servers and non-genuine IP addresses. U2DPN’s goal is to provide a secure and cost-effective solution using a distributed peer-to-peer network that emphasizes user privacy. Read More
Mainstream musicians pile into Web3 to revolutionize artist rights with blockchain
Prominent artists, including Imogen Heap and Deadmau5, join KOR Protocol in shaking up the music industry, using blockchain to challenge streaming giants and put power back in artists’ hands.
The Web3 music scene just got a little bigger after several major mainstream artists joined the advisory board of the KOR Protocol, an innovative Web3 project aiming to change how artists manage and profit from their work.
On Oct. 31, the network announced that Grammy Award-winning artist Imogen Heap, electronic music giants Deadmau5 and Richie Hawtin, chart-topping duo Disclosure, and the immersive multimedia collective Transmoderna have all joined forces as advisers for KOR Protocol.
The streaming dilemma:
Despite the music industry’s steady revenue growth — up to $28.6 billion in 2023 — independent artists, who make up a significant portion of the industry, still struggle to turn a profit.
A survey by Xposure Music reveals that only 11% of independent musicians earn a living solely from their music, with low payout rates and hefty cuts taken by streaming platforms and record labels being a major gripe from artists across genres.
KOR Protocol aims to disrupt this system by offering a decentralized platform powered by blockchain technology and artificial intelligence. Read More
Telegram Crypto Game 'W-Coin' Reveals Long-Awaited Airdrop Details
Tap-to-earn Telegram game W-Coin has revealed that its token will launch in December, with 70% of the supply allocated to players.
Telegram game W-Coin has announced that its token launch on The Open Network (TON) is set for December, as an airdrop follows closely. However, the team won’t be receiving any tokens.
W-Coin’s anticipated token launch comes after some of the biggest games of the tap-to-earn craze debuted their tokens over the last few weeks, with Hamster Kombat and X Empire both holding their airdrops. After waiting out the hype cycle, the developers of W-Coin say they’re gearing up to roll out their own token.
On Thursday, W-Coin announced via Telegram that 70% of its token supply will be allocated to ‘mates,’ the name it has given players. The remaining 30% will be allocated to support project growth and centralized exchange listings as well as pay for marketing and future initiatives.
Notably, the post claims, there is no token allocation for the team. Read More
Ethereum is like ‘Amazon in the 1990s’ — 21Shares
“Just as Amazon evolved beyond books to redefine entire industries, Ethereum may surprise us with revolutionary use cases that we can't fully envision today,” a 21Shares executive said.
Wall Street investors are still largely unaware of Ethereum’s potential, similar to Amazon in the early 1990s before it became a $2 trillion tech giant, according to a research analyst at crypto asset manager 21Shares.
Spot Ether exchange-traded funds launched in July but have seen relatively small inflows compared with spot Bitcoin ETFs.
Leena ElDeeb, Research Analyst at 21Shares, told Cointelegraph that large inflows into ETH ETFs will happen only when Ethereum’s potential is understood.
Ethereum is “complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases,” Eldeeb said.
While Amazon started as an online bookstore, “few could have predicted that it would transform into a global e-commerce and cloud computing giant, reshaping how we shop and use digital services,” added Federico Brokate, vice president and head of the US business unit at 21Shares.
Similarly, Ethereum began in 2015 as a platform supporting basic smart contracts and now supports over $140 billion worth of decentralized finance applications.
“Just as Amazon evolved beyond books to redefine entire industries, Ethereum may also surprise us with revolutionary use cases that we can’t fully envision today.” 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
