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How Crypto Could Help Telegram Become the West's First 'Everything App'
A core developer of TON, Telegram’s network of choice, says the app’s red-hot, crypto-backed mini apps are about to get a lot more intricate.
In a matter of months, Telegram-based, crypto-backed mini apps like Notcoin and Hamster Kombat have taken over the world. But one developer building out the blockchain that is closely aligned with Telegram’s crypto endeavors says the messaging app could soon support crypto-backed versions of Uber, Amazon, and almost any other app out there.
“This mini app structure and design is just the beginning,” Dr. Awesome Doge, a pseudonymous core developer of The Open Network (TON) and the founder of TONX, a venture studio for the network, told Decrypt.
The developer of Telegram’s blockchain of choice believes that the incredibly simple first wave of Telegram mini apps showcase only a sliver of the technology’s full potential. Most existing Telegram mini apps—which allow users to earn points that are then convertible to real crypto via token airdrops—involve just pushing a button repeatedly. Read More
Web3 experts cite innovation and PR as key challenges for NFT adoption
Web3 professionals discuss the barriers to broader NFT adoption, including the need for new narratives, improving reputation and simplifying user experiences.
While non-fungible tokens (NFT) may have solidified their position within crypto, Web3 professionals believe that barriers prevent broader asset class adoption.
Web3 executives believe that the lack of new narratives, the reputation problem of the broader Web3 space and the complicated user experience are hindering further mass adoption of NFTs.
Cointelegraph approached professionals working in the space to ask what they think hinders NFTs from broader adoption and what the space could do to overcome these barriers. Read More
New ‘overlay attacks’ are a growing threat to crypto users — security CEO
The attackers are creating fake overlays to trick users into providing login credentials for financial services apps, including potentially for crypto exchanges.
A new type of attack against mobile applications is posing a growing threat to crypto users, according to July 18 statements from Asaf Ashkenazi, CEO of cybersecurity firm Verimatrix.
The new threat is called an “overlay attack.” It works by creating a fake interface on the user’s device. This interface is then used to phish information from the user, including usernames, passwords, and even 2FA codes, Ashkenazi stated. Once this information is obtained, the attacker uses it to submit information in the real interface for a target application.
To carry out an overlay attack, the attacker needs to first convince the user to download an application on their mobile device. Screen overlay exploiters are usually disguised as games or other fun applications. When the user opens the application, it appears to work as intended.
“Whatever game it is, [it] could be even [...] a copy of a popular game, and it will do this functionality” Ashkenazi stated. Because the app works as intended, the user generally doesn’t suspect that it is malicious. Read More
South Korea Enacts First Crypto Investor Protection Law, Bolstering Existing Rules
South Korea's Virtual Asset User Protection Act aims to target unfair trading practices following incidents of bygone years.
The South Korean Financial Services Commission's inaugural law to protect crypto investors came into force on Thursday, as the country attempts to close its regulatory shortcomings related to the industry.
The Virtual Asset User Protection Act aims to target unfair trading practices following incidents of bygone years, including the likes of the Terra-Luna crash and FTX's collapse.
The law's implementation follows recent initiatives by South Korean crypto exchanges to prevent mass delistings ahead of the new regulatory measures.
"The FSC expects that the implementation of the Virtual Asset User Protection Act will establish a foundation to provide safe protection for users," the regulator wrote in a press release. "As it becomes possible to bring severe penalties against those engaging in unfair trading activities, it is also expected to help establish a sound order in the virtual asset market." Read More
2024 Updates On Solana Network, SOL Price Potential, and The Markethive Community Wins
With Bitcoin's record-breaking surge, the crypto community is abuzz with anticipation for the next altcoin to make a significant leap. And all signs are pointing to SOL. Solana has shown remarkable resilience recently and is on the cusp of achieving significant milestones that could trigger a substantial price surge. This growth potential is an exciting prospect for cryptocurrency enthusiasts and investors.
SOL, a native cryptocurrency of the Solana blockchain, holds immense potential. It covers costs on the Solana network through burning and can be deposited as a stake to operate a blockchain node. SOL tokens are not just for trading and peer-to-peer transactions but also as rewards for staking SOL. Since its introduction to the market in March 2020, it has gained significant popularity, being recognized as one of the top ten cryptocurrencies on CoinMarketCap. With a market capitalization of $61.9 billion and 618,596 SOL tokens in circulation, SOL is poised for a promising future.
As valued members of the Markethive community, we've been at the forefront of Solana's journey, given that our own Hivecoin operates on the Solana blockchain. Read More
DeFi Technologies Doubles Bitcoin Treasury Holdings and Adds Solana and Core
The company added Solana and Core to its balance sheet for the first time, calling them “complements” to Bitcoin.
Canadian fintech firm DeFi Technologies (DEFTF) has added another 94.4 Bitcoin (about $6.1 million worth) to its balance sheet, building on its adoption of BTC as its “primary treasury reserve asset” last month.
This marks the firm’s second publicly announced Bitcoin purchase, bringing its total holdings up to 204.34 BTC, worth $13.2 million as of this writing.
What’s more, the company has added altcoins to its digital asset treasury for the first time. It now holds 12,775 Solana (SOL) tokens worth $2.03 million, and 1,484,148 CORE tokens worth $2.12 million.
“While Bitcoin remains a cornerstone of our treasury due to its established status as a store of value and hedge against inflation, other digital assets like Solana and Core offer unique opportunities that complement our investment strategy,” said Curtis Schlaufman, VP of communications at DeFi Technologies, to Decrypt. Read More
Artificial Intelligence Could Make DeFi Compliance Less Messy
The crypto industry has rebounded after a brutal period defined by scams, scandals, massive price declines and continuing gaps in real-world utility.
As the industry stabilizes and innovation once again flourishes, decentralized finance’s (DeFi’s) progress has come to symbolize the growth and maturation of an industry some predicted would evaporate as it sunk deeper into a bear market.
However, as the crypto industry seeks greater legitimacy amid increased ties with the traditional financial world, DeFi’s messy compliance issues will eventually be spotlighted.
Centralized Web 3.0 organizations operating in major markets like the US, UK and EU have a general understanding of what is expected of them to comply with security laws, anti-money laundering and other consumer safeguards.
Due to its unclear status, DeFi doesn’t have the same luxury, which could undermine its acceptance among institutions and the public, effectively halting its growth.
Therefore, the expanding DeFi ecosystem should enact some measures and standards in anticipation and preparation for future regulatory actions. Read More
Here’s When Polygon Will Migrate from MATIC to POL Token
Polygon, the Layer 2 blockchain, will migrate its MATIC token to POL as part of its Polygon 2.0 upgrade.
Polygon will undergo a mainnet upgrade on Sept. 4, 2024, following the community’s approval of the proposal.
This upgrade marks the transition from the native MATIC token to a new one with the ticker POL and introduces fresh smart contracts.
The Migration Process
“Following PIP-42, consensus was reached that Polygon PoS validators must stake POL (the upgrade to MATIC) to earn protocol rewards and transaction fees in POL,” said Polygon Labs in a July 18 blog post.
This means that beginning on September 4, POL will replace MATIC as the native gas and staking token for Polygon’s Proof of Stake (PoS) chain. This transition is a milestone in Polygon’s roadmap, aligning with the broader vision outlined in the “Polygon 2.0” plan introduced last year. Read More
Russia considers cryptocurrency solutions for international payment challenges
Russia is taking official steps toward accepting cryptocurrency as a solution for potential international payment challenges.
The central bank has also called for the crypto payment infrastructure to be developed more quickly, even as the country’s anti-money laundering watchdog warns of possible risks. The Russian parliament is scheduled to vote on new digital asset legislation on July 23.
Why the push for crypto?
Since facing Western sanctions, Russia has encountered significant delays in international transactions with key trading partners, including China, India, the UAE, and Turkey. Local banks, wary of Western regulators, have become increasingly cautious. The proposed legislation aims to allow cryptocurrency use in international payments to keep trade flowing.
Yuri Chekhanchin, head of the money laundering watchdog, explained, “This is a necessity for businesses, especially when dealing with sanctions. Traditional methods don’t always work for accessing international markets.” 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.
