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Top Solana (SOL) NFT Marketplace Announces Extension to Ethereum (ETH) Layer-2 Solution Polygon (MATIC)
The largest marketplace for non-fungible tokens (NFTs) on the Solana (SOL) blockchain says it is integrating with blockchain scaling solution Polygon (MATIC).
Magic Eden says it is adding Polygon as its third supported chain after Solana and Ethereum (ETH) in a bid to become a multi-chain platform and bring more global brands and users into the NFT space.
“Today, we’re continuing our multi-chain vision by adding Polygon as our 3rd chain! We can’t wait to partner with world-class game developers, creators, & everyday brands joining web3.”
In a statement, Magic Eden says it anticipates being the go-to destination for NFT creators and collectors as it aims to become a multi-chain platform.
“In the long run, people will flock to Magic Eden not because of a specific chain, but simply because they love NFTs. Our conviction remains that one day, sooner than we think, NFT traders will be chain agnostic.” Read More
NFT Real-Life Use Cases
NFTs establish digital scarcity and unique, provable identifiers. They indicate which digital asset is the original—like a certified painting in a room full of duplicate prints.
An NFT, also known as a non-fungible token, is a unique type of blockchain token by design. Unlike fungible tokens such as BTC, ETH, or SOL, each NFT is individual and has no identical token.
Thus, NFTs can be used to prove the individuality or uniqueness of something—and typically have associated metadata tied to it, such as an image, video file, or document. NFTs can prove ownership over a digital or physical asset depending on the issuer and the associated metadata.
NFTs on Ethereum are also known as ERC-721 tokens, but NFTs also exist on other blockchains like Solana, Avalanche, Cardano, and Tezos in different formats. Read More
Polkadot incentivizes its community to fight scams through an “anti-scam bounty”
Polkadot said it rewards community members in a consistent manner with bounties paid in DOT.
Polkadot, a protocol that connects blockchains, has announced its latest initiative to help its ecosystem fight scams.
According to the company, relying on security-minded individuals within its community to fight scams has proven to be an effective method of safeguarding its ecosystem. To incentivize the members of its community to continue to do the work, Polkadot consistently rewards them with bounties paid in DOT.
Polkadot shared that its bounty is currently managed by the general curators, which for now, consists of three community members and two people from the W3F Anti-Scam department. However, in the long term, Polkadot hopes that the bounty will be eventually managed exclusively by the community.
As part of the community-led anti-scam initiative, community members are tasked with finding and taking down scam sites, fake social media profiles and phishing apps, as well as protecting its Discord servers from raids. Additionally, the community will create educational materials for users as well as an Anti-Scam Dashboard to act as the central hub for all anti-scam activities in its ecosystem.
Overall, the initiative encourages participating members to come up with ideas for expanding anti-scam activities to other areas. By decentralizing its anti-scam efforts, the Web3 Foundation and Parity have shifted their decision-making process to the community. Read More
Leading Cardano stablecoin project shuts down after excruciating launch delays
Ardana developers claimed back in January that “almost all of the product/smart contract development is finished.”
On Nov. 24, Ardana, a leading decentralized finance (DeFi) and stablecoin ecosystem building on Cardano, abruptly halted development, citing “funding and project timeline uncertainty.” The project will remain open-source for builders while treasury balances and remaining funds will be held by Ardana Labs “until another competent dev team in the community comes forward to continue our work:”
“Development on Cardano has been difficult with alot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.”
The move came as a shock to many due to the sudden nature of the announcement. However, it appears that issues were already present for some time. Beginning July 4, Ardana has held an ongoing initial stake pool offering, or ISPO, to fund its operations. Unlike traditional fundraising mechanisms, developers do not receive Cardano delegated by users, but instead, the staking rewards. Users are incentivized to keep delegating by receiving the native DANA tokens as a reward.
Unfortunately, a simultaneous collapse of the price of DANA and ADA, as well as declining Cardano staking yields from the ongoing crypto winter, has caused issues for ISPO issuers. Over the past year, Ardana’s native DANA tokens have lost close to 99.85% of their value. Read More
REFER THREE TO MARKETHIVE TO RECEIVE BONUS AIRDROPS AND ACTIVATE MICROPAYMENTS
As Markethive continues to gain traction with new members joining daily, Markethive is steadfast and in preparation to take a large share of the new Market Network that is the next generation following the social media craze of Web 2.0. Markethive is a Social Market Broadcasting Network. It sounds like a mouthful, and it is!
Markethive is an all-encompassing platform that has integrated;
As Markethive’s foundation is Blockchain-driven, it has its consumer coin, currently named Markethive Coin (MHV), but soon to be renamed Hivecoin (HVC - the Ticker Symbol). It is fully integrated into the system and has created an Ecosystem for all Markethive members, free and upgraded Entrepreneurs.
So Markethive has established its niche as the only Social Market Broadcasting Network with an infinity Airdrop and a system that rewards the users for engaging on the platform and learning how to use it with ongoing, real-time micropayments, otherwise known as a Faucet.
Markethive has the combined power of Facebook, LinkedIn, Marketo, and Amazon, with the real advantage of deriving income within the Markethive system while promoting your business and enjoying the social media interface. Read More
Separating Web3 facts from fiction: Report
Web3 promises plenty of lofty goals and ideas, but what is it really, and are we close to achieving the dream?
The term Web3 is often used as shorthand to discuss the new phase of the internet. It describes leaving the era of centralized social media and massive e-commerce platforms and arriving at a utopia of user-controlled data. Web3, in a colloquial sense, is simply an umbrella marketing term that means anything crypto-adjacent.
To offer clarity on this topic, the Cointelegraph Research team has released a new report detailing the nature of the real Web3. These key insights are invaluable for investors to understand to separate facts from fundamental misconceptions.
The blockchain web and the decentralized web:
Cointelegraph Research’s “Web3: Marketing Buzz or Tech Revolution?” makes a clear distinction between the “blockchain web,” which is the integration of blockchain technology into the web, and the decentralized, permissionless and trustless alternative of the internet, known as the “decentralized web.”
The blockchain web has fostered the growth of the ecosystems of nonfungible tokens, decentralized autonomous organizations (DAOs) and GameFi that veterans of the cryptoverse will be aware of. Ideally, these ecosystems lack a central authority, and value is derived from the creation of scarce digital assets. The report unpacks how, using blockchain technology, these ecosystems can spill over into the real world and bring new efficiencies to traditional industries. Read More
MetaMask will start collecting user IP addresses
The popular browser wallet has over 21 million monthly active users.
According to a revised privacy policy agreement published by ConsenSys on Nov. 23, MetaMask will begin collecting users’ IP addresses and Ethereum wallet addresses during on-chain transactions.
However, ConsenSys, the wallet’s creator, explains that the collection of users’ data will only apply if they use MetaMask’s default Remote Procedure Call (RPC) application, Infura. Individuals using their own Ethereum node or a third-party RPC provider with MetaMask are therefore not subject to the newly updated ConsenSys privacy policy. Instead, the terms of the other RPC provider apply.
According to ConsenSys, information gathered in this manner may be disclosed to affiliates, during business deals, or to comply with Know Your Customer and Anti-Money Laundering requirements dictated by law enforcement. MetaMask is currently one of the most popular self-custody wallets on the market with more than 21 million monthly active users.
The reaction within the crypto community has been mostly negative. For example, Adam Cochran, partner at Cinneamhain Ventures, stated:
“There is nothing more important than consumer privacy, especially when it comes to your financial data — you have a right to be anonymous. Metamask has provided a great free service for a long time, but their decision to log IPs and tie it to transactions is unacceptable.” Read More
How does the FTX collapse affect Dubai’s crypto ecosystem?
CoinMENA CEO Talal Tabbaa believes that the FTX collapse will not change the vision of the UAE to become a global crypto hub.
With the FTX contagion affecting various sectors of the global crypto ecosystem, Dubai-based industry leaders commented on how the debacle will affect the budding crypto hub within the United Arab Emirates (UAE).
From stricter regulations to better projects leading the way, various professionals gave their perspectives on how Dubai and the UAE’s crypto landscape will be affected by the collapse of the FTX exchange.
Kokila Alagh, the founder and CEO of KARM Legal Consultants, believes that the FTX collapse will lead to more scrutiny and diligence before projects are approved within Dubai’s licensing process. She explained:
“With the misuse of funds or limited disclosures by FTX, these licensing authorities now need to deep dive into the technology. Mere financial documents submission won’t be enough, continuous and a real-time monitoring of these platforms might be one of the ways forward.”
Alagh also told Cointelegraph that the FTX collapse may lead to better projects taking the lead within the space. “Any major setback in a growing sector makes way for stronger projects to lead and clear the projects which do not have a strong foundation,” she added. Read More
StarkNet makes Cairo 1.0 open source in first step toward community control
StarkNet has prioritized scalability over composability and transparency. But it’s now working on making its tech open-source.
Zero-knowledge (ZK)-Rollup tech company StarkWare has officially open-sourced its new programming language compiler, Cairo 1.0, which will soon be supported on Ethereum layer-2 scaling solution StarkNet in Q1 2023.
The news was announced by StarkWare — the company behind StarkNet — in a Nov. 25 Twitter post. StarkWare’s roll-up technology and recursive proofs offer the potential to compress millions of transactions on L2 into a single transaction on Ethereum. However, the project has been criticized for maintaining control over its IP, not least of all by its more open source-focused competitor zkSync.
StarkWare described open-sourcing Cairo as a “milestone move” in its quest to hand over more control and intellectual property rights to its community and developers. Cairo is a programming language written specifically to harness the power of zk-Rollups and validity proofs.
StarkWare stated that developers can now experiment with Cairo 1.0 by compiling and executing simple applications until it is fully supported on StarkNet in Q1 2023. 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.
