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How to distinguish a good crypto project from a bad one
Here are 10 data points to help you figure out whether a project could be worthy of investment, or should be desperately avoided.
The world of crypto can be a daunting place to adventure in and with the inherent risk of capital, figuring out how to distinguish a good project from a bad one could be the difference between a bumpy ride or a smooth journey.
Here are 10 data points to help you figure out whether a project could be worthy of investment or should be desperately avoided.
Utility — the differentiating factor:
The utility of a crypto project can be the difference between a successful or unsuccessful project tenure. The reason for this is that value-added longevity is a vital part of determining a cryptocurrency’s likelihood of surviving — after all, if there is no value to be had, what is the purpose?
Without a purpose and value, demand can drop, and eventually, the project may cease to exist — especially when times get hard and a bear market hits. Read More
Decentralized exchange GMX votes to use Chainlink low-latency oracles
A Chainlink exec said the oracles will improve GMX’s security by providing a more “strong degree of tamper-resistance when settling user trades.”
Chainlink’s low-latency oracles will integrate with the decentralized exchange (DEX) GMX following a successful governance proposal that sought to provide more “granular” real-time market data to GMX v2.
Voting ended on April 25 at 12:00 am UTC, with over 96% of participating GMX tokenholders voting in favor of the proposal.
The new Chainlink oracles — which were built with the input of GMX core contributors — were brought in to improve upon the functionality of perpetual DEXs and price-sensitive trading on GMX, the author of the proposal explained.
In addition, the low-latency oracles are said to strengthen security, further decentralize the protocol and improve upon the user experience, Johann Eid, the head of integration at Chainlink Labs, said.
While these new oracles utilize the same oracle node operators and data aggregation mechanisms used in existing Chainlink reference feeds, Eid explained that the new oracles extract data at a “higher frequency.”
“The new Chainlink low-latency oracles will utilize the same set of oracle node operators and multi-layered data aggregation mechanism currently deployed in existing Chainlink reference feeds, but operate via a pull-based mechanism to meet the speed requirements of DeFi derivatives.” Read More
Third round of ETH withdrawals sees roughly equal amounts of deposits: Data
Another chunk of ETH has been withdrawn due to Kraken, but deposits going onto the network have almost matched them.
Ethereum staking withdrawals have entered their third “round,” but Ether staking deposits have almost equalled them, according to the data from the analytics platform Nansen.
Ethereum staking withdrawals started ramping up for the third time on April 24 and into April 25. According to Nansen, the crypto exchange Kraken was responsible for a large portion of these withdrawals.
A “round” refers to the number of days taken to process partial withdrawals and rewards. Nansen says it currently takes just under four and a half days.
The last large batch of withdrawals on April 24 was a total of 61,608 ETH in principal and reward withdrawals. However, at the same time, there were 63,009 ETH deposits, reported Nansen.
This has resulted in zero change in the balance of staked ETH over the past 24 hours. Read More
Aptos (APT) Creator Says Gaming, Entertainment and Two Other Industries Will Bring Next Wave of Crypto Adoption
The creator of layer-1 blockchain Aptos (APT) says the project has identified which industries will bring about the next wave of crypto adoption.
In a new interview with Raoul Pal, Mo Shaikh, the co-founder of Aptos, says that gaming, entertainment, social media and finance are the four industries that will ramp up the adoption of digital assets.
Shaikh says that Aptos is focusing on the four sectors as they appear to have benefited the most from the integration of high throughput blockchain technology.
“How do you tell the world ‘Hey, there’s this new technology called the internet, what industries do you think it’s applicable to?’ I mean, all of them?
And so where you start becomes a very interesting problem to solve. Luckily, we’re not the first ones to market. Other blockchains have been out, and so we’ve seen the market validate some use cases.
I think derivatives and decentralized finance (DeFi) has been a great industry to pay attention to, our industry vertical. But we focus our efforts within four categories. The first one is gaming, the second one is social media, third is media and entertainment, and the fourth is finance.” Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single-chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
Top Game-Changing Blockchain Trends That Will Transform Industries in 2023
Blockchain is the ultimate disruptor as it is changing the way we think about everything from finance to healthcare.
Blockchain technology is on the fast track with new innovations, applications and use cases implemented around the world every day. It does beg the question – what does the future hold for blockchain trends?
As businesses and companies are trying to integrate blockchain into their organization, they need to learn more about emerging new trends in this technology.
Here are some of the latest trends that are making a wave in the blockchain world. Read More
Solana Labs’ ChatGPT plugin allows AI to fetch blockchain data
The plugin will allow the AI chatbot to check wallet balances, transfer tokens and purchase NFTs when OpenAI makes plugins more widely available.
Solana users will soon be able to interact with the network through an open-source plugin enabled on OpenAI’s artificial intelligence (AI) chatbot, ChatGPT.
The plugin will allow ChatGPT to check wallet balances, transfer Solana-native tokens and purchase nonfungible tokens when OpenAI makes plugins available, according to an April 25 tweet by Solana Labs, the development firm behind the Solana blockchain.
Solana Labs is also encouraging developers to test using the open-source code to retrieve on-chain data that they may be interested in.
The screenshot shared by Solana Labs shows that ChatGPT can retrieve a list of NFTs owned by a particular Solana address, which shares an attached metadata link to the NFT — presumably sourced from Solana Labs’ block explorer.
Solana Labs did not mention whether the plugin would be launched when OpenAI makes the plugin feature available to all.
The new ChatGPT plugins work by retrieving information from online sources and interacting with third-party websites to respond to commands requested by the user. The feature is currently being rolled out to all users. Read More
Opera integrates generative AI in the latest browser update
The multi-platform web browser Opera announced its forthcoming version, Opera One, will have a plethora of new features, including the in-browser integration of generative AI.
Artificial intelligence (AI) has been making headlines as the technology becomes more pervasive in major industries across the world.
The legacy web browser Opera announced the latest version of its application, Opera One, which will include a new generative AI integration. According to Opera, the in-browser AI feature, known as AI Prompt, will deliver users “contextual prompts” for web pages or highlighted text.
In a tweet, the web service provider said AI features will be automatically enabled for all users, and, in addition, there will be quick access to other AI tools like ChatGPT and ChatSonic in the browser’s sidebar.
The Opera One update page lists a few examples of how generative AI can be used while browsing, which include shortened long texts for more accessible reads, explanations of “complex ideas” and content creation (i.e. tweets). Read More
The danger with Google’s new cloud backup for 2FA authenticator
Google’s new 2FA authenticator update could leave users vulnerable to hacks.
Google released an update for its popular authenticator app that stores a “one-time code” in cloud storage, allowing users who have lost the device with their authenticator on it to retain access to their two-factor authentication (2FA).
In an April 24 blog post announcing the update, Google said the one-time codes will be stored in a user’s Google Account, claiming that users would be “better protected from lockout” and it would increase “convenience and security.”
In an April 26 Reddit post to the r/Cryptocurrency forum, Redditor u/pojut wrote that while the update does assist those who lose the device with their authenticator app on it, it also makes them more vulnerable to hackers.
By securing it in cloud storage associated with the user’s Google account, it means that anyone who can gain access to the user’s Google password would then subsequently obtain full access to their authenticator-linked apps. 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.
