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Trump Team Considering First-Ever Crypto White House Role: Bloomberg
A crypto czar in the White House under President-elect Donald Trump could have major implications for the digital assets industry.
Donald Trump and his transition team are actively discussing the possibility of creating a full-time White House position focused on crypto policy, according to a report out Wednesday in Bloomberg.
The role, if created, would constitute the first-ever job dedicated to cryptocurrency at the White House level.
Presidents routinely appoint “czars” to focus on specific, high-priority issues, ranging from climate change to border security. Placing a crypto czar in the Trump White House would grant the digital assets industry an advantage it has never yet enjoyed: a go-to point person to discuss industry priorities with, who would consistently have the president’s ear.
According to Wednesday’s report, while a decision has not yet been reached about the creation of such a role, members of Trump’s team have discussed the possibility with multiple industry leaders. Read More
DeFi, gaming will be ‘most positively affected’ by Trump: Sky Mavis
Jeffrey Zirlin says the election of Donald Trump will take regulatory pressure off the “token design” and allow for radical new kinds of innovation.
Blockchain gaming, along with decentralized finance (DeFi), will likely benefit most from Donald Trump’s presidency, said Jeffrey Zirlin, the co-founder of crypto gaming platform Sky Mavis.
Speaking to Cointelegraph at the YGG Play Summit in the Philippines on Nov. 21, Zirlin said the “token design” space may yield the most benefit from the new crypto-friendly administration in the United States.
“You want to experiment with all these ways of adding utility to tokens so that you can distribute tokens via the games and then have people who want to use and spend the tokens.”
Zirlin said the outgoing administration in the US — watched over by a Securities and Exchange Commission (SEC) led by Gary Gensler and other top Democrats — made it “very difficult” to do anything novel in the token design space without running into serious regulatory headwinds. Read More
Application-specific blockchain oracles can help Web3 projects connect to the world
Here’s how blockchain projects and smaller Web3 developers can benefit from cost-effective and customizable oracle solutions that align with specific use cases.
True to the innovative nature of the Web3 space, application-specific oracles are a relatively new approach to how blockchain networks can communicate with the rest of the world. They provide customized data feeds tailored to the unique requirements of layer-1 and layer-2 chains and individual projects and industries. By delivering precise, relevant information, these oracles enhance the efficiency and reliability of blockchain applications.
Gora, a decentralized oracle provider and a Cointelegraph Accelerator participant, has launched application-specific oracles that allow projects to deploy fully customizable, open-source oracles. These oracles can be fine-tuned to cater to industry-specific needs, whether in insurance, gaming, finance or supply chain management.
Gora’s application-specific approach to blockchain oracles enables Web3 projects the flexibility to deploy tailored solutions specifically for their applications without the prohibitive costs and maintenance challenges that come with traditional providers. Here are some of the key benefits of Gora’s application-specific oracle: Read More
Fintech pioneers unveil Global Dollar Network to boost worldwide stablecoin use
Earlier this month, fintech and digital assets leaders took the latest steps to increase stablecoin use with the launch of the Global Dollar Network (USDG). The Global Dollar Network is a collaboration between players in the fintech world, including Paxos, Anchorage Digital, Bullish, Kraken, Galaxy Digital, Nuvei, and Robinhood.
Many organisations in several industries can now participate, including banks, investment platforms, custodians, merchants, exchanges, card networks, and payment fintechs.
One partner is Anchorage Digital, the only federally chartered cryptocurrency bank in the US. Its CEO, Nathan McCauley, is a firm believer in the power of stablecoins, and stressed how businesses typically “gain an incredible set of opportunities with stablecoins.”
Supporting the launch of the USDG, Tom Farley, CEO of Bullish, a cryptocurrency exchange, agrees. ”Trusted stablecoins are essential in bridging the gap between crypto[currency] and traditional markets. By combining the efficiency of blockchain technology with robust prudential oversight, institutions can confidently engage with digital assets.”
Promising to “revolutionise the stablecoin ecosystem,” the USDG has been issued by Paxos, a regulated blockchain infrastructure out of Singapore. Read More
Exploring The IndoEx Cryptocurrency Exchange The First Trading Platform To List The Markethive Token - Hivecoin
The IndoEx exchange aims to cater to a broad spectrum of investors, including newcomers, seasoned traders, and institutional investors, rather than focusing on a specific target audience like most crypto trading platforms. The platform's primary objective is to offer a robust and efficient infrastructure that enables seamless and rapid transactions of crypto assets.
As the IndoEx trading platform is the first crypto exchange to list Hivecoin, this article delves deeper into the platform, exploring it further to bring awareness to the Markethive community. Since its establishment in 2019, IndoEx has gained prominence in the alternative cryptocurrency trading sector due to its reasonable commissions, secure wallets, high trading volume, and fast transactions.
The trading platform, with offices in the United Kingdom and Estonia, provides close to 300 trading pairs, can be used in 150 different countries, and supports a range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Ripple (XRP), as well as notable alternative coins like DASH, Chainlink (LINK), and Solana (SOL). Furthermore, it accommodates less mainstream coins and tokens like NEO, Cardano (ADA), and EOS, amounting to 180 cryptocurrencies. Users can exchange these coins for traditional currency or trade them with one another.
The platform provides users exclusive access to newly launched tokens through airdrops, giving them a head start in discovering and acquiring new tokens with the potential for long-term growth. Beyond trading, users can also benefit from receiving free tokens that may significantly impact the global market. Furthermore, the platform hosts trading contests and an initial coin offering (ICO) launchpad, offering crypto enthusiasts a comprehensive suite of features. Read More
Phantom takes second spot in Apple’s US App Store utilities category
Phantom surpassed applications like Google Chrome, Microsoft Edge and Amazon Fire TV.
Digital asset wallet Phantom has reached the second spot on the charts in the utilities section of the Apple App Store in the United States.
On Nov. 20, the App Store showed that the crypto wallet was the second-most popular application on the list, with Google retaining the top spot. The wallet surpassed other applications including Google Chrome, Google Authenticator, Microsoft Edge, My Verizon and Amazon Fire TV.
Phantom is a popular non-custodial wallet among users in the Solana ecosystem. In addition to Solana, the wallet supports other networks and non-fungible tokens (NFTs). The app also has a fraud detection system and can connect with Ledger hardware wallets.
Following the news, a community member posted on X that Phantom’s rise in the Apple App Store suggests that Web3 is “breaking into the mainstream.” Read More
How Q Protocol is changing the future of blockchain governance: Report
Cointelegraph Research delves into Q Protocol’s unique governance framework, which combines onchain mechanism with legal agreements.
A robust governance structure is essential to create stable, secure and decentralized blockchain protocols. The Q Protocol has pursued a unique approach to governance by combining decentralized voting mechanisms with a real-world, enforceable legal framework. The latest report by Cointelegraph Research takes a deep dive into this hybrid governance structure.
Q Protocol is a decentralized governance layer for Web3 applications and protocols. Its three core pillars include the Q Constitution, an onchain enforcement mechanism and an offchain dispute resolution system. Builders can use Q’s governance infrastructure to enforce both subjective and algorithmic governance rules. Various applications already share Q’s governance layer.
The Q Constitution, a legally binding agreement between the ecosystem participants, is one of the foundational elements of the Q protocol. It sets rules for all stakeholders, including validator nodes, root nodes and QGOV tokenholders. Validator nodes are responsible for maintaining network integrity, processing transactions and securing the blockchain. Root nodes act as overseers and ensure stakeholders comply with the Q Constitution. Lastly, QGOV tokenholders can deposit tokens in the Q Vault, which lets them participate in governance decisions, delegate voting and staking rights and receive rewards.
The Q Protocol was designed to combine the predictable algorithmic rules characteristic of onchain governance with legal assurances. Pure onchain governance is often susceptible to hostile takeovers, as shown in the case of the SushiSwap leadership crisis. In 2021, SushiSwap’s anonymous founder unexpectedly withdrew $14 million worth of SushiSwap tokens from the protocol’s development fund. Offchain governance alone, on the other hand, can lack transparency and prevent widespread community participation. Read More
Known-plaintext attacks, explained
A known-plaintext attack (KPA) occurs when a hacker uses pairs of both encrypted and unencrypted data to figure out the encryption algorithm or key.
In this attack, the hacker has access to both the encrypted data (ciphertext) and the original unencrypted version (plaintext). By comparing the two, the attacker tries to discover the encryption method or key.
For example, if the word “blockchain” is encrypted as “eorfnfkdlq,” knowing this pair could help the attacker decode other parts of the message that use the same key. This shows how, in some encryption methods, even a small amount of information can help break the encryption.
This attack takes advantage of weaknesses in encryption techniques, allowing attackers to identify patterns or relationships between the plaintext and ciphertext. If not properly safeguarded, known-plaintext attacks can undermine the security of an encryption system.
Two common techniques for exploiting plaintext and ciphertext are frequency analysis and pattern matching:
Frequency analysis: Attackers use simple encryption methods where each letter or symbol is replaced with a specific one. By comparing the frequency of letters or patterns in the plaintext and ciphertext, attackers can uncover the key or decode the rest of the message.
Pattern matching: Bad actors look for repeating patterns. If the same plaintext results in the same ciphertext, they can identify trends in the encrypted text and use them to figure out the encryption algorithm, ultimately decrypting the entire message. Read More
How to scale the insurance industry with blockchain: X Spaces with Nayms
Lack of transparency, access and efficiency are longstanding issues in the insurance industry. This blockchain-based insurance project proposes a more open and flexible system.
Trust is indispensable in the insurance industry, which makes transparency essential. However, according to Dan Roberts, the co-founder and CEO of Nayms, insurance companies often come up short of this crucial trait.
Speaking on a recent Cointelegraph X Spaces, Roberts said companies employ opaque practices, especially regarding capital use for claims. “There was a $4 billion fraud last year, where essentially even the largest insurance companies that were involved in this coverage weren’t really able to verify, it wasn’t clear if there was capital to cover claims, and it all ended up, you know, going south.“
Blockchain appears to offer a solution by enabling the verification of capital. But its benefits could go far beyond that, extending to real-time price discovery, improved liquidity and efficiency. Roberts discussed with Cointelegraph the idea of insurance as a liquid and tradable asset, as well as the role of Nayms in creating liquidity depth in the insurance market and providing capacity behind insurance providers to enable more coverage for digital assets. 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
