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Multiple Blockchains Will Succeed, ‘But Not 20 or 30’: Fantom Foundation CEO
Despite crypto winter, Michael Kong sees a bright multi-chain future for Fantom, but knows that not all the blockchains out there can survive.
There are currently over 20,000 blockchain projects on the market, each competing with the others to gain market share and dominance. And Since the onset of the crypto bear market, the price of these tokens have tanked across the industry.
For now, Fantom is among the relatively better-known chains. Its FTM token (No. 67 by market cap) is down 93% since its all-time high of $3.46 on October 28, 2021, and currently trading at $0.22, according to CoinGecko.
But the down market and crowded field of competition have not deterred the CEO of Fantom Foundation’s hope for the future.
"Competition is good because it can get you a better result, better technology," Fantom Foundation CEO Michael Kong told Decrypt at Chainlink SmartCon in New York this week, adding that because crypto users have gotten used to using more than one blockchain, multiple chains will survive into the future.
"I think in the future, you might not have 20 or 30 different chains... but I think you'll have a few chains out there, and I think they will get a large market share," Kong said. "People use multiple different blockchains, that's the case today, and I think that will continue to be the case into the future." Read More
Music NFTs a powerful tool to transform an audience into a community
Music artists have the opportunity to develop tighter relations with their fans through the use of NFTs.
As one of the oldest entertainment industries in existence, the music business has experienced many technological advances that enhanced widespread adoption. The digitalization of music meant that artists could reach any audience across the world, and digital distribution gifted people with unlimited access to music.
With these advances in distribution came some drawbacks in music monetization. The way musicians make money in a digital format has reduced margins from media or video revenue. Artists have been pushed back to generating revenue from offline endeavours like concerts and selling merchandise as the online landscape has been filled with intermediaries that take a piece of the pie.
“Web3 and existing platforms help us build a new chapter of the music industry.” Takayuki Suzuki, CEO at MetaTokyo — Web3 entertainment Studio — told Cointelegraph, “It was hard to find good music for me, checking many record stores in Tokyo and sometimes overseas. Now it’s very accessible via streaming.”
A new paradigm of Web3 tools is giving creators the means to develop an existing audience and transform it into a community. Fan relations have become crucial and they have never been tighter with artists in Web3. Read More
UK Regulator: Crypto Firms Undeterred by Strict Regulation — 'They Know We Have a Good System'
The Financial Conduct Authority (FCA), Britain’s top financial regulator, has revealed that many crypto firms are still seeking licenses to operate in the U.K. despite failing to meet regulatory requirements the first time. “They know we have a good system of regulation and if they meet our standards that’s important for every jurisdiction that they seek to apply for around the world,” said the regulator.
Financial Conduct Authority (FCA) executive director for competition and consumers, Sheldon Mills, talked about cryptocurrency regulation at a City & Financial conference Thursday.
British lawmakers and the crypto industry have criticized the country’s top financial regulator for being slow in processing license applications and for rejecting many applicants despite the government previously stating that it wants to make the U.K. a global hub for crypto assets. Read More
How Much Energy Do NFTs Use? Less Than You May Think
Critics have dismissed NFTs over their purported impact on the environment, but their belief is often rooted in a poor understanding of the underlying technology.
NFTs have faced major criticism concerning their impact on the environment.
Much of the criticism is rooted in a misunderstanding about how blockchains function.
The major Layer 1 blockchains that serve as the main hubs for NFTs consume less energy than detractors seem to think.
Ethereum cut its energy consumption by 99.95% when it completed the Merge, meaning NFTs are more environmentally-friendly than ever. But did the ecological backlash against digital collectables even make sense in the first place? 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
Ethereum Merge spikes block creation with a faster average block time
Some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time.
The Merge upgrade for Ethereum, which primarily sought to transition the blockchain into a proof-of-stake (PoS) consensus mechanism, has been revealed to have had a positive impact on the creation of new Ethereum blocks.
The Merge was considered one of the most significant upgrades for Ethereum. As a result of the hype, numerous misconceptions around cheaper gas fees and faster transactions plagued the crypto ecosystem, which were debunked by Cointelegraph. However, some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time. Read More
Bitcoin Suisse Brings Polkadot Governance Voting And Cold Storage
Bitcoin Suisse says it's now possible for DOT, KSM and CFG token holders to take part in governance voting while their tokens remain secure in cold storage within its popular Vault custodial service.
Polkadot has proven to be one of the most popular blockchains around for institutional investors, with recent reports showing that DOT is one of the most widely-held assets among hedge funds. With so many institutional investors holding vast amounts of DOT, it makes sense that there has been big demand for Bitcoin Suisse's Vault, which provides an easy way for customers to secure those assets.
While Bitcoin Suisse provides a level of security that's second to none, its service does have some disadvantages. The most critical one being that its customers have been unable to participate easily in Polkadot's governance voting mechanism. In order to vote on proposals such as future network upgrades, token holders are required to remove their assets from cold storage first. Given the demands of institutional investors, that isn't always possible. As a result, many have been excluded from Polkadot's votes. Read More
Ether staking is too difficult, community members claim
Some are arguing that it would be healthy to admit that Ether staking is not for everyone yet.
After the Ethereum network’s transition to proof-of-stake (PoS), staking Ether now plays a central role in validating blocks and securing the network. However, some community members believe that the staking process is too difficult, especially for regular people.
In the Ethereum subreddit, a member of the community raised the topic of ETH staking and its difficulties. According to the user, it took them an entire weekend just to get things up and running. The user said that this may be something that those with “unforgiving” schedules can’t accommodate. They wrote:
“The Ethereum community likes to sugarcoat usability but it’s healthier to just admit: this is not for everyone yet.”
In response to the thread, another community member also shared their experience in staking ETH and reminisced on Ethereum’s early days. The user noted that blockchain interaction back then was also difficult before more user-friendly options came out. The community member also highlighted that setting up a node needs “more effort than we can expect the average person to put in.” Read More
Binance opens 2 new offices in Brazil as team doubles since March
Binance revealed it has more than 150 employees to cover its operations in Brazil and appears to be in good standing with the local government and regulatory agencies.
Crypto exchange Binance has opened up two offices in Brazil as the firm looks to tap the country’s emerging crypto market, which reportedly has more than 34.5 million crypto users.
According to an Oct. 3 announcement, Binance has now opened offices in São Paulo and Rio de Janeiro, with more than 150 employees to be spread across the firm’s operations in Brazil.
“The exchange operates in full compliance with the Brazilian regulatory landscape and believes that regulation is the only way for the digital asset industry to grow and reach the general public, allowing more people to enjoy the benefits that cryptocurrencies and blockchain offer,” the announcement reads. 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.
