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PayPal applies for NFT marketplace patent for on- or off-chain asset trading
PayPal’s proposed NFT purchase and transfer system would handle fractionalization, DAOs and royalties through a third-party provider.
PayPal made major progress toward creating its own blockchain ecosystem by filing a patent application for a nonfungible token (NFT) purchase and transfer system. The application, filed in March and published Sept. 21, describes a means of carrying out transactions with NFTs, both on- and off-chain.
The patent application, which is still pending, describes a system where users can buy and sell NFTs through a third-party service provider. That provider is not specified, though Ethereum is mentioned in the text.
PayPal envisioned using the full potential of NFTs for tokenization, going far beyond the exchange of electronic collectibles:
“The NFT in this example may represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger. […] Examples of such assets include [...] digital images and videos, music, collectibles, and other digital art along with deeds to personal property, event tickets, legal documents and other real-world items.” Read More
Ethereum Futures ETF to Begin Trading as Rumors Swirl of Accelerated SEC Approvals
The first launch of an Ethereum ETF in the United States appears imminent, but VanEck didn't provide a specific date.
After years of anticipation, the United States’ first Ethereum (ETH) exchange-traded fund now appears primed to hit the US market, making its way past heretofore strict and scrupulous market regulators.
On Thursday, $80 billion asset manager VanEck confirmed the “upcoming launch” of its VanEck Ethereum Strategy ETF (EFUT) – an actively managed fund that will invest in futures contracts for the world’s second-largest cryptocurrency.
“The Fund will invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC),” wrote VanEck in a press release.
Shares for EFUT will trade on the Chicago Board Options Exchange (CBOE), though VanEck did not specify when exactly they would be listed. Bloomberg ETF analysts Eric Balchunas and James Seyffart have predicted that a related product could go live by October 2 or 3. Read More
Coinbase Rolls Out Futures Trading for Retail Crypto Traders Globally
The crypto exchange has set its sights on global expansion amid ongoing legal challenges from the SEC in the U.S.
Crypto exchange Coinbase announced this Thursday that its global arm, Coinbase International Exchange, secured approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to qualified non-U.S. retail customers.
According to the blog post, Coinbase plans to launch its regulated perpetual futures contracts on its Coinbase Advanced platform “in the coming weeks.”
This announcement aligns with the firm's “Go Broad, Go Deep” strategy, which notably emphasizes collaboration with regulatory authorities worldwide.
“We are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation,” explained in the post. Read More
How On-Chain Attestations Unlock Blockchain’s Most Valuable Use Cases
KYC alone won’t cut it—to open up real world use cases for crypto, on-chain attestations are the solution for identity verification.
While normalized in the Web2 world, identity verification isn’t a reality on Web3—yet. With world regulators from the European Union to South Korea passing virtual asset legislation this year, on-chain know your customer has become a regulatory inevitability.
Known in the financial industry as KYC, know your customer verifies that an individual is a valid human, and that they are who they say they are. For blockchain—often blighted by bots—this trust in a real-life human offers important protection. Rogue bots can funnel millions of dollars from ecosystems in a matter of weeks.
Decentralized finance (DeFi) needs more than just proof of being human, however. Without proper controls, the DeFi environment offers unbridled freedom—and a lack of enforceable regulation leaves the temptation to exploit high.
More than proof of known identity, DeFi needs proof of trust. Web3 needs a way to both verify a user’s identity and build their reputation, with which (perceived) trust is intertwined. Read More
A democratic society values a free-flowing media ecosystem. A healthy media ecosystem is one of the characteristics of a democratic society. Mass media outlets such as newspapers and cable TV networks were prominent in the past. Today, the internet and social media platforms allow for greater communication across society.
Journalism, investigative correspondents, and even freelance writers are essential to that ecosystem. High-quality reporting revealing brutal truths and users' scope and exposure on social media to either create or access information are forces that can drive genuine societal change. And even keep the power structures in check.
Despite the positive aspects mentioned above, harmful practices and negative external forces related to the media ecosystem often eclipse them. These issues are usually easy to recognize once they’re identified. Therefore, it is important to acknowledge them and spread awareness about their potential risks.
Doing so will help you make informed decisions about how you use media and how it can impact your life and the lives of others. The following are a few issues pervasive in many digital news sites, forums, and social media platforms. Read More
Markethive Media has embraced blockchain technology and cryptocurrency, building an ecosystem that belongs to “we the people,” eliminating many of the issues plagued by media outlets today. With its meritocratic culture, dynamic social media interface, and growing community, Markethive is enhancing and bringing the platform into the future internet with new technology and interfaces, but still in keeping with the human touch.
From CeFi to DeFi: How investors can redefine their asset management approach
Centralized finance platforms may offer convenience and liquidity, but their history of catastrophic failures calls for a shift to their decentralized alternatives.
Centralized finance (CeFi) services such as crypto exchanges have accelerated the adoption of digital assets and blockchain solutions. Despite this, while retail traders can still use them for convenient crypto transactions and day-to-day operations, institutional investors can thrive long-term if they limit their exposure to CeFi risks and move to decentralized finance (DeFi) instead. With ambitious new projects coming to the table, the next leg of innovation will be pioneered by platforms offering the necessary infrastructure to bring institutional funds on chain.
CeFi is vulnerable to systemic risks:
The history of CeFi platforms is fraught with catastrophic failures, from Mt. Gox to more recent examples like FTX and BlockFi. CeFi platforms have demonstrated serious vulnerabilities, suffering from issues ranging from hacking to bankruptcy and causing significant losses to both retail and institutional investors. It seems that, unlike the traditional banking system, the crypto industry doesn’t have “too big to fail” services. The surprising collapses of Mt. Gox and FTX have revealed the weaknesses of the CeFi structure.
The same risks persist even today, as the CeFi industry hasn’t been able to upgrade its underlying infrastructure despite new security measures. Read More
Crypto firms beware: Lazarus’ new malware can now bypass detection
The malware payload “LightlessCan” — used in fake job scams — is far more challenging to detect than its predecessor, warns cybersecurity researchers at ESET.
North Korean hacking collective, the Lazarus Group, has been using a new type of “sophisticated” malware as part of its fake employment scams, which researchers warn is far more challenging to detect than its predecessor.
According to a Sept. 29 post from ESET’s senior malware researcher Peter Kálnai, while analyzing a recent fake job attack against a Spain-based aerospace firm, ESET researchers discovered a publicly undocumented backdoor named LightlessCan.
The Lazarus Group’s fake job scam typically involves tricking victims with a potential offer of employment at a well-known firm. The attackers would entice victims to download a malicious payload masqueraded as documents to do all sorts of damage.
However, Kálnai says the new LightlessCan payload is a “significant advancement” compared with its predecessor, BlindingCan. Read More
Leased proof-of-stake (LPoS), explained
LPoS is a type of PoS meant to increase mining power, address inherent issues found in PoW, and improve other types of PoS, such as delegated proof-of-stake (DPoS).
Regular cryptocurrency users have probably come across the term proof-of-stake (PoS) when dealing with crypto staking, but what is leased proof-of-stake (LPoS), and is there a connection between the two?
Yes, they are related, as LPoS is simply a variant of the PoS system. Proof-of-stake is a key element of the blockchain consensus mechanism, where validators participate in staking to generate and validate transaction blocks.
Validators on proof-of-stake platforms typically have to stake more cryptocurrency to improve their chances of block generation, and here is where LPoS comes in handy. Tokenholders who don’t have the technical know-how or financial muscle can lease their tokens to validator node operators, enhancing the validator’s chance to receive the opportunity to create new blocks. In return, they will earn a share of the transaction fee paid to the validator.
In an LPoS environment, tokenholders can lease their stake or run a full node. However, the more tokens staked by a node, the better its chances of being selected to generate a new block. LPoS allows users to acquire the proceeds of mining without going through the mining process. Read More
VC Roundup: Investors eye blockchain analytics, gaming and crypto privacy
Bubblemaps, CoinScan and Mythic Protocol are among the latest crypto and blockchain companies to secure funding.
Crypto startups keep raising capital despite tight liquidity and adverse macroeconomic conditions. September saw major developments in the space, such as Farmville co-creator Amitt Mahajan raising $33 million to create Web3 games and Animoca Brands disclosing $20 million capital acquired to push forward the development of its Mocaverse platform.
In another related development, Blockchain Capital closed two new funds in September, with $580 million to be deployed in crypto gaming and decentralized finance projects in the coming months. Cointelegraph’s venture capital (VC) roundup reveals the latest projects raising capital despite the market’s long downward trend. 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.
