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Lamborghini-Backed Vincenzo Sospiri Racing To Use NFTs For Authenticating Car Parts
A Lamborghini-backed GT team, the Vincenzo Sospiri GT team, has announced that it would be using NFTs to certify and authenticate factory car parts. The move to use NFTs is part of a larger pilot scheme by Go2NFT, an NFT-generator platform.
Lamborghini-Backed GT Team To Use NFTs:
The Lamborghini Squadra Corse GT racing team, Vincenzo Sospiri Racing, has announced that it will be using non-fungible tokens (NFTs) to certify and authenticate factory car parts, according to a statement by the team on Tuesday. The move comes as part of a pilot scheme by Go2NFT that specializes in creating NFTs for businesses and corporations.
Former racing champion Vincenzo Sospiri stated that the team would create NFT certifications for their race cars in partnership with Go2NFT, and the blockchain platform Skey Network, enabling them to monitor and ensure quality when it comes to car parts. He further explained,
“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.” Read More
Key Problems With Web 3.0 Security and Ways To Tackle Them
Web 3.0 is a decentralized internet that involves the use of decentralized protocols deployed on blockchain and executed by virtual machines. These decentralized applications are called smart contracts.
The use of Web 3.0 is vastly associated with money in the form of cryptocurrencies through the DeFi and NFT markets. Financial applications of Web 3.0 are currently key ones. After all, you need to spend some cryptocurrency for every transaction you make to pay miners and validators for their service of processing your transaction.
But when you have a system designed to deal with cash flows, you need it to be securely built. But Web 3.0 is currently in its very early stages of development and looks more like experimental testing than a sound technology. And as it is common for most new digital technologies nowadays, security is one of the major teething problems of Web 3.0. Still, it has already received substantial venture capital lured by enticing rewards.
And every new technological venture that has big money locked in it and a number of unpatched loopholes naturally becomes a lure for hackers who are willing to use them for their own financial benefit. On top of it, the decentralized nature of Web 3.0 and the lack of the need to provide your personal details makes it all the more attractive for cybercriminals.
And the size of investment is the best indicator of an industry’s potential. So, it will be safe to say that Web 3.0 has good potential – some of which probably remains untapped. To bolster its development, security standards have to be raised. Read More
Blockchain Analytics to Help Curb Crypto Misuse, Says HashCash CEO
Since the crypto industry is growing at a frantic pace, blockchain analytics can help fill the void of curbing money laundering and cybercriminal activities, according to Raj Chowdhury, the CEO of HashCash Consultants.
“There has been a conscious effort in implementing stricter crypto regulations worldwide. Blockchain analytics will play a crucial role in decision-making processes for organizations dealing with crypto and blockchain technology,” said Chowdhury. Blockchain analytics is believed to be constructive in establishing order and propelling sustainable growth in the crypto sector.
Blockchain analytics render actionable insights that help enterprises comply with regulatory protocols regarding cryptocurrencies. Chowdhury said:
“The playing field required for innovation must not compromise the achievements we have made so far. Like any technology, blockchain is not immune to misuse. Hence the regulation is a necessity not only for AML compliance but also for developing blockchain research and the global crypto-community.”
As the cryptocurrency space continues grappling with the challenge of various lending and DeFi projects facing bankruptcy, Chowdhury has advocated the importance of crypto education when averting high-APY DeFi scams. Read More
Smart Contracts Go Live On Injective After Mainnet Upgrade
Injective published a blog post to inform the community that the Injective CosmWasm Mainnet upgrade was live. It allows the execution of smart contracts to be done manually and automatically.
It consists of many more upgrades, which are termed as Injective CosmWasm Mainnet Upgrade or Injective Canonical 1006-rc1.
These include:
Addition of support for binary options market
Support for negative maker fee
Interchain account support through IBC v3
The upgrade was a part of Injective Improvement Proposal 159, passed by the community, with 99.56% of participants siding in favor of the upgrade. The CosmWasm mainnet upgrade is a set of improvements released for developers and builders to build their projects.
Smart contracts generally seek an external agent to process their execution. However, the mainnet upgrade allows developers to perform that execution automatically without involving any external agent in the network.
It helps the community as developers can now create advanced applications that are permissionless and decentralized. Applications can be loaded with more complex features, and yet the ecosystem would be able to carry the progress. Read More
REFER THREE TO MARKETHIVE TO RECEIVE BONUS AIRDROPS AND ACTIVATE MICROPAYMENTS
Referral Program For Free Members And Upgraded Associates
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
Italy Promises $46M For Blockchain Projects
In a bid to boost the crypto industry in the country, the Italian government has announced that it will be providing subsidies worth $46 million for blockchain projects.
Subsidies For Blockchain Research
According to the announcement from the Ministry of Economic Development of Italy, from September, public or private research firms developing Internet of Things (IoT), AI, or blockchain technology in certain sectors can apply for government subsidies, up to €45 million (approximately $46 million). The costs of the undertaking will range between €500,000 and €2 million and will be a part of Italy’s initiative of investing in technology and innovation.
The Miniter of Economic Development Giancarlo Giorgetti addressed the decision, saying,
“We support companies' investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast. The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.” Read More
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’
Merge trials on testnets are essential to allow Ethereum developers and independent project developers to understand what they can expect when the actual Merge takes place.
Ethereum has now completed its second-to-last major Merge trial on the public test network Sepolia, paving the way for its transition to the proof-of-stake (PoS) consensus mechanism.
While it's been judged mostly a success, it was not incident free.
The final trial of the Merge is set to occur on the Goerli network over the next few weeks before the official Merge on the Ethereum mainnet can be given the go-ahead.
Ethereum educator Anthony Sassano, who hosted the Sepolia Merge livestream on YouTube on Wednesday, confirmed on Twitter that the Merge transition went through “successfully” and added that the testnet will be monitored over the next few days.
Terence Tsao, an Ethereum protocol developer, also said the Merge transition itself had been a success but noted around 25-30% of validators went offline after the Merge due to “wrong configs.” However, he added that “hiccups will not delay the Merge.” Read More
Hardware crypto wallet sales increase as centralized exchanges scramble
Hardware wallet providers are seeing increases in revenue in this bear market as crypto investors withdraw assets off centralized exchanges.
Blockchain analysis firm Glassnode recently characterized the 2022 bear market as the worst on record. This seems to be the case due to events such as the war in Ukraine and rising inflation, coupled with serious problems among centralized crypto exchanges.
Yet, the bear market hasn’t negatively impacted all players in the crypto ecosystem. Hardware wallet providers seem to be benefiting from the massive amount of crypto withdrawals from centralized exchanges.
Pascal Gauthier, CEO of hardware wallet crypto firm Ledger, told Cointelegraph that the company’s revenue dropped about 90% during the 2018 crypto winter, but this hasn’t been the case this year. He said:
“Every quarter we are doing as much revenue as the whole of 2020, which was a very good year for Ledger. Right now year-on-year we are still up, which tells us that this bear market is different. It’s not a real bear market, but rather a bear market for centralized value propositions.” Read More
Web3 will unite users from social media platforms, says Aave exec
At this year’s NFT.NYC conference, Aave executive Christina Beltramini shared detailed insights into the platform’s recent launch and future vision.
Web3, the third iteration of the internet, is rapidly approaching the consumer mainstream with the promise of disrupting the status quo of digital interactions and creating a new paradigm for democratic engagement.
Lens Protocol is a decentralized social graph built by Aave with the vision of cultivating a Web3 environment in which creators are the primary point of focus.
Centered around nonfungible tokens (NFT), Lens hosts capabilities for developers to build applications analogous to social media, as well as analytic tools, integrations of decentralized finance (DeFi) functions, such as loans and staking, and user-governed decentralized autonomous organizations (DAO).
A Lens Protocol mission statement was cryptographically signed and endorsed by a number of high-profile figures from within the crypto and DeFi space, including Ryan Selkis, Ryan Sean Adams, Gmoney, Camila Russo, Andrew Wang, and Josh Ong, among others.
Cointelegraph sat down with the head of growth and partnerships at Aave companies Christina Beltramini during the NFT.NYC in June to discuss the intentional growth trajectory of Lens, social graphs in the era of Web3, and the future of content creation. 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.
