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LG Electronics Launches New NFT Marketplace ‘LG Art Labs’
The electronics giant has launched its own NFT marketplace—the second South Korean television manufacturing titan to do so this year.
South Korean electronics company LG has just launched its own new NFT marketplace, dubbed “LG Art Labs,” available from today to all US LG television owners running webOS 5.0.
The marketplace is accessible from the LG home screen and enables people to buy, sell, and trade non-fungible tokens (NFTs) from the comfort of their homes.
NFTs are tokenized blockchain representations of non-fungible assets, which means they’re unique and can’t be replaced. In the tangible world, art and antiques are often non-fungible; similarly, on a blockchain ledger, NFTs typically represent digitized artworks or collectables.
Transactions on LG Art Labs are handled by Wallypto, LG’s in-app crypto wallet developed by the Hedera network last September. Read More
What is veTokenomics and how does it work?
Users lock up their tokens and turn them into veTokens, which control the protocol's governance, according to the veTokenomics model.
All facets of a token's production and management, including its allocation to various stakeholders, supply, token burn schedules and distribution, are managed through tokenomics analysis. Tokenomics help to determine the potential value of decentralized finance (DeFi) projects. Since the law of supply and demand cannot be changed, tokenomics dramatically impacts the worth of each nonfungible token (NFT) or cryptocurrency.
However, there are various loopholes in the tokenomics design, such as a substantial initial supply allocation to insiders, which may be a pump and dump warning sign. Also, there is no manual on how founders, treasury, investors, community and protocol designers should split the tokens optimally.
As a result, DeFi protocols, such as Curve, MakerDAO and Uniswap, lack a carefully planned initial token distribution, which results in sub-optimal token distribution because higher contributors might not always get the best allocation or vice-versa. To solve these issues, the Curve protocol introduced vote-escrowed tokenomics or veTokenomics. In this article, you will learn the basic concept of veTokenomics; how veTokenomics works and its benefits, and drawbacks. Read More
How Ethereum Miners Plan to Pivot After the Merge
Crypto miners look for alternative strategies as Ethereum shifts away from proof of work.
Mining infrastructure companies Hive Blockchain and Hut 8 Mining Corp. today released notices that detail how their businesses plan to pivot away from Ethereum mining.
As the mid-September window for the Ethereum merge draws closer, the final days of proof-of-work mining on Ethereum are here. The merge upgrade will transition Ethereum to a proof-of-stake system, which is forcing miners to rethink their business models.
Hive, a publicly traded company, plans to explore other blockchains to continue its mining operations. Hut 8 Mining, another major miner, will meanwhile pursue ventures outside of crypto.
Proof of work uses high-powered computers to solve complex algorithms, requiring great amounts of energy. On the other hand, proof-of-stake validates transactions through network users who have a large amount of the blockchain’s native token staked. Read More
Manila Hosts First-Ever BSV Blockchain Meetup
Out of the many emerging technologies, blockchain is unwavering in its advancement toward global adoption. This is because, on top of being a technology that can improve existing systems and resolve age-old problems when it comes to digital infrastructures, it can be used as a foundation that will make all other emerging technologies run more efficiently and be released for mass consumption in less time than expected.
One of the greatest hurdles to the global adoption of blockchain is awareness and education. Top executives and business owners do not fully understand what blockchain is and the benefits it can provide. Most of the time, they see that shifting from one digital infrastructure to a more modern one is costly and would put a dent in their budget.
They do not recognize the truth that, in the long run, blockchain will not only allow them to save money, but maximize profits. The Philippines, a developing nation in Southeast Asia, is one of the places where everything is not yet fully digital and where companies are usually on a tight budget. 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
Study Shows More Than a Third of Africa’s 53 Million Cryptocurrency Holders Are Nigerians
Cryptocurrency and blockchain are hot topics in the news these days. Due to its growth and adoption, many people have become interested in digital money worldwide. However, Africa is making tremendous progress when it comes to cryptocurrency adoption. Cryptocurrency is transforming African economies through payments, international trade, and government functions. As countries look to embrace this new technology, Africa is poised to take advantage of its many benefits.
Several African countries have embraced cryptocurrency and blockchain technology by regulating crypto trading or creating state-backed crypto. For example, Kenya's Central Bank (CBK) classified crypto as a virtual currency and regulated its trade. South Africa also has plans to regulate crypto trading when it issued an amendment to its financial services regulatory framework this year. Uganda introduced a regulatory framework for blockchain development and Initial Coin Offerings (ICOs), which has led to increased investor interest in the country. Several other African countries are looking into similar strategies, further expanding the continent's cryptocurrency adoption rate.
Businesses in Africa typically use local bank accounts to conduct business with other nations. This allows African companies to make international payments using locally stored funds instead of transferring funds from abroad using foreign exchange dealers (FEDs). All thanks to the introduction of cryptocurrency. Many businesses across Africa now use cryptocurrency for international payments since it's cheaper than FEDs and doesn't require additional paperwork or conversions. This frees up time for other tasks while increasing profit margins simultaneously. The adoption of this technological development makes it perfect for casual businesses without extensive staff resources. Read More
How high transaction fees are being tackled in the blockchain ecosystem
A look at why gas fees can be so expensive and the different ways platforms and users are tackling the high costs.
High transaction fees have been a long recurring issue for users on popular blockchain networks like Ethereum and Bitcoin during periods of increased demand. However, there are protocols, platforms and methods that help users to reduce costs.
Transaction fees are fees that users pay to send a transaction or interact with a smart contract on a blockchain network. While gas fees can refer to transaction fees on any blockchain, the term is mainly used to describe the Ethereum network transaction fees.
Transaction fees are paid in small fractions of the network’s native cryptocurrency. For example, with Bitcoin (BTC), users will pay in Satoshi’s (very small fractions of BTC), and with Ether (ETH), they will pay in gwei.
There are two main reasons users need to pay fees when sending a transaction. The first reason is to pay miners or validators (also known as nodes) for securing the network. Proof-of-work (PoW) blockchains have miners who validate transactions by using their computing power to solve complex algorithms. In contrast, proof-of-stake (PoS) blockchains have validators who stake their tokens to secure the network. Read More
Blockchain and crypto find use case in community-powered weather forecasting
WeatherXM has deployed over 700 decentralized weather stations around the world to harvest local data, which provides station owners with utility tokens in return.
Blockchain and crypto are coming to a local weather station near you — or at least that’s what one group of Athens-based engineers is trying to accomplish. WeatherXM is using a combination of blockchain-based data verification with crypto incentives to get people worldwide to capture their local weather data for more accurate forecasting.
Cointelegraph sat down with WeatherXM co-founders CEO Manolis Nikiforakis and chief technology officer Nikos Tsiligaridis for an interview in Athens, Greece. They talked about how Web3 tools provide the best solution to the lack of quality and the quantity of available weather data.
The company is deploying a new infrastructure of community-powered weather stations built with blockchain-based oracle hardware. It creates smart contracts of information gathered from localized weather stations, from which decentralized weather data is produced. The smart contracts verify both the location of the station and the nonfungibility of data collected from the location. Read More
Sony Music files trademark application for NFT-authenticated music
The new trademark application covers video recordings, text, artwork and audio featuring live music authenticated by NFTs.
American music giant Sony Music Entertainment has signalled intentions to utilize nonfungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo.
According to an Aug. 30 trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis on Tuesday, the application covers “audio and video recordings featuring live musical performances authenticated by NFTs.”
The application also covers marketing services, promotion, distribution, marketing, advertising and online entertainment, including podcasts and audiovisual recordings.
The new trademark application comes in the wake of several other Sony Music-backed NFT projects. 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.
