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Near taps Nym for metadata privacy, encryption services
Layer-1 protocol Near has tapped blockchain security firm Nym to provide end-to-end encryption and metadata privacy services for its ecosystem.
Nym, which provides blockchain agnostic layer-0 privacy infrastructure, will avail its mixnet tools to encrypt and cloak blockchain traffic and communication across the Near Protocol ecosystem.
Masking off-chain metadata traffic will protect transaction data during communication and create a barrier for malicious actors looking to de-anonymize users through access to IP addresses.
An announcement from the collaborating projects states that Near users will be able to access ecosystem decentralized applications (DApps), decentralized finance protocols and nonfungible tokens with added security and privacy.
Nym’s integration aims to provide added privacy to the Near ecosystem, given that permissionless blockchains typically allow for transaction data and some off-chain information to be accessed by savvy users, including IP addresses and geolocation data. Read More
The future of crypto trading is hybrid — Interview with Phemex
Centralized exchanges have long been the go-to for crypto trading, but users are now seeking greater autonomy. Hybrid exchanges, which integrate decentralized elements, can offer solutions that satisfy all sides.
Traditional finance (TradFi) prioritizes security, while decentralized finance (DeFi) champions innovation and accessibility. Combining the strengths of centralized (CEX) and decentralized (DEX) exchanges in hybrid exchanges can unleash innovation and enhance asset security.
With hybrid exchanges, users can trade directly on-chain without intermediaries, and more investors can leverage DeFi features while maintaining CEX security and liquidity. Phemex, a top 5 cryptocurrency exchange, has been embracing decentralization and pioneering a hybrid operational model. Its Web3 ecosystem combines decentralized decision-making with centralized efficiency, while its upcoming native token will allow holders to actively participate in the governance of the Phemex DAO. Read More
Retail Investors Can No Longer Mint USDC Directly Through Circle
USDC issuer said that retail users can no longer mint the stablecoin from Circle—they'll need to buy tokens from exchanges or brokerages.
USDC stablecoin issuer Circle will discontinue support for legacy consumer accounts, the company said on Tuesday.
The USD Coin token is a U.S. dollar-pegged stablecoin, meaning that Circle maintains $1 in reserves—in cash or cash equivalents—to back each of the $25 billion worth of tokens in circulation. USDC is the second-most popular dollar-backed stablecoin behind Tether (USDT), which on Tuesday had a market capitalization of $85 billion, according to CoinGecko.
“Circle is phasing out support for legacy consumer accounts and has notified individual consumers of this decision,” a Circle spokesperson told Decrypt when asked about a screenshot of an email that’s been making the rounds in public Telegram chats. “Account closures do not apply to business or institutional Circle Mint accounts.” Read More
Blockchain Governance — A Look at the Top 5 DAO Treasuries in 2023
Over seven years ago, on April 30, 2016, the first decentralized autonomous organization (DAO) emerged, marking a significant shift in the digital world. However, just three months later, a cyberattack brought it down, leading to its unfortunate collapse. Today, the landscape has transformed dramatically, with numerous DAOs thriving, and 179 treasuries surpassing $1 million. In total, these organizations hold $18 billion in assets, both liquid and vested. As of 2023, the top five DAO treasuries alone hold $11 billion, spread across various token assets.
Various sectors in the world of digital assets have been hit by the crypto winter but decentralized autonomous organizations (DAOs) have seen growth. In essence, a DAO stands as a digital governance model, orchestrated by smart contracts, with decisions documented on a blockchain. With 179 DAO platforms overseeing assets surpassing $1 million, the following is an overview of the top five DAOs as they stand in 2023. Read More
Staying ahead of the curve is crucial in the dynamic and ever-changing business world. In the modern business landscape, innovation and technology act as guiding forces, shaping how companies engage with their audiences and forge connections. In this era of constant evolution, a powerful synergy has emerged between two groundbreaking concepts: inbound marketing and blockchain technology. This convergence is rewriting the rules of engagement and presenting companies with unprecedented opportunities to carve out a competitive edge.
Gone are the days when traditional marketing methodologies ruled the roost. The one-size-fits-all approach of old-school marketing campaigns is gradually being replaced by a more interactive, personalized, and customer-centric approach. Inbound marketing is not just a strategy; it's a philosophy that revolves around attracting, engaging, and delighting customers by delivering valuable and relevant content. It's about creating a genuine connection with your audience, addressing their pain points, and offering solutions that resonate personally.
Amidst this transformative landscape, a standout player emerges: Markethive. This innovative ecosystem stands at the crossroads of the inbound marketing revolution and the blockchain evolution. Markethive's unique proposition lies in its ability to seamlessly fuse the principles of inbound marketing with the cutting-edge potential of blockchain. By doing so, it offers a comprehensive system that empowers businesses to connect with their target audience and build lasting relationships based on trust and transparency. Read More
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Vitalik Buterin Analyzes Ethereum's Layer 2 Solutions
Ethereum founder, Vitalik Buterin, delved into the intricacies of Layer 2 (L2) solutions on the Ethereum blockchain in a detailed post dated October 31, 2023. He acknowledged the rapid expansion of the L2 ecosystem, especially the ZK-EVM rollup segment, featuring notable projects such as StarkNet, Arbitrum, Optimism, and Scroll. He lauded the advancements in security, with L2beat mentioned as a good resource for tracking the progress of these projects.
A notable observation by Buterin is the growing heterogeneity within L2 projects. He foresees a continuous trend driven by key factors:
1. Independent Layer 1 (L1) projects seeking closer alignment with Ethereum, albeit cautiously to avoid compromising usability or losing momentum.
2. Centralized projects exploring blockchain for enhanced security.
3. Non-financial applications like games and social media, eyeing decentralization with a balanced approach to security based on the nature and value of activities conducted on-chain.
He emphasized that while current Ethereum L1 users might tolerate moderate rollup fees, newcomers from the non-blockchain realm are unlikely to accept any fee, especially when transitioning from a no-fee environment. Read More
PayPal Secures Crypto Registration in the UK
PayPal's registration with the FCA also means the firm can begin marketing its services to users in the United Kingdom.
Payments firm PayPal yesterday achieved registration with the U.K.'s Financial Conduct Authority (FCA) as a crypto service provider, as confirmed by the FCA's official site.
The registration of "Paypal UK Limited" now allows the firm to offer crypto-related services and products to British users.
Before offering such services in the U.K., businesses must first gain approval, aligning with FCA's regulations against money laundering. PayPal's registration comes a few months after the firm temporarily paused crypto purchases for British customers, citing "new regulatory requirements." Read More
What is the Pareto 80/20 rule, and how does it apply to cryptocurrencies?
The Pareto principle emphasizes how crucial it is to identify key players, major cryptocurrency or influential projects.
According to the Pareto principle, commonly referred to as the 80/20 rule, roughly 80% of outcomes result from 20% of causes. Vilfredo Pareto, an economist from Italy, observed that 20% of the population in Italy controlled 80% of the country’s land at the beginning of the 20th century.
Since then, this principle has been employed in many different sectors over the years and is frequently invoked to highlight the uneven distribution of results. But what does the 80/20 rule mean for blockchain technology?
In the context of cryptocurrencies, the Pareto principle can be observed in several ways: Read More
What is finality in blockchain, and why does it matter?
Finality in blockchain refers to the unchangeable confirmation of a transaction or a block of transactions.
In conventional financial systems, once a transaction is confirmed, it cannot be undone. Similarly, attaining finality on a blockchain network ensures that a transaction is permanent and cannot be modified after it has been added to the blockchain. For the blockchain to be secure and authentic, this concept is crucial.
Finality is attained by the blockchain network’s use of consensus. Different blockchain networks employ various consensus algorithms, each with a unique method of validating transactions and ensuring finality, such as proof-of-work (PoW), proof-of-stake (PoS) or practical Byzantine fault tolerance.
Finality in blockchain can be probabilistic, economic, instant, unconditional or related to the entire state of the blockchain.
On the blockchain, there are various types of finality, each of which describes a distinct degree of certainty and irreversibility with regard to transactions and blocks. The main finality types on blockchain are as follows: 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.
