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It’s time to own your digital identity
As we emerge into the world of Web3 and the metaverse, we are starting to see methods of data retention where the web user has full visibility and control of this — specifically through digital identities.
Usernames and passwords are a staple of the modern internet, and almost every service out there uses this method as credentials for access. This has led to some notable issues — one being that the data must then be stored on private servers outside of a person’s control, and the other being that these servers don’t always have the best security. The nature of this system takes power away from individuals, who can only hope their data is safe.
While this model has become the standard, it doesn’t have to stay this way. As we emerge into the world of Web3 and the metaverse, we are starting to see methods of data retention where the web user has full visibility and control of this — specifically through digital identities. These identities, in some cases, can help owners prove the legitimacy of their online profiles, professional credentials and so much more.
We’re still in the dial-up phase of Web3 and the metaverse and this technology has yet to be used to its full potential in modern life. It’s time for consumers to take back control of not only our data but our digital identities. Read More
8 hacker tactics to be aware of when protecting your crypto assets
Here are the most common tactics scammers employ when targeting crypto users and their wallets.
Crypto security is one of the hottest topics for investors and companies actively working on creating better security solutions for the Web3 industry. Web3 Antivirus was created in an effort to make wallet security more accessible to all users in the space. The company offers a browser extension that helps users monitor wallet interactions and spot potential scams and malicious activity before investors fall victim to them.
Below are the most common crypto scams and malicious tactics, and how to protect against them below as found through the experience of developing Web3 Antivirus.
Hacker tactics: While on a malicious site, the user can sign a transaction that grants access to all of their assets instead of making an NFT purchase transaction. The scammer would then be able to empty the user’s wallet, stealing assets for which access permission has been granted.
User counter tactic: Users should keep a close eye on the transactions they make and the sites they interact with. They should clearly understand what the outcome of the transaction would be. Tools like Web3 Antivirus can simulate a transaction in a secure environment and clearly show what will happen if the user proceeds with it. Read More
Community votes to deploy Uniswap v3 on Boba Network
Enya Labs co-founder Alan Chiu said that the move would allow developers to build on- and off-chain DeFi applications on top of Uniswap.
Members of the Uniswap community voted in favor of deploying Uniswap v3 on Boba Network’s layer-2 protocol on Ethereum.
Gaining over 51 million votes, the proposal submitted by Boba Foundation and FranklinDAO to deploy Uniswap v3 on Boba Network passed. This means that the Boba Network will be the sixth chain to deploy Uniswap v3, with the deployment scheduled to proceed in the coming weeks. The move was backed by several entities, such as GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys.
According to Alan Chiu, co-founder and CEO of Enya Labs — a core contributor to Boba Network — the move will enable developers within the ecosystem to create a new generation of on- and off-chain decentralized finance (DeFi) applications on top of Uniswap. Chiu explained:
“While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services.” Read More
Will Ethereum Rivals Survive? Solana Creator Anatoly Yakovenko Details Crypto Outlook for Next 12 to 18 Months
Solana (SOL) creator Anatoly Yakovenko is laying out a prediction for crypto markets for the next 12 to 18 months.
In a new interview on the Bankless podcast, Yakovenko says while there may be challenging macroeconomic conditions ahead, it likely won’t stop an unprecedented wave of innovation from hitting the crypto space.
Yakovenko warns that if the Federal Reserve continues to raise interest rates to draw down inflation it could drive investment away from the less established blockchain projects like Ethereum (ETH) rival Solana.
“I think that’s a big question for probably all of the smart contract platforms except for Ethereum: Are we going to be in a high-interest rate environment for the next five years where all the riskier bets get squeezed down and there’s no traction?
That means that there’s nothing for Solana to do that’s useful to the world that Ethereum doesn’t cover, even if Solana is 100 times faster. Even if we do more transactions than all the Ethereum [layer-2s] combined. They’re not providing enough value to the world in that environment, if they’re not, that means it’s not going to survive. Now that’s like the big if and that I don’t know. That’s a big ‘if’ for crypto. What is crypto doing right now that is so crucial to the world that it can’t live without it?” 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
StarkWare partners with Chainlink
An impending agreement between the blockchain scaling technology firm StarkWare and Chainlink Labs will result in the addition of Oracle services, data feeds, and price feeds to the StarkNet ecosystem. This relationship will be established in the near future.
Because of the relationship, StarkWare will take part in Chainlink's Scale programme, and the price feeds for StarkNet's testnet will come from Chainlink. In addition, StarkNet tokens will be used to fund some operating expenditures for Chainlink oracle nodes. This access to Chainlink oracle services and data feeds will be provided to Starket developers via the usage of StarkNet tokens.
Chainlink is a decentralised oracle network that enables smart contracts to access off-chain data sources, application programming interfaces (APIs), and payment systems in a secure manner. It makes it possible for smart contracts to interact with data and events that take place in the real world, which in turn makes it possible for them to be triggered by data that originates from outside sources.
The network makes use of decentralised nodes, which are entrusted with the responsibility of delivering smart contracts with data that can be relied on and is secure. Read More
Scammers are targeting crypto users with new ‘zero value TransferFrom’ trick
The trick allows the attacker to confirm zero-value transactions from the victim’s wallet, hijacking the user’s transaction history.
Data from Etherscan shows that some crypto scammers are targeting users with a new trick that allows them to confirm a transaction from the victim’s wallet, but without having the victim’s private key. The attack can only be performed for transactions of 0 value. However, it may cause some users to accidentally send tokens to the attacker as a result of cutting and pasting from a hijacked transaction history.
Blockchain security firm SlowMist discovered the new technique in December and revealed it in a blog post. Since then, both SafePal and Etherscan have adopted mitigation techniques to limit its effect on users, but some users may still be unaware of its existence.
According to the post from SlowMist, the scam works by sending a transaction of zero tokens from the victim’s wallet to an address that looks similar to one that the victim had previously sent tokens to. Read More
‘Multichain future is very clear’ — MetaMask to support all tokens via Snaps
MetaMask eyes a multichain-friendly future with the ongoing development of Snaps allowing future blockchain integrations and extensions to its browser-based service.
MetaMask Snaps aims to facilitate a “multichain future,” allowing the Ethereum-based wallet service to support non-native blockchains and tokens for the Web3 economy.
Details of the latest in-development addition to MetaMask’s growing ecosystem were unpacked at the StarkWare Sessions event in Tel Aviv, Israel, in Feb. 2023. Speaking to Cointelegraph Magazine editor Andrew Fenton, Alex Jupiter, product manager of accounts and key management at MetaMask, revealed details about potential blockchain synergies.
The last 18 months have seen the development of Snaps speed up after the success of MetaMask Swaps, which brought token swap functionality to the service’s native browser extension. As Jupiter explained, interoperability is becoming increasingly important in the blockchain space:
“MetaMask has historically been an Ethereum wallet. We need to start moving beyond that. The multichain future is very clear.”
Snaps aims to create a permissionless ecosystem where developers can extend MetaMask in any way they want. Jupiter says the team is trying to create an environment where developers can use various application programming interfaces (APIs) from different blockchains to bring additional options to a user’s core wallet experience. Read More
With 11,000 NFTs Minted to Bitcoin, Are Bitcoin Maxis Coming Around?
The controversial Ordinals project continues to divide the Bitcoin community.
When Ordinals launched in January, it caused an uproar in the Bitcoin community as enthusiasts, advocates, and developers argued the merits of putting JPEG on the blockchain. While the heated debate continues, the number of Bitcoin inscriptions using Ordinals has already surpassed 11,000 on Tuesday, according to a Dune report.
Ordinals are the latest project aiming to bring NFTs into the Bitcoin ecosystem. The first project, Counterparty, first introduced non-fungible tokens to Bitcoin with the Rare Pepes collection in 2014, with Stacks following in 2017. However, the Ordinals project is different because the assets, including JPEGs and even video games, are inscribed directly on satoshis on the Bitcoin blockchain without needing a sidechain or additional token.
The Ordinals project has consumed the Bitcoin community and sparked new debates and questions about the ultimate purpose of the Bitcoin network. For some, Ordinals opened Pandora's box of threats to the Bitcoin network, including malware attacks and skyrocketing transaction fees. 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.
