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Where Web3 games have gone wrong — and how to fix it
Web3 is struggling to shake off the connotations associated with Play to Earn. What needs to change in order to turn sceptics around?
The world of crypto and Web3 is fast-moving, with new trends emerging all the time. However, the industry has a bit of a problem when it comes to public perception. Figures from Pew Research Center suggest that among Americans who have heard about cryptocurrencies, 75% are either not very or not at all confident in their safety and reliability.
While there has been no shortage of innovation across this vibrant sector in recent years, some misconceptions have continued to stick. Nonfungible tokens (NFTs) hit headlines worldwide after rare pieces of digital art began changing hands for millions of dollars. This led to a narrative that all NFTs were expensive — but in actual fact, the average revenue per user stands at just $114.80. Away from eye-watering prices for CryptoPunks and Bored Apes, many crypto collectables are being sold at far more affordable rates. Read More
Arkham CEO Defends ‘Dox-to-Earn’ Program, Says Identifying Bad Actors Is 'The Whole Point'
“Arkham focuses on strictly publicly available information to then draw connections about what entities own what wallets,” said Miguel Morel.
The ability to identify the entities behind blockchain transactions could have prevented the loss of billions of dollars in crypto, claims the CEO of Arkham, a controversial company dedicated to "deanonymizing the blockchain."
“This is exactly the kind of thing that would have been extremely valuable during every single crisis or scam,” said Miguel Morel, Arkham’s Chief Executive Officer on a Twitter Spaces today, adding that his company could counter “every piece of negative information that has destroyed the reputation of the crypto industry over the past years.”
His appearance was an attempt to address the crypto community’s wrath after the company unveiled an unsettling “dox-to-earn” program that involves trading users' on-chain information. Doxxing is the act of revealing identifying details about individuals online against their wishes. Read More
Crypto Chargebacks – Bridging the Dispute Gap With the Blockchain
There’s a lot of misinformation online about blockchain technology – particularly in the wake of the FTX debacle from last year.
However, there’s also a lot more to the blockchain than you might expect.
Thanks to blockchain technology, fintech might be on the verge of fantastic new innovations that could revolutionize the payments industry.
The technology offers convenience, enhanced security and open-source payment independence that other payment models lack.
For consumers, the appeal is obvious.
Consumers and enthusiasts aren’t the only ones who stand to benefit from blockchain technology, though – merchants and financial institutions are taking notice as well.
One reason for this is the model’s relationship – or lack thereof – to payment reversals. Read More
The Top 7 AML Tools For The Crypto Industry
With industry-wide crackdowns from the likes of the SEC and exacting regulatory demands coming into force in Europe, it’s never been more crucial to implement proper AML procedures.
The crypto industry has received bad press from various mainstream media sources citing how crypto can be used for all kinds of nefarious practices, money laundering in particular. Be that as it may, cryptocurrencies use blockchain technology, and therefore transactions are inherently transparent, and the trail of a suspected wrongdoer can usually be followed.
However, there are always ways and means that a bad actor, who wishes to circumvent anti-money laundering (AML) processes, can employ.
One key aspect of AML compliance is the implementation of transaction monitoring systems, such as Know Your Transaction (KYT). KYT involves real-time monitoring of individual transactions to identify suspicious activities, while the verification of addresses helps assess the legitimacy of wallet addresses involved in cryptocurrency transactions, mitigating risks associated with high-risk entities. Read More
Since Phase Two of the wallet has been integrated and working successfully since November, it’s time to introduce Phase Three. The completed wallet has been installed on the Markethive site. Phase Three is the final stage of the wallet that is now operational for Entrepreneur One (E1) members in a type of Beta version, if you like, before it officially opens to the Markethive community.
This is a culmination of 5 years of intense early work to reach this point, and we are on that cusp. E1s can currently view the new look of the wallet, particularly the Hivecoin Report. Markethive’s engineers are now systematizing the other fundamental components needed for a synchronous and successful wallet launch. These are the Entrepreneur One Exchange, Markethive Premium Upgrade, and the PROMOCODE system, housed in the new capture page for MARKETHIVE.NET and is for E1s only.
The non-E1 KYC-approved members will see the banner announcement pictured below until its full release. They also have the opportunity to upgrade to Entrepreneur One to gain early access and take advantage of all the benefits offered, including becoming a shareholder by securing the ILP (Incentivized Loan Program), which will pay a monthly dividend on the net profit of Markethive’s revenue. Read More
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Coinbase Wallet launches instant messaging feature with XMTP
The new feature offers end-to-end encrypted private messaging for anyone with a cb.id username, .eth domain or Lens ID.
Coinbase Wallet users can now send instant messages to each other using their Ethereum identities, according to a July 12 blog post from Coinbase. The new feature relies on the Extensible Message Transport Protocol (XMTP), an instant messaging system that allows users to communicate using blockchain addresses. XMTP is also used by decentralized social media network Lens.
According to Coinbase’s post, select wallet users can now send messages to each other’s cb.id, .eth or Lens usernames. The feature is being rolled out first to all users who scan a QR code from the blog post or who own Lens profiles, with all users gaining access at some point in the future. Messages are end-to-end encrypted to ensure privacy, and users can block addresses they don’t want to see messages from.
Coinbase stated that one of the motivations for releasing the feature was to cut down on fraud in the crypto community. Since users can now send messages directly to the owner of a wallet address, they won’t need to rely on a separate platform for messaging where the recipient’s Web3 identity may not be verifiable. Coinbase said this may “eliminate unnecessary risk and potential losses.” Read More
Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON
Wallet, a custodial wallet bot on Telegram, says that merchants should sort out for themselves whether their jurisdictions allow them to accept payments in crypto.
The cryptocurrency payment industry continues to evolve with a new cryptocurrency payment option coming to crypto-friendly Telegram messenger.
Wallet, a Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin, has launched a crypto payment solution based on The Open Network (TON) blockchain.
The new Wallet Pay service provides crypto payment transactions between users and retail businesses, enabling direct payments within the Telegram interface.
Announcing the news on July 13, Wallet told Cointelegraph that the new payment feature is immediately available within all jurisdictions supported by the wallet service. Read More
Polygon proposes upgrading MATIC into a multipurpose token for all chains
The proposal for MATIC’s technical upgrade is subject to approval from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token will result in its renaming to POL.
Ethereum layer-2 development firm Polygon proposed upgrading its Polygon token to a multipurpose token that can be used to validate multiple chains.
The proposal for MATIC’s technical upgrade is subject to approval from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token will result in its renaming to POL.
According to the announcement shared with Cointelegraph, POL’s utility will span all the Polygon protocols, which includes Polygon PoS, zkEVM and Supernets. Sharing details about the anticipated upgrade, the announcement read:
“Primarily, it enables the pool of protocol participants, i.e. actors to scale to support thousands of Polygon chains without sacrificing security.”
The utility of POL revolves around aligning and incentivizing validators to perform useful work. If the upgrade proposal goes through, the redesigned protocol architecture will introduce features such as infinite scalability and no friction between any two protocols. Read More
XRP ruling a ‘watershed moment,’ but we’re not out of the woods yet — Lawyers
The crypto community has gathered to celebrate the recent ruling on XRP’s security status, but lawyers warn there’s more to it than meets the eye.
Ripple Labs’ split-decision victory against the United States securities regulator is seen as a significant blow to the regulator’s “war on crypto,” however, crypto lawyers warn it isn’t a definitive victory for the industry.
In a landmark ruling on July 13, U.S. district court Judge Analisa Torres determined that XRP is not a security — at least when sold to the general public.
The decision was met with a joyous uproar from XRP tokenholders and came with a massive surge in the token’s price, with industry heavyweights lauding the decision as likely to aid crypto exchanges Coinbase and Binance in their respective lawsuits.
Luke Martin, the founder of crypto investment firm Venture Coinist, noted that the “core component” of the U.S. Securities and Exchange Commission’s (SEC) claim in its suits against Binance and Coinbase is that they offered the sale of unregistered securities on their platforms. 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.
