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FTX CEO: Blockchain can make social media interoperable
Sam Bankman-Fried explained how blockchain can change payments, tokenize shares and make social media interoperable.
While critics cast doubts on some of blockchain’s use cases during this crypto winter, one of the most prominent community figures has laid out some points that cement blockchain’s position as a disruptive technology.
On Twitter, Sam Bankman-Fried, CEO of crypto exchange FTX, highlighted use cases for blockchain and explained how some industries could benefit from integrating the tech. According to Bankman-Fried, blockchain technology can simplify payments, solve stock market flaws and revolutionize social media.
Bankman-Fried said that there are many issues surrounding cross-border payments and laid out several examples that highlighted long waiting times and intermediaries that make the fees higher and often add uncertainty to transactions.
According to him, blockchain solves this long-standing issue in finance by replacing the lengthy traditional process with a simple three-step process where the sender creates a wallet, the receiver creates a wallet, and the balance is sent. Bankman-Fried argued that this eliminates the waiting time, replaces the fee structure, and solves the uncertainty factor. Read More
‘Like an Esport’: How OpenSea Secured Its Code With Code4rena’s Audit Contest
With millions of dollars at stake, a conventional code audit wouldn’t cut it for the world’s biggest NFT marketplace, OpenSea. Enter Code4rena.
Traditional security audits just don’t cut it for smart contracts.
“The stakes are too high,” said Sockdrawermoney, one of many contributors building a decentralized auditing platform called Code4rena. The DAO has pioneered a new model designed by Scott Lewis and Zak Cole, where auditors compete to keep bugs out of live code.
And that’s vital for the smart contracts that power decentralized finance (DeFi). While an undiscovered software bug might cause a program to crash, or some other operational issue, a smart contract bug in a DeFi or asset exchange protocol could instantly lead to the loss of hundreds of millions of dollars worth of tokens.
A sea change:
This was top of mind for OpenSea, the world’s largest NFT marketplace, earlier this year. In May, OpenSea introduced a new protocol called Seaport to handle its transactions and help reduce gas fees.
The plan was to migrate to Seaport from the well-established Wyvern protocol. But given the volumes of traffic and cryptocurrency flowing through OpenSea—it hit $10 billion in total volume last year—Seaport needed to be thoroughly battle-tested before it took the plunge. Read More
BNB Chain Launches New Tool To Help Users Detect Malicious Projects and Scams
The smart contract-enabled blockchain developed by crypto exchange giant Binance is launching a new tool that helps users detect crypto scams.
According to a new company blog post, BNB Chain (BNB) is launching DappBay, a decentralized application (DApp) hub featuring Red Alarm, a new blockchain scanning tool that aims to detect crypto projects that are at high risk of being scams.
“DappBay is a DApp hub on the BNB Chain ecosystem that offers users the necessary tools to navigate the space more safely. DappBay features an easy-to-use contract risk scanning tool, Red Alarm, which identifies potential high-risk projects to help users protect their investments from potential risks.”
DappBay also ranks recently-launched digital asset projects based on market data so traders can maximize investments.
“DappBay shortlists and ranks the best recently launched projects, including Gamefi, DeFi (decentralized finance), NFT (non-fungible token), etc., based on market data.
With ‘Fastest User Growth,’ ‘Best Performing Tokens’ and ‘Trending’ rankings, you can easily find the newest and most popular projects, and swiftly seize investment opportunities.” Read More
How to identify and avoid a crypto pump-and-dump scheme?
Pump-and-dump in crypto is an orchestrated fraud that involves misleading investors into purchasing artificially inflated tokens — typically marketed and hyped by paying celebrities and social influencers.
Educating oneself about the crypto ecosystem is crucial for investors to pursue during a bear market while awaiting a bull cycle. That being said, having a good understanding of crypto investment entails keeping an eye out for fraudulent projects that threaten to drain assets overnight, otherwise known as pump-and-dump schemes.
Pump-and-dump in crypto is an orchestrated fraud that involves misleading investors into purchasing artificially inflated tokens — typically marketed and hyped by paying celebrities and social influencers. SafeMoon token is one of the most prominent examples of an alleged pump-and-dump scheme involving A-list celebrities, including Nick Carter, Soulja Boy, Lil Yachty, and YouTubers Jake Paul and Ben Phillips.
Once the investors have purchased tokens at inflated prices, the people owning the biggest pile of tokens sell out, resulting in an immediate crash in the token’s prices. While fraudsters disguise pump-and-dump schemes under the pretext of creating the next batch of crypto millionaires, knowledgable investors have the upper hand in identifying and avoiding their involvement.
Pump-and-dump schemes are usually accompanied by false promises around three broad categories: solving real-world use cases, guaranteed exorbitant returns, and unwithered backing from celebrities and influencers. Read More
Innovations that will change the way we work and interact online.
The Markethive Social Market Broadcasting Network becomes more prominent daily as the blockchain-driven ecosystem for entrepreneurs with a non-adversarial, bi-partisan free speech ethic and the collaborative culture we rarely see on social media platforms today. Even the newer acclaimed, free speech platforms are partisan to the left or right and deal with de-platforming and boycotts from payment providers.
Unlike the social media giants, which only have one primary news feed algorithmically set by the central authorities, Markethive is integrating four news feeds to accommodate the multi-functional platform within the Markethive ecosystem.
The individual feeds are General, Video, Blogging, and Content Curation, and they are all accessible from the main page and can be algorithmically set by the individual user. The scope that Markethive has is enormous as it integrates all the vertical systems of the other platforms under one roof.
Social + Video + Blogging + Marketing + Curation + Broadcasting + Affiliate + Gamification + Cottage Businesses = Markethive: A Powerful Blockchain-driven Ecosystem
There is nothing out there like Markethive. We are an Inbound Marketing (automated marketing platform) like Marketo, Paragon, and even the wannabee MLM Onpassive platform. We are like Youtube, Instagram, LinkedIn, Twitter, etc., but will be superior to these legacy Web 2 media when we release all the aspects and layout of Markethive 2.0.
We have a dynamic social media interface and growing community with a strong collaborative ethos, with SaaS and broadcasting capabilities already operational. We are not waiting for the launch to access the services; they are already there for you to use to help you facilitate your business and increase your reach and following.
Markethive is enhancing and bringing the platform into the future internet with our new technology and interfaces, but still in keeping with the human touch. Read More
Cardano Founder Charles Hoskinson Addresses Michael Saylor’s Assertion That ADA Is a Security
Cardano (ADA) co-founder Charles Hoskinson is addressing MicroStrategy CEO Michael Saylor’s opinion that ADA counts as a security but Bitcoin (BTC) doesn’t and instead qualifies as a commodity.
In a new ask-me-anything (AMA) session, Hoskinson argues that Cardano is not only more decentralized than Bitcoin, but it has more real-world utility as BTC’s main use case is speculation.
“Nobody controls [ADA]. It’s completely decentralized, far more than Bitcoin. It has more use and utility. People buy the token not to speculate, which is the only thing they can do with Bitcoin. They buy the token to use it for stuff, medical records and whatever else they’re doing, because it has real-life utility.
So that’s a security, but the [crypto] that the only thing you can do [with it] is speculate, is not?”
In an interview with Altcoin Daily last week, Saylor said it was “pretty obvious” ADA is a security.
“To be a commodity network, there has to be no issuer, no initial coin offering (ICO), no central organization and if you study the history of Cardano, it’s pretty obvious it’s a security. It checks all the boxes, so I don’t know how you actually get around intellectually to convincing yourself that it’s anything other than a security.”
Hoskinson says that Saylor and other Bitcoin maximalists remain exclusively defensive of BTC because they have financial interest in it succeeding over other crypto assets.
“It’s just one of those cases where [Saylor is] digging deep, fully digged in with Bitcoin, so it’s got to work, because if it doesn’t work the way he hopes, he goes bankrupt. So I don’t give much attention to it, and I don’t think it’s a productive conversation at all…
Saying [that] at any given time, [in] a proof-of-stake system, somebody can just arbitrarily take all your money and shut it down, it’s not honest. It’s just libel.
It’s not true. Protocols don’t do that. They feel they have no burden of proof or evidence of the statements they’ve made, and they say the only thing that matters is their thing, even though their thing doesn’t do anything. It just stores value.” Read More
Ethereum staking service Lido announces layer-2 expansion
Lido Finance has announced plans to offer its ETH staking services across the entire L2 system, as long as specific networks have “demonstrated economic activity.”
Crypto staking service provider Lido Finance has announced plans to expand staked Ether (stETH) support across the ecosystem of Ethereum layer-2 (L2) networks.
In a Monday blog post, the Lido team noted that it would initially begin by supporting Ether (ETH) staking via bridges to L2s using wrapped stETH (wstETH). Moving forward, it will eventually enable users to stake directly on the L2s “without the need to bridge their assets back” to the Ethereum mainnet.
In terms of partnered L2s, the team stated that before the announcement, it had already integrated its bridged staking services with Argent and Aztec. It added that the next collection of partnerships and integrations would be unveiled over the next few weeks.
Once the fully-fledged L2 staking support is ready, the Lido team noted that it will first start with L2 heavyweights Arbitrum and Optimism before expanding out to other L2s that have sufficiently “demonstrated economic activity.”
Given that L2s are designed to reduce the cost of Ethereum transactions, the team touted this move will enable users to stake ETH with lower fees while also gaining “access to a new suite of DeFi applications to amplify yields:”
“There are several types of L2s. We believe that in the future, a large portion (if not a majority) of economic activity and transaction volume will migrate to both general use and purpose-specific Layer 2 networks.” Read More
Will intellectual property issues sidetrack NFT adoption?
In posting NFT artwork on social media, a new owner could be breaking intellectual property laws. A “wave of litigation has already begun.”
The rapidly growing but loosely regulated nonfungible token (NFT) industry already touches many areas of human endeavor “from academia to entertainment to medicine, art, and beyond,” wrote recently two United States senators in a letter to the U.S. Patent and Trademark Office (USPTO) and the U.S. Copyright Office. The legislators were requesting a study to explain how this emerging technology fits into the world of intellectual property (IP) rights, including copyrights, trademarks, and patents.
It is an area that some say is marked by ambiguity and inconsistent application of the law, and sometimes indifference from the courts. “Many feel it is time for Congress to step in and provide the predictability needed for innovation to flourish,” Michael Young, partner at Finnegan, Henderson, Farabow, Garrett & Dunner, LLP, told Cointelegraph.
The joint study that senators Patrick Leahy and Thom Tillis requested from the agencies, due June 2023, has as background a recent slew of high-profile lawsuits — Nike v. StockX, Hermès v. MetaBirkins, and Miramax v. Quentin Tarantino — that raise some sticky questions about NFT creation, ownership and dissemination. Read More
Paraguay One Step Closer To Being a Paradise for Bitcoin Miners
A bill supporting crypto mining in the South American nation now awaits presidential approval.
Paraguay’s legislature has approved a bill that creates a tax and regulatory framework for crypto mining in the South American country. The Senate bill regulates businesses undertaking mining activities in the Bitcoin-friendly nation.
The proposal stems from legislation drafted last year by Congressman Carlos Rejala and Senator Fernando Silva Facetti, which also aimed to regulate cryptocurrency mining and trading. It now needs to be approved by President Mario Abdo Benitez before becoming law.
This time, the legislation calls for the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers. 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.
