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Binance-Backed Blockchain Completes Hard Fork to Mitigate Future Cross-Chain Bridge Hacks
The Bnb Smart Chain commenced the blockchain’s hard fork on October 12, at block height 22,107,423, in order to add a security patch to “mitigate the cross-chain infrastructure between [the] Beacon Chain and Smart Chain.” Binance and the Bnb Smart Chain suspended withdrawals and deposits on Wednesday in order to execute the upgrade. Not too long after, Binance noted that the upgrade was complete a touch after 5 a.m. (ET) on Wednesday morning.
Bnb Smart Chain Hard Forks to Apply Exploit Patch:
Five days ago, the Bnb Smart Chain was exploited for roughly $100 million and the chain was paused in order to address the issue. At the time, the hacker managed to leverage phoney security proofs to exploit the blockchain network’s cross-chain bridge. Following the hack, Binance announced that it planned to support an upgrade on October 12 that will add a security patch to the protocol that addresses the issue. Read More
Ethereum Wallet MetaMask Adds Instant Bank-to-Crypto Transfers
The fox is getting an upgrade thanks to one stinky fish.
Crypto wallet MetaMask is making it easier for users to turn their fiat into crypto through an integration with fintech firm Sardine, MetaMask parent company ConsenSys announced this week.
MetaMask users will now be able to fund their crypto wallets via bank transfers instantly, instead of having to wait for traditional fund transfers to clear.
In a blog post, ConsenSys argued that instant ACH transfers through Sardine are better than other methods for some users. For example, going through a crypto exchange or paying with a credit card can be less flexible because those methods may have monetary limits or result in declined transactions.
Through the new MetaMask integration, users will be able to turn their hard-earned cash into more than 30 tokens, up to Sardine’s daily transaction maximum of $3,000.
But instant conversions and purchases may raise questions about safety—and whether it potentially increases the risk of fraud or other illicit activity.
“Sardine’s payment system helps combat fraud,” MetaMask wrote as part of its announcement post on Twitter, but didn’t specify how. Read More
What is a Web3 browser and how does it work?
Web3 browsers like Brave allow users to access DApps, integrate cryptocurrencies and surf over the decentralized web with greater privacy and security.
Web3 browsers help users interact with decentralized applications built on blockchain technology. Web3 technologies like distributed ledgers, artificial intelligence, Metaverse and others aim to create the next-generation internet, which is accessible to everyone and offers benefits.
Key features of a Web3 browser include:
Immutable ecosystem, i.e., trust that people will download the digital product just as the original creator intended.
Enhanced transparency and security,
Quicker browsing performance,
Complete user anonymity and confidentiality,
Integrating cryptocurrency wallets with multiple blockchains,
Complete control over the content due to decentralization.
Furthermore, search engines can find microcontent texts automatically tagged in Web3, calling for converting countless macro Web1 content into microcontent. Because tagging can somewhat eliminate the uncertainty that homonyms and synonyms introduce to the search process, the end result may be a more accurate search. Read More
CFTC action shows why crypto developers should get ready to leave the US
Decentralized autonomous organizations were supposed to be regulation-proof. Federal regulators now have targeted not just a DAO but also its investors.
Considerable anxiety exists in the world of Web3 related to regulation and the legal status of cryptocurrency projects. It’s particularly apparent in the United States, where the Commodity Futures Trading Commission (CFTC) fueled concerns in September with an announcement that it was imposing a $250,000 fine on a decentralized autonomous organization, Ooki DAO, and its investors. The fine was particularly ominous, considering DAOs are intended to be “regulation-proof.”
The CFTC said in its statement on the issue that Ooki DAO’s bZeroX protocol offered illegal off-exchange trading of digital assets. The agency took issue with the fact that the founders, Tom Bean and Kyle Kistner, tried to use the existing bZeroX protocol within the DAO to put it beyond the reach of regulators.
“By transferring control to a DAO, bZeroX’s founders touted to bZeroX community members the operations would be enforcement-proof,” the CFTC said. “The bZx Founders were wrong, however. DAOs are not immune from enforcement and may not violate the law with impunity.”
The fine is not all that surprising. The CFTC and other regulators are not going to abide by a veil of decentralization. But, there is something within the ruling that is extremely worrying to Web3 lawyers and developers. The agency’s complaint indicated that the voters within a given DAO could be distinctly liable. Read More
What Does The Wallet Do? What Does It Mean For You?
The launch of the Markethive wallet is approaching, so it’s time to start beating the proverbial drum. It is the start of an exciting time with the advent of many integrations to follow the release of the wallet that will bring Markethive into prominence as an unprecedented platform. The combination of inbound marketing, social media, digital broadcasting, video, conference rooms, e-commerce, gamification, etc.
Markethive is a blockchain-driven crypto economy, all-inclusive, with a distributed database system required for this decentralized, monolithic global project. We’re almost there with the release of the wallet that will initiate entrepreneurial sovereignty and open the floodgates of this divine enterprise with its plethora of systems and services, including the new interface and dashboard.
We now have a complete working wallet with the Solana Network, and we also have a fully functional crypto merchant account. The Markethive wallet is being polished with the finishing touches, keeping mindful that it’s not just a simple wallet but a comprehensive, dynamic engine centralized for you that powers your platform and business.
Markethive is fundamentally a sophisticated inbound marketing and storefront platform, integrated with a social network, and not just another social media platform you see popping up to counter the media tech giants we’ve come to know as oppressive, censoring you and using your personal data for their own gain. Read More
Magic Eden Flip-Flops on Solana NFT Royalties, Making Them Optional
Solana’s top NFT marketplace no longer forces traders to pay creator royalties after rival upstarts cut into its market share.
Magic Eden, the largest NFT marketplace on Solana, no longer requires traders to pay creator royalties.
It’s an abrupt shift to the platform’s stance on royalties following the rise of rival marketplaces that started the trend.
Magic Eden, the most popular marketplace for Solana NFTs, announced late Friday that it would no longer strictly honor creator-set royalties on NFTs sold through its platform, bowing to recent pressure as royalties-shunning rivals rapidly stole away its market share.
“After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties,” the platform tweeted. Magic Eden also said that it would waive its platform fees during a promotional period, in an apparent bid to win back traders. Read More
How Decentralization Helps Harness Unrealized Talent
Blockchain technology is relatively new. While still developing and improving every day, it has already contributed an outstanding degree of advancement to different industries that embrace it.
Following finance, manufacturing, gaming, and other fields, blockchain is now disrupting the digital art and artwork space. The best thing about this is that creators and artists have made the most out of this technology and have been able to convert their masterpieces into NFTs — earning massive profits by selling.
In March, Mike Winkelmann, popularly known as Beeple, sold his NFT artwork called “Everydays: The First 5000 Days” for over $69 million through the international auction house Christie’s. This massive sale created a huge buzz and left art and media critics to realize that these unique digital tokens have revolutionized the way people view content ownership, ushering in a new era of art in the digital age.
Furthermore, NFTs have opened the doors for crypto enthusiasts and the art community to work together for the very first time. The decentralized nature of NFTs guarantees that even creators with untapped potential can benefit from it to a great extent. Read More
Polkadot hits all-time high in development activity
It's been almost one year since the start of the ecosystem's signature parachain auctions.
According to data from programming repository GitHub, Polkadot recognized more than 500 contributions each day in September — an all-time high for the multichain protocol. Simultaneously, data from Polkadot’s cross-consensus interoperability standard XCM show that a record 26,258 messages were sent between its parachains. In total, 14,930 contributions from developers were recorded on Polkadot’s GitHub in the month of August.
As told by project developers, 66 blockchains are now live on Polkadot and its parachain startup network Kusama. Since its inception, over 140,000 messages have been exchanged between chains via 135 messaging channels. Together, the Polkadot and Kusama treasuries have cumulatively paid out 9.6 million DOT and 346,700 KSM ($72.8 million total) to fund spending proposals in the ecosystem.
Parachains are individual layer-1 blockchains that run in parallel on Polkadot and are first tested on Kusama. Auctions for parachain slots are held in the form of crowd loans, with the position going to the highest bidding project. The first of its kind took place last November. Read More
Blockchain gaming adoption means more options for gamers
Blockchain games are cropping up across various genres, giving games options for what they can play.
In December 2021, when Bitcoin began to fall from its record highs, the Axie Infinity Shard token also began to sink, but the Axie Infinity audience grew to almost 3 million people a day, and the transaction activity in its network increased four times.
There are objective reasons for such dynamics. Firstly, most blockchain games use browsers and the creators use HTML5 and WebGL technologies, which have radically expanded the possibilities for developing browser games. Such games repopulated browsers and, at the same time, provided the ability to connect crypto wallets and withdraw NFTs to external marketplaces without any regulatory restriction.
Secondly, blockchain games have no competition as such, as the traditional PC game industry still refers to the blockchain as an incomprehensible or even “toxic” space. This gives small studios, which are not yet able to create large gaming franchises, a huge head start on development. The ability to quickly launch the in-game economy allows developers to immediately fund the continued development of their game worlds without getting into debt and without inflating working capital.
Finally, blockchain games are mostly about income because in blockchain-based games players can earn money just by playing. For completing tasks and spending time in the game, users receive tokens that can then be invested or converted into real money. 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.
