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Web3 social app tackles fake accounts with an innovative engagement system
Blockchain technology can address the pervasive issue of inauthentic users on social media.
For traditional social networks, addressing this crisis of user authenticity is a daunting task. Over 47% of 2022’s web traffic was bot-generated, with 30% being harmful bots. Emerging as a potential solution with blockchain, Web3 offers mechanisms to ensure the authenticity of every participant on a specific platform.
Phaver, a Web3 social app, introduces a gamified solution to fight against bot accounts and incentivize users to build a reputation on social media. By implementing a level system similar to loyalty tiers in airline programs, Phaver aims to discourage detrimental practices plaguing the current social media landscape, such as farming and multi-accounting.
Users accumulate a credibility score akin to status miles, which determines their level within the app. Phaver’s system penalizes harmful behaviors and rewards genuine engagement and credibility building with points — comparable to reward miles — instead of merely increasing follower numbers. Monthly redemption based on levels further disincentivizes abuse, promoting a healthier digital ecosystem. Users can increase their reputation, for example, by connecting various NFTs from a combination of wallets to their Phaver profile. Read More
AI tokens are more hype than value right now, says Coinbase analyst
While some crypto-AI tokens continue to deliver profitable trades, the long-term sustainability of the ecosystem will require more than just decentralizing AI components.
While technologists continue to explore artificial intelligence (AI) use cases in all business verticals, a Coinbase research report suggests that AI-related tokens may be over-hyped right now, at least in the short and medium term.
The rising popularity of generative AI spurred niche crypto sub-ecosystems over the last couple of years. However, Coinbase research analyst David Han believes that the rapid changes in AI “make us cautious” of the long-term sustainability of most AI tokens.
One of the primary challenges with crypto AI projects lies within the core of both technologies. While crypto projects often aim for decentralization, the current AI offering relies heavily on centralized components and data sources, argues Han.
In addition, most projects in the niche have failed to attract investors — resulting in under-indexed capital allocation. Read More
What’s the missing piece for mainstream Web3 adoption?
Web3 has been growing fast, but the fragmented industry still hinders mainstream adoption.
Recognizing the need for a more integrated approach, some Web3 players are moving beyond the hype. Legion Network is emerging as a notable example among these. As a one-stop shop for Web3, Legion Network addresses the complexity of the industry and reaches new audiences. It brings together essential Web3 use cases, including a proprietary crypto wallet with comprehensive portfolio tracking, DeFi swaps and bridges, engaging play-to-earn/win games, captivating quests with prize rewards, a launchpad for emerging projects and a unique SocialFi experience that fosters community engagement.
Users can download Legion's super app, which is available on the App Store and the Google Play Store. The app has grown significantly since its launch, with over 5 million downloads, an average rating of 4.2 stars from 215,000 reviews, and nearly 500 million game plays. These metrics underscore the app’s popularity and effectiveness in engaging and retaining a diverse user base. Read More
Lowering developer friction is key for mass-scaling blockchain applications — Polygon co-founder
Building developer-centric scaling solutions is key for the next “breakout” blockchain app, Polygon’s Anurag Arjun told Cointelegraph.
Building blockchain infrastructure that attracts developers is key for mass scaling blockchain applications, Anurag Arjun, the founder of Avail and co-founder of Polygon, told Cointelegraph in an exclusive interview on March 7.
“Lowering developer friction is very important. If you look at the first mobile apps that were built when the initial infrastructure came out, those were very simplistic sort of apps. It took a lot of years of experimentation to build something like Uber or Instagram.”
Arjun added that building developer-focused scaling solutions like layer-2 rollups will be necessary to advance blockchain-based decentralized applications (DApps). He said:
“The real utility of [scaling solutions] is if developers can quickly work with this infrastructure to actually create useful scale apps that go mainstream, for example, right again right now.” Read More
REFER THREE TO MARKETHIVE TO RECEIVE BONUS AIRDROPS AND ACTIVATE MICROPAYMENTS
As Markethive continues to gain traction with new members joining daily, Markethive is steadfast and in preparation to take a large share of the new Market Network that is the next generation following the social media craze of Web 2.0. Markethive is a Social Market Broadcasting Network. It sounds like a mouthful, and it is!
Markethive is an all-encompassing platform that has integrated;
As Markethive’s foundation is Blockchain-driven, it has its consumer coin, currently named Markethive Coin (MHV), but soon to be renamed Hivecoin (HVC - the Ticker Symbol). It is fully integrated into the system and has created an Ecosystem for all Markethive members, free and upgraded Entrepreneurs.
So Markethive has established its niche as the only Social Market Broadcasting Network with an infinity Airdrop and a system that rewards the users for engaging on the platform and learning how to use it with ongoing, real-time micropayments, otherwise known as a Faucet.
Markethive has the combined power of Facebook, LinkedIn, Marketo, and Amazon, with the real advantage of deriving income within the Markethive system while promoting your business and enjoying the social media interface. Read More
What are rebase tokens, and how do they work?
Rebase tokens are a particular kind of cryptocurrency that periodically (typically daily or multiple times a day) modifies its total supply.
The adjustments seek to stabilize the rebased token’s price or target a specific value through methods that increase or decrease the token supply in reaction to price deviations from the target. A positive rebase, for example, increases the token supply and reduces the balances of current holders if the token’s price climbs above the target. On the other hand, a negative rebase lowers the supply and increases the value of existing holdings if the price drops below the target.
This dynamic supply adjustment system introduces distinctive features and factors to consider. Examples of rebase tokens include Ampleforth (AMPL) and Basis Cash (BAC). Rebase tokens carry risks and potential advantages, including creative tokenomics and price stability. Investors should carefully evaluate the token’s mechanisms and comprehend the effects of supply adjustments on their holdings as rebase events are automated, and smart contracts are used. Read More
Bitcoin halving: What’s different this time around?
Fewer Bitcoin entering circulation after the halving will be met with increased demand from spot Bitcoin ETF issuers, leading to a “continuous, but volatile upward grind” in price, a mining analyst says.
Bitcoin’s supply and demand dynamic will be even more favorable than after previous halvings in 2012, 2016 and 2020, thanks to the recent launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Bitcoin halvings cut miner rewards in half every 210,000 blocks, which is approximately every 48 months.
The answer to ‘When is next Bitcoin halving’ depends on the day the 840,000th Bitcoin block gets mined — expected to take place on April 20 — and will see mining rewards reduced from 6.25 BTC ($418,800) to 3.125 BTC ($209,400).
History shows Bitcoin’s price starts ticking upward to break previous all-time highs about four or five months after the halving. Read More
Old Trust Wallet iOS vulnerability from 2018 may still affect some accounts
Trust Wallet accounts created between Feb. 5 and Aug. 21, 2018 on iOS devices may still be vulnerable to exploits, according to cybersecurity research firm SECBIT Labs.
An old vulnerability in the Trust Wallet iOS app may still affect individuals who created accounts with it — even if they no longer use Trust Wallet — according to a recent report from security researchers at SECBIT Labs. The vulnerability only existed from Feb. 5 through Aug. 21, 2018 and does not affect accounts created after that time period, the researchers stated. However, some users may be unaware that the vulnerability existed and may still be planning to use the exposed wallets.
The vulnerability was caused by two functions called by the Trust wallet in a Trezor library that were supposed to only be used for testing. Yet despite developer notes warning developers against their use, Trust Wallet accidentally included these functions in its iPhone wallet app, SECBIT claimed. This error allegedly allowed attackers to guess the private keys of some users and steal their funds. According to SECBIT, these accounts are still vulnerable even now.
This newly revealed vulnerability is allegedly separate and distinct from Trust Wallet’s browser extension flaw, which the Trezor team already acknowledged in April 2023. Read More
Starknet anticipates significant impact from Ethereum’s Dencun hard fork
Ethereum’s Dencun hard fork includes EIP-4844, an upgrade that reduces the costs of layer-2 rollups.
Layer-2 scaling protocol Starknet aims to double the impact of lowered costs for rollups after Ethereum’s latest hard fork, Dencun, takes effect on March 13.
The Starknet Foundation announced the rollout of additional fee-saving initiatives on its protocol that will coincide with the Dencun upgrade. The hard fork is arguably the most significant upgrade to Ethereum’s protocol since its shift to proof-of-stake consensus in October 2022.
Dencun includes Ethereum improvement proposal (EIP-4844), which changes how Ethereum rollups store data on mainnet. Several layer-2 rollups aggregate and process transactions off-chain and submit a summary proof of these transactions to the Ethereum blockchain.
EIP-4844 creates a new way for rollups to add cheaper data to blocks by introducing blob space as a replacement for using call data for storage. Using call data to store cryptographic proofs of off-chain bundled transactions has been historically expensive because all Ethereum nodes must process the data that lives on-chain indefinitely. 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.
