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What is the relationship between blockchain and Web3?
Cryptocurrencies and blockchain are the building blocks of Web3. However, the decentralized web also relies on technologies like AR, VR, IoT and others unrelated to blockchain or digital currencies.
The third generation of the internet, known as Web3, is based on blockchain technology. However, technologies like machine learning, big data, artificial intelligence (AI), the Internet of Things (IoT), augmented reality (AR), virtual reality (VR) and others enable decentralized apps (DApps) to analyze information in a sophisticated human-like manner in a Web3 environment.
For instance, virtual reality headsets will create an exceptional shopping experience, allowing customers to interact with the products before making a purchase. However, these technologies are not based on cryptocurrencies or distributed ledger technology but aim to increase blockchain technology’s efficiency.
Furthermore, blockchain plays a significant role in building the infrastructure of Web3 by allowing organizations to decentralize Web2 services, including cloud computing, social networking sites and databases. Therefore, combining AI and blockchain technology will undoubtedly give organizations a better way to manage confidential data sets. Read More
Three questions brands should ask before choosing a blockchain
A big decision that every brand has to make is which technology providers to partner with.
Nike this fall launched .SWOOSH, a Web3-enabled platform aimed at creating a “new, inclusive digital community and experience.” Before that, Starbucks launched its foray into Web3, Starbucks Odyssey, a blockchain-based loyalty program. From Nike to Starbucks to Sony to Walmart, it’s clear that major brands see a big opportunity to be on the cutting edge of technology and evolve in a way that meets the demands of constant innovation in today’s culture.
While the Web2 era was all about growing customers, the Web3 era will be about growing a community. By giving people the ability to co-create digital collectables, engage in immersive experiences and even earn royalties on NFTs, Web3 is a new way to build long-term loyalty and connection.
A big decision that every brand has to make is which technology providers to partner with. Much like deciding on a payment processor or app developer, choosing the right Web3 partners can either greatly accelerate or hinder an organization’s progress. Read More
How Web3 DApps can change the world
When you download a DApp, it should be yours forever.
Decentralized applications, or DApps, have been touted as the future of Web3. But what big problems do DApps address? How do they solve them? And what types of DApps could benefit consumers in the future?
In Web2, consumers visited centralized servers, and their data was often collected, mined, sold, violated and breached. In Web3, I envision consumers downloading DApps to their own devices. All data generated by the DApp would reside on their device and be owned by the consumer. This would give consumers much more control over their own privacy.
For consumers, DApps offer better privacy and more control. These are powerful forces of nature and why Web3 DApps can change the world. Read More
Sorry, Self-Custody Is Not The Solution To The FTX Crisis - Yet
In the aftermath of the FTX collapse, we can't help but wonder why an industry that was created so that you can be your own bank actually ended up trusting single bad actors with tens of billions of their own hard-earned money.
Bitcoin was created as a form of digital money that liberates us from banks, enabling true self-custody, protecting us from financial disasters caused by someone else mishandling your money. However, in reality, the norm right now is to keep your crypto on a centralized exchange, which is significantly less safe than using an actual bank.
It’s a constant cycle in our industry: newcomers place their trust in centralized exchanges, leaving significant amounts of funds, sometimes even their life savings, leaving them vulnerable to hacks, misappropriation, and even regulation-imposed account freezing. Read More
A democratic society values a free-flowing media ecosystem. A healthy media ecosystem is one of the characteristics of a democratic society. Mass media outlets such as newspapers and cable TV networks were prominent in the past. Today, the internet and social media platforms allow for greater communication across society.
Journalism, investigative correspondents, and even freelance writers are essential to that ecosystem. High-quality reporting revealing brutal truths and users' scope and exposure on social media to either create or access information are forces that can drive genuine societal change. And even keep the power structures in check.
Despite the positive aspects mentioned above, harmful practices and negative external forces related to the media ecosystem often eclipse them. These issues are usually easy to recognize once they’re identified. Therefore, it is important to acknowledge them and spread awareness about their potential risks.
Doing so will help you make informed decisions about how you use media and how it can impact your life and the lives of others. The following are a few issues pervasive in many digital news sites, forums, and social media platforms. Read More
Markethive Media has embraced blockchain technology and cryptocurrency, building an ecosystem that belongs to “we the people,” eliminating many of the issues plagued by media outlets today. With its meritocratic culture, dynamic social media interface, and growing community, Markethive is enhancing and bringing the platform into the future internet with new technology and interfaces, but still in keeping with the human touch.
Bitcoin Wallet Maker Foundation Raises $7M to Expand Self-Custody Push
The maker of the Passport hardware wallet, which promises "airgapped security," just raised a seed round to expand its product offerings.
Amid growing interest in self-custody solutions, Bitcoin-centric startup Foundation Devices announced today that it has closed a $7 million seed funding round. The Boston-based company said that it will use the cash to continue developing its crypto “digital sovereignty” products, which include both hardware and software wallets.
Blockchain investment firm Polychain Capital led the round, with Greenfield Capital, Lightning Ventures, Unpopular Ventures, Warburg Serres, and Bolt also participating.
Foundation’s flagship product, Passport, is a Bitcoin hardware wallet that features “airgapped security” without external USB or wireless communications. Instead, it uses a camera and QR codes to communicate, and has a built-in color display. The firm also offers a mobile software wallet called Envoy. The company claims that it has sold "thousands" of the Passport wallets over the past 18 months.
“Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies,” Foundation CEO Zach Herbert said in Monday’s announcement. Read More
How to avoid getting hooked by crypto ‘ice phishing’ scammers: CertiK
Ice phishing is a type of scam that exists only in Web3 and is a “considerable threat” to the crypto community, the firm says.
Blockchain security company CertiK has reminded the crypto community to stay alert over “ice phishing” scams — a unique type of phishing scam targeting Web3 users that was first identified by Microsoft earlier this year.
In a Dec. 20 analysis report, CertiK described ice phishing scams as an attack that tricks Web3 users into signing permissions that end up allowing a scammer to spend their tokens.
This differs from traditional phishing attacks that attempt to access confidential information such as private keys or passwords, via methods like the fake websites that claim to help FTX investors recover their lost funds.
A Dec. 17 scam where 14 Bored Apes were stolen is an example of an elaborate ice phishing attack. An investor was convinced to sign a transaction request disguised as a film contract, ultimately enabling the scammer to sell all of the user’s Apes to themselves for a negligible amount.
The firm noted that this type of scam was a “considerable threat” and found only in the Web3 world, where investors are often required to sign permissions to decentralized finance (DeFi) protocols that could be easily faked. CertiK wrote:
“The hacker just needs to make a user believe that the malicious address that they are granting approval to is legitimate. Once a user has approved permissions for the scammer to spend tokens, then the assets are at risk of being drained.” Read More
Uniswap to allow users to buy cryptocurrency using debit and credit cards
Users of the decentralized exchange will also be able to use bank transfers to purchase crypto.
Decentralized exchange Uniswap has partnered with fintech company Moonpay to allow users to buy cryptocurrency on its web app using debit cards, credit cards, and bank transfers. The bank transfer option is being rolled out for users within most U.S. states, Brazil, the United Kingdom and the Single Euro Payments Area, also known as SEPA.
In the announcement made on Dec. 20, Uniswap shared that its users will now be able to convert fiat to cryptocurrency on the Ethereum mainnet, Polygon, Optimism, and Artibrum in a matter of minutes.
According to Uniswap, decentralized exchanges (DEX) are a much safer option than centralized exchanges (CEX) because of their built-in user protection, self-custodial wallets, permissionless, immutable protocols and transparent public ledger.
The company shared that the decentralized finance (DeFi) onboarding experience has been a major hurdle to adoption, as CEXs are seen as more convenient by users despite associated risks. Uniswap hopes its latest rollout will improve the onboarding process with its “no spread fees on USDC, lowest processing fees in the market, and instant access.” Read More
Decrypt’s 2022 Crypto Project of the Year: Polygon
Mainstream brands like Starbucks, Reddit, and Instagram are adopting Polygon, and the Ethereum scaler is building for even broader adoption.
Amid a contagion-fueled crypto winter that has sent a chill through VC firms, coin holders, and NFT collectors alike, one project above all has made undeniable strides towards onboarding the masses and having the infrastructure to support them: Polygon, Decrypt’s pick for crypto project of the year.
In 2022, Polygon’s perception evolved from one of many Ethereum scaling networks into a platform favored by major household brands and companies looking to harness Web3 tech, powering everything from customer loyalty programs to web and metaverse identity. And it made progress in its plans to support that growth through zero-knowledge proof scaling technology.
Over the past several months, despite crumbling confidence in the crypto space due to the collapse of Terra and more recently FTX, Polygon has attracted a wide array of massive, well-established brands that are building applications atop the Ethereum scaler. 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.
