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What are DApps? Everything there is to know about decentralized applications
Decentralized applications, or DApps, are essentially blockchain-based smart contract-powered versions of apps popularized by the Ethereum network. They act just like traditional apps — a user shouldn’t even notice a difference — but provide much more in terms of a feature set.
DApps represent a new way of interacting with personal finance. When one thinks of traditional finance, often money lending, borrowing, savings and similar entities come to mind. Each of these is powered, if you will, by a central authority such as banks or other financial institutions.
But when it comes to the future of finance, many consider cryptocurrencies and blockchain as representatives of that. If that’s the case, how do simple financial tasks like loans work in a decentralized state? Read More
Blockchains need an interoperable standard to evolve, say crypto execs
Blockchains will need interoperability like computers need an internet connection to transfer data and value, a Chainlink Labs executive says.
Blockchain technology needs a benchmark communications standard that can be easily integrated by every network in order for a complete transition from Web2 to Web3 to occur, industry commentators say.
Many expect there will be multiple blockchains and such an ecosystem requires communication protocols similar to the Transmission Control Protocol/Internet Protocol (TCP/IP) used on the Internet.
Ryan Lovell, director of capital markets at crypto price oracle solutions firm Chainlink Labs, told Cointelegraph that blockchains will need interoperability similar to how computers need the internet to transfer data and value across networks:
“To realize a fully interoperable blockchain ecosystem at scale, there needs to be an open communication standard analogous to the TCP/IP, which currently serves as the internet’s de facto connection protocol.”
Lovell believed a similar standard for blockchain networks would “pave the way for a seamless, internet-like experience” for the platform and their applications. Read More
Cryptocurrency Phishing Attacks Rise by 40% Year-on-Year in 2022
Cryptocurrency-related cyberattacks have seen bad actors shift their focus from traditional financial threats to phishing. Kaspersky has revealed a 40% year-on-year increase in cryptocurrency phishing attacks in 2022, with 5,040,520 attacks detected compared to 3,596,437 in 2021. Phishing attacks involve reaching out to investors through fake websites and communication channels that mimic official companies and prompting users to share personal information such as private keys, which ultimately provides attackers unwarranted access to crypto wallets and assets.
While Kaspersky could not predict if the trend of cryptocurrency phishing attacks would increase in 2023, phishing attacks continue to gain momentum in 2023. In a survey conducted by Kaspersky, one out of seven respondents admitted to being affected by cryptocurrency phishing.
Phishing attacks predominantly involve giveaway scams or fake wallet phishing pages, but attackers continue to evolve their strategies. Kaspersky has noted that “crypto still remains a symbol of getting rich quick with minimal effort,” which attracts scammers to innovate their techniques and stories to lure in unwary crypto investors.
Recently, hardware cryptocurrency wallet provider Trezor issued a warning against attempts to steal users’ crypto by tricking investors into entering their recovery phrase on a fake Trezor site. This highlights the importance of being vigilant and taking necessary precautions to protect one's crypto assets. Read More
Elon Musk Warns of AI Destructive Potential
Artificial intelligence (AI) has been a hot topic in the tech industry for years, with many researchers and engineers working tirelessly to bring the concept of a generative AI to life. However, some experts have raised concerns over the potential risks associated with AI, including its potential to destroy civilization. One such expert is Tesla and Twitter CEO Elon Musk, who has been vocal about the dangers of AI falling into the wrong hands or being developed with ill intentions.
On March 15, news surfaced that Musk had plans to create a new AI startup, which would undoubtedly stir up even more debate around the topic. Despite his involvement in AI development, Musk has not shied away from acknowledging the potential risks associated with the technology. In fact, he has been one of the most prominent voices warning of its destructive potential.
During an interview with FOX, Musk stated that AI could be more dangerous than mismanaged aircraft design or production maintenance. He stressed that the probability of such an event occurring may be low, but it is non-trivial and has the potential for civilizational destruction. Musk believes that it is critical to have a proactive approach in managing the development of AI technology, to ensure it is used ethically and safely.
Musk’s warnings are not without merit, as there have been instances where AI has been used for malicious purposes. Read More
Phase Two of the Markethive internal wallet is complete, a considerable milestone for the company and the Markethive community. The impending release of the wallet is a pivot point for Markethive to secure its future as a completely decentralized social media broadcasting and marketing platform the world so desperately needs for these significant times.
The Markethive wallet is not just an ordinary wallet: It’s a transactional interface that services and keeps track of all your accounting and transactions, including your loans to Markethive and interest paid by Markethive to you via the ILP.
With Phase Two now in operation, you can access and set up your personal requirements and view your status in The Vault, Hive Rank, Staking, KYC Application, ILP Report, payments, and Markethive Credit threshold and balance. Plus, you can now transfer Markethive Credits to other members within Markethive.
Note that full access to all of the Markethive systems requires complete KYC documentation and an Entrepreneur One membership. The Markethive platform, with its general newsfeed, is free to use; however, the marketing systems and aspects thereof within Markethive will be limited, including Hivecoin transactional activity and micropayments of MHV.
Once the Markethive wallet is fully operational and launched, the Premium Upgrade will be introduced, which offers additional features and benefits to achieve a significant presence online for your marketing efforts and business growth, especially with the upcoming unique dashboard interface. It will be beyond anything else out there today. Read More
Web3 security: How to identify the risks and use protection tools?
What are the risks associated with Web3, and how is one specialized Web3 protection tool helping users navigate this new digital landscape with confidence?
The Web3 space has completely revolutionized online interactions, but it is still not completely risk-free. While underlying technologies such as blockchain bring more resilience, Web3 has inherited many security risks from Web2. Moreover, it also faces new forms of attack.
With Web3 progressing at a fast pace, it is imperative to identify the risks associated with this new iteration of the internet. Four main categories of risks emerge from the transition to Web3: Read More
ETH staking passes withdrawals for the first time since Shapella upgrade
Over 1 million ETH has been withdrawn since the Shapella hard fork on April 12. However, a significant number of addresses have restaked their ETH.
The Ethereum blockchain underwent a successful Shapella upgrade on April 12, allowing validators to withdraw their staked Ether from the Beacon Chain after three years. After seeing over 1 million ETH in withdrawals in the first week, the amount of staked ETH has now surpassed the number of ETH being withdrawn for the first time since the Shapella upgrade.
Data from the on-chain analytics firm Nansen suggests that more ETH is currently being staked than withdrawn. As of April 17, the ETH staking volume of 124,000 ETH exceeded the withdrawal volume of 64,800 ETH for the first time. In the last 24 hours, the amount of staked ETH was 94,968 against 27,076 in withdrawals. The first round was primarily partial withdrawals from Lido and old validators. It takes approximately three days to get into the withdrawal queue.
The Shapella upgrade was projected as a make-or-break situation for the Ethereum blockchain as millions in unlocked ETH posed a risk of mass selling. However, the majority of the validators are restaking their unlocked Ether. Crypto exchange Binance will open withdrawals on April 19. Read More
What Are Crypto Wallets – A Step-by-Step Guide for Beginners
New to crypto? Learn everything you need about crypto wallets, including choosing the right one, setting it up and securing your assets.
Are you among those who have just begun to learn about cryptocurrency?
If that is your situation, you have arrived at the appropriate platform. This beginner guide will review everything you need about cryptocurrency wallets.
We’ll also explain their functions, how to select the best one for you and how to configure it.
If you’re about to embark on your exploration into the realm of cryptocurrency, you’ll require a cryptocurrency wallet. It helps you keep your assets safe and secure. But an important question remains unanswered – “What exactly is a crypto wallet?”
A crypto wallet is a digital wallet allowing users to store, transfer and receive cryptocurrencies securely. Consider it an actual wallet that you take everywhere you go, and it’s only for digital items instead of cards and cash. Read More
The Benefits of Blockchain Technology for Good
Blockchain technology is one of the most revolutionary technological innovations of our time.
It has the potential to transform industries by providing a secure, transparent and decentralized way of exchanging information and assets.
While blockchain is commonly associated with cryptocurrencies, it has many other potential applications, including those for social good.
In this blog post, we will explore some of the ways blockchain can be used for good and the impact it can have on society.
Before diving into how blockchain can be used for good, it is important to understand what blockchain is.
In simple terms, blockchain is a digital ledger that records transactions or data in a decentralized and transparent way.
Instead of a central authority or middleman, transactions are validated and recorded by a network of computers on the blockchain.
Each transaction is verified through complex algorithms that ensure its accuracy, and once verified, it is added to the blockchain as a block. 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.
