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Hardware wallet industry to outstrip crypto exchanges: Report
Global crypto exchange revenue is estimated to grow at a 13% CAGR by 2028, while the hardware wallet market is expected to exhibit a CAGR of 27% by 2027.
The crypto hardware wallet industry could be growing at a faster pace than cryptocurrency exchanges, data from several studies suggest.
The current bear market has accelerated the development of the cold wallet industry, while many centralized crypto exchanges were scrambling to maintain operations. According to a report by business intelligence firm Vantage Market Research, the revenue of global crypto trading platforms amounted to $330 million in 2021.
Released on July 21, the report suggests that the global crypto exchange market revenue would reach a value of $675 million by 2028 with a compound annual growth rate (CAGR) of 12.7%. That’s at least half the CAGR related to the growth of the hardware wallet industry, other reports suggest.
The global hardware wallet market reportedly reached a value of $252 million in 2021 and is expected to reach a value of $1.1 billion by 2027, or exhibit a CAGR of 27.2%.
The concept of hardware or cold wallets has been growing increasingly popular in recent years amid major centralized crypto exchanges limiting access to funds of some users over various types of issues. Hardware wallets became even more popular amid the ongoing crypto winter, which pushed some crypto platforms and exchanges to halt withdrawals. Read More
World’s Best-Selling Video Game Announces Ban on NFTs – Here’s Why
One of the world’s most popular online video games is updating its policy to ban non-fungible tokens (NFTs).
According to a new company article, Minecraft, the best-selling video game of all time, is updating its guidelines to ban NFTs due to their potential to create inequality among the game’s users.
“We wanted to take the opportunity to share our view that integrations of NFTs with Minecraft are generally not something we will support or allow…
NFTs and other blockchain technologies create digital ownership based on scarcity and exclusion, which does not align with Minecraft values of creative inclusion and playing together. NFTs are not inclusive of all our community and create a scenario of the haves and the have-nots.
The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering, which we think is inconsistent with the long-term joy and success of our players.”
Minecraft also says they are worried about the reliability of digital collectables and the potential scams centred around them. Read More
Prove Anything Announces Strategic Partnership With Ruby Protocol To Bring Forward Private Data Management Framework For Web 3.0
Prove Anything aims to strengthen and reshape the existing consumer market by creating simplified tools for businesses and consumers to enter the web3.0 space with Ruby Protocol Functional Encryption.
Prove Anything is the open protocol for proof and authenticity. Connecting people and brands through the products they own using Web3 technologies. The project's toolset creates proof, certification and provenance all with consumer privacy, security and data ownership at its core. Prove Anything today announces its strategic partnership with Ruby protocol, the cross-chain, privacy-first infrastructure to complement the group’s strengths and technical advantages. The partnership aims to solve existing problems within the blockchain infrastructure by creating and combining robust data management framework with enhanced user privacy features, creating a new frontier for permission-based marketing, advertising and product interactions.
Commenting on the recent partnership with Ruby Protocol, Glenn Shoosmith, CEO of Prove Anything said,
“The strategic partnership aligns our unique strengths by combining our areas of expertise in the fields of developing a robust data management framework and consumer privacy protection. Partnering with Ruby will allow us to use their Functional Encryption layer to keep our users data private in a dynamic way, that will become a new benchmark for permission based data sharing” Read More
Don't wait around for recovery, keep on building, says Web3 exec
Tegan Kline said that the bear market is a “builder’s paradise” because there is less noise and teams can focus on laying foundations.
There are still many more things that can be built within the blockchain space, and the good news is that members of the community know what they are, said Tegan Kline, co-founder of Edge & Node — the initial team behind The Graph.
In an interview with Cointelegraph, Kline discussed the crypto winter and gave suggestions on what community members should focus on while the markets are down. According to the Web3 executive, the community should stick to its core values and stay determined to deliver real solutions. Kline explained:
“We all go through the downturn together, and we all come out of it stronger. We all support each other’s projects, and there's a virtuous cycle there that continues to nurture the ecosystem.”
Kline also highlighted that the crypto winter provides an opportunity for builders, as there is less noise during a bear market, making it what Kline described as a “builder’s paradise.” She also said:
“The community will hunker down and focus on building. Only the committed founders and community members stick around, and this ends up being a great filter. Some even welcome the bear market for this reason.” 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
Polygon Introduces zkEVM for Ethereum Scaling
Polygon has brought the future of Ethereum to the moment where everyone exists. Polygon has introduced Polygon zkEVM to tackle issues of ZK Rollups and, most importantly, enable the deployed smart contracts on Layer-2 to scale infinitely using ZK proofs.
Polygon zkEVM looks to leverage one component each from ZK proofs and Ethereum Virtual Machine, also known as EVM. While it will benefit from the scalability of ZK proofs, and compatibility will be served directly by Ethereum Virtual Machine.
The development was undertaken to accomplish the primary vision of allowing users and developers to avail of the benefits of the future while also benefiting from the decentralization, familiarity, and security of Ethereum.
ZK Rollup has been the basic scalability approach; however, its drawbacks must be addressed almost instantly. The issues dealt with performance and compatibility.
ZK Proofs is a promising technology, but it cannot lead the industry to success unless all the pointers have been resolved with a better solution that can be accessed by developers and users alike. Read More
Block by block: Blockchain technology is transforming the real estate market
“Web3 will be all about ownership, owning fractionalized shares. [...] Imagine fractionalizing the Empire State Building into 2 billion shares.”
Property is the world’s single largest store of wealth, and if the cryptocurrency and blockchain world is seeking an express route to mass adoption, it could do worse than partnering with the real estate industry.
According to a September 2021 report by Savills World Research, the estimated value of all the world’s real estate stands at $326.5 trillion. By comparison, crypto-sector market capitalization was about $1 trillion in mid-July.
The property market, moreover — at least its commercial real estate segment — is also characterized by costly entry barriers and asymmetrical information that favour insiders. Its fees are high, paperwork onerous, and deeds are sometimes defective, falsified or missing. Some properties can take years to move — another way of saying its market is illiquid. All in all, it isn’t surprising that many believe this market is ripe for disruption, particularly through blockchain-enabled tokenization.
This notion of tokenizing real estate isn’t entirely new. As far back as 2019, for example, a 6.5-million-euro villa in Boulogne, outside Paris, was tokenized. One million shares were put up for sale on the Ethereum blockchain, the first property in France ever sold as a blockchain transaction. An individual could have purchased a part of the luxury villa for as little as 6.5 euros.
Will everything be fractionalized? Read More
Proof-of-time vs proof-of-stake: How the two algorithms compare
Blockchains use consensus algorithms to choose who gets to verify transactions on the network — what are the differences between the two?
Consensus algorithms are processes where validators (also known as nodes or miners) within a blockchain network agree on the current state of the network. This mainly entails agreeing on whether a transaction submitted by a validator is authentic. Fraudulent or inaccurate transactions are rejected by the network assuming all validators are acting fairly with no malicious intent. Validators are rewarded with cryptocurrency for submitting accurate and authentic transactions, whilst malicious actors are penalized depending on the consensus protocol.
For example, in proof-of-work (PoW) networks like Bitcoin (BTC), validators have to spend energy via expensive hardware to validate transactions, and if successful, they gain new tokens. If they act maliciously they gain nothing and the loss comes from the wasted energy used in submitting the fraudulent or inaccurate transaction.
In proof-of-stake (PoS) users stake tokens and receive additional tokens for submitting authentic transactions while losing a portion for submitting wrong transactions.
In proof-of-time (PoT) protocols the principle is the same, with validators receiving additional tokens for submitting authentic transactions but lose tokens for submitting inaccurate or malicious transactions.
While PoS and PoT share some similarities, they are two very different protocols. Read More
Should Victims of NFT Hacks Be Compensated by Creators?
Amid rising attacks, the debate is growing.
Social media accounts for NFT projects, creators, and influencers are being hacked and used to share scam links, which can result in users’ NFTs and tokens being stolen.
Some notable creators are conflicted over whether they should compensate affected users, citing Web3’s focus on self-custody and personal responsibility.
Social media hacks are on the rise in the NFT community, and it’s rare lately to see a day or two go by without some significant project or creator’s account being compromised.
For collectors, the consequences can be significant: Users who engage with the scams shared by hacked accounts have collectively lost millions of dollars in NFT collectables and other tokens, all because they connected their wallets to what they believed was a legitimate NFT mint or token claim.
What’s the recourse in these cases, and what responsibility do NFT creators have to collectors when their accounts are hacked and used to perpetrate scams? In some cases, NFT project creators have compensated affected users, typically by repaying the market value of the collectables in Ethereum. 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.
