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How NFTs Are Helping Bring More Diversity And Inclusion To Web3.0
Throughout the ages, traditional art spaces have often lacked diversity, with US museum collections comprising 85% white and 87% male artists. With the emergence of NFTs, though, a more diverse range of artists are able to gain exposure without having to face the exclusion faced from traditional outlets.
Just like Web2.0, Web3.0 has fallen behind when it comes to gender diversity. According to the latest report from cryptocurrency marketplace Gemini, women make up just 26% of Web3 investors.
But perhaps the most impactful potential for NFTs is the opportunity to create more access to wealth for marginalized groups, with those who haven’t usually had the opportunities to invest or sell their art in traditional spaces, no longer facing barriers to sell their work.
Not only can NFTs directly impact wealth distribution for creators and investors, but many projects also contribute part of their proceeds to organizations that represent their background and values. With such a lucrative market, this philanthropic component helps further distribute wealth.
According to a survey conducted for CNBC and Acorns in 2021, women have relatively invested less compared to men when it comes to both digital and traditional investments, finding that men invest twice as much as women. Specifically, the report found that 16% of men vs only 7% of women invest in crypto; and similarly, 14% of men vs 7% of women invest in exchange-traded funds; while 40% of men vs 24% of women invested in individual stocks; 30% of men vs 20% of women in mutual funds; and 36% of men vs 30% of women in real estate. Read More
Is Tron’s New Stablecoin the Next UST? Crypto Billionaire Justin Sun Makes Case for USDD
Tron founder Justin Sun is making the case for why Decentralized USD (USDD) is different than Terra’s failed decentralized UST stablecoin.
In an interview with CoinGecko, Sun says that USDD, Tron’s algorithmic stablecoin, is a hybrid that uses the best aspects of every USD-pegged asset on the market.
“I will say I think USDD is a hybrid model of DAI, UST, and other stablecoins. So basically we studied all the algorithms in the decentralized stablecoin markets. And then we basically took advantage of all the stablecoins here and made the better choices for the traders in the market.
I think first of all, the disadvantage of Ethereum and the Bitcoin blockchain is Ethereum and the Bitcoin blockchain, they don’t have native stablecoins, so I think for Bitcoin, because it’s not a smart contract platform, but Ethereum… Even though we have DAI, basically I think DAI is a decentralized stablecoin on Ethereum.
But be aware, DAI is not blockchain-based, DAI is developed on Maker. Even though you use ETH as collateral and to mint DAI, the governance structure is not using ETH as the governance structure. It’s using MKR for the structure, which also means Maker is just creating smart contracts on Ethereum. So it’s not an Ethereum blockchain-based stablecoin. Read More
Samsung Securities Files Paperwork to Launch A Crypto Exchange
Seven major domestic securities companies in South Korea have filed to launch their own cryptocurrency exchanges in the country. Local newspaper NewsPim reported the new development on Monday.
According to NewsPim, Samsung Securities, Mirae Asset Securities, and five other giant brokerage companies have applied for preliminary approval to operate an exchange within the first-half of 2023.
Mirae Asset Securities Co., Limited is the largest investment bank and stock brokerage company by market capitalization in South Korea, with $648 billion under its management.
As per NewsPim, Mirae has developed a subsidiary under its consultation arm Mirae Consulting to operate the exchange. Mirae is seeking to hire technical staff to research and develop cryptocurrency and other blockchain-based platforms.
Similarly, Samsung Securities is carrying out studies on how best to enter the cryptocurrency ecosystem.
Samsung Securities is a South Korea-based wealth management firm that provides a wide range of financial services from brokerage, wealth management and investment advisory services to corporate finance and trading.
According to NewsPim, Samsung Securities tried to spearhead the development of a crypto trading platform last year, though it failed to acquire the necessary talent to do so. Read More
Will Ethereum Be Vulnerable to Censorship After the Merge?
Recent sanctions against privacy protocol Tornado Cash have prompted the Ethereum community to ask questions about the blockchain's censorship resistance.
The Ethereum community is debating whether large validators may end up being forced to censor transactions following the Merge.
Ethereum creator Vitalik Buterin believes transaction censorship would amount to an attack against the network.
Some Ethereum projects have already started blacklisting sanctioned addresses.
With the upgrade to Proof-of-Stake rapidly approaching, the Ethereum community is debating whether the recent sanctions against Tornado Cash may end up endangering the blockchain itself.
The Ethereum community is concerned about censorship:
Only a month remains before Ethereum switches away from its Proof-of-Work consensus mechanism to Proof-of-Stake. The transition, colloquially known in the crypto space as the “Merge,” is expected to reduce the network’s energy consumption by 99% and slash token emission rates by 90%. Delayed multiple times in the past, the highly-anticipated upgrade looks set to take place next month on September 15. Read More
Markethive Leading The Way In Web 3 Social & Market Media
Web 3.0 is the next generation of the internet which people envision will be more decentralized and permissionless. One that's built on decentralized protocols, where users help with content creation and the governance of the web itself. They also have the ability to own a part of the network, so you can think of it as a Read-Write-Own Internet.
There are already several technologies that could serve as the backbone for a Web 3 world. Most point to blockchains like Elrond, Cardano, or Ethereum, for example, but other distributed technologies like IPFS can also be used to decentralize networks.
Thousands of dApps (decentralized applications) are already being built in the Web 3 environment. These often include native tokens to add value to the application to those who hold the tokens. These native crypto assets allow those who participate in the network to share in the value generated from it.
Web 3 promises a decentralized alternative where we are all users, owners, and developers. This quote from Fabric Ventures sums it up beautifully,
“Web 3.0 enables a future where distributed users and machines are able to interact with data, value, and other counterparties via a substrate of peer-to-peer networks without the need for third parties—the result: a composable human-centric & privacy-preserving computing fabric for the next wave of the web.” Read More
'Just one click installation and you're on Web3': shares Point Labs CEO
Present-day Web3 offerings still rely on centralized domains and storage, leaving users largely at the mercy of firms that can pull the plug on a whim.
To many, Web3 is a concept that is equal parts promising and distant. Naturally, as the conversation continues to grow, many are now confused about where Web3 can be accessed, especially with the sheer number of self-proclaimed “decentralized applications” better thrown as “dApps” that are supposedly running and available. The caveat is that many of these projects aren’t fully decentralized, as they claim, often relying heavily on components of Web2 like centralized storage. The result is that at any time, a centralized party can disable access leaving users unable to access associated applications or, in extreme cases, compromise the dApps, which may lead to loss of funds and private data.
In a recent AMA, Rachel Wolfson, a senior reporter at Cointelegraph, sits down with Serge Var, the CEO and co-founder of Point Labs. Point Labs is the company building the Point Network, which the team describes as being the world’s first real full Web3 implementation where everything is decentralized. Read More
How blockchain technology can transform the mortgage industry
A core innovation of blockchain technology is its implementation of smart contracts, which are unalterable and transparent bits of code, designed for an array of unique use cases. A mortgage system built on smart contracts would be superior at self-executing financial transactions, thereby enabling faster debt processing, and in turn, revealing faults in debt instruments more quickly.
Additionally, because public blockchains are transparent and free to view for anyone with an internet connection, it would no longer be possible for financial institutions to hide the reality behind their reputation. Moody’s could call a bond AAA, but investors would be able to peer into its underlying components and make their own evaluations. While under our current system, we must trust official narratives, blockchain technology would give everyday people the ability to verify such narratives.
To get here, however, we need to make some basic improvements to blockchain infrastructure. First, we need to make blockchains interoperable. A series of disjointed blockchains will be slow and cumbersome at propagating market information across the entire system, much like our existing financial infrastructure. Having a singular interoperable system will enable greater efficiency in adjusting to changing market conditions.
Second, we need to ensure that blockchain technology is scalable. If we are placing a vast amount of real-world transactions on digital ledgers, we need to be confident in the system’s ability to adequately handle the volume. Finally, we need to make sure that privacy is preserved. While we want visibility into underlying macro trends, it is inappropriate and counterproductive to reveal the financial information of specific — and often vulnerable — individuals. Read More
Celsius, 3AC demonstrated why more financial activity needs to be on-chain
Instead of operating in darkness, more players in the financial industry should move their transactions to the blockchain, where every move is public.
While mainstream coverage of cryptocurrency has been overwhelmingly negative in the wake of the collapse of the Terra ecosystem, the bankruptcy of Celsius and the fall of Three Arrows Capital, these events ultimately show why more of the financial system should operate on-chain, bringing more transparency and information to market participants.
In all three cases, the damage was caused and exacerbated by opaque, off-chain entities. And while the reason for the trio of events is important, it has also caused considerable damage to the overall reputation of the industry. These events have made it clear that the industry is in need of more transparency, something that can be made possible with more on-chain data and data analysis tools.
Proponents of blockchain technologies often tout their transparency: the networks are treasure troves of open, incorruptible financial data allowing for economic activity to be measured with an unprecedented degree of accuracy. This new technology creates immutable records of all transactions where sentiment and investor behaviour can be measured through the collection and study of data. Read More
Telegram CEO Pavel Durov Hints at Web3 Integration
Pavel Durov, CEO of Telegram, has hinted at a series of Web3 enhancements coming to the popular messaging platform. Durov talked about the benefits that tradable usernames and channel links might have in the future, creating a marketplace where users could use them in the same way Ethereum Name Service addresses are utilized.
Telegram Might Receive Web3 Enhancements
Digital companies are starting to see the benefits that Web3, NFTs, and user-led digital marketplaces might bring to their operations. Pavel Durov, CEO of Telegram, one of the most popular messaging services linked to crypto, has hinted at the integration of some Web3 services into the platform.
Durov examined the success of a recent domain name auction on the TON network where more than 2,000 domains were sold for prices as high as $260,000. TON is the platform that Telegram dropped in 2020 due to a restraining order requested by the U.S. Securities and Exchange Commission (SEC) for selling alleged unregistered securities.
Durov stated:
If TON has been able to achieve these results, imagine how successful Telegram with its 700 million users could be if we put reserved @ usernames, group and channel links for auction. 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.
