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UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Assets — Says Reforms Must Not 'Stifle Development'
According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.”
Several Key Areas Still Need to Be Reformed:
A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”
In a recently released statement, the Law Commission acknowledged that digital assets “play an increasingly important role in modern society.” As a consequence, there is a need to craft laws that allow “a more diverse range of people, groups, and companies to interact online and benefit from them.” Read More
Tokenomics, not Ponzi-nomics: Influencing behaviour, making money
Tokenomics is the art of influencing behaviour through token design incentives.
Economics is the study of human behaviour involving scarce resources — and the effects those behaviours have on those resources, explains Roderick McKinley.
Tokenomics in crypto is a related but different field. Tokens are a way for projects to raise funds and build communities, and designing the way they work can be much more complex than traditional equity raises — and potentially much more problematic.
“In tokenomics, the token or digital asset is the scarce resource. But we can now design features for these programmable digital assets, influencing how people behave and interact with each other, often creating new possibilities for exchange altogether,” McKinley says. He explains the distribution of tokens and the outcomes of that distribution are key matters for investors and for how the business ends up operating.
McKinley has worked on a range of different projects, including ParallelChain, GBC AI, Avarta, Fluid, ShopX, Terona and Kasta. But what is it that a tokenomics expert provides to projects?
“I typically deliver a range of services to projects. These include a design of the token’s supply alongside other economic features that make the token useful, so it attracts demand, helping clients to understand how to use the technology in ways that fit their business and, finally, how to make a compelling fundraising case,” he says. Read More
ATOM Is Now Live on THORChain Mainnet
The integration of ATOM and THORChain Mainnet is now live for trading, marking a key milestone in achieving the multichain future. The integration bridges the Cosmos ecosystem to the native asset liquidity on THORChain.
ATOM can now be exchanged for various blockchains, including BTC, ETH, DOGE, BNB, LTC, and BCH. ATOM’s integration with THORChain Mainnet has been built on a common ground where both the partners share a goal of facilitating decentralization and interoperability. While THORChain aims to achieve an interoperable multichain future, Cosmos looks to implement Internet for Blockchains. Both the visions align closely with each other, strengthening the integration further.
Cosmos has an application-specific blockchain, making it an ecosystem where blockchains can communicate with each other through IBC, short for Inter-Blockchain Communication Protocol. Cosmos offloads decentralized applications on their blockchains to allow them to communicate.
The process not only frees up the block space and reduces the cost in terms of transaction fees. A total of 265 dApps and services are present in the Cosmos ecosystem. Some of them include Osmosis, Secret Network, and Juno Network.
ATOM is currently the staking token of the ecosystem. New blockchains will soon be able to use the Cosmos Hub for its security, adding more value to the staking token. Read More
Ethereum will outpace Visa with zkEVM Rollups, says Polygon co-founder
A new scaling solution, zkEVM Rollups, could allow Ethereum to overcome Visa in terms of transaction throughput, says Polygon co-founder Mihailo Bjelic.
zkEVM Rollups, a new scaling solution for Ethereum, will allow the smart contract protocol to outpace Visa in terms of transaction throughput, said Polygon co-founder Mihailo Bjelic in a recent interview with Cointelegraph.
Polygon recently claimed to be the first to implement a zkEVM scaling solution, which aims at reducing Ethereum’s transaction costs and improving its throughput. This layer-2 protocol can bundle together several transactions and then relay them to the Ethereum network as a single transaction.
The solution, according to Bjelic, represents the Holy Grail of Web3 as it offers security, scalability and full compatibility with Ethereum, which means developers won’t have to learn a new programing language to work with it. Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
How NFTs can boost fan engagement in the sports industry
A look at the many ways in which nonfungible tokens are being utilized to increase fan engagement in the sports sector.
Nonfungible tokens (NFTs) have grown a lot in popularity since the release of CryptoKitties in 2017, with the sector expected to move over $800 billion in the next two years.
Some of the most well-known use cases for NFTs are picture-for-proof projects such as the Bored Ape Yacht Club and play-to-earn gaming projects. NFTs have also attracted attention from the sports industry, with professional sports leagues setting up their own platforms for fans to engage with their favourite teams or players, but that will be discussed later in this story.
NFTs are unique and non-interchangeable pieces of code stored on the blockchain. These strings of alpha-numerical code can be linked to assets such as artwork or digital and physical goods. NFTs are created through a process known as minting, and creators can set a limit on the number of NFTs they want to mint, creating scarcity.
Scarcity is a phenomenon that has always applied to physical assets due to them being physically built with finite resources. However, scarcity has never existed with digital goods since they can be easily replicated. NFTs have changed this, and we are now seeing a growing collectables market in the digital world. Read More
Civic Adds Verification Platform to Battle Bots and Scams
The set of tools is designed to stop bots from taking unfair advantage of NFT drops by limiting the number of wallets an account can use.
The Web3 identity and reputation company Civic is continuing its fight against bots, scams, and rug pulls with the launch of a new tool, uniqueness verification, and a platform called Civic.me.
“Uniqueness verification is one part of the suite of products that we have for enterprise, which is called Civic Pass,” JP Bedoya, chief product officer at Civic, told Decrypt at NFT Expoverse in Los Angeles.
“In a nutshell,” he added, Civic Pass “is a token that gets issued to a consumer’s wallet that is non-transferable and also non-visible directly via an explorer, that then attests to some form of verification.”
According to Civic, uniqueness verification is a service designed to stop bots from taking unfair advantage of NFT drops by limiting the number of wallets an account can use for the drop. Each user will only be able to use one wallet, with the aim of preventing bots from accumulating the bulk of a drop.
Along with uniqueness verification, Civic also rolled out Civic.me, a platform that lets users manage their online identity, NFTs, wallet addresses, and reputation from one place on the blockchain. Read More
Santander to Roll Out Crypto Trading Services in Brazil
Spanish banking giant Santander will reportedly start offering cryptocurrency trading to its clients in Brazil, the firm's CEO said.
Banco Santander S.A., the Brazilian subsidiary of the Spanish Santander Group, is reportedly eyeing the launch of crypto trading for its clients, per local media publication Folha de S. Paulo.
Speaking to journalists on Thursday, Santander Brazil CEO Mario Leão reportedly said that the bank hopes to share more information on the matter in the next few months, possibly during the publication of its next quarterly results.
"We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves; it is simply a vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it," said Leão.
According to the report, Santander’s Brazilian subsidiary is also mulling the use of blockchain technology to tokenize traditional market assets, such as debt securities issued by companies, with the goal of making these assets accessible to a wider audience. Read More
Blockchain security firm warns of new MetaMask phishing campaign
Blockchain security firm Halborn has warned users of the latest phishing emails doing the rounds.
A cybersecurity firm has issued warnings over a new phishing campaign targeting users of the popular crypto wallet MetaMask.
In a Thursday post written by Halborn’s technical education specialist Luis Lubeck, the active phishing campaign used emails to target MetaMask users and trick them into giving out their passphrase.
The firm analyzed scam emails it received in late July to warn users of the new scam. Halborn noted that at an initial glance, the email looks authentic with a MetaMask header and logo and with messages that tell users to comply with Know Your Customer (KYC) regulations and how to verify their wallets.
However, Halborn also noted there are several red flags within the message. Spelling errors and a fake sender’s email address were two of the most obvious. Furthermore, a fake domain called metamaks.auction was used to send the phishing emails.
Phishing attacks are social engineering attacks using targeted emails to lure victims into revealing more personal data or clicking links to malicious websites that attempt to steal crypto. 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.
