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A Dive Into Fan Tokens
Sports teams are using cryptocurrency as a way to engage their fans, creating a new genre of coins called fan tokens.
Fan tokens are a game changer in terms of how sports organizations approach their fan base.
Fan tokens make it easy to get new people into the cryptocurrency space.
Phemex, a global cryptocurrency and derivatives exchange, has recognized the potential of this market and includes new fan tokens on its platform.
Fan tokens are utility tokens that sports clubs issue and sell to further integrate fans into the club. These tokens, which run on the blockchain, are similar to other loyalty programs but now include a cryptocurrency component.
By collecting tokens, fans can enjoy a wide range of membership perks such as accessing discounted and exclusive merchandise and tickets, entering competitions, and engaging in VIP experiences. Read More
What are governance tokens, and how do they work?
Governance tokens allow users the opportunity to take on a more active role in managing decentralized projects.
Governance tokens are a type of cryptocurrency that allow tokenholders to vote on the direction of a blockchain project. The primary purpose of governance tokens is to decentralize decision-making and to give holders a say in how the project is run.
Governance tokenholders are usually more invested in the project’s success as they stand to gain or lose more, depending on the outcome. Community members can use tokens to influence the direction and features of a blockchain protocol directly. As such, it is possible to implement changes related to the user interface, vote on fees and reward distribution, or even modify the underlying code of a project.
Although most decentralized finance (DeFi) tokens are governance tokens, voting is not their only defining feature. People possessing these governance tokens can use them to take out loans, stake them and earn money through yield farming. Given all this, their primary function is still to distribute power.
Governance tokens are a relatively new invention, and there is still much debate about their efficacy. Some believe they are the key to true decentralization, while others worry that they will lead to the centralization of power among a small group of tokenholders. Read More
Half of all DeFi exploits come from cross-chain bridge attacks
Half of all DeFi exploits occur on cross-chain bridges and a staggering £2.2 billion has been stolen from them by hackers in the past two years.
The latest figures come from a new report by crypto data aggregator Token Terminal and stand out as enormous in comparison to other DeFi security breaches.
In the same period, hackers netted only £635 million from DeFi lending hacks and a comparatively meagre £320 million from decentralised exchange exploits.
Cross-chain bridges are designed to solve multi-chain scaling issues by allowing users to transfer digital assets from one chain to another.
However, they are incredibly complex to build and maintain which, along with the massive amount of funds locked in their smart contracts, has attracted plenty of attention from hackers.
Vitalik Buterin, the frontman of Ethereum, has criticised cross-chain bridges due to “fundamental limits” to their security because they hop across multiple zones of sovereignty. Read More
Blockchain.com partners with Visa to offer crypto debit card
The launch of the new crypto debit card follows the announcement of similar products from FTX and BitOasis.
Crypto exchange Blockchain.com has partnered with Visa to launch a crypto card, available to only United States residents initially, which allows users to pay using their crypto or cash balance wherever Visa debit cards are accepted.
In an Oct. 26 announcement, Blockchain.com revealed that there would be no sign-up or annual fees, no transaction fees and users would earn 1% of all purchases back in crypto.
In a Yahoo Finance interview, Blockchain.com CEO Peter Smith said the card already had 50,000 signed onto a waiting list, noting:
“There’s still a lot of demand for crypto products, but you’re seeing that demand shift away from trading and more towards folks that are interested in using DeFi, using their balances.”
Following the announcement, Visa’s head of crypto, Cuy Sheffield, pointed out that worldwide acceptance is necessary for crypto adoption to continue to grow. Read More
Innovations that will change the way we work and interact online.
The Markethive Social Market Broadcasting Network becomes more prominent daily as the blockchain-driven ecosystem for entrepreneurs with a non-adversarial, bi-partisan free speech ethic and the collaborative culture we rarely see on social media platforms today. Even the newer acclaimed, free speech platforms are partisan to the left or right and deal with de-platforming and boycotts from payment providers.
Unlike the social media giants, which only have one primary news feed algorithmically set by the central authorities, Markethive is integrating four news feeds to accommodate the multi-functional platform within the Markethive ecosystem.
The individual feeds are General, Video, Blogging, and Content Curation, and they are all accessible from the main page and can be algorithmically set by the individual user. The scope that Markethive has is enormous as it integrates all the vertical systems of the other platforms under one roof.
Social + Video + Blogging + Marketing + Curation + Broadcasting + Affiliate + Gamification + Cottage Businesses = Markethive: A Powerful Blockchain-driven Ecosystem
There is nothing out there like Markethive. We are an Inbound Marketing (automated marketing platform) like Marketo, Paragon, and even the wannabee MLM Onpassive platform. We are like Youtube, Instagram, LinkedIn, Twitter, etc., but will be superior to these legacy Web 2 media when we release all the aspects and layout of Markethive 2.0.
We have a dynamic social media interface and growing community with a strong collaborative ethos, with SaaS and broadcasting capabilities already operational. We are not waiting for the launch to access the services; they are already there for you to use to help you facilitate your business and increase your reach and following.
Markethive is enhancing and bringing the platform into the future internet with our new technology and interfaces, but still in keeping with the human touch. Read More
Gluwa Blockchain Partners With Lagos State Government To Digitize Agricultural Assets
Blockchain infrastructure platform Gluwa is partnering with the Lagos State government to transform the agricultural sector. The move will enable the digitization of agricultural assets, making it easier for farmers in the region to obtain finance.
The project will involve the Lagos State Ministries of Agriculture, Finance, Science and Technology as well as the Lands Bureau. These entities will support the integration of physical farmlands into non-fungible tokens in a bid to provide access to digital asset-backed loans for all Lagos state farmers.
Gluwa CEO Tae Oh said: “Agriculture is one of the backbones of the Nigerian economy, with 35% of the population in its employ. It must be modernized for the government and the private sector to realize its full potential and attendant benefits.”
“According to the five-year Lagos State Agricultural and Food Systems roadmap, where the sector is projected to generate upwards of $10B by 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology.”
Speaking at the launch, the Lagos Commissioner for Agriculture, Abisola Olusanya, noted that the administration of Governor Babajide Sanwo-Olu aims to make Lagos State fully self-sufficient in the areas of wealth generation, value creation, food security and industrialization of the agricultural sector. Read More
Binance Oracle network to bridge Web3 and blockchains via smart contracts
For starters, Binance Oracle will allow existing decentralized applications and Web3 ecosystem partners on BNB Chain to access data sources and advanced computations.
Crypto exchange Binance announced the launch of a new data feed network, Binance Oracle, that allows blockchain smart contracts to connect with real-world data, starting with its in-house blockchain offering, BNB Chain.
For starters, Binance Oracle will allow existing decentralized applications (DApps) and Web3 ecosystem partners on BNB Chain to access existing data sources and advanced computations. “Over ten BNB Chain projects have already integrated with the Binance Oracle network,” confirmed Binance.
The ability to connect smart contracts with off-chain data will be made available for other blockchains in due time. Explaining the network’s importance, BNB Chain investment director Gwendolyn Regina stated:
“Using oracles to dramatically increase the smart contract’s knowledge of what’s going on outside of the blockchain, allowing it to respond to external events with specified actions will be crucial.” Read More
TV streaming providers should start relying on NFTs
NFTs could change the way subscription services work by allowing users to sell or rent out their subscriptions when they don’t need them.
Subscription-based services have become so ubiquitous it’s hard to remember a time when they weren’t the norm. Streaming companies have sought to take advantage of that norm by fleecing consumers for everything they’re worth — just look at Netflix’s decision to start running advertisements.
Another benefit of leveraging NFT technology is that streaming services can increasingly be used to create communities. As with all consumer cultures in the digital world, we are what we consume. NFTs, however, have the potential to make the relationship between the consumer and what is consumed far more profound.
There is a solution to streaming “churn”
A decade ago, who would have thought digital communities based on families of JPEGs would become billion-dollar enterprises? From Bored Apes to Party Degenerates, NFTs have become identity cards, VIP passes, proof of ownership and digital art — all in one product. Why not a streaming service too? Read More
Axelar partners with Polygon to deliver cross-chain communication to Polygon Supernets
The partnership seeks to enable Ethereum ecosystem developers to have access to functions and users on Axelar’s dozens of connected chains.
Cross-chain platform Axelar has announced a partnership with Polygon to deliver secure cross-chain communications to Polygon Supernets. The company said that Axelar’s partnership with Polygon will serve as infrastructure for an interoperable internet of dedicated Ethereum Virtual Machine (EVM) blockchains powered by Polygon Edge.
Speaking with Cointelegraph, Sergey Gorbunov, CEO and co-founder of Axelar, shared that this partnership is important to the Web3 ecosystem because the industry needs to scale from thousands of developers to millions. According to Gorbunov:
“Application-specific chains are critical infrastructure for that step, but they present huge challenges without interoperability. Axelar and Polygon Supernets are enabling developers to build on chains that make it easy to accomplish their goals, with zero barriers to liquidity or user onboarding."
In response to how the partnership between Axelar and Polygon will positively impact the Web3 ecosystem, Gorbunov said, “Ethereum ecosystem developers will now have access to functions and users on the dozens of connected chains Axelar has integrated. That means developers can compose freely and build DApps that can attract users in the hundreds of millions.” 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.
