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UK Government To Release Its Own NFT in Bid To Embrace Crypto Technology
The UK government is experimenting with digital collectibles as it strives to turn its economy into a global crypto-asset hub.
In a speech delivered at the Innovate Finance Global Summit, the UK’s economic secretary to the treasury John Glen says that the nation’s coin supplier has been instructed to create a non-fungible token (NFT).
“The Chancellor has asked the Royal Mint to create a non-fungible token – an NFT… to be issued by the Summer, an emblem of the forward-looking approach we are determined to take.”
According to Glen, the UK’s goal is to embrace blockchain technology early in order to get a head start.
“If crypto technologies are going to be a big part of the future, then we – the UK – want to be in, and in on the ground floor. Read More
Decentralized social media: The next big thing in crypto?
“Adoption is gonna be a long game, for sure. It might take years to adopt. It’s basically one application at a time.”
NFTs and the Metaverse are the hottest topics in the cryptocurrency ecosystem right now, but the next big thing might just be decentralized social media. Like decentralized finance, decentralized social media platforms don’t have a centralized governing body and may, someday, provide viable alternatives to established platforms like Twitter, Instagram, Facebook, and TikTok. The technology is currently evolving just beyond the embryonic stage of development.
Yung Beef, or YB — who serves as content lead and community manager at Subsocial — says that centralized social media platforms are unfair to community members and content creators. “It seems pretty obvious that centralized social networks are susceptible to lots of shady stuff, with the mystery algorithms controlling what people see, people getting shadowbanned or banned outright for whatever reason, etc. And it just gets worse when you factor in that a lot of people earn their livelihood on these platforms and their food bill is totally at the whim of the central authority.”
According to Subsocial, the centralized social media industry is plagued by global censorship, a lack of customization, unfair monetization, algorithm dictatorship, and a monopoly on network effects.
Stani Kulechov, the CEO of Aave and a decentralized social media developer, believes that content creators should have a permissionless, censorship-resistant distribution channel with their audience. He tells Magazine that “At least the people that are posting the content, creating the content, consuming it, sharing it — they would definitely benefit from decentralized social media.” Read More
Why NFTs Need an 'Airbnb of the Metaverse' to Flourish
The financialization of the non-fungible token (NFT) space will help to fuel its growth, says Matrixport founding partner and COO Daniel Yan.
Non-fungible tokens (NFTs) have gone from niche to mainstream in the past year, with explosive growth in sales volume accompanied by innovative use cases for the cryptographically unique tokens. Vibrant new communities have emerged around NFTs linked to sports, digital art, music, and film.
Yet even as new brands, game experiences and metaverses are being built, a corresponding financial layer remains underdeveloped.
This is the area to watch, and it’s replete with derivative options for NFT fractionalization, lending, and more, said Daniel Yan, founding partner, and chief operating officer at Matrixport, a Singapore-based financial services platform with $10 billion of client assets under management.
“With the NFT as an asset class, it starts to become massive,” Yan told Decrypt. Read More
Terra And Avalanche Join Forces
Terra Luna and Avalanche have announced a strengthening of their collaboration in the form of a $100 million treasury swap between LFG (Luna Foundation Guard) and the Avalanche Foundation.
Do Kwon, the founder of Terraform Labs, which powers the Terra blockchain, has recently been publicly buying bitcoin in order to back its UST stablecoin reserve. He added another $230 million in bitcoin on Wednesday and claims to be buying up to $10 billion in total over time.
The $100 million OTC purchase of AVAX makes it the biggest crypto asset outside of BTC to be added to the reserve, yet further bolstering the non-correlated asset pool, and also helping to support the UST dollar peg.
TFL (Terraform Labs) has committed to building and supporting UST-native protocols in the Avalanche ecosystem. The $100 million treasury swap for AVAX is a further sign of this commitment. Read More
We have a lot to be grateful for within Markethive. It’s like stepping out of the rat race into an oasis of humanity at its best. As an inbound marketing, business-based blockchain platform with an inherent entrepreneurial spirit, we have all the tools to get our message out to the whole world. We have a social media interface with a collaborative ethos rarely experienced on legacy social media.
We are starting to see new integrations in the blogging section in preparation for the customized, more intuitive interface and dashboard of Markethive and, of course, the Markethive Wallet that will facilitate the Merchant accounts for members as well as personal transactions, the Vault, etc.
The new-look Blogcasting Hub is located at the top of all blogs in the system. Blogcasting is a term introduced by Markethive and is an enhanced broadcasting system. In the traditional broadcasting sense, only the people who physically subscribe to your blog or newsletter are usually notified of your updates via email.
With this blogcasting system, your social networks are informed of your blog as and when you publish them. What this means is the potential reach is into the millions. Read More
Cross-Chain Bridges in DeFi – Why Are They So Important?
One of the most exciting areas in the blockchain ecosystem is decentralized finance (DeFi). It promises a world where people can move their money without the transaction fees of banks and the hassles that come with it. But anyone who tries to convert BNB to ETH or vice versa knows that it is not as simple as it seems.
The gas fees (especially on the Ethereum blockchain) make cross-chain transactions very expensive, hindering the free flow of cryptocurrency assets. It is obvious why cross-chain bridges recorded massive growth in recent years. Due to their increasing importance cross-chain bridges experienced an 89% surge in growth at the end of 2021.
A cross-chain bridge is a tool designed to enable the transfer of tokens, smart contract instructions, assets, or data between two blockchains. They solve the interoperability problem that previously plagued the blockchain ecosystem. Read More
Tesla, Blockstream, and Block Break Ground on All-Solar Bitcoin Mining Facility in Texas
Blockstream says the facility, which will generate 3.8 megawatts of power, will be completed by the end of 2022.
Blockstream has started construction on the all-solar Bitcoin mining facility it’s building in Texas with Block, Inc. and Tesla.
The partnership was announced last year when Block (formerly known as Square) committed $5 million to the project. According to Blockstream, the facility will be completed by the end of 2022.
The solar mining operation will use Tesla photovoltaics and Megapack battery equipment to run entirely on renewable energy. The 3.8 megawatt (MW) Tesla solar array and 12 megawatt-hour (MWh) battery will generate 30 petahashes per second of mining power. Read More
DAO regulation in Australia: Issues and solutions, Part 2
DAOs appeared as the response to red tape and obsolete approaches in governance. Will regulation in Australia stifle innovations?
Lawmakers in Australia want to regulate decentralized autonomous organizations (DAO). In this three-part series, Oleksii Konashevych discusses the risks of stifling the emerging phenomenon of DAOs and possible solutions.
Regulating a decentralized autonomous organization (DAO) as a company, first of all, means registration as a company. But who remembers why we need that registry in the first place? Will anyone question whether a blockchain-based DAO needs registration at all?
Historically, the government took the role of that trusted third party that, through its public agency — i.e., a registry office — keeps records about a company: who is in charge, its address, its constitution, shares and shareholders, and so on. In any legal issue or dispute, the registrar will take the registry as the source of truth. Registration can be canceled if a company does illegal business. Registration is also needed for taxation. The public registry body keeps this data, ensuring its authenticity and safety.
Nowadays, the registry is electronic and needs reliable infrastructure: software and data centers, cybersecurity measures, etc. Besides, there are formal rules and requirements for the registration. So, each record is verified against these rules. All of this is the responsibility of the registry office. Read More
Inside the blockchain developers’ mind: Building truly free-to-use DApps
Since free-to-use decentralized applications are possible, developers should have a path to acquire sources to support their DApp’s growth.
Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group.
In my previous article, I explained from first principles what was needed to build a truly free-to-use social decentralized application (DApp) and how Koinos is that solution. In that article, I explained that to deliver a truly free-to-use DApp, it must be possible for someone other than the end-user to provide the network resources (“mana” in the case of Koinos) required to run a given smart contract.
Blockchain mana:
Now that we understand why Koinos is designed the way it is (to support free-to-use experiences), I’m going to explain in more detail how this works. One of the innovative features of Koinos is its novel fee-less mechanism, called “mana,” which allows KOIN holders to use the blockchain for free without having to pre-stake their tokens or even think about what they’re doing. It’s the core technology that allows people to use the blockchain for free. 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.
