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The Future Of Fashion With Blockchain At Its Core
Blockchain technology is going mainstream, with technologies that benefit from it, such as NFTs, becoming increasingly popular in the past year. Still, many understandably have a hard time wrapping their head around blockchain technology and its benefits. To put it simply, blockchain is a digital ledger of transactions that are duplicated and distributed across a computer network, ensuring a secure and decentralized record of transactions. Every new piece of information is added to a block, with each block filling up, closing, and becoming part and parcel of the blockchain.
One of the revolutionary aspects of the technology is that once a block is added to the blockchain, everyone can access and verify it. It’s almost impossible to tamper with, destroy or steal information that is within the blockchain. That’s one reason why things like NFTs and smart contracts have become increasingly popular. Because NFT art, for example, is underpinned by blockchain technology, it is easy to tell which NFT is authentic, with a verifiable link between the creator of the NFT and the owner.
One of the industries that blockchain technology is bound to revolutionize is the fashion industry. Here are three ways how and the company that’s leading the way. Read More
Decentralized and scalable exchange leverages Solana for an improved trader experience
As the estimated number of crypto users grows to more than 100 million, the need for third-generation exchanges becomes a necessity for mass adoption.
As cryptocurrency has gained popularity, exchanges have had little choice but to evolve to meet the growing needs of investors. Where order-matched centralized exchanges and current decentralized exchanges once took over the industry, the need for a third-generation solution quickly became apparent.
When it comes to the central limit order book model, a reliance exists on an aggregated list of buy and sell orders—the difference in these prices being known as the spread. Unfortunately, when liquidity is limited, the spread is larger since there is limited supply or demand at each price level, making it more difficult to fulfill orders. As a result, liquidity has quickly become one of the most prominent barriers in the exchanges for users today. Read More
Kickstarter Goes Crypto to Compete With DAOs
The crowdfunding platform is creating a decentralized Web3 protocol.
DAOs have been called the new GoFundMe or Kickstarter. Well, what if Kickstarter is the new DAO?
The crowdfunding platform is creating a new organization tasked with building a blockchain-based version of its platform. The new organization, which does not yet have a name, should begin developing the platform early next year. Kickstarter plans to switch over to the new platform when the protocol is ready; it's aiming for 2022, per reporting from Bloomberg.
"We think bringing all that we’ve learned about crowdfunding since 2009 to inform the development of a decentralized protocol will open up exciting new opportunities for creative projects to come to life," founder Perry Chen and CEO Aziz Hasan wrote today. "In the coming weeks, a white paper will be released outlining the technology and plans for the protocol." Read More
New cryptocurrency wave begins with community-first NFTs
The future of NFTs is centered on community.
Nonfungible tokens (NFTs) have already taken over the world of art, blockchain gaming, and collectibles. Now, with the technology continuing to mature, NFTs are able to take these opportunities one step further, building entire communities that inspire education, social interaction, and other long-lasting benefits. Therefore, as users seek out the world of NFTs, they have come to expect more than a digital asset; they are looking for a palace where they can be truly involved with the people around them, gaining a sense of belonging.
It is important to note that this concept is not new or original to NFTs. Other well-known organizations have built on this concept with Nike’s encouragement of a community to “just do it” and Patagonia, bringing together people who want to reinvest in their home planet. The expectation that a purchase can give the owner access to a new group, one with an essence of exclusivity, elicits FOMO, as people realize there is little worse than being on the outside looking in. For these reasons, it only makes sense that NFT collections start embracing the human need for belonging within their collections. Read More
Elrond - The Next Wave Of The Internet
Beniamin’s diverse background in state-of-the-art technology, applied philosophy, engineering, and Blockchain has culminated in creating a company that could very well define the next wave of the internet.
The elegant and sophisticated technology developed by the Elrond team is targeted at developers, the broader public, and enterprises. Developers can create decentralized applications and run smart contracts on the Elrond blockchain network, and the wider public can use Elrond as a user-friendly gateway to the digital economy.
Also, businesses seeking an enterprise solution that can lower transactional costs with benefits such as speed, security, and scalability will find Elrond Blockchain particularly useful. Such as emerging Web 3 companies building ecosystems with their cryptocurrency in the social media and digital marketing sphere that need an internet-scale blockchain to accommodate its massive user-base and e-commerce. Read More
Coinbase announces support for hardware wallets, starting with Ledger
Major exchange Coinbase has announced it will begin to support crypto hardware wallets, starting with Ledger. The two companies made the announcement at the Ledger Open conference, which is taking place in Paris on Thursday and Friday.
Ledger is a major supplier of cold hardware wallets, which store users’ private keys more securely than hot online wallets.
Users of the Coinbase Wallet browser extension will be able to connect their Ledger hardware wallets, maintaining self-custody and full control over their assets.
The partnership will be rolled out in phases, starting in the first quarter of 2022. Further down the road, the Coinbase mobile app will also support Ledger hardware wallets.
Max Branzburg, vice president of product at Coinbase, said, “We’re excited to share more announcements on how we’re making Coinbase Wallet the safest and most secure way to participate in Web3 over the coming months.” Read More
Why a securities specific blockchain is needed, explained
What is preventing the widespread adoption of blockchain by financial institutions?
Although many institutions have been interested in the technology for a while, they still have concerns around regulatory uncertainty and the challenges with the existing infrastructure.
More institutions than ever before have become curious about blockchain. In fact, according to Deloitte's 2021 Global Blockchain Survey, almost 80% of the respondents shared that digital assets would become very important to their respective industries over the next 12 months.
Even though digital assets are being used more broadly, there are still obstacles that must be overcome prior to mainstream adoption by financial institutions.
Among these challenges is identity, which is often an after-thought that runs in opposition to the pseudonymity and decentralized nature of Ethereum (ETH), creating compliance challenges for issuers and investors alike. Read More
Puerto Rico wants to combat corruption with blockchain technology
A mayor in Puerto Rico pleaded guilty to accepting a bribe of more than $100,000 in cash last week.
Following another corruption scandal, the government of Puerto Rico is reportedly seeking to improve its anti-corruption efforts by adopting blockchain technology.
Puerto Rican House Speaker Rafael “Tatito” Hernandez announced that lawmakers will hold meetings with local blockchain enthusiasts this month to discuss the potential adoption of blockchain technology to reduce corruption.
The implementation of blockchain and smart contracts could bring more transparency and accountability to the public sector, the official said at a Puerto Rico Blockchain Trade Association conference, Bloomberg reported on Dec. 6.
“We have a real credibility problem and this might be part of the solution,” Hernandez said, adding that there is also a broader effort to make Puerto Rico a hub for crypto and blockchain innovation. According to the official, the emerging industry could be a way for the bankrupt commonwealth to revive its economy.
“Back in the 60s and 70s we had the niche of manufacturing. [...] This is a new niche, a new opportunity to create jobs,” Hernandez said. Read More
Reddit launches waitlist for site-wide expansion of ‘Community Points’
Reddit has launched a waitlist for the upcoming site-wide expansion of its Ethereum-based “Community Points” token rewards program, as well as a dedicated website.
The social media platform, which runs on upvotes that earn users’ karma scores, first dabbled in crypto token rewards in December 2019, when it launched Ethereum-based token rewards called “Donuts” in the r/Ethtrader subreddit.
In May 2020, the platform expanded the reward program to the r/Cryptocurrency subreddit with “Moons” and r/FortniteBR with “Bricks” on an Ethereum testnet.
Now, the program will be rolled out as an opt-in feature for subreddits across the entire platform. Similar to karma, Redditors will be able to earn Community Points by making contributions to a subreddit, such as creating and uploading valuable content, or volunteering to moderate the community. 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.
