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Blockchain, crypto set to take sports industry beyond NFT collectibles
Deloitte expects an eventual rise in blockchain-enabled innovations and as a result, “The use of NFTs, crypto, fan tokens, and ticket innovations will grow and evolve.”
Bitcoin (BTC) has been attributed as the most prominent blockchain use case, showing the technology’s prowess in successfully delivering an immutable and truly decentralized ledger over the past 13 years. Adding to the years of innovations since then— that saw the introduction of altcoins, nonfungible tokens (NFT), decentralized finance (DeFi), and more, a study conducted by fintech giant Deloitte highlighted the untapped potential of the crypto ecosystem to open up newer markets for the sports industry.
Fan tokens and NFTs were first introduced to the sports industry to increase fan engagement via collectibles and voting mechanisms. However, Deloitte, one of the Big 4 accounting firms, envisions the industry further embracing crypto and blockchain technology over the coming years:
“A nexus will form around sports collectibles, ticketing, betting, and gaming. We are just beginning to see its [cryptocurrency’s] potential, as well as the new markets it could lead to.” Read More
Web3, NFTs, Metaverse: The tools for a truly decentralized future
If the crypto community can successfully decentralize the internet, “it’s a future really worth getting excited about,” said NFT3 founder Dylan Dewdney.
Attendees to the BlockDown Croatia 2022 festival were witness to Cointelegraph’s discussions around sociopolitics of the Web3 ecosystem, nonfungible tokens (NFT), and the Metaverse. It turns out that ongoing innovations across the crypto ecosystem are well-positioned to dictate the future of media and entertainment.
While crypto continues to blur the lines between the virtual and physical worlds, Cointelegraph’s editor-in-chief, Kristina Cornèr, agreed that “It’s been a crazy year” when talking about the rising impact of crypto innovations within media companies during the BlockDown festival.
Cornèr highlighted use cases within the NFT space that gives independent artists and journalists a platform to raise funds and counter real-world challenges such as climate change. In a separate discussion with Dylan Dewdney, the founder of NFT3, a unified identity network, Cornèr raised questions related to the merging of virtual and physical worlds in the Metaverse.
According to Dewdney, real-world problems have a good chance of seeping into the Metaverse despite the merger of the two worlds. However, he suggested developing a pseudonymous system wherein users are verified but can choose not to disclose their identities to other members of the Metaverse.
As the world slowly shifts into its new home, the Metaverse, Dewdney believes that “the real world will become better.” However, it will require the people to inculcate some of the ethos of crypto, especially in relation to equitability and personal responsibility:
“I think its time for the world to evolve and we are starting to lay the technical foundations for a lot of that. You have to be careful about how this plays out and really take individual responsibility about spreading that message.” Read More
How Blockchain is Finally Getting Africa on the Grid
Currently rolling out its technology across Africa and the world, World Mobile’s hybrid network strives to connect those that traditional networks have left offline. “With access to the internet, subscribers will gain a self-sovereign identity and all of the opportunities that connectivity offers, from digital currencies to education and more” the company states.
Not only will subscribers in Africa have access to the internet, but it will also be affordable, fair, and sustainable. Its self-governed and decentralized technology will allow users to connect without jeopardizing their privacy. Subscribers can own their own data and have their own identity so they can access services they were previously excluded from like banking, insurance, borrowing, and saving.
In 2022, Africa is still drastically behind the developing world in its access to financial technology. Thanks to the emergence of blockchain technology, companies like World Mobile are pioneering platforms that are liberating African citizens’ access to financial technology through access to affordable, fair, and sustainable services. It won’t be long before the developing continent joins the rest of the world on the path to financial freedom. Read More
Ethereum Ropsten testnet planned for June 8 marks “huge milestone”
The Ropsten public testnet, a testing environment that is the closest replication of the Ethereum mainnet, is set to undergo its long-awaited merge on June 8.
The merge will mimic Ethereum’s upcoming transition from using a proof-of-work consensus mechanism to a proof-of-stake one. This allows developers to test and finalize adjustments for Ethereum’s mainnet merge later this year.
Ethereum DevOps engineer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code on May 16, suggesting the code is ready to be implemented.
Whilst there have been multiple tests to see how the merge would function, the Ropsten testnet is seen as one of the final and most important checks due to its similarity to the mainnet. Read More
What Does The Wallet Do? What Does It Mean For You?
The launch of the Markethive wallet is approaching, so it’s time to start beating the proverbial drum. It is the start of an exciting time with the advent of many integrations to follow the release of the wallet that will bring Markethive into prominence as an unprecedented platform. The combination of inbound marketing, social media, digital broadcasting, video, conference rooms, e-commerce, gamification, etc.
Markethive is a blockchain-driven crypto economy, all-inclusive, with a distributed database system required for this decentralized, monolithic global project. We’re almost there with the release of the wallet that will initiate entrepreneurial sovereignty and open the floodgates of this divine enterprise with its plethora of systems and services, including the new interface and dashboard.
We now have a complete working wallet with the Solana Network, and we also have a fully functional crypto merchant account. The Markethive wallet is being polished with the finishing touches, keeping mindful that it’s not just a simple wallet but a comprehensive, dynamic engine centralized for you that powers your platform and business.
Markethive is fundamentally a sophisticated inbound marketing and storefront platform, integrated with a social network, and not just another social media platform you see popping up to counter the media tech giants we’ve come to know as oppressive, censoring you and using your personal data for their own gain. Read More
IOHK’s Catalyst Project To Launch In June
Cardano’s parent company, Input Output Hong Kong (IOHK), has announced that its Project Catalyst Fund9 will be launched on June 1, 2022.
Fund8 Over, Fund9 Coming Soon:
The company has already concluded the Fund8 round, with the winners being declared already. With $16 million worth of ADA rewards pledged towards the project, IOHK is hoping to draw in at least 1,000 proposals with the Fund9 round. The intention is to drive more user participation as well as to start significant improvements in the Cardano network. Project Catalyst was first launched to bridge the gap between the founding IOHK company and the thriving Cardano community, with the goal of developing the Cardano network.
Cardano Community Contributes:
The community plays a significant role in offering solutions to network issues as well as presenting newer challenges to bolster its problem-solving and crisis-management capacity. Fund allotment for new proposals happens on a democratic basis, where the whole community votes to select the most deserving projects. The previous update from IOHK claimed that there were 925 projects in the works on the Cardano network. Since then, 18 more projects have joined the party, making it a total of 943 projects currently building on the network. 85 projects have been developed and launched on the Cardano network. Read More
Ethereum Name Service Hits All-Time High in Monthly Revenue—And May’s Not Over
Besides raking in more than $8 million in revenue, Ethereum Name Service has seen record-breaking metrics across the board.
It's been a record-breakingly good month for ENS domain name registrations as revenue tops $8 million, according to lead developer Nick Johnson.
The Ethereum Name Service (ENS) is a domain name provider for the Ethereum blockchain. The service itself, which was launched in 2017, is governed by a DAO, or decentralized autonomous organization.
"May is now an all-time high for every single ENS metric we track—registrations, renewals, revenue (ETH & USD) and income (ETH & USD)," Johnson wrote in a tweet on Monday.
Johnson shared that so far in May registrations, revenue, and income have all doubled. And renewals—users who register their domains for longer periods to save on gas fees—are up 55% from last month.
"And there's still a week of May left," he added.
He also included a graph showing that the combined traffic from new and returning users has surpassed 160,000. That's another all-time high. Read More
Crypto Firms Launch Community-Powered Scam Reporting Platform 'Chainabuse'
Several crypto firms, including Binance and Circle, have launched a new crypto scam reporting platform. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.”
New Crypto Scam Reporting Platform Launched:
A number of crypto firms have joined forces and launched a new, multi-chain scam reporting platform. TRM Labs, Circle, Solana Foundation, the Aave Companies, Hedera, Binance.us, and Civic announced last week “the launch of a new community-powered scam reporting platform, Chainabuse.”
The platform, operated by blockchain intelligence firm TRM Labs, “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it,” the announcement details, elaborating:
The free tool enables crypto users, victims of financial crimes, and crypto businesses to take an active role in making the crypto ecosystem a safer place to operate. Read More
DeFiChain Forms Technical Committee To Further Decentralize the Consensus Code Governance
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, officially announces the formation of its technical committee after a community vote on the DeFiChain Improvement Proposal (DFIP) –2205-A.
A staggering 96% of votes were in favor of establishing the technical committee. The proposal was put forth by DeFiChain’s co-founder and lead researcher U-Zyn Chua.
DeFiChain is a fully decentralized blockchain with on-chain governance. The technical committee will further formalize and decentralize the consensus code governance to the benefit of the community without taking away any roles of masternodes in the decentralized governance of DeFiChain. The masternodes will continue to decide on consensus updates via the DFIP process.
The technical committee will act as
Core maintainers of DeFiChain consensus code
Gatekeepers to ensure that the direction of the consensus code aligns with the consensus approved by masternodes via DFIP
U-Zyn Chua, lead researcher at DeFiChain, said,
“This is another major step toward further decentralization of DeFiChain. DeFiChain is, already, one of the most decentralized blockchains in the world today. Try going through the top 50 coins on CoinGecko – you would agree that there are not that many coins that are as decentralized as DeFiChain is.” 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.
