Category Archives: Blockchain

14 October 2023
2 Comments
AI, Blockchain, Games, Software

Living in the Metaverse: A Virtual Revolution

Reading Time: 5 minutes

Introduction to the Metaverse

In a world where technology is rapidly advancing, the metaverse is emerging as the next frontier. The metaverse is a digital universe, a collective virtual shared space, where people from all over the globe can interact, explore, work, and play. It’s an exciting concept that’s gaining attention for its potential to transform the way we live and connect.

The metaverse isn’t a new idea. It has deep roots in science fiction, with authors like Neal Stephenson and Ernest Cline envisioning immersive digital worlds. However, today’s metaverse is no longer just science fiction. It’s evolving from the virtual worlds of the past into a tangible digital reality. From early virtual communities like Second Life to the present-day developments, the concept has come a long way.

How it works

Key technologies are the building blocks of the metaverse. Virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI) are the pillars that make the metaverse possible. VR and AR provide immersive experiences, while blockchain ensures security and trust, and AI powers intelligent interactions within this digital realm.The metaverse has an array of applications, making it incredibly versatile. It’s not just about gaming; it’s about reimagining how we work, learn, socialize, and entertain ourselves. Imagine attending virtual concerts, exploring historical sites in VR, or conducting business meetings from your own digital office.

Several companies are actively working to shape the metaverse. Meta, formerly known as Facebook, is a frontrunner with its ambitious plans to create a shared metaverse. Roblox, a user-generated gaming platform, has already taken significant strides in the metaverse realm, proving the potential for user-created content.

In the metaverse, your digital identity takes center stage. You can be whoever you want, create avatars that reflect your personality, and express yourself in new ways. However, this digital openness also raises questions about privacy and personal expression.The metaverse is not just about fun; it’s also a place for business. The digital economy within the metaverse is growing, with the rise of non-fungible tokens (NFTs) enabling virtual ownership and trade. It’s a fascinating intersection of the real and digital worlds. The metaverse is changing the way we interact socially. Virtual meetups, immersive events, and even dating are taking place within this digital realm. It’s an exciting new way to connect with people from around the world. The metaverse’s potential extends to education and work. It offers opportunities for remote work, virtual classrooms, and collaborative projects in an engaging digital environment.

Applications

The metaverse, a term coined to describe a vast digital universe where reality and imagination seamlessly coexist, has given rise to a multitude of applications that promise to transform how we interact, work, and entertain ourselves. Education, for one, stands to undergo a profound evolution within the metaverse. Traditional classrooms are making way for immersive virtual environments where students can embark on educational journeys that transcend the limitations of physical geography. They can attend lectures, participate in interactive simulations, and collaborate with peers from across the globe, all within the metaverse’s virtual classrooms. Moreover, the metaverse serves as a stage for creativity and entertainment. It’s the realm where gaming takes on a new dimension, blurring the lines between reality and the virtual world. It’s a space where artists can showcase their work in stunning virtual galleries, and where music lovers can attend virtual concerts, united by a shared passion regardless of their geographical location. Beyond leisure, the metaverse offers innovative solutions for work. Remote teams can meet in digital boardrooms, architects can design complex structures through collaborative virtual platforms, and professionals from diverse fields can access a digital workspace that defies the constraints of a traditional office. As the metaverse continues to expand, the range of its applications is limited only by our imagination, offering a glimpse into a future where the digital realm knows no bounds.

Downsides

The metaverse, an exciting digital frontier, also brings forth a set of challenges and concerns that demand our attention. Digital addiction is a growing concern, as the immersive and always-connected nature of the metaverse may lead to excessive screen time and detachment from the real world. Privacy is another prominent issue. In this interconnected digital realm, personal data security becomes paramount, and safeguarding users’ privacy is essential. The potential for misinformation and digital manipulation, which have already plagued social media, also extends to the metaverse, raising concerns about trust and authenticity within this virtual world. Additionally, the metaverse could introduce a new dimension to socioeconomic disparities, creating a “digital divide” where not everyone has equal access to this emerging space. These challenges underscore the need for responsible development and ethical considerations as we navigate the evolving landscape of the metaverse.

Navigating the legal and regulatory landscape of the metaverse is akin to charting uncharted waters. The metaverse transcends geographical boundaries, making jurisdictional issues complex. Intellectual property rights in this digital realm raise intriguing questions. Who owns the virtual real estate, digital assets, or creative content within the metaverse? Establishing a robust legal framework to address these concerns is imperative. Additionally, protecting users from fraud, scams, and malicious activities calls for a comprehensive regulatory approach. Data privacy, already a critical issue in our digital age, takes on new dimensions within the metaverse. Ensuring the responsible handling of personal data and safeguarding user privacy is central to the regulatory conversation. As this digital universe continues to expand, the legal and regulatory aspects of the metaverse must evolve alongside, providing a secure and equitable environment for all participants.

Ethical considerations in the metaverse are paramount as we venture into this uncharted digital terrain. With immersive experiences and digital personas at the forefront, questions surrounding identity and authenticity arise. The responsible use of avatars and digital identities is a critical ethical concern. The metaverse can also be a breeding ground for cyberbullying and harassment, making it imperative to establish guidelines and policies that ensure a respectful and safe environment for all participants. Moreover, the digital divide is a looming ethical issue, as not everyone may have equal access to the metaverse. Bridging this gap to ensure inclusivity and fairness is a collective responsibility. As we explore this fascinating digital realm, ethical considerations must guide our actions, creating a metaverse that’s not only technologically advanced but also socially responsible and just.

Conclusion

In conclusion, the metaverse is a dynamic and evolving digital realm that promises to transform the way we live, work, and interact. It’s a space of limitless potential and exciting opportunities. As it continues to develop, we encourage you to explore the metaverse, stay informed about its growth, and consider how it might become a part of your digital life. The future is digital, and the metaverse is the next destination.

Made with chat gpt.

Some of the prompts I used: “give me some topics to write a techblog about” , “what can I contain in a blog post about metaverse?” , “write a blog post about the metaverse” , “write the first paragraph of a blog post containing introduction to the metaverse and history and evolution of it ” , “write me a long paragraph of a blog post containing applications of the metaverse” , “write me a blog paragraph containing challenges and concerns about metaverse” , “write me a blog paragraph containing legal and regulatory aspects of the metaverse” , “write me a blog paragraph containing ethical consideration of the metaverse” , “give me some titles for a blog post about a metaverse”

image source : https://www.freepik.com/free-photo/medium-shot-man-wearing-vr-glasses_19265130.htm#query=metaverse&position=0&from_view=keyword&track=sph#position=0&query=metaverse

https://time.com/6197849/metaverse-future-matthew-ball/

https://www.forbes.com/sites/digital-assets/article/the-metaverse-explained/?sh=7ced9a3e48bd

https://hbr.org/2022/07/exploring-the-metaverse

https://www.wired.com/story/what-is-the-metaverse/

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjl3seo9o6CAxWawAIHHYJvB74QFnoECA8QAQ&url=https%3A%2F%2Fwww.nytimes.com%2F2022%2F10%2F07%2Ftechnology%2Fmetaverse-facebook-horizon-worlds.html&usg=AOvVaw0zvFo-7_heYLlactKzduxO&opi=89978449

Tagged
29 November 2022
3 Comments
Blockchain, Business

Telegram launched the platform for buying and selling @usernames for channels and personal accounts.

Reading Time: 3 minutes

In the last update Telegram presented the function of buying and selling @usernames through the FRAGMENT platform (fragment.com). (Picture 1)

Picture 1. FRAGMENT.com LOGO

Fragment is a free platform which facilitates the transaction of collectibles between users. It supports direct, secure and anonymous sales as well as public auctions where everyone can participate over a period of time. To provide this service transparently, Fragment takes full advantage of TON, a blockchain technology initially developed by Telegram. TON is a fully decentralized layer-1 blockchain designed by Telegram to onboard billions of users. This is the first such case among all popular social networks. Before this, there was no way to safely sell your username, and most often such transactions were made through third parties. But Telegram now provides the ability to securely sell usernames through the official marketplace by converting them into NFTs.
When the website was launched, only usernames from A to H belonging to Telegram itself were available for bidding and purchase, but now the users themselves have the opportunity to put up their usernames for sale.
At the moment, the most expensive username @news was sold for 994.000 TON (~$1.700.000). The average daily amount of transactions on the site now exceeds 1.000.000 TON (~$1.720.000) per day. (Picture 2)

Picture 2. Fragment.com sales history.

However, at the moment we can see that it is just beginning to develop. Even though nicknames appeared gradually (at alphabetical intervals), which should have stirred up public interest, due to insufficient marketing (an ordinary user could only find out about this from an automatic Telegram message after the update, which many people do not pay attention to), many ordinary users and companies are not aware of this feature. Therefore, we see that now many valuable usernames are being sold at a very cheap price. For example @honda (3.150 TON) @clubhouse (3.302 TON) @kaspersky (3.360 TON) and so on. This suggests that for now, many large companies are in no hurry to buy usernames with the names of their brands, and later when the website becomes more popular, they will have to buy them at an inflated price, since at the moment most usernames are bought by resellers who rely on future sell out more expensive. For example, TON Wallet Ef-exuKIGuFDFVB0ldQzCJxVV6U-YT4B3nrg1VE8Mj1yOEp0 has already bought more than 50 expensive usernames, including the three most expensive ones. (Picture 2)

Picture 3. The most expensive usernames sold on fragment.com.

Telegram partially solves this problem with the help of a verification system that gives a special checkbox to official channels and groups, however, in one of the latest updates, it became possible for premium users to put custom stickers in the status next to the name, among which there is also a Telegram verification checkbox. (Picture 3)

Picture 4. Premium emoji status examples.

To conclude, Telegram users now can securely sell and buy usernames. However, at the moment we see that it is more like a beta version because many nuances need to be finalized.

Links:

16 November 2022
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Blockchain, Security

Are cyber crimes funding missile programs in North Korea?

Reading Time: 3 minutes

Since 2006, North Korea is struggling with sanctions. It was imposed shortly after NK’s first nuclear test. With every nuclear test and explosion, United Nations Security Council has been strengthening sanctions, banning new export and import products. The newest sanctions, banning North Korea from exporting their most profitable products, is estimated to take $1 billion from their annual trade of $3 billion. In order to compensate the loss, North Korea engages in various cyber crimes, violating international law. North Korea operations are thought to have generated over $2 billion, balancing their economical damage.

Cyber crimes are low cost, easily performed and hard to trace. Reward for good execution is also very attractive to North Korea. Behind those attacks stands the Reconnaissance General Bureau – top North Korean military intelligence agency. The Bureau targets mainly financial institutions and cryptocurrency exchanges to generate income. Targeting cryptocurrencies in their attacks make it a lot harder to trace than a regular banking sector. 2019 United Nations report stated that money from North Korea cyber crimes are raised for its WMD (weapons of mass destruction) programs. Anne Neuberger, US deputy national security adviser for cyber security, confirmed that information and provided additional numbers about North Korea funding „North Korea uses cyber to gain, we estimate, up to a third of their funds for their missile program”. North Korea is now treated as one of the world’s four principal nation state-based cyber threats, alongside China, Russia, and Iran. Thing also worth mentioning is that, because of the UN sanction North Korea is unable to export coal, they found a pretty good use for it. It uses the excessive coal to power its own crypto-mining plants to accumulate even more digital currencies, says Harvard University’s researchers.

Lazarus Group

It is a North Korean state-sponsored cybercrime group, attributed to the Reconnaissance general Bureau. The group has been active since at least 2009 and is responsible for numerous cyberattacks around the world. Multinational cybersecurity provider, Kaspersky Lab reported in 2017 that Lazarus have a sub-group called Bluenoroff which performs financial cyberattacks. Kaspersky found a direct connection between Bluenoroff and North Korea. According to a 2020 report by the U.S. Army Bluenoroff has about 1700 members. The group target is mainly financial institutions and cryptocurrency exchanges. The revenue most likely go towards development of missile and nuclear tech.

Lazarus Group has been responsible for many cyberattacks against at least 17 countries. Examples:
  • The Sony Pictures studio hack in 2014. Sony Pictures released a comedy The Interview about a fictional assassination attempt on Kim Jong Un. Attack resulted in leaking unreleased movies and thousands of private documents. Lazarus Group was also responsible for this attack.
  • Theft of $951 million from the Central Bank of Bangladesh in 2016 via a hack of SWIFT banking system. Analysts cite that this heist is a great example of how time consuming it is to target traditional banking. Lazarus Group broke into the bank’s computer lurked inside a system for a year before executing the attack. 
  • In 2017 the Lazarus Group unleashed WannaCry ransomware, which infected at lease 200k computers in 150 countries. It infected computers at hospitals, oil companies, banks and many other organizations around the world.
  • According to Chainalysis the Lazarus group have stolen more than $1.75 billion worth of cryptocurrency. They attacked exchange KuCoin and stole $275 million worth of cryptocurrency, which is a third-largest crypto theft of all time.
  • In 2018 Recorded Future report linked the Lazarus Group to attacks on Bitcoin and Monero. To perform this attack the group used phishing to steal users credentials from various crypto exchanges and then take the currency from the account.

Future risks

There are more and more decentralized exchanges on the market, and launch of new cryptocurrencies such as monero, are obviously make it a lot harder for law enforcement to track. Moreover, some analysts predict that more goods and services will be purchasable using crypto. It would allow North Korea to avoid sanctions on importing some products. Rohan Massey, partner at US law firm Ropes and Gray says „you could already use crypto to buy missile parts on the dark web years ago – so imagine what you could buy a few years from now.” This quote shows that even with ongoing sanctions on North Korea, it can bypass them easily with crypto which now they even mine themselves.

Sources:

https://www.latimes.com/nation/la-na-north-korea-sanctions-20170805-story.html

https://www.reuters.com/article/us-northkorea-cyber-un-idUSKCN1UV1ZX

https://complyadvantage.com/insights/cyber-north-korea-risks/

https://www.ft.com/content/dec696d4-fd51-4cce-bbd9-1dee911eb4cd?commentID=eb9ad859-a474-4382-8959-b9f297f425b8

https://static1.makeuseofimages.com/wordpress/wp-content/uploads/2022/02/snatchcrypto-north-korea.jpg?q=50&fit=contain&w=943&h=&dpr=1.5

https://en.wikipedia.org/wiki/Lazarus_Group

https://securelist.com/lazarus-under-the-hood/77908/

https://blog.chainalysis.com/reports/lazarus-group-kucoin-exchange-hack/

https://www.cfr.org/backgrounder/north-korea-sanctions-un-nuclear-weapons

https://thediplomat.com/2020/11/why-is-north-korea-so-good-at-cybercrime/

Lazarus Under The Hood

https://blog.chainalysis.com/reports/lazarus-group-kucoin-exchange-hack/

https://www.cfr.org/backgrounder/north-korea-sanctions-un-nuclear-weapons

https://thediplomat.com/2020/11/why-is-north-korea-so-good-at-cybercrime/

7 November 2022
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Apps, Bez kategorii, Blockchain, Business, Sharing economy, Software

Future of France (Finance)?

Reading Time: 6 minutes
Best DeFi Lending Platforms - CoinColony
Source: https://coincolony.net/best-defi-lending-platforms/

Decentralized Finance (Defi). Defi can be defined as all known financial services done in a decentralized manner with blockchain technology. It gets rid of intermediaries in financial services and makes them more secure, faster, cheaper and more accessible to the general public.

Users use DeFi through decentralized applications, they are similar to traditional web apps but the backend is running on blockchain technology.

In comparison to traditional banking, using DeFi dApps do not require fulfilling time-consuming forms and paperwork. All transactions are made instantly and on user demand. The most important factor in DeFi is the lack of intermediaries which impacts transaction time, simplicity, composability and control over funds.

Long story short – thanks to DeFi every person with access to the internet can use financial services which are a vital part of economic development

Decentralised Finance, or DeFi for short. We can describe DeFi as all known financial services, implemented in a decentralised manner, via blockchain technology. This makes financial services in the digital world safer, without intermediaries, faster and publicly accessible, and is also intended to be significantly cheaper than traditional finance.

In 2021 the whole sector grew by 900% and the total value of money and assets located in all DeFi protocols has reached over 170 billion US dollars.

Value of all assets in DeFi protocols. Source: https://defillama.com/

Users use DeFi via dApps, decentralised applications These are similar to traditional apps, but are based on blockchain technology. What benefits does this bring?

Unlike traditional banking, when using dApps within DeFi, we do not have to fill out time-consuming applications to use financial services and transactions are made almost instantly. The most important feature of DeFi is the absence of centralised intermediaries, which translates into the speed of transactions, no bureaucracy and full control over funds. With DeFi, any person with access to the internet can use financial services.

DeFi currently offers three main applications: loans against assets, decentralised exchanges and applications offering trading in derivatives, namely futures and options. However, work is underway to develop other financial services within DeFi, such as unsecured loans, bond issuance platforms and insurance. The future of the world of decentralised finance, therefore, seems to be heading in the right direction.

Going back, let’s take a look at how DeFi currently works, and we’ll start by exploring what decentralised exchanges are.

DEXes

Decentralized Exchanges (DEXes) are applications that allow an exchange of one asset for another without intermediaries in form of market-making institutions, trading houses, investment banks and other market makers.

Decentralised exchanges, or so-called DEXs. These are applications that allow you to swap one asset for another, without the need to register or share personal data, and without intermediaries in the form of market makers or brokerages, i.e. market makers.

A Beginner's Guide to What is Decentralized Finance (DeFi)
Source: https://appinventiv.com/blog/decentralized-finance-defi-guide/

Nowadays, in order to buy shares in any company, we have to use a brokerage house or bank, as well as a stock exchange. These are centralised intermediaries that charge fees for their services and require the sharing of personal data in a complex registration process. In addition, and worth noting, often the firms offering this type of service effectively become the owners of their client’s funds. On more than one occasion, there have been situations in which these funds have been frozen or confiscated from their rightful owners, for various reasons that are not always justified. In addition, the hours of operation of the companies mediating such financial transactions, are limited.

DEXs, or decentralised exchanges, are actually applications and programmes that take orders to sell an asset on the one hand and buy orders on the other. These programmes, based on smart contracts, manage liquidity within their markets and automatically connect both sides of a buy or sell transaction, of different types of assets.

DEXs allow trading 24 hours a day, 7 days a week. Trading on DEXes also takes place without intermediaries, but this does not mean that there are no commissions for transactions on this type of exchange at all, but more on that later.

One example of a DEX is the Uniswap exchange, which is currently the largest exchange of its kind in the global market. Uniswap already reaches 10% of the daily volume of the New York Stock Exchange (NYSE). This result is impressive, especially given the relatively short market presence of the Uniswap exchange, which has only been in operation for 4 years.

The advantage of DEX is its simplicity and user-friendly interface. Interaction with the application is limited to a single mouse click on a regular website’s buy or sell button. Trading on DEXs is 100% automated.

Uniswap, decentralized exchange interface. Source: Uniswap.org

DEXes are revolutionary not only from the perspective of investors but also for individuals and entities looking to raise capital.

To raise capital on a traditional exchange by issuing shares or bonds, companies are forced to go through time-consuming and very expensive legal and financial processes. These barriers mean that only large companies choose to issue shares.

In the case of Uniswap or other DEXs going public, raising capital, from a technical perspective, is much simpler and less costly. All you have to do is create your own token using code and then list it on an exchange where investors can purchase it.

Lending Protocols

Another example of DeFi applications are lending protocols. Nowadays, they allow you to take instant loans against assets and lend surplus funds to other investors for a suitable percentage.

This solution is different from traditional banking because we skip the bank as an intermediary and borrow funds directly from another person who has free capital to invest and is willing to lend it to us in exchange for an appropriate interest rate. Currently, most lending protocols, offer loans only against the collateral made of digital assets, reflected on the blockchain. Ultimately, these protocols will allow us to take a loan without collateral, based on a credit rating, similar to that known from traditional banking. Such solutions are already being tested and it is only a matter of time before they will be rolled out to the general public.

AAVE, decentralized bank. Source. aave.org

All procedures within the loan applications, as with DEX, are automated. With just a click of the mouse, funds are sent to the address of the corresponding cryptocurrency wallet – the equivalent of a bank account on the blockchain.

DeFi in today’s economy

The main problems with implementing DeFi technology in today’s companies are hard UX, a lack of consumer knowledge about blockchain technology and a lack of proper regulation.

Many FinTech companies could use DeFi today as a backend platform for their services as blockchain allows faster, cheaper and more composable financial operations than the traditional banking sector.

However, on the other hand, regulations may complicate the introduction of new technology. There is a risk of not meeting compliance standards and being suited by the government.

Currently, DeFi is unregulated, it operates in a quasi-shadow environment where no founder knows what is illegal.

Many propose a full ban on blockchain financial services, like the government of the People’s Republic of China or Pakistan. Yes, there are scams (2 billion USD stolen in total in 2021), and there are some cases of money laundering, but I don’t see it as the best path to stimulate economic development. The potential benefits for the economy are too big to ban it. So what to do?

Too much intervention will slow down sector growth, and not enough will not allow it to flourish. Currently, most of the DeFi applications operate in an “in-house manner” this means that blockchain solutions serve mostly blockchain solutions. This is due to the fact that there is no legal bridge connecting the blockchain economy and the real economy. Many courts do not recognize buying agreements made on blockchain even if in technical and real terms it was the most trustworthy form of signing a deal.

Also, individuals’ control over their funds means no control of the banking authorities. There is a popular opinion that blockchain, cryptocurrencies and Defi empower money laundering and tax avoidance. I believe this is a misconception. Why?

Blockchain means full transparency – every transaction is public. If you sent money from account A to account B, everyone can check it. Furthermore, a new European Union directive called AML6 will enforce on every cryptocurrency exchange identifying and tracking wallets thus mitigating totally the possibility of easy money laundering

Outlook for the future

DeFi is one of the most promising technologies of the early 21st century, but its growth is dependent on multiple factors. Most importantly, regulations.

If DeFi finds itself in a well-suited legal environment, then the sector will flourish empowering finance accessible with only an internet device.

Sources:

  1. https://www.youtube.com/c/Finematics
  2. https://defillama.com/
  3. https://docs.aave.com/hub/
  4. https://docs.uniswap.org/
  5. https://www.coinbase.com/pl/learn/crypto-basics/what-is-defi
  6. https://www.electronicid.eu/en/blog/post/aml6-sixth-anti-money-laundering-directive/en
  7. https://www.investopedia.com/cryptocurrency-regulations-around-the-world-5202122
  8. https://www.msn.com/en-xl/news/other/mainland-chinese-banks-banned-from-crypto-assets-at-home-weigh-services-in-hong-kong-after-policy-change/ar-AA13FCIu
16 October 2022
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Bez kategorii, Blockchain, Open Source

How a few pixels can cost 69 million USD? A quick jump into NFTs (artNFTs).

Reading Time: 3 minutes
CryptoPunks: Details for Punk #3101
Punk #3101. Sold for 510 ETH ($935,187). Source: https://www.larvalabs.com/cryptopunks/details/3101.

NFT is a pretty controversial topic. Some people say this technology was created to launder money or support terrorism.

How can a digital picture be worth 69 million USD (Beeple NFT)?

The value proposition for NFTs can vary, although the basic idea stays the same. With blockchain technology, we are able to price, monetize and own digital information.

Before blockchain, almost every piece of information (or a bit of information) was stored on a centralized server owned by a big company like Facebook or Google.

When you write a blog post it’s not yours, when you publish a digital artwork its not yours. This problem is especially relevant in the digital art industry, before NFTs there was no way to check the authenticity of digital artwork.

Blockchain is a trustless, distributed public leader which in simple terms means that it is a fully independent, trustworthy and transparent server (anyone can validate any information).

NFT means Non-Fungible Token, it differs from cryptocurrency in the fact that it is unique. One NFT token =! the other one even if the information that it represents is the same.

So what are the advantages of NTFs?

  • Ownership – anyone can own a part of the internet
  • Authenticity – NFTs allow validating the authenticity of a digital information
  • Creation of Economic Opportunity – Ownership is transferable, which means that you can sell or exchange an NFT for anything else. Imagine you are a popular pop star and you write a song. You can make this song an NFT and easily sell for example in a charity auction.

And what are the disadvantages?

  • It isn’t easy to buy an NFT – it requires to setup a cryptocurrency wallet and have knowledge about blockchain technology
  • Creation of an NFT is expensive – it can cost up to hundreds of USD.
  • Price is extremely volatile
  • Most of the projects are scams.

Many of these arguments are a far cry from the objective truth. They more resemble a stereotype than an argument.

Yes, it isn’t easy to buy an NFT or to create it. But the adoption curve is extremely steep and it is getting easier every day. It wasn’t easy to use a spreadsheet in the 1990s too.

The same can be said with respect to the cost of NFT creation. The cost is connected to the very fundamentals of blockchain which at this point has limited transactional capacity, but it is improving. For example, in September there was a major update of the Ethereum blockchain (the most-used blockchain in the world), which improved the number of transactions per second from 15 to a 1000.

Volatility is the price for growth. The faster technology moves the more ups and downs on the road. This is especially relevant to expectations connected to the specific technology. This leads to bubbles and manias like the dot com bubble or NFT bubble in 2021.

Timing Angel Investing Exits with Key Inflection Points | Seraf ...
Hype cycle. Source: https://seraf-investor.com/compass/article/know-when-hold-em-know-when-fold-em-timing-exits-coincide-key-company-inflection-points.

To sum up, in my opinion, NFT technology has unprecedented potential to revolutionise all digital secotrs of the e-economy. Social media, gaming, the creator economy and many more. All the disadvantages are only connected to the status quo of the technology adoption cycle and their significance will decrease with time.

Sources:

  1. https://cryptopunks.app/cryptopunks/details/3101
  2. https://seraf-investor.com/compass/article/know-when-hold-em-know-when-fold-em-timing-exits-coincide-key-company-inflection-points
  3. https://101blockchains.com/advantages-of-nfts/
  4. https://thenftbrief.com/why-are-nfts-bad/
  5. https://medium.com/@qubecryptospace/what-is-nft-and-why-is-it-so-popular-64b3ee62d86a
19 January 2022
6 Comments
Apps, Blockchain, Business

Opera is launching a new Web 3 project – ,,Crypto Browser”

Reading Time: 2 minutes

Recently company Opera has launched it’s new Web 3 project into beta. Crypto Browser Project is an internet browser with built-in Web 3 features. In the statement Jorgen Arnesen, EVP Mobile at Opera, says that: ,,Opera’s Crypto Browser Project promises a simpler, faster, more private Web3 experience for users. It simplifies a Web3 user experience that is often bewildering for mainstream users.“

One of the key features built inside a internet browser is crypto wallet that is compatible with some major crypotcurrency: BTC, ETH, but in february 2020 company plans to anounce compatibility with Solana and Polygon. Browser also include access to cryptocurrency and NFT exchanges as well as aupport for decentralized apps (Dapps)

With the news emerging daily about new Web 3 project it is interesting to see how Opera ,,Crypto Browser” project will develop. Estabilished company and strong team are some of the benefits of this project but with growing intrest circulating around Web 3 it can be dificult for Opera team to

With the news emerging daily about new Web 3 project it is interesting to see how Opera ,,Crypto Browser” project will develop. Estabilished company and strong team are some of the benefits of this project but with growing intrest circulating around Web 3 it can be dificult for Opera team to approprietly develop it

Tagged
20 November 2021
1 Comment
Bez kategorii, Blockchain

Will blockchain help in the fight against climate change?

Reading Time: 2 minutes
Source: https://www.blockchainforclimate.org/the-bitmo-platform

Blockchain technology has been with us for quite a while. We most often hear about it, when the topic of cryptocurrencies is being touched. Our feelings about it may differ, from supporting the technological change to being against the high energy consumption it requires to exist. Since blockchain drew the attention of the mainstream we have been bombarded with the news regarding how bad for the environment it is. However, is it totally bad, or is there a way that we can use the technology for the common good?

During the ongoing climate summit COP26, Blockchain for Climate Foundation launched the platform helping countries to achieve their climate goals. BITMO (this is the name of the platform) will allow signatures to the Paris Agreement to issue and exchange CO2 limits easily.

How exactly will it work?

The whole platform is built on the ethereum blockchain and allows to create “Blockchain Internationally Transferred Mitigation Outcomes” which are ERC-1155 Non-Fungible Tokens. Each token is equivalent to one tonne of CO2. When the tokens are created they can be easily transferred to other countries. The whole idea of trading CO2 limits is widely known, when a certain country knows that it will not reach the limit it can sell its share to another country that is willing to exceed the limit. The platform itself will increase the transparency and pace of this procedure.

Does it mean that blockchain is good for the climate?

Not exactly, we will still see great amounts of energy consumed by blockchain algorithms. Nevertheless, the platform shows that the technology has the potential to be implemented in environmental actions. We cannot also forget that there are many projects developing new blockchains, ones that are more efficient and less energy demanding.


Sources:
https://www.blockchainforclimate.org/
https://www.prnewswire.com/news-releases/blockchain-for-climate-foundation-launches-bitmo-platform-at-cop26-301414924.html

9 November 2021
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Blockchain, Business

Crypto Wallet

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Crypto wallet is a device (or program) that lets you store and transfer all your digital assets.

In todays world of cryptocurrencies, safety of one assets becomes a number 1 priority for every investor. With the recent news circulating web about Binance holding all withdrawals from their exchange many people started to wonder what does it exactly mean to own a cryptocurrency and what happens if they will lose access to exchange. Investors starts looking for more risk-free storage for their coins and one of the easiest and most efficent storage programs/devices are crypto wallets

How does it work?

`Every wallet works by number being generated with length that is suitable for given crypto technology. This number is then converted to a private key using crytpographic aglorythm used on a given blockchain. Then using a private key as a ,,base” public key is being generated. The two keys has diffrent usage:private key is used to send and access user crypto and the public key is used for receiving assets from other users,companies etc. Wallet that can be a program online or a physical device, store both keys making transactions possible

Pros of crypto wallets

With wallet and a private key user is the only person with access to their digital crypto. There is no third-party that can monitor and manage assets on a account making user their own bank

Cons

Main negative asspect of crypto wallet is user responsibilty. In case of sharing a private key to someone or losing a seed phrases user can forfeit access to theirs crypto, there is no third party that can return users money.

Sources:

https://en.wikipedia.org/wiki/Cryptocurrency_wallet

https://www.investopedia.com/best-bitcoin-wallets-5070283

https://www.businessinsider.com/crypto-wallet?IR=T

8 November 2021
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AI, Blockchain

Coinbase One Beta

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What is Coinbase?

coinbase.com

Coinbase is the largest cryptocurrency exchange in the US. They allow users to buy and sell crypto as well as send coins between wallets (it is both an exchange and a wallet). Their business model is having users pay small fees for making trades, but now they are introducing a brand new strategy.

Coinbase One

The new service they offer is Coinbase One. It’s basically a paid subscription that enables users to trade without fees (however, they will still have to pay spread fees). Also, it includes features like priority support and account protection feature (up to $1 million). The service is available for a small portion of users for the time being. The company hasn’t told yet, how much Coinbase One subscription will cost.

euronews.com

Will it increase their revenue?

Well, it depends on whether the feedback from users will be positive as it’s in an early stage. For sure, it can provide a much more stable source of revenue compared to users paying fees for each trade. “We are focused on the long-term where we will continue to diversify our offerings” said Alesia Haas CFO of Coinbase. Moreover, it’s a response to their biggest rival which is Robinhood, and their subscription service called Robinhood Gold.

Sources:

https://www.theverge.com/2021/11/4/22763080/coinbase-one-subscription-service-trading-fees-cryptocurrency

https://www.theblockcrypto.com/post/123134/coinbase-is-testing-a-subscription-service-with-zero-trading-fees-and-prioritized-support

https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-coinbase

https://www.euronews.com/next/2021/04/14/coinbase-is-about-to-become-one-of-us-richest-companies-what-is-it-and-why-is-it-important

17 February 2021
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Blockchain, Business

Bitcoin has risen in price to a record 50 thousand dollars. In six months, it grew by 350%

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The cost of bitcoin at the auction on February 16 reached a record high of 50 thousand dollars. Half a year ago, the cryptocurrency was worth about 11 thousand dollars. Since that time, its value has increased by 350%.

The rapid growth of quotations began in the fall of 2020. Back in October, Bitcoin was worth about $ 11,000, and in December, its value exceeded $ 20,000. In January, quotes exceeded $ 40,000.

After that, bitcoin’s cost returned to the level of 33 thousand dollars, but in February, there was a recent jump in the rate. The auction was influenced by the news that the car manufacturer Tesla has invested $ 1.5 billion in bitcoin and will accept cryptocurrency as payment.

How Bitcoin grew in price during the coronavirus?
Bitcoin began to rise noticeably in March 2020 after the outbreak of the coronavirus pandemic. In connection with the coronavirus’s spread, the governments of various countries have introduced restrictive measures, which led to a slowdown in business activity.

The US and EU have decided to stimulate their economies with additional spending. Many investors believe that massive stimulus measures will weaken the euro and dollar. There are also fears that an increase in money supply will lead to an acceleration in inflation. Against the backdrop of these concerns, investments in bitcoins have increased, the supply of which is limited.

Also, experts and investors expect the use of cryptocurrencies in the traditional financial system to increase. The decisions of individual companies indicate this. For example, earlier payment services Square and PayPal, which about 300 million people in total use, added the ability to buy cryptocurrencies to their applications.

The previous maximum of quotations was recorded in December 2017, when the cost of bitcoin was approaching the $ 20 thousand mark. Then the quotes rose sharply in a few weeks, and then there was a collapse, and in a few months, bitcoin fell in price to 3.2 thousand dollars.
However, the current growth is different from what happened in 2017. At that time, the cryptocurrency was bought mainly by private investors from Asia, and now institutional investors and large companies, mainly from the USA and Europe, participate in trading.

Some experts still consider bitcoin as a “bubble,” the value of which will collapse sooner or later. Even investors anticipating the growth of quotes warn that cryptocurrency trading remains exceptionally volatile, and sharp price fluctuations should be expected.

However, questions remain as to whether cryptocurrencies have any value. Some experts fear that investments in bitcoin and its analogs may be lost.

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