Autor Cointelegraph By Brian Quarmby

Terraform Labs gifts another $880M to Luna Foundation Guard

Terraform Labs gifts another $880M to Luna Foundation Guard

Uverejnil používateľ | apr 15, 2022 |

Terra (LUNA) blockchain developer Terraform Labs (TFL) has gifted the Luna Foundation Guard 10 million LUNA worth around $820 million at current prices. The Luna Foundation Guard (LFG) is a nonprofit organization attached to Terra that is tasked with collateralizing the network’s algorithmic stablecoin Terra USD (UST) to keep it pegged with the U.S. dollar. Terraform Labs’ latest announcement came via Twitter on April 14, but did not outline what the funds will go towards specifically. However, transaction data from Terra Finder shows that 7.8 million LUNA (roughly $630 million) was promptly transferred out of the LFG’s reserve wallet yesterday. TFL has gifted an additional 10 million $LUNA to the @LFG_org. https://t.co/tNirkgGGm0— Terra (UST) Powered by LUNA (@terra_money) April 14, 2022Given Terra’s recent form, led by founder Do Kwon who has the goal of accruing $10 billion worth of Bitcoin (BTC) to back the UST’s reserves, many expect that some of the funds will go toward building its stash of digital gold. Another portion of LUNA may be burned (a way in which the UST/USD peg is maintained.) Some additional Avalanche (AVAX) tokens could be on the shopping list as well, considering both TFL and LFG purchased $100 million worth of AVAX last week. Following Terra’s recent (and ongoing) Bitcoin (BTC) buying spree, which includes the purchase of roughly 2,500 BTC ($100 million) only two days ago, the wallet belonging to LFG has become the 3rd largest hodler of digital gold globally, only tailing behind MicroStrategy and Tesla. The latest donation to the LFG comes just over a month since TFL gifted $1.1 billion worth of LUNA so that it could be burnt to mint UST and grow its reserves. According to the LFG’s accounting records, its total reserve balance stands at $2.44 billion at the time of writing, with BTC representing around 70% of that figure at $1.71 billion. At least the Luna Foundation Guard is buying the #Bitcoin dip… pic.twitter.com/8ZiPZT9SsD— Crypto Rover (@rovercrc) April 14, 2022

Related: Terra price key support level breaks after 30% weekly drop — more pain for LUNA ahead?Despite all of the bullish developments with Terra of late, the price of LUNA is down 7% over the last 30 days to sit at $81.65 at the time of writing.

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Punk6529 unveils Metaverse museum district: ‘Most high-end art NFTs ever’

Punk6529 unveils Metaverse museum district: ‘Most high-end art NFTs ever’

Uverejnil používateľ | apr 15, 2022 |

Popular NFT collector “punk6529” today unveiled an ambitious open Metaverse project that is looking to attract 100 million users. The self-funded project is dubbed “OM” and aims to be an open platform that is built and shared by the community. The broader vision for the project is to launch 10 self-governing cities with a max population of 10 million each. The museum district of the first city (Genesis City) was launched in alpha mode earlier today, with punk6529 bullishly telling their 323,200 Twitter followers that it might be “the most high-end art NFTs ever displayed in one place.” A promo video for OM shows a long list of NFTs from top projects such as CryptoPunks, Tyler Hobbs’ Fidenza collection, Bored Ape Yacht Club and Art Blocks. At this stage, there are 2000 NFTs on display that belong to either punk6529 or the project’s team members. However new users will be also able “load” their NFTs into OM’s galleries. 5/ What is in here? – The 6529 Museum of Art- The museums of 6529 team membersIt is my favorite visualization of NFT art to-date.I also think it may be the most high end art NFTs ever displayed in one place.The tour is later in the thread— 6529 (@punk6529) April 14, 2022The NFT proponent outlined that they are not looking to charge fees or generate crowdfunding at this stage, as they look to deliver a working product before scaling up via investment. At this stage, anyone is free to join and build in the alpha, as long as their “ideas match” that of the museum district.“I do not want your ETH, I want your input on how to design OM. I collect in public, I invest in public and we are going to build OM in public together.”“The fundamental governance model of OM is at the district level: Districts can either be ‘developed’ or ‘open’. 6529 is going to develop the 6529 Museum District for example. Others can develop others. Others can be free-for-all experimental spaces,” they added.To celebrate the beginning of OM I just took and minted a photo from the highest building of the #6529MuseumDistrict (inspired by @DrifterShoots). This is truly amazing, thank you for creating this. @punk6529 @6529er #OM #openmetaverse pic.twitter.com/hpRbIMgVzn— G9ralt (@G9ralt) April 14, 2022

In terms of scale, punk6529 stated that the museum district has 25 active buildings in the center square, along with another 2000 buildings that are yet to be activated. “Each building can host between 1 to 100 spaces, so this district type can easily host 100,000 citizens,” punk6529 said. The NFT collector also offered their take on an open Metaverse, noting that they envision OM as having “no one party in charge. A Metaverse where you don’t have to worry ‘who is the shareholder and do you agree with them?’. “This is not so shocking, humans have accomplished this before. There is not one human being in charge of: email, or HTML or TCP/IP or Bitcoin or ERC-721.”Absolutely blown away by the open metaverse created by @punk6529 @batsoupyum @krybharat @bonafidehan @ACthecollector & @phon_ro. Spent the evening exploring and enjoying all of the incredible art. I can see myself spending a lot of time here in the future! pic.twitter.com/l2mnsSqcp2— Michael Sidofsky (@mindzeye) April 15, 2022

Related: Animoca Brands to bet big on MMORPG blockchain gamesFor the project to grow and attract a mainstream audience, punk6529 notes that it will have to be affordable, user friendly and provide a bridge to the real world to scale beyond “ETH/crypto degens.”If all goes to plan, OM will transition into a public beta around June or July if the Metaverse attracts enough users and the tech is able to support further development and large spaces. Cointelegraph has reached out to punk6529 for more information on the project and will update the story if they respond.

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Researchers find security flaw in Rarible: Users could have lost all their NFTs

Researchers find security flaw in Rarible: Users could have lost all their NFTs

Uverejnil používateľ | apr 14, 2022 |

The research arm of cyber security software firm Check Point said it identified a vulnerability in the Rarible NFT marketplace that could have seen many of its roughly two million active monthly users lose their NFTs in a single transaction. Check Point is a multinational IT security firm that was founded in Ramat Gan, Israel in 1993 and also claimed to have spotted issues relating to malicious airdrops on OpenSea back in October 2021. According to documents shared with Cointelegraph, Check Point Research (CPR) recently discovered that malicious actors could send users a dubious link to an NFT that executes JavaScript code after clicking that “attempts to send a setApprovalForAll request to the victim.”If the link is clicked, the user grants full access to their wallets on Rarible. CPR stated that it immediately notified Rarible on April 5, with the platform promptly acknowledging and fixing the security flaw: “If exploited, the vulnerability would have enabled a threat actor to steal a user’s NFTs and cryptocurrency wallets in a single transaction. A successful attack would have come from a malicious NFT within Rarible’s marketplace itself, where users are less suspicious and familiar with submitting transactions.” NFT TheftSpeaking with Cointelegraph, Oded Vanunu, Head of Products Vulnerabilities Research at Check Point Software said his team became interested in this type of scam after Taiwanese singer Jay Chou fell victim to a similar attack. Chou’s BoredApe #3738 NFT was swiped via a nefarious transaction at the start of this month. “Once we saw that this NFT was stolen, it gave us the incentive to investigate further.” Such a vulnerability could also be possible on many other platforms, Vanunu said. “Rarible acknowledged the security flaw quickly and fixed it by removing the SVG file upload option. This terminated the malicious NFT attack option,” Vanunu confirmed. Related: Trezor investigates potential data breach as users cite phishing attacksVanunu refused to estimate the potential value lost that the security flaw could have resulted in, as it could have been “triggered on any user on the platform.” Notably, a similar attack on just a single wallet belonging to DeFiance Capital founder Arthur0x last month, resulted in the loss of roughly 600 Ether ($1.86 million). CPR urged users to be diligent any time they approve any requests on NFT platforms and verify all of them via Etherscan’s request tracker in times of uncertainty.Cointelegraph has reached out to Rarible for comment on the matter, and will update the story if the company responds.

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Ethereum Merge a 'few months after' June: Dev clears up what’s going on

Ethereum Merge a 'few months after' June: Dev clears up what’s going on

Uverejnil používateľ | apr 14, 2022 |

The long-awaited Ethereum Merge is set for yet another delay, with developers working on the upgrade estimating a completion time a “few months after” June. Owing to the success of testing, there was a general expectation the Merge would go through mid year, however the latest setback is unsurprising given that Proof of Stake has been delayed constantly ever since it was first proposed. That said, the signs are promising that the Ethereum mainnet will actually merge with the beacon chain to become a Proof-of-Stake (PoS) network this year. For real. Ethereum developer Tim Beiko provided the updated timeline via Twitter yesterday, tentatively stating that the core devs are into the final stretch: “It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum.”After noting that his comments caused a stir amongst Ethereum proponents and haters alike, Beiko followed up today by observing “that it can be hard to parse the progress on The Merge when you aren’t deep in the process.” To provide further context, Beiko published a blog post with a deeper rundown. Didn’t expect my tweets from yesterday to cause such a reaction I appreciate that it can be hard to parse the progress on The Merge when you aren’t deep in the process. Tried to provide some context here: https://t.co/QTZ7CuapMf pic.twitter.com/MVXdPEj3NX— Tim Beiko | timbeiko.eth (@TimBeiko) April 13, 2022According to the developer, a specific date will not be set until “client teams are confident that the software implementations have been thoroughly tested and are bug-free.” Central to these latter stages are the trial runs of public test nets such as Kiln, and the roll out of shadow forks which enable devs to test various merge/PoS-related implementations on the network.Difficulty bomb tickingAnother important factor is the difficulty bomb (an automated increase in mining difficulty designed to make PoW mining less attractive), which Beiko says will start to be noticeable on Ethereum around May and make blocks “unbearably (read 15-20 seconds) slow by August.”“If client developers do not think they can deploy The Merge to mainnet before block times are slowed too much, it will need to be delayed again,” he said. Beiko put forward two ways in which the difficulty bomb could potentially be delayed to usher in the Merge upgrade beforehand, firstly combining a bomb delay with merge client releases to delay the “bomb at a certain block, restoring 13s block times, and then activate The Merge shortly after.” Secondly to separate the bomb delay via network upgrade “which only delays the difficulty bomb” prior to the merge. “The Merge, unlike previous Ethereum upgrades, will not be triggered by a block time. Instead, it will be triggered by a total difficulty value. Given these are harder to estimate than block times, the delay between choosing a time for The Merge and it going live on the network may be slightly shorter than prior Ethereum upgrades.”Related: Ethereum derivatives data shows pro traders are bearish, but for how long?Earlier this week Ethereum Foundation developer Parithosh Jayanthi suggested there is still a fair amount of trial and error to go, after he noted that the testing of three shadow forks resulted in “bugs varying from sync code to request timeouts being found.”We’ve done 3 shadow forks of Goerli with bugs varying from sync code to request timeouts being found. Watch the Ethereum R&D discord channels for more. Goerli-shadow-fork-3 is live for anyone to test with, rated at advanced difficulty to join.— parithosh | (@parithosh_j) April 10, 2022

Following the successful implementation of The Merge and transition to a PoS consensus mechanism, the final landmark on the road map for Ethereum (formerly known as Eth2) is the sharded chains upgrade slated to go live in early 2023. Until then however, the network will utilize Layer-2 networks like Polygon and Optimism to handle scalability and high transaction volumes.The price of Ether (ETH) has seen a significant uptick over the past 30 days, gaining 20.5% to sit at $3,126 at the time of writing.

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‘Natural extension’: Sega's Super Game project looking to add NFTs

‘Natural extension’: Sega's Super Game project looking to add NFTs

Uverejnil používateľ | apr 13, 2022 |

Japanese gaming giant Sega is looking at integrating cloud technology and NFTs as part of its new “Super Game” project to connect different games to each other. The news has caused a predictable backlash from the crypto-skeptic section of the gaming community, with many people voicing their frustrations at the firm online this week. The Super Game initiative is set to roll out over the next five years and will reportedly see the development of a wide range of new cross-platform triple A grade games. The firm is said to be weighing up an investment of around $800 million into the project. The suggestion of potential NFT and cloud support was made during an interview on Sega Japan’s recruitment website. Gaming news outlet Video Games Chronicle provided a translation for English speakers earlier this week. During the interview, Sega producer Masayoshi Kikuchi noted that the gaming industry has a “history of expansion” into new forms of culture and technology such as social media in particular, with streaming and watching others play games via platforms like YouTube and Twitch becoming popular in recent years. Kikuchi went on to suggest that a move into cloud tech and NFTs would therefore be inevitable, noting that: “It is a natural extension for the future of gaming that it will expand to involve new areas such as cloud gaming and NFTs. We are also developing SuperGame from the perspective of how far different games can be connected to each other.”THE BETRAYAL. WHY SEGA? pic.twitter.com/HuabO5QaiG— JOLLY J✨ (@DynamoSuperX) April 10, 2022Some Sega fans vented their frustrations on Twitter, with user NotEdgyYet stating “Don’t you dare Sega you’re doing good right now, don’t screw up now.” While matthewhenzel noted “I’ve said this before and I stand by it.. NFT = NO FVCKING THANKS! Not for me.”The pushback seemed much tamer than other occasions in which big gaming firms announced NFT plans, possibly because these comments were from Sega Japan execs and not from the U.S. branch. Related: Japanese business giant Nomura to explore crypto and NFTs with new unitSega says ‘future of gaming’ includes NFTs and cloud streaming: https://t.co/4gTSOqoJoJ pic.twitter.com/JGmBTQJJX2— Kotaku (@Kotaku) April 10, 2022

Over on Reddit, members of the r/gaming community were also questioning the potential NFTs integrations, with “Radingod123” suggesting that gaming firm’s like the idea of NFTs due to the supposed pyramid scheme elements. However other users such as “Bouldurr” offered a different take on the subject, arguing that the idea to have cross game portable digital assets that can be owned and sold is a “cool one” that could work in the right circumstances: “NFTs are a technology. They aren’t inherently good or bad. The trepidation comes from the greedy micro transactions already in games. It’s understandable people don’t like the idea of ‘NFT’ games.”“But the idea has promise in certain situations. I’d love to be able to sell my hearthstone collection even if it was pennies on the dollar,” they added. In news that might frustrate anti-crypto gamers even further, iconic actor Jim Carey, who plays the role of Dr.Robotnik in the Sonic the Hedgehog movies, based on the Sega games, also unveiled plans to enter the NFT space. Apart from acting, Carey is also a respected artist and during an interview earlier with Access to promote Sonic the Hedgehog 2 earlier this month, the 60-year-old stated that he will soon be launching an NFT collection dubbed “Magic Hour” featuring digital art and spoken word pieces. Jim Carey releasing his Art as NFTs.I’m a big Jim Carey fan, let’s see how this goes down pic.twitter.com/qvA3CPW5zJ— Matty (@DCLBlogger) April 4, 2022

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