Autor Cointelegraph By Chris Jones

The challenges with building a reputation in Web3 — and how to solve them

The challenges with building a reputation in Web3 — and how to solve them

Uverejnil používateľ | sep 13, 2022 |

Amazing things are being built in Web3 — often by pseudonymous individuals who prefer to keep their real-world identity private.In some ways, this is liberating. It means that anyone can have a chance to get involved in a project and deliver value to the community — irrespective of their background.But as decentralized identities proliferate, there’s one issue that cannot be ignored: Ensuring that there’s an easy way for us to verify the reputation of others.This matters… for many reasons. If you’re about to start using a DeFi project created by someone pseudonymous, you’d like a way to know that they’re trustworthy and dependable.If you’re reading an article that someone has written online, there should be a way of checking that their past works have been truthful and well-received.And if you’re buying an item from a fellow user on a peer-to-peer marketplace, it’s crucial to check that they’ll deliver what you’ve asked for — and on time.All of this has made reputation in Web3 a hot-button topic. Now, multiple crypto enthusiasts are exploring this concept in great detail — giving us the evidence we need to trust other people without knowing their name and background.This could be a refreshing antidote to the status quo, where not everything we see online can be believed. Fake testimonials for products are a long-running problem, while bots on Twitter can distort reality and our perceptions of people and companies. We’ve even seen experiments where fake restaurants have shot to the top of TripAdvisor rankings.Understanding decentralized identitiesAs a concept, DIDs remain at an early stage. But one day, your crypto wallet could store far more than altcoins and NFTs. Instead, they could be a rich background of what you’ve accomplished — open for all to see. And whereas the profiles that some of us carefully cultivate on Facebook and LinkedIn are centralized, we would see in full control of all of our data.Ethereum co-founder Vitalik Buterin recently explained how this could work in practice when he unveiled proposals for “soulbound” NFTs. Known as SBTs, he paints a picture of how these digital assets could be used to represent everything from a college degree to a drivers’ license — and even provide a modern alternative to credit scores.Buterin pointed to a proof-of-attendance protocol as an example of technology that could also show promise. POAP NFTs can be used to show that someone was present at a particular event — such as a conference or a concert. While this could have a plethora of exciting use cases in the future, there’s one problem that needs to be confronted: Because NFTs can be easily transferred, someone could just buy a token that says they achieved something instead — but products are hitting the market that prevent this.As we find ways to dutifully record the achievements and attributes that form our reputations online, Buterin argues that a non-transferable type of NFT needs to be created — and this could also deliver tangible improvements to the way governance is achieved in decentralized autonomous organizations.Moving away from the technical limitations, you may be wondering why digital reputations are necessary in the first place. Well, a big motivation relates to how our data is currently fragmented across a number of social networks and websites — and it’s difficult to transfer from one place to another. If you’ve got a five-star rating on eBay after selling 50,000 items, this stellar reputation cannot easily be transferred to Etsy.Reputation is powerMetis is one of the projects that is focusing on these challenges. The platform has established Reputation Power, which is earned through on-chain achievements. Users can accrue RP by contributing to protocols, DApps and decentralized autonomous companies — whether through deploying smart contracts or minting NFTs.In the years to come, its vision is creating an environment where someone’s reputation can easily be viewed on just one profile — bringing together all aspects of life, from your loved ones and colleagues to the friends you share hobbies with. It’s the ultimate way of showcasing your credibility, engagement and trustworthiness — as well as the contribution you’ve made to the causes you care about.The project told Cointelegraph:”Metis’ Reputation Power is a portable and composable reputation, unique to users’ specific achievements and on-chain history. Reputation Power (or RP) can be collected by users performing on-chain actions such as interacting with smart contracts or voting in governance.”A $100 million was recently established to help cultivate projects that want to build on top of Metis — including DeFi protocols, NFT collections, metaverse platforms and games. And doing so could be appealing for developers, not least because this platform has some of the lowest fees of any layer-two blockchain — helping to make microtransactions affordable.At the beating heart of this ecosystem is a “solid, scalable, cheap and decentralized” technical infrastructure called Smart Layer 2 — a secure environment that can cope with growing demand from users, with the robustness that the Web3 economy deserves.There’s so much to be excited about — and plenty of work to ensure that Reputation Power becomes valuable for businesses and consumers alike.Focus remains on mass adoption, and creating infrastructure that’ll be used for generations to come.As the project recently said: “Although the market is going bearish, may the builders never stop!”Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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The metaverse is the future — but are current platforms failing users?

The metaverse is the future — but are current platforms failing users?

Uverejnil používateľ | sep 7, 2022 |

The metaverse has potential to transform the way we work, socialize, party and even do business — but looking at the infrastructure that exists right now, and some would accuse this industry of running before it can even walk.Many virtual worlds are making bold promises about what they plan to achieve in the years to come, yet lack a tangible product people can try out now. Even those that have launched often suffer from poor graphics, a disappointing user experience, or a lack of quality content. This is a bigger problem than meets the eye. If a customer’s first impression of a metaverse is one of disappointment or frustration, they probably won’t be back in a hurry.As things stand, many big brands and A-list celebrities are scrambling to get involved with the metaverse — but the platforms in the market are failing to meet the moment. For a sign of the momentum that this industry is enjoying, look no further than MTV’s VMAs, which even had an award category for best metaverse performance. The nominees included Justin Bieber, Ariana Grande, Charli XCX and the South Korean pop sensation BTS.Earlier this year, JPMorgan estimated that the metaverse could be an exceedingly lucrative opportunity that delivers $1 trillion in yearly revenues. Immersive concerts once held in major cities could take place in the comfort of a fan’s home, without a gig ever selling out. Stunning virtual offices could propel working from home to the next level. And we’re already seeing how top sportswear brands are making a fortune by selling rare digital sneakers.For such lofty predictions to become a reality, metaverse worlds need to factor into the day-to-day lives of the consumers they’re meant to serve — and deliver the “wow factor.” They have to provide an engaging experience that makes going online feel dynamic and alive. This will create a loop that fuels growth. Greater user numbers will encourage more businesses to build in the space, and in turn, their arrival will attract even more users.Creating an unforgettable experienceMetropolis World is one project that’s vying to ensure the metaverse industry lives up to its full potential. Its virtual landscape boasts stunning art, a marketplace that bridges the digital and the physical, as well as a packed itinerary of curated programming and events. A self-sufficient community takes pride in building a unique ecosystem for each city, while gamification and quality content make exploring this platform a delight.The project told Cointelegraph: “We are different from other metaverse worlds which are theoretical with poor user experiences and low-grade content. Instead we are providing an engaging environment which makes the online experience feel dynamic and alive. We are about creating a compelling ecosystem that people want to explore from the ground up.”To make this happen, Metropolis World has raised more than $1 million from high-profile investors — with a list of  founding citizens that represents a who’s who of the industry. Steve Aoki, Dillon Francis, Meltem Demirors, 3LAU are just some of those already involved. And what’s more, a partnership with Flare Network delivers interoperability.An immersive website and a debut city have been lovingly built — and looking ahead, Metropolis World is determined to ensure the remaining five cities in its ecosystem are constructed to the same standard using Unreal Engine. Dynamic avatars are going to be rolled out to users too — meaning it’ll never have been easier to move between your URL and IRL self.Why metaverses matterThe early days of the internet were a magical place. Large, centralized social networks were nowhere to be seen — meaning many users had their very own corner of the web. Countless forums for every hobby and interest conceivable popped up. Whether you wanted to learn more about railways in the early 20th century, or debate which songs were best on David Bowie’s album, there was always a place where you could be yourself — and meet like-minded people.Done right, the metaverse has the potential to replicate this special era — allowing us to celebrate our identities, pursue our passions, and take back control of our data. Virtual worlds can empower us with the chance to get creative, build special things, and experience cultural events we could once only dream of. There was once a time that our geographies meant we were excluded from seeing breathtaking exhibitions and concerts, but the metaverse removes these limitations once and for all. Thousands of miles away from your favorite band? That no longer matters.Metropolis World says the order of the day is substance and style — a metaverse done right. And their vision is irresistible. Imagine traversing a hanging bridge across two towers and watching a live show in an open-air concert hall, before wandering to your favorite book club.In the months and years to come, the metaverse promises to transform the way we live our lives — giving us opportunities we could once only dream of. But there’s work to be done before we get there.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Staking on Polkadot, explained

Staking on Polkadot, explained

Uverejnil používateľ | sep 5, 2022 |

It can do — and in some cases, you may have to lock up your DOT for 120 days. A lot can happen in 120 days — case in point, DOT fell from an all-time high of $55 to lows of $17 over this timeframe… down 69%. This painfully shows why it’s important to assess your options, and consider staking providers where you can earn yield without enduring long lock-up periods and helplessly watching your crypto plunge in value. In some cases, it can take 28 days to unbond from a validator node — while in others, you can choose between fixed periods of 30, 60, 90 or 120 days. But XGo is completely rethinking this approach. This platform offers no lock-ups on withdrawals and no unbonding period, meaning you’re fully in control. Better still, rewards are paid out daily — and you can transfer your assets at any time. Given how there’s heightened fear in the crypto markets, and a lot of uncertainty driven by the Federal Reserve’s mission to increase interest rates and tackle red-hot inflation, this much-needed flexibility helps keep HODLers in the driving seat.

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Millions of dollars in ETH lie unclaimed in presale wallets — but there's a way to get them back

Millions of dollars in ETH lie unclaimed in presale wallets — but there's a way to get them back

Uverejnil používateľ | aug 26, 2022 |

Out in the cryptosphere, there’s a vast amount of wealth that’s seemingly out of reach.A long-running statistic suggests four million Bitcoin — almost 20% of the total supply — has been lost forever. Much of it was mined when the network was just beginning, with early adopters tearing their hair out after losing their private keys. One Welshman has endured a nine-year battle as he attempts to receive a hard drive containing 7,500 BTC from landfill. But this isn’t the only treasure trove that’s worth exploring. For example, did you know that over 500 Ethereum presale wallets are yet to be recovered… and collectively, they have a value of several billion dollars?The presale for ETH — which is now the world’s second-largest cryptocurrency — took place back in the summer of 2014. At the time, 1 Bitcoin would buy you 2,000 Ether. Fast forward to now, and the exchange rate is much less generous: 1 BTC will only fetch 12 ETH. A whopping 8,893 people participated in this presale and were given tokens in the genesis block — but according to experts, hundreds of wallets remain untouched.Some of these wallets contain tens of ETH — a figure that’s worth tens of thousands of dollars today. Others have more than 10,000 ETH inside, meaning their owners are missing out on a life-changing $20 million.All of this conjures up big questions: Are these wallets a lost cause? Will the upcoming merge — where Ethereum moves from a Proof-of-Work to a Proof-of-Stake blockchain — mean these funds are just irretrievable? And what’s more, who in their right mind would lose access to their crypto after taking part in a presale?Well, there are a plethora of factors that can lead to the private keys of presale wallets being lost. It could have been a problem with a browser, challenges with foreign language keyboard settings, or poor security practices. Let’s not forget that crypto was shiny and new back then — and many early investors were figuring things out as they went along.So… what should the people who own one of these presale wallets do? Give up, and dream of what could have been? Use this experience as a gripping story at dinner parties — regaling people of how you missed out on millions of dollars? Or fight back, and begin the painstaking process of reclaiming what’s rightfully yours? How to recover a presale walletIt can be done. The first step is to head to Etherscan, a blockchain explorer, and check the balance of the address that you’re struggling to retrieve. If there’s crypto yet to be claimed, there’s work to be done — and it’s time to take a step back and reflect on what the password requirements would have been for your wallet.This next bit is a little more challenging. You need to try and remember the passwords that you commonly used at the time. Software called Hashcat can be used to test a plethora of variations — alternating between uppercase and lowercase characters, and changing letters like a and i for special characters like @ and !. With the right GPU card, you’ll have the opportunity to perform 200,000 password checks per second.All of this may seem like a long shot — and there’s still a risk that you’ll end up empty handed, unable to find the elusive password to your Ether presale wallet. But this doesn’t mean that you’re out of options. Next, it’s time to get the help of professionals who have a track record of cracking the code and reuniting owners with their crypto. KeychainX says forgotten presale wallets often have specific parameters — and it has created custom-made software to successfully recover lost crypto.The project told Cointelegraph: “Lost crypto wallets are a big headache for many crypto owners. KeychainX has helped over 200 people in the last 12 months to recover millions of lost Ether, Bitcoin and Dogecoin.”The proof is in the puddingOne Ethereum enthusiast contacted KeychainX after being part of the Ether presale — amassing 1,000 ETH for just $300. At the time of writing, this crypto sum would be worth a cool $2 million. There was just one problem: the customer believed the wallet was corrupt.He was pretty sure of the password, but there were two main problems: firstly, he was half French, meaning there might be a problem with the decryption of foreign characters. Second, the password was 99 characters long. (And to top it all off, the password was of a sexual nature, meaning the project’s specialists needed to find common phrases in both English and French that could be tested.)KeychainX managed to figure out how to translate the special characters that had encrypted his wallet — treating them as they were Cyrillic. It was a process that took several weeks — and on top of all that, it took three days to track down the customer and give them the good news. The project isn’t just working to retrieve long lost crypto, but prevent the investors of tomorrow from ending up in a similar situation. It’s received a patent in the U.S. and Japan for a keyless crypto wallet that uses geolocation data and biometrics to store private keys. And what’s more, it’s planning to launch an automatic crypto recovery site that will enable people to use their surplus GPU power to join a social recovery system. Ethereum co-founder Vitalik Buterin recently shared his vision for social recovery at the Blockchain Futurist Conference in Canada — explaining how the world of Web3 could offer a more effective approach for retrieving accounts than Web2 ever could. As an example, users could nominate five recovery contacts — two of them institutions and one of them an employer, as well as their father and a friend. Three of these trusted sources could then come together to confirm that an account should be unlocked.Losing crypto can be devastating — but projects like KeychainX are working to ensure far, far fewer people experience this in the future.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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NFTs and intellectual property, explained

NFTs and intellectual property, explained

Uverejnil používateľ | aug 11, 2022 |

Some of the biggest NFT collections out there right now — Bored Ape Yacht Club among them — have given full intellectual property rights to users. This is a significant (and you could argue a very generous) development. It effectively means that those who own Bored Ape NFTs have the potential to profit from them. We’ve seen Eminem and Snoop Dogg team up for a new music video where they transform into their characters. Meanwhile, sites have emerged where collectors can effectively hire out their ape’s NFT to brands. As we alluded to earlier, the actor Seth Green made a splash when he unveiled plans to create a TV show themed around his Bored Ape NFT, which he affectionately calls Fred, called White Horse Tavern. Green’s beloved collectible ended up being stolen in a phishing attack, and he ended up paying over the odds to get it back.  BAYC’s license states those who purchase NFTs “own the underlying Bored Ape, the Art, completely” — but doesn’t actually mention what happens in cases of theft. Many experts believed that Green would have been on firm legal ground if he released the TV show without the NFT, but there are no guarantees.

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