Autor Cointelegraph By Ezra Reguerra

How can DAOs involve fans in filmmaking? Expert answers

How can DAOs involve fans in filmmaking? Expert answers

Uverejnil používateľ | aug 18, 2022 |

As more people begin to integrate Web3 technologies into entertainment and production, the use case for decentralized autonomous organizations (DAOs) in filmmaking has been highlighted in a Cointelegraph interview with Jake Fraser, the head of business development at the film-focused blockchain project Mogul Productions. When it comes to DAO usage in films, a deeper level of fan engagement was highlighted by Fraser. As an example, the executive pointed out the involvement of fans in the production process such as in creating the script, choosing stories and picking the location. He explained that: “DAOs come into play within the film industry by enabling the fans to become more involved with decision making through the whole script to screen process of making a film.”Apart from this, fan involvement can be stretched out to even nominating a lead actor for the role or deciding the movie poster according to Fraser. “The opportunities are endless,” he said. In addition to DAOs, Fraser also talked about the role of other Web3 technologies such as crypto wallets, decentralized applications (DApps) and nonfungible tokens (NFTs). Fraser explained that people can use wallets to connect with DApps which lets them be involved in the production process. Furthermore, NFTs can be used as tickets to a film premiere or as a way to gain ownership of a film. Related: Web3 gives creators in emerging markets a shot, says Faro Company CEOThe executive also believes that the organizational structure of the film industry will become flat as Web3 becomes more integrated. He explained that the creative and financial power will become more evenly distributed to filmmakers and film fans. This leads to less reliance on big studios in Hollywood. Fraser added that: “Web3 tech will be used as an innovative way to solve old problems such as financing, governance, transparency within production budgets and revenue streams, consumption of content, voting and privacy.”The executive also highlighted that through their film-focused project Mogul Productions, new avenues of fundraising have opened up for independent filmmakers through Web3. “We believe that great stories need to be told and are excited to leverage this technology to onboard mainstream entertainment fans into the world of Web3,” he said. 

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Celer Network shuts down bridge over potential DNS hijacking

Celer Network shuts down bridge over potential DNS hijacking

Uverejnil používateľ | aug 18, 2022 |

Interoperability protocol Celer Network (CELR) has asked its users to revoke the approval for several contracts after shutting down its cBridge over a suspected DNS hijacking. According to the project’s initial analysis, there was some suspicious DNS activity at around 7 PM (UTC) on Aug. 17. However, the platform is still trying to investigate and know more about the issue at the time of writing. Meanwhile, as the platform continues to pinpoint the problem, the team has shut down the cBridge as an initial way to avoid any more mishaps and protect their users. In addition to shutting down the bridge, the platform also warned its users and advised them to revoke token approvals for smart contracts in Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), Binance Smart Chain, Arbitrum, Astar and Aurora. If you recently used cBridge, please make sure to check and revoke any token approval for the following contracts:Ethereum: 0x2A2aA50450811Ae589847D670cB913dF763318E8BSC: 0x5895da888Cbf3656D8f51E5Df9FD26E8E131e7CF(cont’ in next thread) https://t.co/HJbCxq4RqN— CelerNetwork (@CelerNetwork) August 17, 2022Users can go to the token approval page for each network if they want to revoke the approvals as a precautionary measure while the platform continues to examine the issue and come up with a solution. In January, Ethereum co-founder Vitalik Buterin expressed his disapproval of cross-chain bridges because of their fundamental security limitations. According to Buterin, while the future will be multi-chain, it may not be cross-chain. Related: Cross-chains in the crosshairs: Hacks call for better defense mechanismsMeanwhile, bridge exploits have become more prevalent in the crypto space, resulting in $2 billion in losses in 2022 alone. According to a report by blockchain analytics firm Chainalysis, cross-chain bridge exploits have accumulated around 69% of all the crypto that was lost to theft in the year, with Q1 leading because of the Ronin Bridge hack in March. Despite the hacks, there are still good samaritans in the crypto space. Earlier in August, crypto exchange Binance recovered a majority of funds that were drained from the recent Curve Finance exploit. Apart from this, white hat hackers have also returned around $32 million worth of digital assets to the victims of the Nomad bridge hack.

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Law enforcement should give up trying to access everyone’s data, says legal expert

Law enforcement should give up trying to access everyone’s data, says legal expert

Uverejnil používateľ | aug 18, 2022 |

While some think the Tornado Cash ban may negatively impact other projects focusing on privacy, others believe that these projects will keep pushing forward and keeping their commitments to anti-censorship and decentralization. In an interview with Cointelegraph, Ahmed Ghappour, the general counsel at the privacy-focused project Nym Technologies, shared insights on the importance of privacy in the crypto space, how to balance the interests of regulators and people who want privacy and what’s next for privacy in Web3. According to Ghappour, there are contradictory concepts in the Web3 space. This is the promise of returning data ownership to the people while having complete transparency regarding blockchain transactions. The lawyer noted that to fulfill these contradictory goals, privacy is the key. However, with the Tornado Cash incident, it’s apparent that privacy technologies are in the sights of United States regulators. The lawyer highlighted that this hinders the ability of the space to innovate. He said that: “The United States is trying to swat a fly with a sledgehammer. […] OFAC designation is meant to trigger economic sanctions primarily against countries and groups of individuals, such as terrorists and narcotics traffickers—not ideas, algorithms, or code.”Ghappour explained that there is a good reason not to sanction ideas. It’s because the effect will be neutralizing a target by criminalizing almost any association with it, even harmless associations with clearly no ties to any other criminal conduct. Related: Anonymous user sends ETH from Tornado Cash to prominent figures following sanctionsWhen asked if there’s a way to balance the interests of regulators and the people who want privacy, the lawyer highlighted that it depends on the interests of regulators. Ghappour said that achieving a balance requires regulators to align their interests with the people and account for the need for privacy. He explained that: “Achieving a balance requires law enforcement to give up on unrealistic assumptions about unfettered access to everyone’s data on a silver platter.”Despite this, Ghappour also worries that regulators’ interests are not aligned with the people at all but with the preservation of the financial surveillance status quo. Even so, the executive believes there will still be a push for projects prioritizing privacy and security at the core of technologies.

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Celebrities called out for shilling NFTs: Nifty Newsletter, Aug 10–16

Celebrities called out for shilling NFTs: Nifty Newsletter, Aug 10–16

Uverejnil používateľ | aug 17, 2022 |

In this week’s newsletter, read about how Justin Bieber, along with other celebrities, was called out to disclose their connections to nonfungible token (NFT) firms. Check out the market performance of blue chip NFTs and how NFT games have an advantage over traditional gaming business models. In other news, learn about how OpenSea is implementing new ways to combat NFT theft. And check out how experts feel about carbon offset NFTs that aim to help the environment. Justin Bieber, Paris Hilton among 19 celebs called out for shilling NFTsConsumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, over NFT promotion on their social media platforms. According to the watchdog, the space is full of deception and urged the celebrities to disclose connections with NFT companies. In a previous post, the watchdog highlighted that the celebrities may be violating rules on endorsements and the requirements for influencers. Citing the Federal Trade Commission, the group noted that influencers must disclose their connections to brands that they advertise. Continue reading…Blue chip NFT performance fails recovery, but investors hodl even harderThe performance of NFTs that are classified as the blue chips of NFTs went to another all-time low range, according to the data gathered by the statistics platform NFTGo. The fall is attributed to the falling prices of projects like CyberKongz and CyberKongzBabies. According to the site’s Blue Chip index, June 13 marked the worst performance in the history of blue-chip NFTs, with the index falling to 9,331 Ether (ETH). This follows its best-performing day, which was on April 29, when the index reached almost 14,900 ETH. Continue reading…NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit GoelUrvit Goel, an executive from Polygon, told Cointelegraph in an interview that NFT games have an advantage over games where players can only put their money in and never get anything in return. The executive argued that GameFi has a business model advantage over traditional gaming, where users cannot sell their in-game items for money. “We just want to give users the ability to own the content they’re buying,” he said. Continue reading…OpenSea introduces new stolen item policy to combat NFT theftNFT marketplace OpenSea has expanded its use of police reports to confirm stolen item reports within its platform. According to the firm, this is a way to enhance its platform’s defenses against theft and false reports. In addition to this, the platform is making it easier to re-enable the buying and selling of recovered NFTs. The NFT platform also said that its team is working to implement other solutions that combat NFT theft. This includes automating theft detection. Continue reading…Carbon credit NFTs are only effective if burned, experts sayWhile carbon credit NFTs are being marketed as a way to use the technology to help the environment, an expert argued that it’s only effective once the NFTs are burned and not traded anymore once the certificate is obtained. A KlimaDAO core member told Cointelegraph in an interview that when it comes to carbon offsets, it’s very important to not neglect the burning of the carbon offset NFT to permanently take the NFT out of circulation so that it can no longer be sold to someone else. Continue reading…Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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Economic design changes will affect ETH's value post-Merge, says ConsenSys exec

Economic design changes will affect ETH's value post-Merge, says ConsenSys exec

Uverejnil používateľ | aug 17, 2022 |

As the Ethereum Merge draws near, many are speculating on its economic effects. To provide a clearer view to those who anticipate the major upgrade, Lex Sokolin, the head economist at ConsenSys, shared his insights in an interview with Cointelegraph. The expert discussed the effect of the Merge on users, developers and businesses. Additionally, Sokolin also cleared up some misconceptions about the Merge and explained how the new development can have an impact on the price of Ether (ETH). On the user level, the economist said that the average user will be able to use the chain as they normally do, but one significant impact for users post-Merge is having a less risky way to stake ETH. He explained that: “Right now, staking on the beacon chain carries the risk that the Merge doesn’t happen. But once it does, participation in staking is more accessible and has less technical risk.”In terms of effects on businesses and developers, the expert shared that the Merge may standardize the notional interest rate for the entire Web3 space through the ETH yield. This could potentially remove the need for speculative financial engineering projects, according to Sokolin. “We expect that risks of projects and business opportunities can be evaluated against merely staking ETH on a risk-adjusted basis.”This may also affect the decentralized finance (DeFi) space significantly as products need to compete with the returns offered by the core protocol. “That should in turn mature the market, and create opportunity costs for investors chasing yield in places with too much risk,” he added. When asked about people’s expectations and misconceptions about the Merge, the expert highlighted that it will not lower gas fees or solve for massive throughput yet. However, the Merge sets the foundation for these things in the future. Following this, Sokolin mentioned that the Merge will remove one of the less desired narratives for Web3, which is the issue of ESG impact. Related: Coinbase will ‘briefly pause’ ETH and ERC-20 token deposits and withdrawals during Ethereum MergeIn terms of the Merge’s effects on the price of Ether, the economist believes that all technical developments will somehow affect the value of ETH. According to Sokolin, the crypto-economic changes within the protocol naturally have implications on the supply and value of the asset. “Though, how the market ends up pricing those relative to broader macroeconomic events is still yet to be seen,” he added.

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