Autor Cointelegraph By Ezra Reguerra

Blockchain has the biggest potential since the internet: Saxo Bank founder

Blockchain has the biggest potential since the internet: Saxo Bank founder

Uverejnil používateľ | júl 21, 2022 |

While the crypto prices are calm and investor interests remain low, blockchain’s potential to transform and disrupt industries keeps attracting those eager to build regardless of digital asset prices. Lars Seier Christensen, the founder of investment banking firm Saxo Bank, told Cointelegraph that blockchain’s inherent features made him decide to jump into the space and run a blockchain project called Concordium. He explained that: “I am fascinated with the many ways blockchain can be used in the real world to improve data security, prove ownership, and add efficiency, traceability and provenance to many processes.”Christensen said that through tech, new business models would be invented in the near future. However, the executive believes that the investment scene in crypto is very immature compared to traditional finance, and there are many projects that will not make it. Despite this, Christensen also pointed out that there will be some who will rise from the fog. He said: “The projects that consist of hot air and hype will fail, but out of the dust will rise great projects and companies for the future economy. So, it is a healthy shake-out that will focus investors on tech and science quality much more in the coming years.Being an early internet adopter with Saxo Bank, Christensen mentioned that there was “a lot of nonsense” back in the day, and it’s similar to the current state of the industry. Despite this, the executive puts his faith in the tech. “In my view, blockchain has the biggest transformative potential of any new technology since the internet,” he said.When asked if he has some advice for those who are also coming from a traditional finance background and are interested in blockchain and crypto, the executive said that they should have the persistence and guts to be part of the developing space. Apart from this, he also had some pointers for people during the crypto winter. According to the Saxo Bank founder, investors must do their homework and carefully analyze which projects are really needed. Related: Ethereum Community Conference 5: How can DAOs combat hostile takeovers?In the Ethereum Community Conference 5, a developer advocate from 0x Labs said that the crypto winter is a chance to reinforce the validity of blockchain. Despite the market’s current prices, the 0x Labs employee believes that Ethereum (ETH) is still a secure platform to build on.

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CryptoPunk sells for $2.6M: Nifty Newsletter, July 13–19

CryptoPunk sells for $2.6M: Nifty Newsletter, July 13–19

Uverejnil používateľ | júl 20, 2022 |

In this week’s newsletter, read about the most expensive CryptoPunk sale in 30 days. Check out the report that predicts the growth of the NFT market in 2030 and actor Bill Murray’s biographical NFT project. Additionally, you can learn about the successful tech demo of the Otherside Metaverse. And don’t forget about this week’s Nifty News roundup featuring a Bored Ape Yacht Club (BAYC) NFT at clothing retailer Old Navy and a whisky bottle being auctioned as an NFT. CryptoPunk sells for $2.6M as big NFT brands’ floor prices increaseA CryptoPunk NFT has been bought for 2,500 Ether (ETH), worth $2.6 million during the time of purchase. Despite a downward move in the overall NFT market, the transaction involving CryptoPunk4464 — an ape-themed CryptoPunk has become the biggest NFT sale in 30 days. The sale is also the CryptoPunk collections’ fourth biggest sale of all time in ETH, but only the 15th biggest transaction in United States dollar due to the recent fall in ETH price. Continue reading… NFT market worth $231B by 2030? Report projects big growth for sectorA report by the consulting company Verified Market Research predicted that the NFT market could grow into a $230 billion industry by 2030. As the researchers dove into the space, the team valued the NFT space at $11.3 billion in 2021 and noted that the market will grow at a rate of 33.7% in the next few years. Looking at the key drivers in the space, the researchers identified the gaming sector as one of the areas that pushed the adoption of NFTs. Noting projects like Enjin and Axie Infinity, the research recognized that gaming contributed significantly to NFT adoption. Continue reading…Bill Murray’s biographical NFT project set to be premiered by CoinbaseAmerican actor and comedian Bill Murray partnered with the NFT platform of crypto exchange Coinbase to release an NFT collection with 1000 pieces and highlighted that it shows advice, memories and “Murray-isms.”According to Coinbase, the actor and his son carefully checked, edited and approved each story within the collection. The duo worked with the author John Resig to create context with the stories. Continue reading…Otherside Metaverse demo kicks off with 4,500 participants: HighlightsThe Otherside Metaverse demo on July 16 opened for Otherdeed NFT land owners dubbed “Voyagers”. The event was reportedly a success as many participants went on Twitter to express their happiness with the experience.During the demo, the Voyagers went into a virtual lobby, then followed a huge Bored Ape into a colorful portal into the Otherside Metaverse. Once the Voyagers reached the Biogenic Swamp, they moved towards a central stadium, enabling participants to explore their avatars’ functionality.Continue reading… Nifty News: Old Navy’s BAYC shirts, expensive whisky NFTs, Sandbox publishingClothing company Old Navy has released a new t-shirt featuring BAYC #7285, which is selling for $19.95. While some questioned the move, others were happy to see their favorite NFT collection get more popular. Meanwhile, a 52-year-old whisky bottle made in Japan is being auctioned as an NFT, with a starting price of 62 ETH, or $75,000.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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Ethereum Community Conference 5: How can DAOs combat hostile takeovers?

Ethereum Community Conference 5: How can DAOs combat hostile takeovers?

Uverejnil používateľ | júl 19, 2022 |

At the Ethereum Community Conference 5 in Paris, France, a presenter explored decentralized autonomous organizations (DAO) and what countermeasures they could employ against hostile takeovers. Hilary Kivitz, a Web3 advisor and former partner at a16z crypto, discussed protective concepts in traditional finance that can potentially be applied within DAOs to help combat the increasing risk of hostile takeovers. Within DAO governance, Kivitz argued that there are risks including vote buying to control the votes so that attackers can exploit the DAO. According to Kivitz, these can allow exploiters to raid DAO treasuries and take their locked assets. She also shed light on empty voting, explaining:“The mechanics are that the exporter would borrow the token, execute on the vote and repay the token the loan on the token.”Because of these risks, Kivitz noted that traditional finance toolkits used to combat these risks can also be applied within the context of Web3. One of the solutions she presented is “poison pills,” a mechanism in traditional finance that can raise the cost of acquisition and create other disincentives for hostile takeover attempts. Kivitz said that these poison pills could be embedded into the smart contracts and governance documents so that they can’t be removed through a vote. This could “create massive dilution for the exploiter,” she said. Apart from poison pills, the speaker also talked about voting cutbacks. With this, limits on how much voting power will be placed on holders no matter how much they own within the network. This ensures that voting will be fair for other holders with lower ownership.Related: Lido DAO price moves higher as the Ethereum Merge moves a step closer to completionIn February, the Republic of the Marshall Islands began to officially acknowledge DAOs as legal entities. Because of this, collectively owned and managed projects within blockchains can be registered and established in the Marshall Islands. Earlier in July, crypto author Alex Tapscott told Cointelegraph that developments in DAOs are one of the major things that investors should watch out for during the crypto winter. Tapscott said that DAOs have the potential to supplement corporations as a method for resource organization.

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Africa can create an inclusive society with blockchain, says LBank CEO

Africa can create an inclusive society with blockchain, says LBank CEO

Uverejnil používateľ | júl 18, 2022 |

As one of the most populated continents in the world, Africa continues to be an important target for blockchain proponents, as adoption in the region could have a significant impact on the broader crypto economy. In an interview with Cointelegraph, Allen Wei, the CEO of crypto exchange LBank, explained that blockchain can have a significant impact on Africa. Moreover, Wei highlighted that adoption within the region can have an effect on crypto and underscored the importance of supporting projects throughout the continent. With blockchain, an opportunity to solve Africa’s economic problems presents itself, according to Wei. With this, the executive emphasized that the technology could create an inclusive society on the continent. He explained that: “With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system might be built where more people will be employed and have access to greater wealth than ever before.”Apart from blockchain’s impact on Africa, the LBank CEO also highlighted that the region could also have a big impact on the broader crypto ecosystem. Because of the large population in the region, Wei believes that adoption in Africa would make it easier for other regions to accept crypto as well. Wei said: “With such a large number of people using cryptocurrency, it will become easier for others around the world to accept it too, which will cause a positive turnaround in the crypto economy.”Furthermore, Wei also expressed that helping the region means that the crypto space will simply have a wider reach. “If we can help Africa become one of the most crypto-friendly continents on the planet, then we will be able to reach a larger audience than ever before,” he said. In addition, the LBank executive also talked about the importance of funding the growth of local projects in the region. While the region has potential, Wei noted that crypto and blockchain projects in Africa often face challenges in terms of funding. Related: Lending network enables transparent credit history in Africa via blockchain partnershipThe LBank CEO also mentioned that this is one of the reasons why their venture capital arm has launched an accelerator program to help local projects in the continent. Wei believes that through this, more jobs could be created, and the region’s revenue could increase.

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FTX CEO: Blockchain can make social media interoperable

FTX CEO: Blockchain can make social media interoperable

Uverejnil používateľ | júl 18, 2022 |

While the critics cast doubts on some of blockchain’s use cases during the crypto winter, one of the most prominent community figures laid out some points that cement blockchain’s position as a disruptive technology. On Twitter, FTX crypto exchange CEO Sam Bankman-Fried highlighted use cases for blockchain and explained how some industries could benefit from integrating the tech. According to Bankman-Fried, blockchain technology can simplify payments, solve stock market flaws and revolutionize social media. Bankman-Fried said that there are many issues surrounding cross-border payments. The FTX CEO laid out several examples that highlighted long waiting times and intermediaries that make the fees higher and often add uncertainty to transactions. According to the executive, blockchain solves this long-standing issue in finance by replacing the lengthy traditional process with a simple three-step process of the sender creating a wallet, the receiver creating a wallet and then sending the balance through. Bankman-Fried argued that this eliminates the waiting time, replaces the fee structure and solves the uncertainty factor. Apart from this, the FTX CEO also pointed out that blockchain can change the entire stock trading process which has its fair share of flaws. Highlighting issues met with the infamous GameStop short-squeeze where retailers shut down because of settlement risks, Bankman-Fried said that tokenizing stocks is the answer. 26) Say you tokenize stocks.Instead of waiting 2 days to settle, you can just swap AAPL-token < > USD-token on a blockchain. Which, remember, takes about 10 seconds and costs about $0.0002 in fees.No remaining settlement uncertainty or risk.— SBF (@SBF_FTX) July 16, 2022The executive argued that similar to the solutions to payments, tokenized stock trading executed on a blockchain can complete the transactions in a matter of seconds, and reduce settlement uncertainty with much lower fee structures. Related: Nifty News: GameStop NFT’s first day, Limewire trends and game dev attacksLastly, the FTX CEO said that social media is isolated and not interoperable. The executive brought up how a single user has to go through many apps to manage various platform-specific applications. Bankman-Fried argued that blockchain can potentially make social media more interoperable, allowing messaging across various platforms. Through the use of public chains, the relaying of messages from one social platform to another is possible according to the executive.

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