Autor Cointelegraph By Prashant Jha

Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs

Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs

Uverejnil používateľ | júl 8, 2022 |

On Friday, Web3 subscription and ticketing solution provider Revuto announced a novel subscription model for Netflix and Spotify, using a nonfungible token (NFT) solution.Revuto said it would offer a lifetime digital subscription for Netflix and Spotify via its Revolution NFT. A total of 10,000 users would be eligible to get their hands on the unique subscription model. Dino Ivankovic, head of business development at Revuto explained how these subscription-based NFTs could become an ecosystem of their own. He told Cointelegraph:”We aim to bring more control to the end-user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to others who will be using them. Users might be able to even rent it in the future.”These subscription NFTs can be traded on crypto exchanges as well, allowing for the growth of a secondary market for such types of NFTs. Once the NFT changes hands, the old user’s digital debit card would get canceled and the new owner would be provided with a fresh debit card. Revulution NFTs.Revuto plans to introduce more subscription-based services through its NFT solutions and put an end to unwanted subscription charges. Related: Beyond collectibles: How NFTs are revamping the ticketing industryWhile the NFT market has seen a constant decline in trading volume over the past few months, owing to the ongoing bearish dominance in the market, the innovation continues to see new growth in the industry. Meta, Facebook’s parent company, recently announced it would introduce NFTs soon on its social media platforms.We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world. pic.twitter.com/TaV66zRanV— Navdeep Singh (@navdeep_ua) June 29, 2022NFTS became a rage during the 2021 bull market peak, starting with digital collectibles and later expanding to GameFi and metaverse ecosystems. As of Friday, the NFTs have impacted several industries such as art, music, advertising, ticketing, real estate and many more.

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Bitcoin vs bank: Nayib Bukele reminds Peter Schiff why banks can’t trump BTC

Bitcoin vs bank: Nayib Bukele reminds Peter Schiff why banks can’t trump BTC

Uverejnil používateľ | júl 7, 2022 |

Since the closure of his bank in Puerto Rico, Peter Schiff has been at the receiving end of Bitcoin (BTC) proponents, reminding him this wouldn’t have happened if he was using BTC.The latest to taunt the gold proponent is none other than El Salvador President Nayib Bukele, who has had a fair share of interactions with Schiff ever since El Salvador adopted BTC as a legal tender last year.Bukele responded to one of the tweets made by Schiff in January this year criticizing BTC and predicting that the likes of Microstrategy CEO Michael Saylor and Bukele himself would eventually have to sell their BTC holdings as price drops. The President responded to the tweet by asking about his bank.The exchange between the two critics comes when the global financial markets are in ruins. On the one hand, the crypto market has lost more than 60% of its market cap from the top, and on the other, the equity market is at an all-time low.How’s your bank going?— Nayib Bukele (@nayibbukele) July 6, 2022Schiff has been quite vocal about his bank closure and has blamed the corrupt local government for it. He has said that the government is illegally trying to extort him for criticizing them.The IRS and J5 targeted my bank due to my outspoken criticism of excess government taxation and regulation. Their illegal efforts to punish free speech, deprive me of property without due process, and needlessly put thousands of customers at risk, actually justifies my criticism.— Peter Schiff (@PeterSchiff) July 6, 2022

While Schiff claims the bank was closed due to his criticism of the government, it highlights how centralized financial institutions such as banks often curtail financial freedom. The price of BTC might fluctuate over time, but the owner is in full control of their funds if they haven’t put them on a centralized exchange. Related: Deutsche Bank analysts see Bitcoin recovering to $28K by DecemberCritics often highlight the volatility in the crypto market. Still, the traditional financial market is in no better state either, with inflation touching decade highs and several top stocks registering more significant losses than BTC in 2022.BTC has been crucial in offering financial freedom to nearly 70% of the unbanked population of El Salvador. Although the price of BTC has dipped more than 60% from its top, and critics often like to point out the decline in the number of BTC purchases by the Central American nation, the country has onboarded 4 million unbanked using their national Bitcoin wallet. El Salvador’s remittance network has been enhanced by the BTC adoption, accounting for millions in cross-border transactions with minimal fees. The country has proven that Bitcoin can offer financial freedom to the unbanked.

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Korea and US agree to share investigation data on Terra-Luna

Korea and US agree to share investigation data on Terra-Luna

Uverejnil používateľ | júl 6, 2022 |

South Korean justice minister Han Dong-hoon was in New York recently to discuss various ways in which the two nations can corporate on investigations associated with financial crimes, especially crypto-related crimes.Hoon met with Securities and Commodities Task Force co-chief Andrea M. Griswold, at the U.S. Attorney’s Office for the Southern District of New York along with Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office on Tuesday, reported a local daily.The two sides discussed ways to exchange information and strengthen cooperation to ensure timely action on the increasing number of securities frauds associated with the digital asset market, reported a local daily. The two sides have reportedly agreed to share their latest investigation data around Terra-LUNA, a  crypto project under investigation in both countries.Justice Minister Han Dong-hoo (left) meets with prosecution officials from the United States, Source: YnaThe $40 billion Terra ecosystem crash has attracted legal scrutiny from both countries. The U.S has recently opened a new investigation against Terra co-founder Do Kwon, while the South Korean prosecutors are looking into several charges including fraud, market manipulation and tax evasion.Related: Terra 2.0: A crypto project built on the ruins of $40 billion in investors’ moneyThe cooperation between the two nations could be the first of many as crypto-related crimes have become the focus of regulators in recent times. South Korea has emerged as one of the most strict nations when it comes to crypto regulations, ensuring strict know your customer (KYC) and anti-money laundering (AML) guidelines. The Terra saga has also prompted Korean lawmakers to form a new crypto oversight committee to assess the new crypto projects listed on crypto exchanges. Many experts have predicted that the crash of Terra-USD (UST) would prompt regulators to favor centralized stablecoins over algorithmic ones.Due to the lack of clear crypto regulations, tracking and prosecuting these crimes which often involve cross-border transactions and laundering, becomes increasingly difficult and complex. For example, a Dutch university paid 200,000 in Bitcoin (BTC) as a ransom in 2019, the investigators managed to track one wallet to Ukraine and eventually had to work with the local authorities to get back the funds nearly three years after the hack.

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Dutch University set to recover more than twice the paid BTC ransom in 2019

Dutch University set to recover more than twice the paid BTC ransom in 2019

Uverejnil používateľ | júl 5, 2022 |

Netherland-based Maastricht University (UM) is set to recover nearly €500,000 worth of Bitcoin (BTC) after the police authorities managed to solve the infamous ransomware attack in December 2019.In 2019, a ransomware hack targeted the said university and froze all its research data, emails and library resources. The hackers demanded €200,000 in BTC and the university decided to pay the said amount fearing losing critical research data.The Dutch Public Prosecution Service (DDPS) managed to track down one of the crypto wallets associated with the hack in 2020 to Ukraine and froze funds in the account valued at only €40,000 at the time. In the next two years, the DPPS managed to secure the contents of the account including nearly one-fifth of the stolen BTC. The value of the part ransom recovered by the authorities has reached €500,000, more than double the amount university paid two and a half years ago, thanks to the price surge of the top cryptocurrency during the bull run in 2021.Related: Chainalysis launches reporting service for businesses targeted in crypto-related cyberattacksThe university in its official statement said that even though the monetary value of the recovered ransom is higher, it cannot undo the damages done by hackers. The university in an official blog post said:“The Netherlands Public Prosecution Service was able to seize cryptocurrencies worth approximately €500,000 which may be made available to UM. This is still less than the damages incurred by the university, but it is a nice sum to be used to support students in need.”The seized funds are currently with the DPPS and a legal proceeding has been initiated to transfer the funds to the university. The executive board of the university has decided to utilize the recovered fund to help students in financial need.The seizure of crypto funds by authorities highlights the importance of a decentralized and transparent public ledger system used by BTC and crypto in general. While critics often portray crypto as an opaque and anonymous system preferred by criminals, research data indicate that less than 1% of current crypto in circulation is associated with illicit activities. Even stolen and ransom crypto funds are often tracked down and recovered. For example, the United States authorities managed to recover $2.3 million in crypto from the Colonial Pipeline ransom.

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Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined

Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined

Uverejnil používateľ | júl 1, 2022 |

Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.This past week, the DeFi ecosystem saw Axie Infinity’s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million hacks.MakerDAO plans to invest $500 million into United States treasuries and bonds to weather the ongoing bear market. Polkadot announced that they would transform their governance model to move towards complete decentralization. While decentralized autonomous organizations (DAOs) are seen as the future of governance, a recent study shows less than 1% of all holders have 90% of the voting power in DAOs.The top 100 DeFi tokens again plunged into a sea of red after showing some fightback last week. The majority of the top-100 tokens registered double-digit losses over the past week.Battle-hardened Ronin bridge to Axie reopens following $600M hackSky Mavis, developers of the popular play-to-earn (P2E) nonfungible token (NFT) game Axie Infinity announced the relaunch of Ronin bridge on June 28, three months after it was hacked for more than $600 million.On March 29, 173,600 ETH and 25.5 million USD Coin (USDC) were drained from the bridge after hackers managed to gain access to private validator keys. The hack was worth more than $620 million at the time.According to the Tuesday announcement from the Sky Mavis team, the Ronin bridge is back online after three audits (one internal, two external), a new design, and full compensation of users’ stolen assets.Continue readingMakerDAO looks to invest $500M into ‘minimal risk’ treasuries and bondsMakerDAO is currently voting on a proposal aimed at helping it weather the bear market and utilize untapped reserves by investing 500 million Dai (DAI) stablecoins into a combination of United States treasuries and bonds.Following a straw poll in a governance Signal Request, the DAO members now must decide whether the dormant DAI should go entirely into short-term treasuries or split 80% into treasuries and 20% into corporate bonds.Continue readingPolkadot’s founder announces steps toward full decentralization with new governance modelPolkadot and Kusama founder Gavin Wood announced that the blockchain’s governance model would undergo a new transformation. Dubbed Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.Thereafter, the pending referendums need 50% of the vote from stakeholders within 28 days’ time for approval or face rejection by default. Participants can also intervene and launch timely cancellation proposals, which require similar voting procedures in the event that technical glitches are discovered within the referendums themselves. Continue readingLess than 1% of all holders have 90% of the voting power in DAOs: ReportA recent report from Chainalysis analyzed the workings of ten major DAO projects and found that, on average, less than 1% of all holders have 90% of the voting power. The finding highlights a high concentration of decision-making power in the hands of a selected few — an issue DAOs were created to resolve.This concentration of decision-making power was evident with the Solana-based lending DAO Solend. The Solend team tried to take over a whale’s account and execute the liquidation themselves via over-the-counter (OTC) desks to avoid cascading liquidations across the decentralized exchange (DEX) books.Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total value locked registered a minor dip from the past week, falling to a value of $54 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top-100 tokens by market capitalization showed high price volatility and the majority of them traded in red over the past week.Compound (COMP) was the only DeFi token in the top 100 to register a weekly green with a 2% surge over the past week. The rest of all other DeFi tokens in the top 100 showed an overall bearish momentum dipping in double digits.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.

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