Autor Cointelegraph By Savannah Fortis

Game dev explains why blockchain should be 'invisible' in P2E gaming: KBW 2022

According to the company’s president Kyu Lee, who spoke at Korea Blockchain Week 2022 in Seoul, revealing the plan to launch a new blockchainCom2uS, the mobile game developer wants to create its own version of Web3, “where it is free to play and own.” ThXPLA, which roughly represents the words explore and play, will be a blockchain network focused on the needs of the company’s gaming community, along with Metaverse experiences. For Lee, blockchain was the obvious next step for the company’s presence in the gaming industry:“It was almost a no-brainer, [wouldn’t] you like to play a game that gives digital world ownership? I think everything is going to flow to games. And we had to put everything that we have to solidify our position in this market.” The team behind Com2uS was able to transition into Web3 relatively quickly and create a blockchain SDK. Lee explained one of the downfalls of entering the Web3 gaming space is current gatekeeping. New users must purchase nonfungible tokens (NFTs), set up a wallet and involve themselves with a centralized exchange in most cases — all before even playing the game. In the vision of Com2uS, users can just start playing without the hassle of initial integration. “After you hit a certain level, you will earn virtual currency that can be converted into tokens. Then you actually download your wallet, and then it converts your assets. The purchasing approach is really different from most of the Web3 games out there in the market.”According to Lee, the team observed a positive reaction to this method during the development process: “We also noticed that the retention [rates] increased significantly too, just because we omitted the ownership paths paid to the assets. It really made a difference.”Blockchain gaming, particularly play-to-earn (P2E), is a major component of the easy adoption of Web3 technologies by non-crypto people. Moreover, GameFi was hardly affected by the crypto winter.“We learned that a significant amount of new users came in to play because it had a play and earn aspect to it. I think the free-to-play game market is already a revolution.”However, the Com2uS president highlighted some unsustainable trends in the current GameFi industry. “We noticed that a lot of companies were issuing tokens only attached to one game. We thought that approach was simply wrong.”The company created C2X, a Web3 gaming platform, which has “the main governance token, and you would have inflatable tokens underneath for every single game.”Related: GameFi and Metaverse least affected by Terra debacle: ReportSince April, Com2uS launched a total of five games on the Sequel X platform, with a trajectory of 10 launched by the end of the year and 10 more by the end of next year. As blockchain technology integrates with major global industries, the underlying foundations “should be invisible,” says Lee. Instead, the focus should shift towards content creation, it is in this area that protocols can set themselves apart. That’s the role that we want to play. We want to fill the exact needs that have pushed Web2 developers to migrate into the Web3 space.”The testnet for XPLA launches Tuesday, with the mainnet coming at the end of the month, according to Lee. EVM support is already in the testing phase.

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Chainlink ditches Ethereum PoW forks for PoS after The Merge

Chainlink is aligning itself with the decision of the Ethereum Foundation and its community. Therefore, forked versions of the Ethereum blockchain, which includes proof-of-work (PoW) forks, will no longer be supported by the Chainlink protocol post-Merge. In an official announcement, the Chainlink protocol revealed that its services will remain on the Ethereum blockchain post the long-awaited Merge. The Ethereum blockchain anticipates the Merge in September 2022, which will merge its mainnet with the Beacon Chain. This will transition all of Ethereum operations from proof-of-work to proof-of-stake (PoS). The Merge has been pushed back from mid-2021 to September 2022 before. If it goes according to the timeline of developers, Phase 1 will initiate the transition of the ecosystem’s transaction history and smart contracts on the PoS network. This transition will affect all smart contracts on the Ethereum blockchain, which in Q1 of 2022 totaled 1.45 million. Chainlink’s role in providing hybrid smart contract services is no exception. Therefore, in the latest announcement, Chainlink urged its users to prepare their smart contract operations accordingly to avoid future mishaps during and after the implementation of PoS. Related: Ethereum Merge: How will the PoS transition impact the ETH ecosystem?The Ethereum Merge is a major milestone in the crypto industry. The transition from PoW to PoS has been a key talking point in the community as a solution toward sustainability, scalability and enhanced decentralization. According to Ethereum’s official website, the network’s energy consumption will be reduced by ~99.5% once operating on PoS. Previously, Ethereum’s total energy consumption has been likened to that of the entire country of the Netherlands, according to the official website. However, critics of such a protocol switch say that PoS is less secure and, therefore, more susceptible to security breaches. Currently, major networks such as Cardano, Avalanche, Polkadot and Solana all operate through proof-of-stake blockchains. As The Merge approaches, Ether, the native token of the ecosystem, is seeing price hikes up to 50% against Bitcoin (BTC) during the market downturn.

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Binance Card users now have access to XRP, SHIB and AVAX

Binance announced on Friday that its Binance Card now supports three new altcoins. Card users now have the possibility to access their holdings of Ripple (XRP), Shiba Inu (SHIB) and Avalanche (AVAX). The Binance Card allows its holders to “convert and spend cryptocurrencies in over 60 million online and physical stores.” However, the card is only available to European citizens and, according to the website, Ukrainian refugees. Prior to the escalation of the conflict in Ukraine, Binance had intentions of expanding its card reach into Ukraine by sometime this year. With the latest addition, the card now supports 14 cryptocurrencies, including Cardano (ADA), AVAX, Binance Coin (BNB), Bitcoin (BTC), Binance USD (BUSD), Polkadot (DOT), Ethereum (ETH), S.S. Lazio Fan Token (LAZIO), FC Porto Fan Token (PORTO), Santos FC Fan Token (SANTOS), SHIB, Swipe (SXP), Tether (USDT) and XRP.New additions to the supported crypto do not change the current payment preferences for those already using the Binance Card. Related: Binance US will delist AMP following SEC claim token is a securityThis development comes one day after Binance announced its partnership with Mastercard to bring prepaid cards to Argentina. The two financial service providers will team up in an effort to broaden payment possibilities to Binance users in the country. Argentinian clients will be able to use BTC and BNB, among other cryptocurrencies, for purchases and withdrawals wherever Mastercard is accepted. Earlier this year, Wirex added AVAX to its already large list of currency offerings on its crypto card. The platform offers users the ability to pay in 61 different currencies, both fiat and cryptocurrencies.Nexo also came out with a crypto card in partnership with Mastercard. Nexo announced the project back in 2019, though it finally manifested nearly three years later. Similar to the Binance Card, it is only available to residents within certain countries in Europe.

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Nomad announces $190 million bounty for lost funds from recent hack

Nomad announced a bounty of up to 10% for the return of the stolen funds from the Nomad bridge. In a website announcement and tweet, the company publicly provided a wallet address for sending the funds. The bounty is applicable to anyone who comes forward from now on or already returned funds. At the time of writing, Nomad recovered more than $20 million. The Nomad token bridge suffered a massive hack on Aug. 2. This incident was among the largest in the history of crypto hacks, with nearly $200 million in crypto assets stolen. However, the platform wasted no time addressing its community and the hackers. Update: Nomad Bridge Hack Bounty(see below for details)Please send the funds to the official Nomad recovery wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 https://t.co/8gO1xVl5IC pic.twitter.com/8D7SvbDQlO— Nomad (⤭⛓) (@nomadxyz_) August 4, 2022In an official statement, Pranay Mohan, the co-founder and CEO of Nomad, commented:“The most important thing in crypto is community, and our number one goal is restoring bridged user funds.” In that vein, Nomad will consider any hacker who returns at least 90% of the total hacked funds as a white hat hacker. White hat hackers are sometimes denoted as “ethical hackers.” Though these hackers typically employ the same methods as black hat hackers, they usually have permission from the site owner which makes their hack legal. White hats are often used to better equip platform security. Related: $2B in crypto stolen from cross-chain bridges this year: ChainalysisThough Nomad will consider compliant hackers to be white hat, Mohan also commented that the platform “will continue to work with our partners, intelligence firms, and law enforcement to pursue all other malicious actors to the fullest extent under the law.” In the days following the hack, Nomad denied any claims of ignoring system bugs that could’ve made room for such a compromise. Currently, the platform announced it is working in tandem with TRM Labs and law enforcement to continue tracking down hackers and returning stolen funds.

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UK parliamentary group calls for submissions in new crypto asset inquiry

The United Kingdom Crypto and Digital Assets All Party Parliamentary Group (APPG) announced Thursday its upcoming inquiry on the country’s crypto and digital asset sector. The announcement included details of the group’s plans and how interested parties can participate. According to the statement, the inquiry will highlight various areas of engagement with crypto and digital asset space. This includes the U.K.’s current approach to regulations, plans to bolster the country’s crypto investment, central bank digital currencies (CBDCs), potential risks and the role of local regulators such as the Financial Conduct Authority (FCA) and the Bank of England. The new inquiry comes at the heels of the U.K.’s Treasury Committee also opening an inquiry into the crypto industry.Lisa Cameron, MP and chair of the Crypto and Digital Assets (APPG), commented on the announcement, saying that the U.K. crypto sector has seen increased interest from consumers and regulators as the number of people who now own some form of cryptocurrency or digital asset has grown in recent years. She added that:“We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated.”Public participants are invited to view the inquiry. Particularly in parts of the sector such as crypto operators, regulators, experts in the industry and government officials. Written submissions will be accepted until Sept. 5 of this year. Additionally, the group plans for a series of evidence sessions, which will be compiled into a report with essential recommendations and findings on the industry for government consideration. This development comes after a month of steady developments regarding the crypto industry in the United Kingdom, including the Law Commission of England and Wales making a proposal for digital asset reforms and a new financial markets bill, which now authorizes the regulation of stablecoins and their service providers. Related: UK financial watchdog exec hints at importance of international collaboration on crypto regulationDevelopments within the U.K. hint at the level of seriousness local legislators and those in positions of power allocate towards the crypto space. Matt Hancock, a regional MP, tweeted: “When it comes to revolutionary technology, it’s not a question of whether it happens or not – it’s whether it happens here or not.”My speech on the future of cryptohttps://t.co/W4VqNNHkRy— Matt Hancock (@MattHancock) June 22, 2022Moreover, as the country prepares for the transition of its prime minister, the crypto industry is on its heels. Last week, it was revealed that both of the final candidates have made crypto-positive remarks.

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