Autor Cointelegraph By Zhiyuan Sun

What will Crypto Twitter look like post-acquisition? Blockchain executives share their insights

What will Crypto Twitter look like post-acquisition? Blockchain executives share their insights

Uverejnil používateľ | nov 3, 2022 |

Nearly seven months after Tesla CEO Elon Musk first made a tender offer to purchase social-media giant Twitter, the $44 billion deal finally came to a close, resembling much of the original terms despite a heated corporate tug-of-war. As a platform for news announcements, marketing, and developer-user communication in the blockchain realm, crypto enthusiasts have already begun to speculate on the future of Twitter now that it’s in the hands of the billionaire tech entrepreneur.At the annual Web Summit in Lisbon this week, Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance, said that the first feature he would like to see Twitter implement is that of accepting crypto payments. Previously, Binance invested $500 million into the acquisition, and CZ cited support for free speech and monetization potential of the platform as the main reasons why he and the exchange decided to participate in the deal. “The first step is to just accept crypto. For the $8 verification to be paid in fiat, one has to integrate 200+ payment processors because Twitter has users all around the world. But if you use crypto, you just add it, and then you’re done.”CZ has also stated that “expecting to use a tool built by someone else for free is just not… free market. Think all freemium social/chat products,” in response to a discussion initiated by U.S. Congresswoman Alexandria Ocasio-Cortez regarding whether or not users should enroll in a subscription plan in order to voice their opinions on Twitter. Yo @elonmusk while I have your attention, why should people pay $8 just for their app to get bricked when they say something you don’t like? This is what my app has looked like ever since my tweet upset you yesterday. What’s good? Doesn’t seem very free speechy to me pic.twitter.com/e3hcZ7T9up— Alexandria Ocasio-Cortez (@AOC) November 3, 2022Other stakeholders, such as co-founder Hayden Adams of decentralized exchange Uniswap and cryptocurrency exchange FTX founder Sam Bankman-Fried, seemed more concerned over the centralized structure of the platform. “Twitter spam is only hard with the unnecessary constraint that it remains centralized to one company. They could just open up the APIs and empower devs to build on top, and other people would fix the problem for them,” said Adams. Bankman-Fried also chimed in, adding:”If only there were some decentralized API-like layer that multiple companies could interface with permissionlessly that could transmit information between people in real-time globally.”On Nov. 3, Bankman-Fried revealed that FTX considered (but ultimately passed on) joining the Twitter deal because “it didn’t seem like our strengths were what was needed for Elon’s vision for Twitter.” In a previous thread, the FTX chief explained: “Twitter needed a revamping of leadership, so Elon did that,” adding that sometimes, the FTX team preferred to remain advisors to a company or vision rather than to partake in one. Ethereum (ETH) co-founder Vitalik Buterin also joined the discussion, expressing concerns that a blanket subscription fee would potentially damage the platform’s anti-spam features for Twitter Blue. “Pay $8/month and call yourself whatever would damage the blue check’s anti-scam role. But if there’s more actual verification, the result is very different,” he wrote. Buterin then explained the Twitter Blue verification system before the acquisition was far more exclusive than a $20 per month subscription proposal and that: “Ideally, though, verification would be charged at-cost and separate from other premium services.”But like both Adams and Bankman-Fried, Buterin advocated for more decentralized yet controlled features to be brought onto the platform. “Ideal solution: social network-based localized trust instead of global scores,” he wrote. Adding that mechanisms such as zero-knowledge identity checks and tabulating account quality scores could potentially help reduce anonymous scams in such a setup. Changes to Twitter Blue are currently in progress after Musk closed the acquisition and assumed sole directorial control of the company two days prior. pic.twitter.com/kGncG7Hs3M— Elon Musk (@elonmusk) November 2, 2022

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CZ explains why it's so important to be building during the bear market

CZ explains why it's so important to be building during the bear market

Uverejnil používateľ | nov 2, 2022 |

During a live panel at the Web Summit in Lisbon, Changpeng Zhao (colloquially styled as CZ), CEO of cryptocurrency exchange Binance, shared his viewpoint on why it’s so important for crypto projects to continue their development in the bear market. As told by CZ:”It’s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn’t make much sense to me, but now it’s come down to very reasonable levels.””Now it’s easy to hire people and grow,” he said, while also pointing to the declines in project valuations: “A year ago, every project with a test product or six-page whitepapers was worth $100 million. Currently, the valuation is very reasonable.”CZ explained that a combination of lower labor costs and less expensive projects has made it an ideal environment for corporate acquisition and consolidation. “For example, a year ago, everybody wanted to sell a nonfungible token, but now, only the strongest of projects are doing it, so the selection is actually much better.”As for a possible end to the bear market itself, CZ pointed out that crypto market cycles typically last four years, with one year of falling prices, then two years of recovery, and a final year of rising prices. The Binance executive and blockchain personality also reiterated that he believed in the long-term potential of crypto: “We’re very long-term investors. So we anticipate to be involved in the space for the next 10, 50, or 100 years.”A brief history of “#bitcoin crashed”…2014, #bitcoin “crashed” to $2002018, #bitcoin “crashed” to $3,0002022, #bitcoin “crashed” to $20,0002026, #bitcoin “crashed” to … no idea.Crypto is high-risk and highly volatile. Learn to manage your risks. — CZ Binance (@cz_binance) November 2, 2022CZ also cited emerging signs of a market turnaround: “Right now, there are exponentially more people now trusting crypto instead of not trusting them. In addition, the industry has grown tremendously over the last however many years.” But he also cautioned against using historical evidence to make forward judgments, saying: “So we are close to a year into this bear market, but I cannot predict the future because, at the end of the day, history doesn’t predict the future.”

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Crypto executives discuss the emergence of Web3 tech hubs around the world

Crypto executives discuss the emergence of Web3 tech hubs around the world

Uverejnil používateľ | nov 2, 2022 |

Where are the top destinations for a career in crypto? For some, it’s traditional innovation hubs such as Miami or Silicon Valley. For others, it’s Singapore or Seoul. In addition, some would even argue that simply having a stable internet connection, irrespective of location, is sufficient for one to carve their own path in the realm of Web3.To answer this question, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, asked a panel of experts at the annual Web Summit conference in Lisbon. Speakers at the event included Zach Coelius, managing partner at Coelius Capital; Laura González-Estéfani, founder and CEO of TheVentureCity; and Oscar Ramos, general partner of Orbit Startups.The four experts at “The Next Silicon Valley” panel at Web Summit. Source: CointelegraphAccording to González-Estéfani, who was born in Spain but spent most of her time in the San Francisco Bay Area and Miami, the next tech hub will be a place where people can “get the support they need from the different partners, investors and ecosystem builders.” And for González-Estéfani, that place is more likely to be in the United States than in Europe.“The Bay Area is very approachable. Anyone is willing to help you. People see you, and they fall in love with you with your vision. If you’re looking for funding, there are a lot of entrepreneurs willing to help you. If you go to Miami, it’s a huge mix of people from all over the world, entrepreneurs of all ages. But if you look at Europe, it’s a lot more conservative.”González-Estéfani’s take, however, was not echoed by Coelius, who was originally born in Minnesota and moved to the Bay Area in 2005. He saw the matter very differently: “When I first arrived, I saw billions upon billions of dollars flowing into the tech industry,” said Coelius. “But that energy, which was all centered in the Bay Area, has now scattered all over the world. So, whether it’s Miami or Lisbon or Kosovo, there’s just amazing innovation happening all over the world.”Coelius further added that groupthink in the Bay Area is a major factor in why he believes the next tech hubs will instead be in locations scattered around the world:“A lot of people think the same way. They go to the same parties, they play the same games, they think the same things. And it makes things really boring. And so, I’m personally very excited about all the new ideas that are showing up for people worldwide.”As for Ramos, who also came from Madrid but has lived in Asia for the last 15 years, he believes the future of tech development will be concentrated in the East. “In China, I’ve seen the revolution of a technical system,” he said. “When I first arrived, you couldn’t pay for anything online. You need to have somebody to come to you, and you pay back to that person. And now, there is a market we’re currently seeing as the most advanced fintech ecosystem in the world.”At this point, Lucrezia-Cornèr also joined in on the matter. While Cointelegraph is based in over 30 countries, Lucrezia-Cornèr manages her everyday corporate affairs in a very small Italian village with less than 7,000 inhabitants. “If we were to bring all the people in one place, we actually would lose all our value,” she said, “because our value is not biased to the place where we are based, but whether or not we are able to look for the likes of others.”Coelius seemed to agree, adding that his advice for entrepreneurs and workers alike is to “go where your network is, where your support system is, where your infrastructure has been built. And then, you can recruit talent from all over the world.”“The Next Silicon Valley” panel in Web Summit. Source: Cointelegraph

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Bank for International Settlements will test DeFi implementation in forex CBDC markets

Bank for International Settlements will test DeFi implementation in forex CBDC markets

Uverejnil používateľ | nov 2, 2022 |

According to a new announcement on Wednesday, the Bank for International Settlements, or BIS, along with the central banks of France, Singapore, and Switzerland, will be embarking on a new initiative dubbed “Project Mariana” in its exploration of blockchain technology. Project Mariana intends to use decentralized finance, or DeFi, protocols to automate foreign exchange markets and settlement. Project Mariana explores using automated market makers for the cross-border exchange of hypothetical CHF, EUR and S$ wholesale CBDCs. It’s a #BISInnovationHub joint venture with the French, Swiss & Singapore #CentralBanks@banquedefrance @MAS_sg @SNB_BNS https://t.co/GsNLpXZlsD pic.twitter.com/2tMitZcNF2— Bank for International Settlements (@BIS_org) November 2, 2022This includes using DeFi protocols to stimulate the hypothetical exchange of cross-border transactions between the Swiss Franc, Euro, and Singaporean Dollar wholesale central bank digital currencies, or CBDCs. The technologies involved in building Project Mariana include that of smart contracts and automated market maker protocols, or AMMs. Researchers seek to combine pooled liquidity in AMMs with innovative algorithms to determine the prices of tokenized assets, potentially developing into a basis of exchanges for CBDCs.As an organization created by central banks to regulate the international financial framework, BIS wrote that, “automated market makers can become the basis for a new generation of financial infrastructure.” Cecilia Skingsley, head of innovation hub at BIS, added:”This pioneering project pushes our CBDC research into innovative frontiers, incorporating some of the promising ideas of the DeFi ecosystem. Mariana also marks the first collaboration across Innovation Hub Centres; expect to see more in the future.”BIS and collaborating central banks have set a tentative date of mid-2023 for delivering a proof of concept. The financial institution was previously skeptical of digital assets due to their inherent price variance and lack of a unified regulatory framework. Nevertheless, BIS has praised elements of distributed ledger networks, such as their technological prowess relative to fiat money. According to a recent report authored by BIS, 90% of central banks worldwide are currently researching the utility of CBDCs. 

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Team Finance exploited for $14.5M during protocol migration despite contract audit

Team Finance exploited for $14.5M during protocol migration despite contract audit

Uverejnil používateľ | okt 27, 2022 |

On Oct. 27, decentralized finance (DeFi) lockup protocol Team Finance said that over $14.5 million worth of tokens were exploited through the Uniswap v2 to v3 migration function on its platform. As told by blockchain security firm PeckShield, the hacker transferred liquidity from Uniswap v2 assets on Team Finance to an attacker-controlled v3 pair with skewed pricing. By locking tokens to the contract, the attacker bypassed existing validation mechanisms and pocketed the huge leftovers as a refund for profit. Uniswap v3 was designed with better efficiency for liquidity providers (LP) than v2 on its decentralized exchange. However, v2 smart contracts are still operational, and users must interact with a migration smart contract to migrate their LP assets from v2 to v3. PeckShield estimated that the initial attack vector required for this interaction cost just 1.76 Ether (ETH).Drained assets include USD Coin (USDC), CAW, TSUKA and KNDA tokens, as the liquidity pools were “moved” to Uniswap v3. On the decentralized exchange, some of the affected tokens, such as CAW, suffered steep price declines due to the exploit and subsequent liquidity crunch. Team Finance said that the smart contract had been previously audited and urged the hacker to “get in contact with us for a bounty payment.” As a result, developers have temporarily paused all activity on the protocol and claim that all funds on the platform are not at risk of a further exploit. Founded in 2020, Team Finance and its parent firm, TrustSwap, provide token liquidity locking and vesting services for project executives. The protocol claims to have $3 billion secured across 12 blockchains.With vesting periods longer than Liz Truss’ employment history… https://t.co/1Wo6RwqsFg can keep you safer than the British economy this winter!Lock your tokens today and keep the Truss away. pic.twitter.com/QYPhjg7HQo— Team Finance (@TeamFinance_) October 21, 2022

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