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Sam Seo, the director of metaverse-focused blockchain Klaytn Foundation, believes widespread adoption of the Metaverse shall be “easier” if Web2 corporations combine the tech with their services and products. Speaking to Cointelegraph in the course of the Korea Blockchain Week (KBW) on Monday, Seo prompt that Web3 metaverse initiatives usually have points attracting a mainstream viewers, as regular individuals typically have a hesitancy to make use of new expertise from corporations that they’ve by no means heard of:“If new ideas are combined with Web2 platforms like [social media app] Kakao, especially in South Korea, there’s accessibility to these new ideas for new services that could be easier than just starting from scratch.”“Even though it’s hard, adapting Web3 technologies to Web2 platforms could be a way to bring mass adoption,” he defined. Klaytn’s blockchain is primarily geared towards internet hosting metaverse, GameFi and creator economic system functions, and is without doubt one of the greatest initiatives of its sort in South Korea.During a presentation at KBW, Seo mentioned the workforce is hoping to scale up its transaction throughput and whereas additionally bringing the price of transaction charges down. “We’re smart enough to know that people are still hesitating about using this platform because anyway, they have to pay something right. So we believe that gas fees should be as low as possible. So they can have the people enter this area. That’s our thought. And that’s why we are trying to reduce the gas prices,” he mentioned. Related: Major crypto alternate publicizes its arrival within the MetaverseSeo additionally revealed that Klaytn will roll out an open-source Metaverse package deal with instruments for builders to foster improvement on the blockchain later this yr.[Klaytn at #KBW2022]We hope you loved Sam Seo’s Keynote speech, this is a brief recap of what he shared: Why select #Klaytn  Open Source package deal for the #Metaverse Upcoming occasions #KlayDevDay #Klaymakers22 Klaytn’s 2022 Roadmap pic.twitter.com/jukNUne0Mr— Klaytn (@klaytn_official) August 8, 2022

Sam Seo, the director of metaverse-focused blockchain Klaytn Foundation, believes widespread adoption of the Metaverse shall be “easier” if Web2 corporations combine the tech with their services and products. Speaking to Cointelegraph in the course of the Korea Blockchain Week (KBW) on Monday, Seo prompt that Web3 metaverse initiatives usually have points attracting a mainstream viewers, as regular individuals typically have a hesitancy to make use of new expertise from corporations that they’ve by no means heard of:“If new ideas are combined with Web2 platforms like [social media app] Kakao, especially in South Korea, there’s accessibility to these new ideas for new services that could be easier than just starting from scratch.”“Even though it’s hard, adapting Web3 technologies to Web2 platforms could be a way to bring mass adoption,” he defined. Klaytn’s blockchain is primarily geared towards internet hosting metaverse, GameFi and creator economic system functions, and is without doubt one of the greatest initiatives of its sort in South Korea.During a presentation at KBW, Seo mentioned the workforce is hoping to scale up its transaction throughput and whereas additionally bringing the price of transaction charges down. “We’re smart enough to know that people are still hesitating about using this platform because anyway, they have to pay something right. So we believe that gas fees should be as low as possible. So they can have the people enter this area. That’s our thought. And that’s why we are trying to reduce the gas prices,” he mentioned. Related: Major crypto alternate publicizes its arrival within the MetaverseSeo additionally revealed that Klaytn will roll out an open-source Metaverse package deal with instruments for builders to foster improvement on the blockchain later this yr.[Klaytn at #KBW2022]We hope you loved Sam Seo’s Keynote speech, this is a brief recap of what he shared: Why select #Klaytn Open Source package deal for the #Metaverse Upcoming occasions #KlayDevDay #Klaymakers22 Klaytn’s 2022 Roadmap pic.twitter.com/jukNUne0Mr— Klaytn (@klaytn_official) August 8, 2022

Sam Seo, the director of metaverse-focused blockchain Klaytn Foundation, believes widespread adoption of the Metaverse shall be “easier” if Web2 corporations combine the tech with their services and products. Speaking to Cointelegraph in the course…

Layer-2 scaling will make crypto funds ‘make sense’ once more — KBW 2022

Layer-2 scaling will make crypto funds ‘make sense’ once more — KBW 2022

Ethereum co-founder Vitalik Buterin has argued that crypto funds will as soon as once more “make sense” as transaction prices will quickly fall to fractions of a cent resulting from layer-2 rollups. The Cointelegraph crew…

Aurora Labs’ head of product, Matt Henderson says there’s a refined over-the-counter (OTC) transaction rip-off operating about that nearly duped him into dropping a stash of his hard-earned cryptocurrency. Henderson detailed his private run-in with a rip-off artist referred to as ‘Olai’ to his Twitter followers on Aug. 5. Olai’s rip-off primarily includes tricking a sufferer into believing fee had been obtained for an OTC crypto transaction, when in truth it wasn’t.Today I almost received caught by an enchanting and devious crypto rip-off throughout an OTC transaction. Read on to study what occurred, so you may keep away from it taking place to you.— Matt Henderson (@dafacto) August 5, 2022

How it laboredHenderson defined the crypto rip-off started when Olai contacted him on the Telegram messaging app, inquiring about buying AURORA tokens with USC Coin (USDC). The pair agreed to conduct the transaction through escrow, a standard technique by which a trusted, impartial third social gathering holds property on either side of the transaction and releases them to the counterparty when fee situations are met. In this case, Henderson chosen Aurora Labs’ head of safety Frank Braun to behave because the escrow agent, who he initially known as “Steve” within the Twitter thread. Olai prompt: 1. I ship the AURORA to Steve2. Olai sends me a small USDC take a look at transaction3. Steve ship Olai an small AURORA take a look at transaction4. Olai ship me the USDC balance5. Steve then sends them the AURORA stability— Matt Henderson (@dafacto) August 5, 2022

However, Henderson caught wind of one thing suspicious when his escrow associate shared a screenshot of him supposedly giving the go-ahead to launch the total quantity of AURORA tokens to the customer. According to Henderson, the scammers replicated his Discord profile and directed Braun to launch the AURORA  token stability to the scammers.  Discord’s blocking perform made certain Henderson was unaware his profile had been cloned and scammers had been impersonating him. Based on this, some safety steps I’ll take sooner or later:1. All funds despatched to the escrow. No exceptions.2. Inspect transactions in block explorers. Don’t settle for verbal confirmations.3. Always create group chats your self.4. Verify IDs and confirmations out of band.— Matt Henderson (@dafacto) August 6, 2022

After efficiently evading the con, Henderson later unpacked the intricacies of the scheme, warning anybody buying and selling crypto by way of OTC means to take excessive warning and keep away from falling sufferer to the delicate scheme. Related: Solana-hacked crypto may very well be claimed as a tax loss: ExpertsHe additionally shared that the scammer named ‘Olai’ should be lively in the neighborhood, as an individual utilizing the same title and tactic has been noticed on Telegram, in line with Twitter person Scott Yeager. “How curious… I used to be lately approached by an Olai Olsen on Telegram making an attempt to provoke an OTC deal and providing USDC. Same character?” Earlier this 12 months, the United States Federal Trade Commission discovered that just about half of all crypto-related scams originated from social media platforms in 2021. In a report in June, the FTC reported that as a lot as $1 billion in crypto has been misplaced to scammers all year long, greater than a five-fold enhance from 2020. 

Aurora Labs’ head of product, Matt Henderson says there’s a refined over-the-counter (OTC) transaction rip-off operating about that nearly duped him into dropping a stash of his hard-earned cryptocurrency. Henderson detailed his private run-in with a rip-off artist referred to as ‘Olai’ to his Twitter followers on Aug. 5. Olai’s rip-off primarily includes tricking a sufferer into believing fee had been obtained for an OTC crypto transaction, when in truth it wasn’t.Today I almost received caught by an enchanting and devious crypto rip-off throughout an OTC transaction. Read on to study what occurred, so you may keep away from it taking place to you.— Matt Henderson (@dafacto) August 5, 2022 How it laboredHenderson defined the crypto rip-off started when Olai contacted him on the Telegram messaging app, inquiring about buying AURORA tokens with USC Coin (USDC). The pair agreed to conduct the transaction through escrow, a standard technique by which a trusted, impartial third social gathering holds property on either side of the transaction and releases them to the counterparty when fee situations are met. In this case, Henderson chosen Aurora Labs’ head of safety Frank Braun to behave because the escrow agent, who he initially known as “Steve” within the Twitter thread. Olai prompt: 1. I ship the AURORA to Steve2. Olai sends me a small USDC take a look at transaction3. Steve ship Olai an small AURORA take a look at transaction4. Olai ship me the USDC balance5. Steve then sends them the AURORA stability— Matt Henderson (@dafacto) August 5, 2022 However, Henderson caught wind of one thing suspicious when his escrow associate shared a screenshot of him supposedly giving the go-ahead to launch the total quantity of AURORA tokens to the customer. According to Henderson, the scammers replicated his Discord profile and directed Braun to launch the AURORA token stability to the scammers.  Discord’s blocking perform made certain Henderson was unaware his profile had been cloned and scammers had been impersonating him. Based on this, some safety steps I’ll take sooner or later:1. All funds despatched to the escrow. No exceptions.2. Inspect transactions in block explorers. Don’t settle for verbal confirmations.3. Always create group chats your self.4. Verify IDs and confirmations out of band.— Matt Henderson (@dafacto) August 6, 2022 After efficiently evading the con, Henderson later unpacked the intricacies of the scheme, warning anybody buying and selling crypto by way of OTC means to take excessive warning and keep away from falling sufferer to the delicate scheme. Related: Solana-hacked crypto may very well be claimed as a tax loss: ExpertsHe additionally shared that the scammer named ‘Olai’ should be lively in the neighborhood, as an individual utilizing the same title and tactic has been noticed on Telegram, in line with Twitter person Scott Yeager. “How curious… I used to be lately approached by an Olai Olsen on Telegram making an attempt to provoke an OTC deal and providing USDC. Same character?” Earlier this 12 months, the United States Federal Trade Commission discovered that just about half of all crypto-related scams originated from social media platforms in 2021. In a report in June, the FTC reported that as a lot as $1 billion in crypto has been misplaced to scammers all year long, greater than a five-fold enhance from 2020. 

Aurora Labs’ head of product, Matt Henderson says there’s a refined over-the-counter (OTC) transaction rip-off operating about that nearly duped him into dropping a stash of his hard-earned cryptocurrency.  Henderson detailed his private run-in with…

Ethereum-based algorithmic stablecoin mission Beanstalk Farms has relaunched its protocol just below 4 months after going offline after struggling a devastating $77 million governance exploit.The protocol and its governance have been paused since April following the governance exploit and flash mortgage assault, however had been relaunched as of Aug. 6 in an occasion known as the “Replant.” In an announcement shared with Cointelegraph, Beanstalk stated it has come out of the ordeal stronger than ever, seemingly in reference to protocol’s governance and safety. “Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future,” stated Publius, the developer group behind the BEAN stablecoin and protocol. Publius said that it has now moved protocol governance to a community-run multisig pockets till “a secure on-chain governance mechanism can be implemented.” The group additionally said that it has accomplished two protocol audits from “top not smart contract auditing firms” in Trail of Bits and Halborn. The spokesperson additionally highlighted that new utility growth on the community is already within the works, with the Root Protocol asserting a $9 million seed spherical on July 26 to develop monetary, commerce, and sports activities betting marketplaces on Beanstalk.Today, Beanstalk Farms is thrilled to announce that Beanstalk has been Unpaused on the one 12 months anniversary of its preliminary deployment.https://t.co/HxZmwWksZe— Beanstalk Farms (@BeanstalkFarms) August 6, 2022

The mission has an extended strategy to climb again till it is matching the earlier metrics it hit earlier than the hack. In mid-April, Beanstalk’s algo-stablecoin BEAN topped a market cap of $100 million, nonetheless on the time of writing the determine stands at simply $284,426, with the asset far off the $1 peg at $0.0039, in accordance with knowledge from CoinGecko. The mission has additionally had restricted success clawing again the funds stolen within the April exploit. As of Jun. 5, the mission raised $10 million through a fundraiser to revive the stolen funds.Long-term sustainabilityHowever, because the jury can be nonetheless out on algorithmically backed stablecoins, it stays to be seen how sustainable BEAN can be long-term. Publius even highlighted such again in June, as he famous: “At present, it is unclear whether Beanstalk is good enough to sustain itself in perpetuity. There still remain some inefficiencies in the model. However, Beanstalk is likely good enough to continue to sustain itself in the short term.”“The thing about a system like Beanstalk is that it works until it doesn’t. You can never actually know if it works, only that it has worked so far. So much uncertainty is scary, particularly without a clear definition of success,” Publius added. Related: Vitalik: Centralized USDC might resolve the way forward for contentious ETH arduous forksMany tasks have give you varied methods to get round collateral necessities and centralization issues related to launching a scalable stablecoin. Beanstalk’s variation depends on a decentralized credit score facility, decentralized value oracle, and governance neighborhood to function and hover round its supposed $1 peg.

Ethereum-based algorithmic stablecoin mission Beanstalk Farms has relaunched its protocol just below 4 months after going offline after struggling a devastating $77 million governance exploit.The protocol and its governance have been paused since April following the governance exploit and flash mortgage assault, however had been relaunched as of Aug. 6 in an occasion known as the “Replant.” In an announcement shared with Cointelegraph, Beanstalk stated it has come out of the ordeal stronger than ever, seemingly in reference to protocol’s governance and safety. “Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future,” stated Publius, the developer group behind the BEAN stablecoin and protocol. Publius said that it has now moved protocol governance to a community-run multisig pockets till “a secure on-chain governance mechanism can be implemented.” The group additionally said that it has accomplished two protocol audits from “top not smart contract auditing firms” in Trail of Bits and Halborn. The spokesperson additionally highlighted that new utility growth on the community is already within the works, with the Root Protocol asserting a $9 million seed spherical on July 26 to develop monetary, commerce, and sports activities betting marketplaces on Beanstalk.Today, Beanstalk Farms is thrilled to announce that Beanstalk has been Unpaused on the one 12 months anniversary of its preliminary deployment.https://t.co/HxZmwWksZe— Beanstalk Farms (@BeanstalkFarms) August 6, 2022 The mission has an extended strategy to climb again till it is matching the earlier metrics it hit earlier than the hack. In mid-April, Beanstalk’s algo-stablecoin BEAN topped a market cap of $100 million, nonetheless on the time of writing the determine stands at simply $284,426, with the asset far off the $1 peg at $0.0039, in accordance with knowledge from CoinGecko. The mission has additionally had restricted success clawing again the funds stolen within the April exploit. As of Jun. 5, the mission raised $10 million through a fundraiser to revive the stolen funds.Long-term sustainabilityHowever, because the jury can be nonetheless out on algorithmically backed stablecoins, it stays to be seen how sustainable BEAN can be long-term. Publius even highlighted such again in June, as he famous: “At present, it is unclear whether Beanstalk is good enough to sustain itself in perpetuity. There still remain some inefficiencies in the model. However, Beanstalk is likely good enough to continue to sustain itself in the short term.”“The thing about a system like Beanstalk is that it works until it doesn’t. You can never actually know if it works, only that it has worked so far. So much uncertainty is scary, particularly without a clear definition of success,” Publius added. Related: Vitalik: Centralized USDC might resolve the way forward for contentious ETH arduous forksMany tasks have give you varied methods to get round collateral necessities and centralization issues related to launching a scalable stablecoin. Beanstalk’s variation depends on a decentralized credit score facility, decentralized value oracle, and governance neighborhood to function and hover round its supposed $1 peg.

Ethereum-based algorithmic stablecoin mission Beanstalk Farms has relaunched its protocol just below 4 months after going offline after struggling a devastating $77 million governance exploit. The protocol and its governance have been paused since April…

How Bitcoin whales make a splash in markets and transfer costs

How Bitcoin whales make a splash in markets and transfer costs

Deriving their names from the size of the massive mammals swimming around the earth’s oceans, cryptocurrency whales refer to individuals or entities that hold large amounts of cryptocurrency. In the case of Bitcoin (BTC), someone can…

Top 5 cryptocurrencies to observe this week: BTC, FLOW, THETA, QNT, MKR

Top 5 cryptocurrencies to observe this week: BTC, FLOW, THETA, QNT, MKR

The United States jobs data on Aug. 5 was above market expectations, indicating that inflation has not cooled down. The strong numbers reduce the possibility that the U.S. Federal Reserve will slow down its aggressive…

What is Chainlink VRF and the way does it work?

What is Chainlink VRF and the way does it work?

Blockchain technology has spawned many applications over the past few years, the most popular being cryptocurrencies. It has also facilitated the creation of many decentralized, secure and transparent marketplaces in the digital economy. Offering far more…

Elon Musk: US ’previous peak inflation’ after Tesla sells 90% of Bitcoin

Elon Musk: US ’previous peak inflation’ after Tesla sells 90% of Bitcoin

Bitcoin (BTC) is in short supply at Tesla, even as its CEO predicts that United States inflation has already peaked.Speaking at Tesla’s 2022 Annual Meeting of Stockholders on Aug. 5, Elon Musk predicted that an upcoming…