Blockchain
DeFi needs to start creating real-world value if it wants to survive
The total value locked in decentralized finance (DeFi) projects is hovering around $62 billion as of mid-August, down from a peak of over $250 billion in December 2021. Capital is fleeing the crypto space amid war, soaring inflation and whatever other surprises 2022 may still have in store for us. However, unlike previous crypto bull runs, it was not just retail interest that drew in this capital in the first place. Rather, major institutional players, which have recently opened up to crypto, quickly developed an appetite for the yields DeFi is known for. But now that winter is upon us, the pitfalls of high-yield platforms have become more apparent. Value can’t come out of thin air In some sense, value is always somewhat subjective, defined by one’s personal considerations and goals. A pho...
Who accepts Ethereum as payment?
Taking payment in Ethereum brings in a gamut of advantages for both users and entrepreneurs. Transitioning to a blockchain-based ecosystem brings in a string of advantages for users as well as entrepreneurs. Here is a drop-down detailing why accepting payment in Ethereum works well for the customers of an enterprise: Additional payment option In a world that is fast adopting cryptocurrencies, providing customers with an additional payment option gives businesses an advantage over their competitors. Cryptocurrency gateways enable merchants to accept digital payments and receive the amount in fiat. Transparency A decentralized ecosystem is inherently transparent, giving customers more confidence while making the purchase. Crypto transactions get executed on a blockchain where they are writte...
Controversial Music NFT Platform HitPiece Relaunches Months After Shutdown
Mere months after being slammed by the music industry at large for auctioning music NFTs without artists’ consent, HitPiece has relaunched, Billboard reports. Legions of artists lashed out at HitPiece in early 2022 after a plethora of NFTs appeared on the controversial marketplace without their consent. After major recording artists like Jack Antonoff and industry trade organizations like the RIAA admonished the platform, its website went offline. But HitPiece is now back online and aiming to be “the easiest place to create and buy authentic music artist NFTs,” according to Billboard. “HitPiece is working with the licensors of music to secure performance rights,” Felton said in an email to Billboard. “We may enter into agree...
What is CeDeFi, and why does it matter?
Among the advantages of CeDeFi are lower fees, better security, accessibility, speed and lower cost. CeDeFi’s innovative approach to decentralized banking enables users to trade CeDeFi crypto assets without requiring a centralized exchange. This implies that users may transact directly with one another, removing the need for an intermediary. Among CeDeFi’s major advantages is lower fees. CeDeFi transactions cost lower than those on comparable platforms since there are fewer middlemen involved, especially on networks that are not Ethereum-based. Ethereum has very high gas fees, for instance, with DEX transactions running into hundreds of dollars. It also often causes network congestion issues, leading to delays. Binance CeDeFi, on the other hand, has much lower fee...
BlueBenx fires employees, halts funds withdrawal citing $32M hack
BlueBenx, a Brazilian crypto lending platform, reportedly blocked all of its 22,000 users from withdrawing their funds following an alleged hack that drained $32 million (or 160 million Brazilian real). While no details about the hack were made available, the company allegedly laid off most of its employees. BlueBenx joins the growing list of crypto companies that failed to deliver on their promise of exorbitant yield returns this crypto winter. The Brazilian crypto lender promised up to 66% returns for users investing in cryptocurrencies via various in-house earning avenues. A report from the local news board Portal do Bitcoin highlighted that BlueBenx halted all forms of withdrawals after falling victim to an “extremely aggressive” hack. According to BlueBenx’s lawyer, Assuramaya Kuthumi...
Insta-rally! FLOW token jumps 50% amid Instagram adoption euphoria
Flow (FLOW) logged its best daily performance on Aug.4 after becoming the latest blockchain to support Instagram’s nonfungible token (NFT) features. Insta-made FLOW rally Meta CEO Mark Zuckerberg announced on Aug. 4 that Instagram had expanded its NFT support to 100 more countries in Africa, the Asia-Pacific, the Middle East and the Americas. As a result, more users can post digital collectibles minted on the Flow blockchain on Instagram. The high-profile integration helped FLOW surge 54% to reach an intraday high of $2.83 a token. Interestingly, the token’s massive upside move accompanied a spike in its daily trading volumes, confirming some weight behind the bullish trend. FLOW/USD daily price chart. Source: TradingView Like any blockchain native asset, the ups and...
Ongoing: Unknown “Malicious Actor” Drains Millions From This Crypto Blockchain
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CBOE’s operating expenses spiked 312% due to underperformance of acquired crypto firm
On Friday, Chicago Board Options Exchange (CBOE), the largest options exchange in the United States, announced its second-quarter earnings results. Of particular interest was its total operating expenses, which soared 685% year-over-year from $160.6 million. CBOE explained: “This was primarily due to the $460 million impairment of goodwill recognized in the Digital reporting unit, driven by negative events and trends in the broader digital asset environment. The said environment has changed dramatically since we closed the ErisX transaction on May 2, which resulted in the accounting adjustment.” ErisX enables self-directed individual retirement accounts, or IRAs, for U.S. residents to invest in crypto assets. This was CBOE’s first venture into the digital assets sector; t...
Blockchain technology can help create safe and inclusive adult platforms
The cryptocurrency market is no stranger to speculation. Consider that despite this industry’s growth, many continue to view these assets and associated technologies as a bubble that is about to burst. As history has proven, overcoming the technology adoption curve comes down to a major use case, or the so-called “killer app.” Although there is no clear frontrunner, the adult entertainment industry has proven to significantly advance new technology iterations in the past and presents an interesting proposition for the future of cryptocurrencies. The adult entertainment industry is believed to be worth billions of dollars, giving it significant influence over the world’s leading technologies. Although it doesn’t create these new technologies, it is ...
Can blockchain be used without cryptocurrency?
A blockchain without cryptocurrency is a distributed ledger that stores data associated with nonfungible tokens (NFTs), supply chain initiatives, the Metaverse and more. Even though Bitcoin (BTC) is the most known application of a decentralized ledger or blockchain, there is a wide range of other uses of blockchain technology. For instance, blockchain technology can be utilized in various financial services including remittances, digital assets and online payments because it enables payments to be settled without a bank or other middleman. Furthermore, the next generation of internet interaction systems including smart contracts, reputation systems, public services, the Internet of Things (IoT) and security services are among blockchain technology’s most promising applications.&a...
Audius Hacked for $1 Million Via Malicious Governance Proposal
In the midst of a blistering $2 trillion crypto crash that has roiled the blockchain industry, the world’s leading blockchain-based streaming platform has sustained a seven-figure attack. In a malicious exploit that used the platform’s built-in governance structure as a means to withdraw tokens, Audius reportedly sustained a hack which saw the perpetrator make a speedy exit with over $1 million. According to Cointelegraph, the hacker was able to solely request the transfer of 18 million $AUDIO tokens by establishing themselves as the singular guardian of the contract, known as “Proposal #85.” The 18 million tokens were originally worth $6 million at the time, but due to the hacker’s move to hastily dump the reserves on the open market simultaneously, the resul...
zk-STARKs vs. zk-SNARKs explained
zk-STARKs are one of the two transparent and scalable privacy-enhancing methods. The public availability of the randomness utilized by the verifier negates the need for a trusted setup. But, what does zk-STARK stand for? zk-STARK stands for Zero-Knowledge Scalable Transparent Argument of Knowledge, which is a type of cryptographic proof technology. zk-STARKs, also known as zero-knowledge proofs, allow users to communicate validated data or execute computations with a third party without the data or analysis being revealed to the other party. zk-SNARKs, which were used to build zk-proof systems before the development of zk-STARKs, solved the vulnerability of those trusted parties jeopardizing the system’s privacy because they had to set up the zk-proof system initially. zk-STARKs adva...
