Wednesday 28 September 2022
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Condense to live stream IRL events into the metaverse

The Metaverse infrastructure company closed a seed funding round to continue the development of 3D live streaming technology. Condense raised $4.5 million in a round led by LocalGlobe, 7percent Ventures and Deeptech Labs. The technology employed by Condense live streams 3D videos into the Metaverse via games and existing platforms. The firm states that such technology has the potential to create an entirely new world of content creation and entertainment engagement with real-time connections. Additionally, Condense had participation from angel investors and music industry insiders such as English footballer and platinum-selling artist Tom Blomfield (Mozo) and music manager Grace Ladoja. Funding from this round will go toward relationship building with content creators, artists, labels and existing Metaverse platforms. The underlying technology of Condense utilizes, “cutting-edge computer vision, machine learning and proprietary streaming infrastructure to capture and embed live 3D v..

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Decentralized storage providers power the Web3 economy, but adoption still underway

The promise of owning and managing one’s own data is revolutionary, creating increasing interest in Web3 platforms and applications. For instance, recent findings show that the Web3 market was estimated to be worth around $2.9 billion last year, yet this number is expected to reach $23.3 billion by 2028. Web3 is also capturing the interest of venture capitalists, as Cointelegraph Research found this sector to be the most sought-after investment deal in 2022. The rise of Web3 has also resulted in the need for decentralized storage solutions, which will ultimately allow users to archive, retrieve and maintain their own data. Findings from Huobi Research Institute further show that increasing global storage data volume will elevate the cost of security and high power consumption, which will fuel the trend toward decentralized storage. The report states, “World storage system demand has progressed from remote storage to instant cloud storage, and now blockchain decentralized storage which..

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How to build your first blockchain on Substrate?

When Ethereum was launched in July 2015, the world was introduced to the concept of smart contracts that hoped to revolutionize the blockchain space and allowed anyone from developers to enthusiasts to deploy decentralized applications (DApps) on the Ethereum mainnet. With various DApps currently in use across different blockchains like Ethereum, they offer many use cases including banking, gaming, finance, online shopping and social media, with an ever-expanding user base across the globe. Having provided the infrastructure needed for developers to create innovative digital applications, Ethereum, however, has limitations such as limited scalability and high gas fees, factors that are now inhibiting developers from building specialized solutions that can rival popular centralized platforms like Twitter, Facebook and Netflix. To overcome these challenges and explore the possibilities of blockchain technology, Ethereum co-founder and its first chief technology officer Gavin Wood left ..

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‘I have Bitcoin for the benefit of my kids,’ says Gibraltar MP

Located in Europe, on the southern tip of Spain, the British Overseas Territory of Gibraltar is a bubbling hotbed of cryptocurrency adoption. In an interview with Cointelegraph, Albert Isola, Minister for Digital and Financial Services for Her Majesty's Government of Gibraltar, explained the territory's approach to crypto and shed some light on his own investment interests. Isola played a pivotal role in shepherding Gibraltar’s purpose-built distributed ledger technology (DLT) regulatory framework. However, he’s also a Bitcoiner. Isola (left) in front of a picture of the Gibraltar peninsula, known as “The Rock.”Speaking from the Ministerial offices in Gibraltar, he told Joe Hall “I do have Bitcoin.” He continued: “I’m not at the stage yet where it’s something that I’d use on a regular basis, it’s more about buying some for the benefit of my kids in the years to come. I don’t touch it.”While spending Bitcoin (BTC) at one of the Costa Coffee’s that now accept Bitcoin in Gibr..

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Binance jumps into NFT ticketing after UEFA League fiasco

Following the chaos caused by counterfeit tickets in the UEFA Champions League 2022, crypto exchange Binance has launched the pilot of its nonfungible token (NFT) ticketing solution with football club Società Sportiva Lazio for the 2022 to 2023 season. In the announcement sent to Cointelegraph, Binance highlighted that NFT tickets will solve the issue of fake tickets and eliminate scalping, preventing disorder in sporting events. Apart from access to events, the NFT tickets will also serve other purposes such as store and match discounts, token giveaways and other experiences with S. S. Lazio. With the collaboration, NFT tickets will be available for all of S. S. Lazio’s home matches. Marco Canigiani, an executive at S. S. Lazio, said that current ticket holders will be able to claim their NFT tickets for free and use them to enter Stadio Olimpico and avail themselves of the benefits that come with the digital tickets. Binance executive Zoe Wei said that the launch of NFT ticketing s..

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Lido DAO: Ethereum’s biggest Merge staker soars 400% in July — but technicals flash warning

Lido DAO (LDO) price has skyrocketed by roughly 400% month-to-date to reach $2.22 on July 28, its highest level in over two months. LDO MergifiedLDO price has benefited majorly due to its association with Ethereum, the leading smart contract platform by total-value-locked (TVL) and market capitalization. Notably, LDO serves as a governance token inside the Lido DAO ecosystem, a project that offers staking services for Ethereum. The staking practice allows users to earn passive income without needing to sell their coins. It also helps validate transactions and secure the blockchain. In return, the protocol offers stakers rewards in the form of new tokens minted and fees collected. Lido DAO working mechanism. Source: Official WebsiteEthereum could become a full-fledged proof-of-stake blockchain by Sept. 19, the tentative date for the Merge. A successful transition to proof-of-stake could mean more demand for Lido DAO services in the future. Lido DAO has remained the leading Ethereum s..

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CoinGecko open to acquisition but now is ‘too early,’ co-founder says

Major cryptocurrency tracking website CoinGecko is open to acquisitions, but not right now, according to a co-founder of the platform. CoinGecko has been hit by the current crypto bear market, but the firm is far from selling off, CoinGecko chief operating officer Bobby Ong told Cointelegraph. Ong believes that all crypto-related companies are affected by the cyclical nature of the industry as they usually do well during bull runs and struggle during bear markets. “During this crypto winter, we at CoinGecko are similarly impacted. This will be our third crypto winter and we are focused on improving CoinGecko to prepare for the eventual bull run that will come again,” Ong said. According to the chief operating officer, CoinGecko had 100 million monthly pageviews in July, experiencing an 85% decrease in traffic compared to the peak in November 2021. The traffic decline comes in line with the price movement of Bitcoin (BTC), which reached an all-time high above $68,000 last November. “Th..

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Ethereum dev confirms Goerli merger date, the final update before the Merge

The Ethereum mainnet is just one testnet merger away from officially transitioning to a proof-of-stake (PoS) blockchain. After multiple shadow forks and testnet merges, the years-long journey has reached the final stage with the announcement of the final testnet merge to the Beacon chain. The transition to PoS began in December 2020 with the launch of the Beacon chain, starting Phase 0 of the three-phase process. Phase 1, the current phase, was slated to be completed by 2021. However, due to numerous delays and unfinished work on the developers’ end, it is expected to be completed by the third week of September. The final phase of the transition is slated to be completed by late 2023. Lead Ethereum developer Tim Beiko took to Twitter to announce the details of the Goerli testnet transition. The Goreli testnet will merge with the Beacon Chain called Prater and the combined Goerli/Prater network will retain the Goerli name post-merge. The testnet merger will be completed in two phases s..

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Law Commission for England and Wales proposes reforms for digital assets

The Law Commission of England and Wales is proposing a number of law reforms to provide wider recognition and legal protections for cryptocurrency and digital asset users. The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to grow in reach and use. The Law Commission announced the call for public consultation from legal experts, technologists and users on Thursday. The proposal highlights the evolving nature and multi-faceted use of cryptocurrencies, nonfungible tokens (NFTs) and other digital assets. Cryptocurrencies are used as a means of payment, store of value and as a digital representation of ownership or rights to equities and debt securities. The Law Commission seeks to deliver “wider recognition and legal protections for digital assets” to give a wider range of people, businesses and institutions access to the burgeoning sector. The consultation paper examines how pe..

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Crypto mining still profitable in the long-term, expert says

From the great migration to the bear market, crypto miners went through many challenges throughout the year including a shift in profitability. However, according to Steve Bassi, an expert in Bitcoin (BTC) and Ether (ETH) mining, crypto mining may still be profitable if we look at its long-term prospects. As the costs of application-specific integrated circuit (ASIC) miners hover around $8,000 to $12,000, and electricity costs take up more than half of the projected income — the current estimated time frame when a miner could cover the cost of one device is five to six years. Commenting on the topic, Bassi said that while mining income certainly looks bleak in the short run, it will change as time goes by. He said: “In the long run, we’re expecting another BTC halving in 2024. So, a long-term holder could do well mining in the short term and perhaps selling when block reward goes down in 2024.”If prices don’t change in the coming years, things can go sour for miners as the devices are..

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