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Kirsten Gillibrand

New token by ConsenSys enables security audits for the highest bidder

ConsenSys is set to tokenize smart contract and security auditing services through the upcoming auction of eight “timeboxed” TURN tokens. The Ethereum-focused blockchain software company has developed the offering through its smart contract audit service ConsenSys Diligence. TURN, short for Time-Unit Representative NFTs, will create an open marketplace for security auditing services, which are in high demand in the burgeoning blockchain and cryptocurrency space. The firm touts TURN as the first nonfungible token (NFT) purpose-built for smart contract security auditing services in the industry. It essentially tokenizes the labor powering these auditing services and allows the open market to price them appropriately. TURN tokens are ERC 721-compatible and represent 40 hours of auditing time to holders. TURN will be able to be bought and sold on secondary markets from there, allowing new users to dictate the value of these services as and when they need them. Related: ConsenSys raises $4..

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Ethereum Community Conference 5: How can DAOs combat hostile takeovers?

At the Ethereum Community Conference 5 in Paris, Hilary Kivitz — a Web3 adviser and former partner at a16z Crypto — explored decentralized autonomous organizations (DAOs) and the countermeasures they could employ against hostile takeovers. Kivitz discussed protective concepts in traditional finance that could potentially be applied within DAOs to help combat the increasing risk of hostile takeovers. Kivitz argued that there are risks within DAO governance, including vote-buying allowing attackers to exploit it. According to Kivitz, this can allow exploiters to raid DAO treasuries and take their locked assets. She also shed light on empty voting, explaining: “The mechanics are that the exporter would borrow the token, execute on the vote and repay the loan on the token.”Kivitz noted that traditional finance toolkits used to combat these risks could also be applied within the context of Web3. One of the solutions she presented is “poison pills,” a mechanism in traditional finance that ..

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3D NFT marketplace bridges three-dimensional functionality across metaverses

MetaMundo looks to bring three-dimensional art and assets to some major metaverse environments with the launch of its marketplace and nonfungible token (NFT) architecture. Users from popular metaverses like Decentraland (MANA), Cryptovoxels (CVPA), The Sandbox (SAND) and Spatial (SPAT) will be able to collect and own NFT assets like galleries, luxury villas, music venues, parks, avatars, vehicles and other creations directly from 3D artists, architects and designers. MetaMundo has built an NFT architecture on the Ethereum blockchain tha is specifically designed to power 3D files and Metaverse interoperability. The use of a flexible metadata structure allows multiple 3D files to be incorporated into a single NFT. NFTs sold on MetaMundo will come with a bundle of 3D files compatible with Metaverse platforms while new 3D files can also be added to a specific NFT. MetaMundo is able to convert and optimize 3D files to create multiple metaverse optimized assets. Related: NFTs are changing t..

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Busking on Bitcoin: How Lightning Network outperforms Ethereum for tipping

The Canadian band The Carbons got a little more than just a tip during a live performance in Kelowna, British Columbia. When passerby Ben from BTCSessions, a Youtuber and Bitcoin (BTC) educator, saw that the band accepted Bitcoin, he had to send some magic internet money their way. The Carbons' guitar case. Source: Tomy, the frontmanTomy (frontman for The Carbons) had been into crypto since 2017, but like many people new to crypto, he thought he’d “missed the boat.” The price per BTC was around $2500. He told Cointelegraph that he began research in earnest when he: “Realized that it was basically an insurance policy for the current monetary system. At that point, it was around $8000. It's been a wild ride since then, but I am playing the long game :)”Fast forward to his live performance in Kelowna this weekend, and Tomy advertised he accepted crypto as payment. Unfortunately, his phone was out of juice at the time that Ben walked by, so the pair linked up on Instagram later o..

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Liquidity protocol uses stablecoins to ensure zero impermanent loss

At a time when decentralized finance (DeFi) protocols have seen a significant outflow of funds from the market, maintaining liquidity has become even more challenging. Liquidity plays a central role in the DeFi ecosystem, and many protocols have, over time, come up with various new solutions to keep liquidity pools brimming. The latest trend in the liquidity market is focused on cross-chain solutions. Many experts believe cross-chain solutions are the future of DeFi, and liquidity protocol Symbiosis Finance has come up with its own stablecoin-based cross-chain liquidity solution. The protocol uses stablecoins to ensure liquidity providers (LPs) don’t incur any impermanent loss. Nick Avramov, co-founder of Symbiosis, told Cointelegraph that the protocol has secured initial liquidity from Binance Labs, Blockchain.com, Amber and a few others, and is hoping to gain more LPs once it hits a transaction volume of around $100 million. Related: Liquidity has driven DeFi’s growth to date, so wh..

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Aave taps Pocket Network to beef up decentralized app development

Aave (AAVE), an open source decentralized finance (DeFi) protocol, is teaming up with decentralized Web3 infrastructure provider Pocket Network to offer developers increased scalability and ease of use when building decentralized applications (DApps) on the Aave Protocol. According to the statement on Tuesday, Aave will use Pocket's distributed network of more than 44,000 nodes to access on-chain data from various blockchains to power decentralized applications. Developers building Aave-powered DApps may now access blockchain data from Pocket Network on demand following the new integration. Michael O’Rourke, CEO of Pocket Network, remarked that: “The goal is to power the next wave of decentralized applications that combine Aave’s best-in-class liquidity market with Pocket’s unrivaled RPC coverage, which now supports 50 blockchains and is well on its way to achieving its goal of 100 blockchains in 2022.”Aave Grants DAO made this agreement possible by providing a grant for the purch..

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ApeCoin price eyes 45% rally following Otherside metaverse demo

ApeCoin (APE) rallied to start the week as traders considered Yuga Labs’ decision to open its Otherside metaverse for selected users. In doing so, the token broke out of a technical pattern that hints at another 45% price rally by September 2022. Otherside metaverse euphoriaAPE’s price surged by almost 23.5% week-to-date to reach $6.12 a token on July 19. The weekly gains came as a part of a rally that started on July 16. Interestingly, Yuga Labs invited 4,300 players of its Otherside gaming metaverse for a demo — and the tour of its Bored Ape avatar online platform — on the day of APE’s rally. APE/USD daily price chart. Source: TradingViewThat suggests traders purchased APE after taking cues from the Otherside update, given it serves as a governance token at ApeCoin DAO. This decentralized autonomous organization (DAO) powers the ecosystem of apps and services deployed by Yuga Labs and third-party brands, including Otherside. APE price eyes 45% rallyThe Otherside euphoria has also pr..

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Bitcoin is for billions: Fedimint on scaling BTC in the global south

“Bitcoin is for billions, not billionaires,” a phrase first coined by investment researcher Lyn Alden, could soon become a reality, according to Fedimint. The protocol that aims to scale Bitcoin (BTC) while making it more private has been buoyed by a $4.2 million seed round for the Fedi application. Cointelegraph spoke to Obi Nwosu, co-founder and CEO of Fedi, about the “incredible group of inspiring people who we are working with to support their activities to increase the freedoms of some of the most oppressed regions of the world,” and why the mobile app Fedi could solve issues related to scaling, custody and privacy. Lyudmyla Kozlovska, head of the Open Dialogue Foundation — which focuses on supporting people in post-soviet Europe — Farida Bemba Nabourema, a Togolese human rights activist, and Fadi Elsalameen, president of the Palestinian Security Project and a fellow at the Foreign Policy Institute at the Johns Hopkins School of Advanced International Studies, support the Fedi a..

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Dubai to ramp up metaverse efforts with 40,000 new jobs

One of the leading crypto hubs in the Middle East, the emirate of Dubai, launches the Dubai Metaverse Strategy that aims to turn it into one of the world’s top 10 metaverse economies. The strategy promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. On Monday, the Emirates News Agency reported o the launch of the Dubai Metaverse Strategy by Vice President, Prime Minister and Ruler of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. Al Maktoum hopes to transform the emirate into a global tech capital, focusing primarily on artificial intelligence (AI) and Web3. The Dubai Metaverse Strategy goes in line with the objectives of the United Arab Emirates AI Strategy to enhance the nation’s status as one of the world’s leading countries in futuristic sectors by investing in new technologies. The Dubai Metaverse Strategy will include research and development (R&D) collaborations to enhance the metaverse’s economic contributions, utilizing accelerators and ..

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100X Bitcoin energy use would mean ‘absurd’ $20M BTC price — developer

A new contributor to the Bitcoin (BTC) energy debate says that 1 BTC would have to cost $20 million to use 100 times its current energy demands. In a Twitter debate on Monday, Sjors Provoost, a Bitcoin developer and author of Bitcoin: A Work in Progress, cast doubt on the largest cryptocurrency’s future energy use. Bitcoin could survive on “waste energy breadcrumbs”How much energy Bitcoin uses to survive has become a topic of friction that has gone from within the industry to global government. Throughout the process, Bitcoin proponents have complained that a combination of bias and lack of understanding of network principles are leading those in power to make incorrect conclusions about how and why Bitcoin uses the energy it does. While critics argue that Bitcoin must reduce its energy consumption, others explain that Bitcoin, in fact, uses energy that would often otherwise be wasted or inaccessible. Discussing the status quo, fellow developer Matt Odell published a graphic showing th..

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