Wednesday 28 September 2022
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Web3 platforms launch the Open Metaverse Alliance

Blockchain-based metaverse and Web3 platforms have decided to form an Open Metaverse Alliance for Web3 (OMA3) to overcome the interoperability challenges of the industry. Four core principles of the Alliance are said to be transparency, inclusiveness, decentralization and democratization. The joint organization was established by Alien Worlds, Animoca Brands, Dapper Labs, Space, Superworld, The Sandbox (SAND), Upland and Voxels. As the official announcement specifies, the means to overcome interoperability challenges would be focused on proposing standards and facilitating collaboration between various stakeholders of Web3 and other industries. OMA3 will be established as a decentralized autonomous organization (DAO) to ensure a governance system that is “transparent and user-centric.” It will focus its efforts on specific metaverse-related topics, such as standards for nonfungible tokens (NFTs), protocols, transferable identity, portals between virtual worlds, mapping and indexing. ..

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FTX CEO and Solana co-founder offer advice for building Web3 ecosystems

The blockchain ecosystem is constantly evolving, yet there always seems to be one overarching sector dominating at a given time. For example, decentralized finance (DeFi) projects received an impressive amount of venture capital funding in 2021, making it the most invested sector last year. Findings further show that nonfungible tokens (NFTs) were the second most invested sector, while Web3 and infrastructure ranked third. Now, Web3 is proving to be the most sought-after investment sector in the blockchain industry. New findings from Cointelegraph Research confirm this, showing that Web3 captured around 42% of all individual deals during Q2 this year, while DeFi came in a distant second at 16%. Increasing interest in Web3 has also become apparent as venture capital giants like Andreessen Horowitz (a16z) close billion-dollar funds dedicated to investing in Web3 projects. Web3 has also captured the attention of Wing Venture Capital, a Silicon-Valley-based investment firm focused on ear..

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Solana and Ethereum smart contract audits, explained

Smart contract audits involve scrutinizing the code of crypto projects — highlighting security vulnerabilities. Smart contracts are a crucial cog of the crypto ecosystem — and they've unlocked a plethora of use cases for blockchain technology. But for developers who are furiously writing code, safety needs to be a number one priority. Smart contract exploits can put user funds at risk, and we've all seen headlines of high-profile hacks where eye-watering sums of money were lost. An audit allows an independent organization to kick the tires of a smart contract, and detect vulnerabilities before they're spotted by malicious actors. This can help crypto projects to achieve credibility, all while giving users peace of mind. Audits are typically done before smart contracts are deployed, as they can be difficult to fix once uploaded to a network. Smart contracts are commonly found on blockchains including Ethereum and Solana. The best security firms will put c..

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Cristobal Balenciaga NFT To the Moon drop inspired by founder’s original designs is live

Lorenzo Riva, the artist director of the luxury fashion brand Balenciaga during the 1980s, launched a much anticipated Cristóbal Balenciaga: To the Moon nonfungible token (NFT) collection on Thursday in collaboration with Cointelegraph. The NFT collection comprises 8,300 original, never-before-seen designs from Cristóbal Balenciaga, himself. Cristóbal had humble beginnings as a local tailor’s apprentice and eventually rose to prominence in the fashion industry as a pioneer of novel garment shapes. These fashions, such as the sack dress and the cocoon coat, changed the course of women’s fashion in the 1950s. Lorenzo Riva and models wearing his unique designsDuring the 1980s, Lorenzo Riva served as the artistic director of Balenciaga and received the original designs created by Cristóbal. Cointelegraph created the art collection and collaborated with Art Vein, a fine art NFT platform, Animal Concerts, a metaverse entertainment company and Crypto.com NFT to bring this fashionable digital ..

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Coinbase stock has potential to double in 2022 after plunging 90% from record high

Coinbase stock (COIN) price has nearly doubled since its June lows with a potential for much more upside this year, according to a mix of technical and fundamental indicators. COIN's symmetrical triangle reversalCOIN has been undergoing a strong bullish reversal after falling by almost 90% from its record high of $368.90 in November 2021. Coinbase stock price was up over 95% to $75.27 as of July 20's close when measured from its May 12 local bottom of $40.83. Its recovery led to a symmetrical triangle pattern formation with the price forming a sequence of lower highs and higher lows. Symmetrical triangles in downtrend typically turn out to be bearish continuation patterns. They resolve after the price breaks below their lower trendlines to fall further. But in rare instances, a symmetrical triangle could form at the end of a downtrend, leading to sharp bullish reversals. As it seems, COIN has already entered the breakout stage of its symmetrical triangle reversal pattern. Not..

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Gamers plug into DeFi through the new Razer rewards partnership

Gamers and customers of IT and gaming hardware firm Razer are set to plug into the world of decentralized finance (DeFi) through a new rewards swap program in partnership with Cake DeFi. Razer remains a household favorite brand for gamers around the world, with its Razer Gold rewards program allowing gamers to earn and redeem Razer Silver points for a variety of hardware and digital rewards, including Steam games and discount vouchers. Cake DeFi has teamed up with the rewards program from Razer to enable customers the ability to convert Razer Silver points into Cake DeFi vouchers. This essentially provides a bridge from the Razer loyalty program to the world of cryptocurrencies and DeFi products. Related: Crypto gaming and the monkey run: How we should build the future of GameFi Razer gamers will be given exclusive access to Cake DeFi yield-generating services at the launch of the collaboration, while the DeFi platform is offering discounts and sign-up rewards to new users signing up t..

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South Korea postpones 20% tax on crypto gains to 2025

The South Korean government has reportedly postponed the 20% tax crypto gains by two years. The controversial 20% tax on crypto gains was supposed to come into effect from January 1, 2023, but has been deferred to 2025. The government officials announced their new tax reform plans on Thursday, deferring the crypto tax policy to 2025, citing stagnant market conditions and the time required for the preparation of investor protection measures. The initial plans of imposing an additional 20% tax on crypto gains exceeding 2.5 million won ($1,900) in a one-year period remain unchanged. The controversial 20% crypto tax has now been delayed for the second time since it was first announced in January 2021. The tax was first supposed to be introduced by January 2022, but lawmakers in the country deferred it to 2023 so it has been delayed by two more years. Related: South Korean crypto market grows to $45.9B in 2021 despite strict regulations Kim Young-jin, chairman of the Tax Subcommittee, one o..

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How to find your NFT’s metadata?

Individually identifiable digital representations of blockchain-based tangible or intangible objects called nonfungible tokens (NFTs) are not typically divided into smaller parts. Instead, structured metadata related to actual or virtual things is represented by NFTs. Often, the tokens are not connected to the objects and serve as distinct identifiers, advancing the interoperable commercialization of the physical or digital items, according to their proponents. Hashes of files or other data were added to the Bitcoin blockchain in 2012 or 2013 to demonstrate their existence or legitimacy at a particular moment. This development served as the foundation for creating "Colored Coins," uniquely identified tokens, which are recognized by adding metadata to Bitcoin transactions. Related: Fungible vs nonfungible tokens: What is the difference? So, what is this metadata and how is it generated? In this article, we will explore these questions and also deep dive into how you can retrieve metada..

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Time to accumulate? 5 sectors to watch during crypto winter

It’s weird to think that anyone could look forward to downturns in the crypto market, but that is precisely the position held by many developers and project creators who enjoy the low-pressure environment that exists during a bear market. As the saying goes, bear markets are for building, and now is one of the best times to survey the landscape to see which sectors of the market are most active in designing the platforms that will soar to new heights in the next bull cycle. Here’s a look at five sectors of the blockchain ecosystem that may present some of the best opportunities for accumulation while prices are low and demand is non-existent. Layer-1 protocolsLayer-1 (L1) protocols like Bitcoin (BTC) and Ethereum (ETH) form the foundation that much of the cryptocurrency ecosystem is built upon and enable most of the other sectors of the market to exist. That being said, currently, there are not many options available for launching other protocols on the Bitcoin network and Ethereum..

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US lawmakers ask about EPA, DOE monitoring of crypto mining emissions, energy consumption

Democratic legislators from both houses of the United States Congress have sent a letter to the Environmental Protection Agency (EPA) and Energy Department (DOE) to inform them of their findings on the energy consumption of cryptocurrency mining and asking the agencies to require mining to report their emissions and energy use. Meanwhile, the Paraguayan Senate, the upper house of that country’s legislature, has passed a comprehensive bill to regulate cryptocurrency and allow miners to use excess electricity generated in the country. The six U.S. lawmakers, led by crypto cynic Elizabeth Warren, noted in their July 15 letter that crypto mining in the United States has been increasing since it was banned by China last year. The seven crypto mining companies that responded to the legislators’ request for information revealed a collective capacity of 1,045 MW of electricity, which is equivalent to all the residences in Houston, TX, the fourth-largest city in the country. The energy use of..

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