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Beyond the Hype: Three Areas Web3 is Making a Difference |




In December 2021, Elon Musk tweeted that “Web3 sounds like bs”.

This is frustrating for a few reasons.  First: because of all the massive hype and grand claims that Web3 will revolutionize the world, it is building a reputation that it will change the very fabric of our lives and make all the current issues of the web simply disappear.  These extravagant  claims on Web3 are set up for guaranteed failure.  Second: this overhype is already causing people like Mr. Musk to—with good reason—dismiss the entire concept.  But if you look past the hype and exaggerations, what you are left with is something truly amazing, something that as it evolves will change the way we interact with the web and with each other.  Web3 has a lot to offer, and even though it is very early in its life cycle, is already making substantial impacts to those who are finding use cases.

It might be helpful to sort through the hype by discussing what Web3 actually is, and how it compares to Web1 and Web2.   Once we have a better understanding of the concept, we can start to see where it is emerging on platforms that are actually using it today, and where the technology might evolve as it becomes adopted into the mainstream.

Web3 Primer

First, what exactly is Web3?  Depending on who you listen to, Web3 is about a thousand concepts, capabilities, and ideas.  Similar to “AI”, “quantum”, and “robotics”, Web3 is often misunderstood and can seem almost magical to those who aren’t actively involved with it.  To understand it, let’s look at earlier evolutions of the Web.  The “Web1” is what is known as the “static internet”; if you can picture the websites for businesses that look like someone took their tri-fold brochure, digitized it, and gave it a URL, you’re picturing Web1 exactly.  It was a platform for broadcasting static information to others, often used by businesses to give customers basic information about what they did, what their hours were, and where they were located.  Web2, sometimes called the “social internet”, evolved starting around 2005 when websites started incorporating more interactive features like users being able to post, chat, or comment.  As the concept of an “app” developed, social media platforms took the idea further, but even standard websites nearly universally have some sort of posting, comment, rating, or feedback mechanism where users don’t just take in the site’s information, they can actively participate.

So where does Web3 come in?  Similar to Web2, Web3 didn’t just turn on one day and is here.  The new evolution of the web is in its infancy, which is why its definition is still somewhat fluid and often misunderstood.  It’s been called the “curated internet”, and also the “personalized internet”, with a key feature being AI-driven actions that intelligently provide users with the content they want.  This is part of it, and is evolving continuously and largely behind the scenes as sites are able to get smarter when they recommend new content for you.  However, the biggest element of Web3 is its decentralization, with blockchain as a driving force behind it.

Chris Dixon, general partner at venture capital firm Andreessen Horowitz, has developed a concise definition:  “Web3 is the internet owned by the builders and users, orchestrated with tokens.”

With this in mind, let’s examine three key areas where this new evolution of the Web is making an impact, and specific use cases where we see the effects.

Gaming:  Kawaii Islands

Like a number of emerging blockchain-based gaming platforms, Kawaii Islands utilizes a Play-to-Earn (P2E) model.  Their token (KWT) is used as an in-game currency, but they have a marketplace where users can sell items they’ve bought or earned in the game in a decentralized, peer to peer format.  The game also includes different ways for players to farm, design and make digital outfits, and perform other tasks that can earn them tokens.  The P2E model utilizing a platform’s crypto token is a trend with a huge appeal to users and game developers alike, as the ecosystem is geared toward using some of the revenue to entice players with rewards for participating, which makes the game much more fun for those playing and keeps the circular economy turning.


User Generated Content:  Envision

Similar to Kawaii Islands, the platform Envision has transformed a traditionally centralized model into a peer-to-peer model.  Envision is a stock content platform that allows content creators of photos, videos, etc., to display their work and offer it for sale.  Customers looking for stock content can search or browse for exactly what they need.  Instead of the platform controlling ownership, costs, and taking the majority of the fees, Envision allows the creators full ownership of their work, allows them to set their own prices, and only takes a small fee as payment for hosting the platform.  Transactions are made in the platform’s token which helps invigorate the ecosystem and creates opportunities for user-based governance.

Perpetual Creator Royalties: CXIP

For artists who want to sell their work, an emerging method within the Web3 environment is to mint that work as an NFT.  This allows proof of ownership, and links the artwork to a smart contract to facilitate payment and ownership handoff when it is sold.  It even allows trustless NFT rentals without the obvious risk of a stranger just not returning the item. CXIP is a platform that works with artists by providing “Minting as a Service”, meaning they help convert the artwork into an NFT, complete with the smart contract to sell/rent the item.  Though not fully decentralized, CXIP offers an additional value to artists through its ability to ensure perpetual royalties to the original creator when the NFT changes ownership.  Basically, if the creator sells the NFT, they are paid for it.  If that owner then resells the NFT, a small royalty fee will be paid back to the creator as well.  Though a number of platforms offer this as well, CXIP may be the only platform with a smart contract that can work across exchanges.  Other platforms only offer perpetual royalties if the subsequent sales occur in their marketplace, which often does not happen.

What’s Next?

Now that you understand Web3 a little better, and can see some concrete examples, you will start to be able to separate the hype from the genuine innovations.  As you see more and more platforms making use of the technology that is bringing Web3 to life, you will see that our interactions online are changing into a more decentralized, empowered experience.  And as you conduct your first P2P sale of something you created, or earn money by playing a game you love, perhaps you’ll see that Web3 is not, in fact, just “bs”.



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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.


dYdX Founder Advises Crypto Industry to Abandon US Customers, Deeming Market Effort Unrewarding





The founder of the decentralized exchange, dYdX, asserts that individuals involved in cryptocurrency development should direct their efforts toward international markets beyond the United States for the upcoming five to ten years.

Antonio Juliano conveys to his audience of 49,400 on the social media platform X that the prevailing regulatory uncertainty within the United States does not merit the associated challenges or concessions.

Juliano contends that it would be more prudent for cryptocurrency developers to establish their products in alternative countries and subsequently re-enter the United States from a position of strength.

“Cryptocurrency developers would be well-advised to temporarily discontinue catering to the US market and instead seek re-entry in a span of 5-10 years. The complications and compromises involved do not warrant the endeavor. Moreover, a substantial portion of the market exists overseas. It is recommended to innovate in those regions, ascertain product-market fit, and then return with greater bargaining power…

The paramount objective shared among all stakeholders is to secure a significantly more potent product-market fit for cryptocurrency. The pursuit of a robust product-market fit does not necessitate flawless distribution. A multitude of substantial overseas markets present avenues for experimentation.”

Juliano articulates that advocating for more amiable cryptocurrency regulations demands time, although the process could be expedited if developers manage to introduce products that elicit consumer demand.

“However, this perspective does not undermine the importance of efforts to influence US cryptocurrency policy. On the contrary, such endeavors are absolutely vital. Given the protracted timeframe required (in anticipation of re-entry), and considering that much of the world takes cues from the United States, it becomes evident that our progress in shaping policies hinges upon achieving global-scale product usage.”

The dYdX founder proceeds to emphasize that, with time, American citizens will come to realize that cryptocurrency is inherently aligned with US values and principles.

“The tenets of cryptocurrency closely align with American values. What concept could be more quintessentially American and reflective of capitalist ideals than a financial system conceived for the people, driven by the people, and answerable to the people? This, indeed, constitutes the very essence of our endeavor.”

Read Also: Bloomberg Analyst Mike McGlone Predicts Bitcoin Vulnerability in Economic Downturn

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Bloomberg Analyst Mike McGlone Predicts Bitcoin Vulnerability in Economic Downturn




bitcoin coin on background of business charts

Bloomberg Intelligence’s senior macro strategist, Mike McGlone, is conveying a pessimistic outlook for Bitcoin (BTC) in the immediate future.

During a recent interview on Kitco News, McGlone underscored that Bitcoin is currently displaying bearish signals even amidst the ascent of other high-risk assets.

“In the event of a downturn, adhering to a rule prevalent in bear markets, resources across the board could witness a reduction in value, and Bitcoin will not be an exception.

A crucial observation is the necessity for Bitcoin to exhibit divergent strength at a certain juncture, akin to the behavior of treasury bonds and gold in a deflationary economic environment. Regrettably, this pattern has not materialized.

After attaining its peak towards the conclusion of Q1, reaching approximately $31,000, driven by optimism and the influence of exchange-traded funds (ETFs), Bitcoin subsequently retraced to $25,000 or approximately $26,000. Presently, it is manifesting divergent weakness in contrast to the concurrent upsurge in the stock market.”

According to McGlone’s analysis, the ongoing “economic reset” implies a continuation of Bitcoin’s recent downward trend, although he anticipates that the premier cryptocurrency will ultimately attain a six-figure valuation.

“While I believe that Bitcoin will eventually achieve a valuation of $100,000, the onset of a global economic reset, as I anticipate, characterized by a standard deflationary recession leading to a decline in the housing and stock markets, analogous to the conditions of 2008—though arguably exacerbated due to the ongoing removal of liquidity from the system—Bitcoin’s role as an influential precursor comes to the forefront.

This underscores my point that Bitcoin has recently been taking on the role of a harbinger of trends. Its value ascended briefly to around $31,000, only to subsequently trend downwards. From my perspective, it serves as a leading indicator for a majority of high-risk assets.”

As of the time of writing, Bitcoin is trading at $26,079.

Read Also: Carbon Footprint of Proof-of-Work vs. Proof-of-Stake: A Comparative Analysis of Blockchain Consensus Mechanisms

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Lead Developer Announces Imminent Public Reopening of Shibarium




a shiba dog on a street

Shiba Inu’s (SHIB) Latest Layer-2 Scaling Solution Nears Public Relaunch Following Recent Technical Challenges

Shytoshi Kusama, the enigmatic lead developer behind the SHIB project, has shared in a recent blog post that significant progress has been made in addressing the technical setbacks that temporarily halted the operation of Shibarium, SHIB’s new layer-2 scaling solution. The initial release of Shibarium encountered network issues that prompted its temporary closure. However, Kusama assured the community that diligent testing and parameter adjustments have led to notable improvements.

Kusama elaborated, stating, “After extensive testing and parameter refinements aimed at achieving a ‘ready’ status, Shibarium has undergone enhancements and optimization. While still undergoing testing, it is now successfully producing blocks.” Additionally, to prevent a recurrence of the past network overload, Kusama revealed the implementation of a new monitoring system and supplementary fail-safe measures. These include rate limiting at the RPC (remote procedure call) level and an automated server reset mechanism in the event of another surge in traffic.

With these advancements in place, the team is on the verge of reopening Shibarium to the public. As part of this progression, more network validators will be integrated into the ecosystem on August 23rd. Kusama emphasized the significance of this step, remarking, “Tomorrow, additional validators will become operational, expanding the options available for staking BONE. This will allow for a distribution of rewards earned through their roles within our community. As testing concludes, we will once again prepare for public utilization.”

Shibarium’s previous technical difficulties were attributed to an overwhelming influx of users and transactions during its initial launch. As of the current writing, SHIB is trading at $0.00000798, marking a 0.4% increase over the past 24 hours.

Read Also: Sam Bankman-Fried, Co-Founder of FTX, Files for Temporary Release from Incarceration

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Sam Bankman-Fried, Co-Founder of FTX, Files for Temporary Release from Incarceration




Sam Bankman-Fried

FTX’s co-founder, Sam Bankman-Fried, is currently seeking a temporary release from incarceration. The purpose behind this endeavor is to engage in collaborative strategizing with his legal representatives within the confines of the federal courthouse situated in Manhattan.

In a formal letter dispatched to US District Judge Lewis Kaplan on a Friday, Bankman-Fried’s legal team expounded that their client’s capacity to effectively scrutinize the extensive legal documents pertaining to his case has been significantly curtailed during his time spent incarcerated at the Metropolitan Detention Center (MDC) in Brooklyn.

Christian Everdell, the attorney representing Bankman-Fried, divulged that the government recently disseminated a voluminous three-quarters of a million pages of Slack communications. These were originally due several months prior. Expressing the urgency of the situation, Everdell articulated, “Only last week did the government furnish an aggregate of approximately seven hundred and fifty thousand pages of Slack communications that were originally stipulated for release months ago. Given the current timeline, it is a futile endeavor for Mr. Bankman-Fried to endeavor to review these materials.”

He underlined the pivotal necessity for Bankman-Fried to collaborate meticulously with his legal team, emphasizing his dire need to avail himself of an internet-enabled laptop within the courthouse premises. Such a resource would undoubtedly expedite the process of comprehensive document review, an imperative undertaking in light of his impending fraud trial scheduled for the forthcoming October.

In riposte to Bankman-Fried’s plea for reprieve, the prosecuting body voiced apprehensions regarding his adherence to the prerequisites concerning his planned defense strategy. Notably, they underscored that Bankman-Fried is yet to furnish the complete gamut of essential information regarding the counsel upon which he predicated his actions.

The prosecutors proffered caution that unless Bankman-Fried promptly discloses the minutiae regarding the counsel he received and the provenance thereof, any attempt to interject such a defense during the trial should be summarily proscribed.

Although the prosecutors extended an offer to facilitate the transfer of documents onto hard drives for Bankman-Fried’s perusal within the MDC premises, a viable laptop-based solution was deemed unattainable. Initially, the notion of relocating Bankman-Fried to a more compact, upstate correctional facility where he could access an internet-enabled laptop was contemplated by the prosecutors. However, this proposal was met with resistance from prison officials.

Regarded for its starkly onerous conditions, the Metropolitan Detention Center has cultivated a notorious reputation among its inmate population.

Bankman-Fried’s Incarceration Stemming from Unsanctioned Internet Utilization

As documented, Judge Kaplan sanctioned the re-imprisonment of the beleaguered cryptocurrency luminary, citing alleged instances of witness tampering.

In that juncture, Judge Kaplan pronounced that a strong prima facie case existed indicating that the accused had endeavored to tamper with witnesses on no fewer than two separate occasions.

The decision was additionally influenced by Bankman-Fried’s unsanctioned use of the Internet while released on bail under the guardianship of his parents at their abode located in California.

Judge Kaplan discerned that Bankman-Fried had indulged in excessive communication with various individuals via electronic correspondence, even resorting to the utilization of a virtual private network.

Concurrently, the disgraced progenitor of FTX is simultaneously grappling with novel allegations brought forth by the Department of Justice (DOJ). These allegations encompass the misappropriation of customer deposits, including the purported embezzlement of said funds.

An indictment filed on the most recent Monday delineates that Bankman-Fried stands accused of diverting and embezzling customer deposits from the FTX platform. The illicitly obtained funds were purportedly channeled towards political campaign contributions, collectively amassing a substantial sum exceeding one hundred million dollars, in advance of the 2022 US midterm elections.

The indictment further posits that despite Bankman-Fried’s intimate knowledge of FTX’s fiscal insufficiencies, he continued to channel the purloined funds into personal investments, acquisitions, and political campaign contributions.

Read Also: U.S. Securities and Exchange Commission Nearing Appeal in Ripple Lawsuit's XRP Decision

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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U.S. Securities and Exchange Commission Nearing Appeal in Ripple Lawsuit’s XRP Decision




close up photo of a wooden gavel

The U.S. Securities and Exchange Commission (SEC) is taking significant steps towards pursuing an appeal in their recent legal battle against Ripple, indicating a potential shift in the course of the lawsuit.

James K. Filan, an experienced defense attorney specializing in crypto-related legal matters, has shed light on the latest developments. District Judge Analisa Torres has initiated a structured process for considering the SEC’s request to present an interlocutory appeal—a move that would allow the SEC to contest certain aspects of the ongoing case.

It’s important to note that this preliminary step does not guarantee the authorization of an interlocutory appeal; rather, it signifies that the SEC has been given the opportunity to formally request such an appeal.

Judge Torres has outlined the timeline for this process in her official order. The SEC is expected to file their motion for the appeal by August 18th. Subsequently, Ripple is given until September 1st to submit their opposition papers. If the SEC deems it necessary, they have until September 8th to file a reply.

The news of these developments had an immediate impact on the cryptocurrency market. Following the announcement of the judge’s order, the value of XRP experienced a sharp decline. The price, which had been trading at approximately $0.571, dropped to around $0.499 at the time of writing. This decrease of over 12% aligns with the broader trends observed across the cryptocurrency landscape.

The legal clash between the SEC and Ripple began when the regulatory agency filed a lawsuit against the San Francisco-based payments company in late 2020. The SEC alleged that Ripple had engaged in the sale of XRP without registering it as a security.

In a significant turn of events last month, Judge Torres issued a ruling that had mixed implications for both parties. She determined that Ripple’s automated programmatic sales of XRP, which occurred on the open market, could not be classified as securities offerings—a pivotal point of disagreement between the SEC and Ripple.

However, the judge did uphold a key aspect of the SEC’s argument. She agreed with the agency’s assertion that Ripple’s direct sales of XRP to institutional buyers indeed amounted to a securities offering, reinforcing the complexity of the case.

As the legal battle continues to unfold, the spotlight remains on the actions and responses of the SEC and Ripple, and how their ongoing dispute could shape the future regulatory landscape for cryptocurrencies and digital assets.

Read Also: Helium (HNT), a cryptocurrency project built on the Solana blockchain, introduces its new mobile phone plan.

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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