We know that the crypto world is growing fast, and sometimes it’s hard to keep up with every new thing that comes out. The crypto space doesn’t have to be something scary; on the contrary, it can be fascinating. After all, if you’re reading about it, you must be curious, so let Cryptodigest be your guide through the ever-changing and exciting crypto space. Today we’ll be exploring NFTs.
NFTs or non-fungible tokens are digital goods that can represent intangible and tangible items, and that’s what makes them unique. These cryptographically individual assets can be linked to digital content to prove ownership of such. The array of goods they can be linked to include digital collectibles, artwork, music, and even some items in video games.
The number of digital goods and their classification keep multiplying by the day as blockchain and cryptographic technology evolves. Currently, NFTs (non-fungible tokens) are one of the sectors in the industry that is overgrowing. In the article bellow we’ll explain what NFTs are, their use, and how they work in simple terms.
Non-fungible tokens are digital goods containing information stored in smart contracts. That information makes NFTs so special, and each of them unique. Their features make them directly irreplaceable by another token. As two non-fungible tokens are not the same, you can’t swap them like for like. On the other hand, you can exchange banknotes one for another; as long as they possess the same value, there is no difference for the holder.
Another example of fungible tokens is Bitcoin. Someone can send you one Bitcoin, and you can send one back. As a result, you will still have one BTC. Of course, there’s always the risk of change in value while executing the transaction, but the principle remains. Another characteristic of fungible tokens is their divisibility; for example, you can receive or send smaller amounts of BTC.
Usually, NFTs cannot be divisible. Just like it’s not possible to send someone only a part of a concert ticket since only a part of it wouldn’t have worth by itself. However, recently there have been some attempts to experiment with fractionating NFTs, although it’s still at an early stage.
The trading volume for non-fungible tokens escalated to $10.67 billion in the third quarter of 2021 alone, representing a growth of 700% from the second quarter. The tokens can be linked to an asset to prove ownership of digital goods.
Unlike fungible tokens, each of them is unique, which is their main appeal. They don’t have the exact attributes, so their value can’t be the same. Last March, a digital artist sold an NFT collage of his work for no less than $69 million.
Non-fungible tokens can be used to differentiate digital assets from each other to prove their scarcity or value. NFTs can represent artwork, virtual land parcels, and even ownership licenses.
You can sell and buy them NFTs marketplaces like Rarible or OpenSea, and recently even in crypto exchanges like Binance.
Non-fungible tokens and their contracts enable more detailed attributes, such as rich metadata, the owner’s identity, or secure file links. That is a huge step towards progress in the digital space. Although to create a standard, a unification of protocols and interoperability must exist.
One of the latest examples of how to use these tokens in DeFi is Aavegotchi, a startup funded with DeFi money. Aavegotchis are crypto-collectibles created to be used in a game universe. As collateral, each Aavegotchi has Aave’s aTokens inside, which means that each one can generate yield on Aave. As soon as the owner liquidates the Aavegotchi, it disappears.
In 2021 we witnessed an explosion of the NFT universe, especially in the growth of trading volume. Compared to last year we can see that it increased over 38,000%. In August 2021, OpenSea, an NFT marketplace, reported a trading volume of more than $75 million just in a day, which is more than their whole trading volume in 2020.
Big money came with big names, as celebrities and artists worldwide joined the enthusiasm that follows NFTs. Some of them are rapper Snoop Dogg, Tom Brady, Mila Kunis, and Ashton Kutcher, to mention a few.
It comes as no surprise that token has such a broad potential with the many applications it supports. NFTs can be proof of copyright, ticketing, intellectual property, and video games trading, movies, and music. They also can create security tokens and the tokenization of tangible and digital world assets.
On top of this, NFTs could also be the certification for qualifications, like warranties, software licensing, and even birth certificates. At this rate, maybe one day, our digital wallets may store proof of every license, certification, and asset that we own; and like we said before, doesn’t the future sound exciting?
If we consider that equity investors had a good 2021, we can say the crypto investors had a terrific year. Some coins went up by 5,000-7,000%, returning mind-blowing profits for investors. Even cryptocurrencies like Ethereum and BTC surged 34-40% in 2021. However, the path to the top wasn’t a straight line, as with Bitcoin. The coin went up to one of its highest points right before crashing, losing more than 50% of its value, proving the volatility of the crypto market.
The fall happened in May-June after Elon Musk stated his concerns about the environmental impact of mining. Plus, around the same time, China, the most significant mining country at the time, started implementing new restrictions on crypto mining. These two factors combined created panic among investors, who rushed to sell. Some cryptocurrencies went down 30-40% in a matter of hours.
In September, buyers returned once the dust had settled down, and the price skyrocketed once more. By November, the cost of BTC hit a new historic high when it went up to $69,000, around 32% higher than the numbers from the beginning of 2021.
The reality is that a lot of it will depend on new policies that governments are trying to implement worldwide. This year, with the banning of all crypto-related activities in China, we got to see the impact that such restrictions can have on the crypto space. If governments keep approving legislation to regulate the usage of crypto, for sure, the volatility of the crypto market will be affected.
On the bright side, governments claim to be doing this to protect users from fraud or scamming. Therefore, governments are not trying to implement burdensome restrictions or ban the industry in most cases.
Analysts say that as blockchain tech keeps evolving and getting a broader usage, countries like China that banned crypto activities will become isolated from the rest of the world. In other countries, like India, the governments are working on legislation to regulate only trading and the use of crypto.
We know that the crypto space can seem a bit scary and overwhelming, but it can be exciting just as much. After all, who wouldn’t like to learn a new way to make money? And we’ve all heard success stories about it. But with the industry growing faster than ever, where should you start? Considering fundamental factors such as legislation and the volatility of the crypto market, Cryptodigest put together a shortlist of basic things to consider before entering this high-risk arena.
Don’t get carried away by the significant percentages that reflect the growth of many coins. Although some have shown an increase of 5,000-6,000% only in the past few months, you should be careful with your investments. Keep in mind that as in any other industry, one should invest what one’s willing to lose. We strongly recommend you keep your cryptocurrency investments between the 10-15% range of your overall portfolio.
This game involves high-reward high-risk, and whoever decides to invest in it must be able to digest that. As demonstrated in May, a fall of 70-80% is always a possibility. Bear in mind that even a more stable blue chip like BTC is currently 25% down from its peak in November. Only invest in this market if you can deal with extreme variations.
The crypto industry is not regulated in many countries, and many platforms pop up every day. It would be better to invest through a trustworthy and established platform; that way, the risk of your money getting stuck if there’s a regulatory setback is lower.
The crypto market also has mid-caps, blue chips, and penny cryptocurrency like the stock market. Avoid falling into the temptation of buying what could be obscure crypto only because their price is meager. More relevant coins may be more expensive, but they are also more stable. Gladly, there’s the chance of buying fractions of coins, so the price shouldn’t be the primary concern. The two main blue chips of the crypto market are Ethereum and Bitcoin, and together they drive the market sentiment.
The crypto space is changing fast, and the capacity of adaptation will be the main factor for success. The volatility of the crypto market will depend significantly on the decisions governments worldwide make. The new legislation will mark the path to follow, and only the protocols capable of adaptation will keep thriving in the industry. As usual, we recommend you read and learn more about the industry before making any investment decisions. You can learn more about crypto and how it works here.
Released in July 2015, Stellar Lumens (XLM), in simple terms, is an open network that enables money to be moved and stored. The protocol’s main goal was to boost financial inclusion. Although the priorities changed, the goal became to help financial institutions connect by utilizing blockchain tech.
The network has its token called Lumens, and it functions as a bridge to make trading assets less expensive across borders. The point of all this is to challenge the current payment providers, who usually charge high fees for a service alike.
Does any of this ring a bell? If yes then it’s worth mentioning that the Ripple Labs protocol has initially been the base for Stellar Lumens (XLM). A hard fork is what created the blockchain. Eventually, the team in charge rewrote the core code to be compliant with the new target.
In 2013 after leaving Ripple because of a disagreement about the company’s future direction, Jed McCaleb decided to found Stellar with Joyce Kim. In 2020 McCaleb explained the rationale behind Stellar. He stated that the complete original design has different forms of value where fiat currencies run parallel with each other and crypto-assets. That was the critical point to making this project mainstream.
McCaleb had made it clear that he wanted to ensure that Stellar Lumens (XLM) could provide people with a new way of moving their fiat into cryptocurrencies. The goal is to remove the friction users experience when they send money to other parts of the world.
The current CTO of Stellar Lumens (XLM) is McCaleb. He also serves as co-founder of the Stellar Development Foundation. The foundation aims to improve the world’s economic potential by making markets more accessible, money more fluid, and empowering people.
First, fees are a sticking point for many users around the world. Although, a high cost while making a payment cross-border isn’t just a problem with fiat-based payment systems. Usually, Fees for transactions tend to go sky-high on blockchains such as Ethereum and Bitcoin because of congestion.
Stellar Lumens (XLM) has a unique transaction cost of only 0.00001 XLM. Considering that one unit of the token costs only a few cents, users can keep more money. Some projects have secured partnerships with fintech firms and big tech companies.
A few days ago, IBM and Stellar partnered up and launched World Wire. The project enabled big financial institutions to request transactions to the Stellar network and utilize bridge goods like stablecoins. While other blockchains possess community funds, Stellar allows its users to vote on the support’s direction.
In 2015, when the network launched, Stellar issued a total of 100 billion XLM, but things have changed since then. Currently, the total supply of XLM stands for over 50 billion, and 20.7 billion are in circulation.
The Stellar network uses the Stellar Consensus Protocol to secure the project. The protocol claims to have four main properties: low latency, decentralized control, flexible trust, and asymptotic security.
Through this protocol, everybody can join the process of achieving consensus, and more than one entity can end up with most of the deciding power. Transactions are confirmed cheap and fast; all it takes is just a few seconds. Also, safeguards are set in place if attackers try to join the network.
TRON (TRX) is an operating system based on blockchain technology and its primary goal is to ensure this tech is appropriate for daily use. The project claims to be able to handle 2,000 transactions per second, while with Ethereum it is only up to 25, and with Bitcoin only six.
The best way to describe TRON (TRX) is as a decentralized platform with a goal to share content and provide entertainment. Its major acquisition in 2018 was by BitTorrent, the file-sharing service.
In general, the project divided its main objectives into six different phases. The range goes from file sharing to the creation of content through rewards. At the same time, it enables creators of content to launch new tokens and encourages them to decentralize the gaming industry. Moreover, TRON is one of the most sought-after blockchain projects for DApps building.
Justin Sun is the founder of TRON, who is currently also the CEO. He finished his education at Peking University and the University of Pennsylvania. Forbes Asia recognized him as one of the main features in its 30 Under 30 series for entrepreneurs.
Sun has been associated in the past with the Ripple project; he worked as a chief representative in the Greater China zone.
It has positioned itself as a space for content creators to connect more instantly with their audience. By removing centralized platforms, creators expected to lose as much commission as they usually would to intermediaries. It won’t matter if they are app stores, streaming services, or music sites.
This could also mean an improvement for consumers since the content would be less expensive than usual. Considering that the sector for entertainment keeps growing on digitized grounds, TRON could have a head start. TRON (TRX) is already ahead of its time while applying blockchain tech to the entertainment industry.
The project also claims to have an experienced and talented team in charge of new developments. TRON has members all over the globe, some coming from major firms such as Ripple Labs.
The project offers a different point by providing a roadmap that shows its plans for the following years. In contrast, some other projects are pretty shady about their development intentions.
The project has a supply of more than 100 billion coins, most of which are already in circulation since the beginning of December. In 2017, 15.75 billion TRX went to private investors at a token sale. Additionally, 34 billion went to the Tron Foundation, and ten more billion went to one of Justin Sun’s companies.
In the end, 45% of the supply allocated to the project itself and the founder, while 55% went to investors. Experts argue that this ratio is much higher than that seen before with other projects.
TRON utilizes a mechanism of consensus called delegated proof-of-stake. The owners can freeze their crypto to get Tron Power. They can vote for “super representatives” who work as producers of blocks by doing so.
Those producers acquire TRX as rewards for verifying the transactions, which are distributed between the voters. As TRON sees it, blockchain can achieve better throughput levels.
When we mention quantum computing you may feel your head start spinning thinking this is rocket science, but it’s not. In reality, this is easier to understand than you think, we’ll explain it in simple terms.
The concept refers to computers that use properties of quantum physics for storing data and performing math calculations. These characteristics are particularly advantageous when performing tasks that are faster than any supercomputers.
A typical computer (which includes laptops and smartphones) encodes data in bits that are either 0 or 1. When talking about the memory of a quantum computer, the most basic unit is a qubit or a quantum bit.
A quantum bit is created utilizing physical systems like the orientation of a photon or the spin of an electron. The systems can be in different arrangements simultaneously. That is quantum superposition. In simple terms, the series of quantum bits can represent various things at the same time.
Quantum physics and computing may sound like science fiction; particles and waves make everything. Mind-blowing, right? It’s not science fiction anymore, but could this be a threat to the crypto space?
As researchers and scientists worldwide are starting to understand the real power of quantum physics, they realize the threat it could potentially represent for the financial system as we know it. Not only could the cryptosystem be at stake, but this is also beyond blockchains.
Powerful computers are designed with the capability to crack the encryption of the world’s algorithms. That could potentially be a menace to the security of top-secret intelligence agencies and the global financial system. Your phone could also be at risk; remember that whoever owns more data has the power of leverage.
The technology relying on blockchain that is the core of cryptocurrencies could be exposed to more sophisticated attacks. Not only that but if quantum computing develops faster than researchers could secure digital money, there’s a big potential for forging transactions.
The system protecting your purchases online is ubiquitous. This tech works in a simple way; it combines the use of a key that’s only yours and a public one. If technology keeps progressing this way, quantum computers will be able to crack the cryptography of the public key. Therefore, hackers could impersonate the real owners of NFTs, crypto, or digital assets.
In more simple words, when quantum computing gets powerful enough, basically all the security guarantees will disappear. What happens is that users can lose their funds when the cryptography of the public key is hacked.
The wallets that people use to store their digital assets are also vulnerable. These wallets keep keys that users need to validate access to their assets. An empty wallet could be the result of a successful attack.
Although it all sounds like a catastrophe, and it can be, the truth is that the solution relies on the problem itself. The good news is that by adopting the same technology of quantum computing, the problem can be solved. The crypto industry is already developing a solution for this potential problem.
The National Institute of Standards and Technology in the US is trying to get ahead of this issue. Several researchers around the world participated in the project for years now. The team is working on developing quantum-resistant software. Some other groups involved in the project are:
The organic development of crypto suggests that users will upgrade their digital assets to quantum computing tech. There will be new tools that will help overcome these challenges. Furthermore, the current cryptography protecting significant assets like Bitcoin is also strong enough to resist quantum computers. This translates to not all cryptography being vulnerable.
If quantum tech can break cryptography, it can help build encryption even stronger. But rest assured, just like there will be people trying to take advantage of it, there will be a team of experts on the other side making sure the crypto space stays as safe as possible.
Helium is a network for IoT (Internet of Things) devices powered by decentralized blockchain technology. It was officially launched back in July 2019. The network enables devices with low-powered wireless to send and receive data across its nodes and network in general. The nodes, also known as hotspots, are a mix of a blockchain mining device and a wireless gateway. The network is also known for rewarding the users that operate the nodes with HNT, Helium’s token.
The three founders who started the company back in 2013 are Shawn Fanning, Amir Haleem, and Sean Carey. Haleem’s active background is in eSports as well as the development of games. On the other hand, Fanning, is famous for the story of Napster, a music sharing service Napster was one of the first peer-to-peer primary internet services at the end of the ’90s. Meanwhile, Sean Carey had a variety of roles before Helium. Carey worked in the firm “Where”, which specialized in advertising optimization, that Paypal later acquired.
Now, the team in charge of Helium, formed by what the company calls experienced members, is very optimistic. They have specialized people in hardware and radio, manufacturing, distribution systems, and blockchain tech.
The main goal of Helium is to increase the capabilities in the communication of wireless IoT devices exponentially. Back in 2013, the whole infrastructure related to the Internet of Things was still at a very early stage. Developers, determined to expand their offerings by adding decentralization. That is the main reason why official literature refers to it as “The People’s Network”.
The target audience is the users interested in the IoT as well as owners of devices. Considering that there are financial incentives, the expected outcome of this expansion is on a big scale.
What the users of the network are purchasing or building are Hotspots, a mix of a miner and a wireless gateway. Each of those hotspots supplies coverage within a specific range. At the same time, the same hotspot mines HNT, Helium’s token.
The whole network works on proof-of-coverage, which is a new algorithm of consensus. The algorithm is based on a protocol that enables nodes to reach consensus when the quality of the connection is highly variable.
When Helium launched the token, the supply was zero. Back in October 2020, there were 48,712,218 Helium tokens in circulation. Helium explained that the owners of the nodes would receive tokens for helping build the network. Later on, data transfer will be more advantageous, although the token distribution will last for about 20 years.
Helium uses a mechanism of consensus called PoC (proof-of-coverage) for which users get rewards. Main goal of PoC is specifically node communication.
From October 2020, Helium token is available in big exchanges.
The ever-expanding world of crypto never ceases to amaze us, and it seems as though everyone wants to be a part of this new realm. Subsequently, blockchain technology piqued the interest of many major sectors, gaming included.
Yes, the gaming industry is one of the early birds that adopted this cutting-edge technology—an exciting clash of worlds, gaming, and blockchain. And believe it or not, people that have a genuine interest in blockchain are most likely game heads.
The rising demand for NFTs in the gaming industry only amplifies this riveting crossover. In this day and age, you can trade many rare and trending NFTs within games. So, we couldn’t help but wonder what this means for the crypto industry and what is the future of blockchain gaming? For more crypto news, read our Crypto Digest blog.
Blockchain is considered one of the key players of the financial technologies of the future, and it sees great potential as a trustworthy ledger concept.
Before we begin, we have to address the blockchain gaming concept. It is a system based on cryptography that links blocks of data together in sequential order. Because every change can set a “chain” reaction and affect the entire chain, the data units on the blockchain are immutable and unique.
The main distinction between regular games and blockchain games is the fact that each digital asset inside the game is unique. This is where non-fungible tokens, or NFTs for short, come into play. They are unique data units kept on the blockchain for these digital assets. This industry is called blockchain gaming.
Play to earn is one of the central aspects of these games because the gamer earns unique NFTs or any other kind of cryptocurrency by playing the game. Merit-based advancements give you digital tokens that the player can convert into actual money. Or you can keep playing. It’s up to you.
And now for the exciting part. Since every NFT is one-of-a-kind, blockchain has made the concept of digital asset ownership possible. If an asset is stored on the blockchain in the form of an NFT, the owner can claim his rights to sell or keep the asset. Let’s say artwork, even though this system works much better for the gaming industry.
Blockchain gives its users full control over the digital asset they earn by playing these games. For example, if the players spend real money on digital assets in traditional games, they might lose access to them if the server crashes. The developer has the rights.
In the case of blockchain games, both the assets and the money remain in your total ownership, whatever happens. These assets can be traded with other fellow players, sold for real money, and possibly used across different game universes. The possibilities are endless, really.
We’ve come to the part where we list the most important terms of these games. Each player needs to know this, so pay attention.
According to sources, the global market capitalization of NFTs revolves around $2.5 billion as of the beginning of 2021. This is quite a number when we compare it to the previous year and a market cap of $13.5 million. More and more gaming companies are taking part in the blockchain gaming trend now that NFTs are going strong. This only underlines future potential.
Finally, we can conclude that blockchain gaming might disrupt the traditional gaming industry after observing the ongoing trends. Generally, blockchain gaming sees a lot of future potential, as all numbers suggest. A current prediction states that there are around 1 billion online gamers out there, and still rising. This can only increase the significance of this trend if more new players opt for blockchain.
Suppose we know all of this information and that blockchain keeps track of in-game items like experience points, weapons, and skins, making them unhackable. In that case, we can deduct that the gaming industry, in collaboration with crypto, might be a fertile ground for future growth. Heck, it might even be the dynamic duo of the inevitable crypto future!
This year the market for non-fungible tokens (NFTs), also known as crypto-collectibles, exploded. The transaction volume constitutes $2.5 billion in the first half a year as NFTs became mainstream. The increased interest has also resulted in NFT enthusiasts rediscovering the older, previously unknown NFTs, boosting the value of crypto-collectibles to unimaginable heights.
Among these previously unknown NFT projects is CryptoPunks. It is a collection of pixel-based avatars generated randomly. Some rare and popular CryptoPunks have been sold for millions of dollars.
Behind this project is Lavra Labs studio. They have developed a series of thousands of images tokenized as NFTs on the blockchain of Ethereum. An NFT implies ownership of a digital item, and in this particular case owning CryptoPunks NFT means that you are the only wonder of a unique pixel avatar. A number of attributes serve as a basis for each randomly generated CryptoPunk. There is a wide selection of designs: aliens, people, apes, zombies. Currently, the most popular and valuable tokens are zombies and aliens.
In 2017, CryptoPunks were released for free, even though it’s unbelievable today. The Ethereum standard they use today wasn’t a thing at that time; Lavra Labs released them for the sake of experiment. The volume of NFTs rose during the last three years, although the real surge in demand happened in 2020-2021. CryptoPunks’ secondary market value escalated and led to multi-million-dollar NFT sales.
CryptoPunks will likely continue to change hands on markets while generating massive returns for investors who invested before the surge. It is impossible to predict whether the current level of demand will go on, although the entry-level cost for these NFTs continues to grow. Most likely, Lavra Labs will release more CryptoPunks taking into account that the most significant part of their appeal is a limited number of them.
In cryptocurrency culture, influencers have always been prominent, and they are more so these days. The first time Elon Musk mentioned the original meme cryptocurrency Dogecoin, it triggered a number of immediate reactions by influencers across all social media platforms. There is an opinion that investing in meme coins is imprudent, an alternative opinion is that it is a cheap bet with massive potential. Both opinions are valid, although interest in meme coins and tokens skyrocketed in recent months.
As a rule, a meme coin doesn’t have inherent value and utility. It is obvious from the name that these cryptocurrencies revolve around Internet memes. The first meme coin, Dogecoin, is themed around a popular Doge meme, an image of a Shibu Inu dog. This coin runs on its own blockchain, which sets it apart from other meme tokens that run on an existing blockchain. The most widespread meme tokens are Shibu Inu that is built on Ethereum, and SafeMoon, built atop Binance Smart Chain. However, there are many more.
It has been eight years since the launch of Dogecoin; it has become much more accessible to create a cryptocurrency. Meme coins and tokens can be launched easily and become popular due to their connection with influencers. For instance, in May this year, Mark Zuckerberg published an image of his pet goats with the comment “My goats: Max and Bitcoin.” After a short period of time, a meme token named Aqua Goat grew in value by 300%; it happened within a couple of hours since the post was published.
Three of the most widely spread and used meme coins and tokes are Dogecoin, Shibu Inu, and Safemoon. Here is a quick overview of each of them.
The inventors of Dogecoin are Jackson Palmer and Billy Markus. It started as a joke, but it has become a weighty proposition since Elon Musk began promulgating it in 2019. The coin saw its peak in January 2021, with a market cap of $9 billion. At the moment, Musk is working with the coin’s developers to enhance the platform; he facilitates it as a means of paying for services and goods and works to decrease its carbon footprint.
This coin made its appearance in April 2021. It started off as an experiment but soon increased in value. The total supply of Shibu Inu Coin is one quadrillion, and it yields its investors a possibility to hold billions of tokens. However, it needs to climb around 12 million percent to hit the target of $1.
The creators of this token sook to enhance Dogecoin’s tokenomic model. Unlike Bitcoin, with a limited supply of coins, there is a limitless supply of Dogecoin, making it an inflationary tokenomic model. To improve this, SAfeMoon uses a deflationary tokenomic model. It implies that 5% is burned for every transaction, and another 5% is allocated to the existing token holders. From that follows that the total supply of coins is meant to decrease constantly, which ensures safe gains. Its market cap is currently $2 billion.
The bottom line is that the final success of meme coins and tokens depends on the weight of their communities.
The main goal of a Crypto Enforcement Division is to reinforce the ability of the Department of Justice to fight crimes related to crypto. On October 6th, the DOJ made the announcement about the new unit. The unit will only focus on financial crime strictly involving crypto.
The US Deputy Attorney General made the statement at the beginning of October at the Aspen Cyber Summit. Lisa Monaco said that the team would reinforce the DOJ’s ability to hinder financial markets that permit the flourishing of cybercriminals.
It was also stated that the Department of Justice would set an initiative in motion to center on civil cyber fraud. On the same day, she announced that they were launching the national team of crypto enforcement. They have already started fighting the misuse of platforms dedicated to crypto, and they have shown excellent results. It was also stated that the Crypto Enforcement Division wouldn’t hesitate to hold the platforms that help criminals to launder money in any way accountable. Another point they made clear: they’ll go after platforms assisting criminals to hide criminal proceeds. Crypto has become a crowded space, and new threats appear every day.
At the same summit, Monaco also stated that the team would include as many experts on cybersecurity as experts on anti-money laundering. That particular mix of expertise is made to ensure the protection of consumers for online related crime to finances.
Since crypto exchanges are set to become the banks of the future, there’s a need to make sure that users can trust these platforms when using their services. Companies that receive federal funds will also be pursued if they don’t follow the recommended cybersecurity standards .
The US Department of Justice is chasing cybercriminals, particularly those dealing with cryptocurrency. The latest success story is the case of Larry Harmon, a man from Ohio who got convicted. He was running a Bitcoin mixer for years. Harmon was in charge of a tool that helped “blurring” the source of Bitcoin funds. He pleaded guilty to the charges of money laundering through the service he was in charge of. However, law enforcement wasn’t able to trace them.
We’re currently experiencing new challenges when it comes to the crypto space, especially when we talk about cybersecurity and its regulations. Although there are still many aspects of it to be defined, one thing is for sure; when dealing with crypto, just like when dealing with fiat money, you should always be careful; scams are gradually becoming an everyday reality even in the virtual space.
NFT, also known as a non-fungible token, are crypto collectibles that can be artwork or videos. These became popular earlier this year, and some video games based on blockchain have already started to appear. When NFTs saw the light for the first time, the crypto game Axie Infinity developed by Sky Mavis appeared. And even though the NFT market calmed a little bit, Axie Infinity got even more significant and popular.
The creators of Axie Infinity drew inspiration from Nintendo’s Pokemon series. Players collect and pit cure monsters against each other in combat. It is neither cheap nor simple to get started; one needs to make an upfront investment. The advantage is that you can own Axie NFTs and them sell them in addition to the “play-to-earn” option when you are rewarded tokens that can be traded for money. It is a unique game vision, and it is growing more and more popular.
The game runs on the Ethereum blockchain with the help of a sidechain called Ronin. It helps decrease fees and transaction delays. The game’s main focus is on turn-based battles that can be against either live opponents or computer-controlled Axie.
Items in the game are represented by non-fungible tokens. These tokens are cryptographically unique and connected with digital content. In the case of Axie Infinity, land plots and Axies populate the game. Items in this game are different from conventional, the NFT grants ownership to the buyer, and one can trade Axies on the game’s marketplace. It is also possible to breed Axies.
The game is built around NFT items, and you cannot play unless you purchase the three Axie NFTs necessary to form your first team. You can buy them from the Axie marketplace using Ronin wallet. It is possible to play on Mac, PC, iOS, and Android.