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👉👉👉 Why #multichain Compatibility Could Deliver the True Promise of #Web3 Interoperability
DeFi Evolution: From Cross-Chain Bridges to Multi-Chain Interoperability
DeFi has evolved since the 2020/2021 yield farming boom, initially dominated by Ethereum but shifting to Layer 1 blockchains like Solana and Layer 2 networks such as Optimism due to high transaction fees. This shift, while improving accessibility, introduced interoperability challenges.
Interoperability Challenges
Early DeFi apps were limited to single blockchains, complicating asset transfers. Developers created cross-chain bridges using smart contracts to facilitate asset movement between blockchains. However, these bridges have significant security vulnerabilities.
Security Issues with Cross-Chain Bridges
In 2022, 70% of DeFi hacks involved cross-chain bridges (Chainalysis). Vulnerabilities in their smart and storage contracts make them prime targets, with notable hacks including the Nomad bridge ($200 million) and the Fantom bridge (over $100 million). High-profile hackers, like North Korea’s Lazarus Group, have exploited these weaknesses.
Transition to Multi-Chain Interoperability
DeFi is shifting towards secure multi-chain interoperability to address security issues. Multi-chain DApps enhance composability across blockchains without security risks, supported by protocols like Compound and Uniswap. Layer 2 networks such as Prom's ZKEVM offer seamless multi-chain compatibility and secure transactions via ZK rollup technology, showcasing significant potential.
Vitalik Buterin’s Perspective
Ethereum co-founder Vitalik Buterin supports multi-chain blockchains but is skeptical of cross-chain applications due to security risks. He advocates for a multi-chain ecosystem to better serve diverse community needs.
Conclusion
DeFi is moving from cross-chain bridges to multi-chain interoperability to improve security and usability. Future advancements will focus on seamless multi-chain solutions and enhanced privacy, promoting broader adoption in the Web3 era.
Source - thenewscrypto.com
DeFi Evolution: From Cross-Chain Bridges to Multi-Chain Interoperability
DeFi has evolved since the 2020/2021 yield farming boom, initially dominated by Ethereum but shifting to Layer 1 blockchains like Solana and Layer 2 networks such as Optimism due to high transaction fees. This shift, while improving accessibility, introduced interoperability challenges.
Interoperability Challenges
Early DeFi apps were limited to single blockchains, complicating asset transfers. Developers created cross-chain bridges using smart contracts to facilitate asset movement between blockchains. However, these bridges have significant security vulnerabilities.
Security Issues with Cross-Chain Bridges
In 2022, 70% of DeFi hacks involved cross-chain bridges (Chainalysis). Vulnerabilities in their smart and storage contracts make them prime targets, with notable hacks including the Nomad bridge ($200 million) and the Fantom bridge (over $100 million). High-profile hackers, like North Korea’s Lazarus Group, have exploited these weaknesses.
Transition to Multi-Chain Interoperability
DeFi is shifting towards secure multi-chain interoperability to address security issues. Multi-chain DApps enhance composability across blockchains without security risks, supported by protocols like Compound and Uniswap. Layer 2 networks such as Prom's ZKEVM offer seamless multi-chain compatibility and secure transactions via ZK rollup technology, showcasing significant potential.
Vitalik Buterin’s Perspective
Ethereum co-founder Vitalik Buterin supports multi-chain blockchains but is skeptical of cross-chain applications due to security risks. He advocates for a multi-chain ecosystem to better serve diverse community needs.
Conclusion
DeFi is moving from cross-chain bridges to multi-chain interoperability to improve security and usability. Future advancements will focus on seamless multi-chain solutions and enhanced privacy, promoting broader adoption in the Web3 era.
Source - thenewscrypto.com
🗞CryptoNews of the Day 🗞
Multichain Hack Is a Possible "Rug Pull," A Further $103M Drained: Multichain, a cross-chain bridge protocol, saw another $103 million transferred to different blockchain addresses, according to security firm Beosin.
#hacked #multichain
Multichain Hack Is a Possible "Rug Pull," A Further $103M Drained: Multichain, a cross-chain bridge protocol, saw another $103 million transferred to different blockchain addresses, according to security firm Beosin.
#hacked #multichain
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A Brief History of the Metaverse and Crypto’s Role in It
TL;DR
The term “metaverse” describes the collective virtual spaces where our physical and digital worlds intersect. The concept has been bending the minds of science fiction enthusiasts for ages. However, it has only recently begun to show indications of becoming a reality, with technological advancements and the proliferation of the Internet. The role of blockchain technology in the metaverse has also become increasingly important, as it provides the infrastructure for creating a decentralized and secure platform on which it can be built.
Introduction
The term "metaverse" was first coined in the early ’90s in the sci-fi world. In the years since, the concept of a metaverse has evolved due to recent technological innovations. It has also gained increasing attention as a potential digital platform for both social and economic activity.
The rise of blockchain technology and cryptocurrency has also played an important role in the development of the metaverse. Many projects have already explored it, using these technologies to create decentralized and immersive virtual worlds. This article will provide a brief history of the metaverse and explore crypto's role in its evolution.
Defining the Metaverse
The metaverse is still not entirely defined. However, the general idea is that it is a virtual space connecting our digital and real-world lives. Some call it the next evolution of the Internet that will make online experiences interactive and immersive.
Defining the metaverse is difficult as it encompasses much more than just a single product, service, or project. Instead, it combines different technologies, such as the Internet, augmented reality (AR), virtual reality (VR), artificial intelligence (AI), 3D reconstruction, and the Internet of Things (IoT).
In science fiction where the term “metaverse” originated, it’s portrayed as a highly immersive and interactive virtual world. Today, blockchain technology and cryptocurrencies are taking actionable steps to make this concept a reality.
The Web3 movement has shown that the metaverse is not just confined to the sci-fi genre but is something that might already exist. Web3 has been forming an ecosystem that incentivizes developers to build metaverse-like decentralized applications (DApps), such as play-to-earn (P2E) games. Games like Axie Infinity, The Sandbox, and Decentraland already contain aspects of the metaverse, connecting elements of players' lives to online worlds.
A Brief History of the Metaverse
Over the years, different ideas and technological advancements have driven us closer to the concept of the metaverse we currently understand. From the concept of binocular vision, through the creation of Bitcoin and Ethereum, all the way to the rebranding of Facebook – the metaverse has a deep foundation.
1838
As mentioned earlier, the metaverse will probably use VR technology to immerse people in digital environments. The earliest instance of VR occurred in 1838, when scientist Sir Charles Wheatstone outlined the concept of "binocular vision," constructing a single 3D image.
This initial research led to the development of stereoscopes, a technology that uses the illusion of depth to create an image — the same technology VR headsets utilize today.
1935
American sci-fi author Stanley Weinbaum published the book Pygmalion's Spectacles, which introduced readers to the possibility of virtual reality. The book's main character immerses himself in a fictional world using a pair of goggles that mimic all human senses, making the world seem real.
1938
It's often said that French poet and playwright Antoine Artaud was the first to use the term "virtual reality" or "la réalité virtuelle." He wrote about it in his collection of essays, The Theater and its Double, where he spoke about how theaters can stage characters, objects, and images to create alternative worlds.
1962
American filmmaker Morton Heilig built a machine that made people feel like they were riding a motorcycle in another location. The device, named Sensorama, immersed its users in a different reality by combining effects such as a moving seat, scents, and 3D screens. Even though the machine never progressed past the prototype stage, it demonstrated the possibility of blurring the lines between illusion and reality.
1984
Virtual reality pioneers Jaron Lanier and Thomas G. Zimmerman founded VPL Research, Inc., one of the first companies to develop and sell VR products such as VR headsets and data gloves (or wired gloves).
1989
British computer scientist Tim Berners-Lee wrote the first proposal for the World Wide Web while working at CERN. The web was initially created for universities and institutions to share information worldwide.
1992
The metaverse was first mentioned in the sci-fi novel Snow Crash by Neal Stephenson. The American sci-fi writer illustrated a dystopian future world that allowed people to use digital avatars to escape to a better alternate reality.
1993
Computer scientists Moni Naor and Cynthia Dwork invented the proof-of-work (PoW) concept to prevent service misuses, such as denial-of-service attacks and network spam. This controlled unwanted network behavior by requiring proof of work, such as computer processing time, from a service requester.
2003
Linden Lab launched multimedia platform Second Life. While not fully immersive (no goggles or gloves are involved), users can connect to shared virtual spaces to explore, interact, and create using their computers. Second Life is not seen as a game but more of an online gathering place where anyone can create a new digital presence.
2006
Roblox Corporation released the game platform Roblox, which allows users to play various multi-player games. In addition, users can develop their own games and for others to play. While users can play Roblox for free, it has an in-game store where players can spend their virtual money, called Robux.
2007
Google released Street View to add to its existing Maps product. Street View enables people to turn a map into a representation of the real world — anyone can view a street on their mobile device or computer as it appears in real life.
2009
Satoshi Nakamoto announced the first major decentralized blockchain and cryptocurrency, Bitcoin, in 2008. He then mined the first BTC in 2009.
2012
Entrepreneur Palmer Luckey launched Oculus, a headset whose hardware can connect users to a 3D virtual world where they can work, socialize and enjoy entertainment. Two years later, in 2014, Facebook bought Oculus, intending to scale the technology for the masses.
2014
Kevin McCoy and Anil Dash minted the first ever non-fungible token (NFT), Quantum, which contained an image of a pixelated octagon. Minted on the Namecoin blockchain, it wasn't called an NFT but instead, conceptualized as "monetized graphics".
2015
Vitalik Buterin proposed the idea of Ethereum in a 2013 blog post titled Ethereum: The Ultimate Smart Contract and Decentralized Application Platform. The decentralized computing platform Ethereum then launched in 2015. Ethereum allows developers to experiment with their own code to create DApps by using smart contracts.
2016
2016 was the year of both decentralized autonomous organizations (DAOs) and Pokémon GO coming into existence. The first DAO, simply called The DAO, was launched on Ethereum with a vision that every member could comprise its governing body.
Pokémon GO, which uses AR to connect to a 3D map of the real world, has become one of the most successful mobile games of all time. In 2016 alone, it became one of the world’s most profitable and widely used mobile apps, having been downloaded over 500 million times globally by the end of the year.
2021
Facebook rebranded to Meta, which then established the metaverse as something more tangible than a sci-fi concept. Since then, the company has invested billions of dollars in developing and acquiring metaverse-related resources such as metaverse content, software, and AR and VR headsets.
2022
Siemens and NVIDIA announced a joint partnership to create the Industrial Metaverse. The collaboration draws on Siemens’ reputation in industrial automation and software, infrastructure, building technology, and transportation and NVIDIA’s status as a pioneer in accelerated graphics and AI. According to the Siemens CEO, the collaboration will enable a real-time, immersive metaverse that connects hardware and software.
Blockchain and Crypto’s Role in the Metaverse
Blockchain technology and cryptocurrency can play a foundational role in metaverse development. Firstly, blockchains can provide the infrastructure for secure and transparent transactions in the metaverse, such as cryptocurrencies for fast and secure transfers of value. Secondly, the nature of Ethereum enables the creation of NFTs, which can be used to represent unique virtual items in the metaverse.
Thirdly, DApps could make metaverse services and functionality more decentralized so it won’t be controlled by any single organization. They can also enable users to own and control their data and assets, providing a level of security and autonomy that traditional centralized applications can't allow.
Other technologies involved in metaverse development include VR and AR, interactive tools that allow users to experience the virtual world by interacting with virtual objects and navigating the metaverse. Additionally, AI and natural language processing can help to create more realistic and interactive avatars within the metaverse.
As the metaverse continues to evolve, more use cases for blockchain and crypto are likely to be found. As it is, they have the potential to transform how people interact and how they conduct business in the metaverse. By enabling decentralized, trustless, and transparent interactions, blockchain and its applications can help to create a more open, secure, and efficient metaverse.
The Future of the Metaverse
Metaverse development has come a long way in recent years. However, the infrastructure and services required to support its growth have yet to be fully realized. For instance, the technology that drives virtual environments must be further developed to be as realistic and engaging as possible.
In addition, the metaverse requires high-speed, low-latency networks that can support large numbers of users in real time, as well as tools and platforms to create and share virtual experiences. There are also issues related to privacy, security, and governance developers must address to ensure the metaverse is a safe and inclusive space for all users.
Additionally, the growth of the metaverse will likely be influenced by further innovation in technologies like extended reality, AI, machine learning, 3D engines, cloud, edge computing, and 5G connectivity. As they improve, the metaverse will become increasingly immersive and realistic, allowing users to experience a digital world that feels just like the real one.
It's still too early to say if the metaverse will become the killer app for blockchain technology. However, as blockchain can securely and transparently record transactions and enable the creation of digital assets and new applications, it could be a fitting choice for the development and operation of the metaverse.
Closing Thoughts
The concept of the metaverse has its roots in sci-fi, beginning as a fictional universe explored in books, TV, and film. However, as technology has advanced, the idea of an immersive shared digital world has become increasingly feasible.
The rise of cryptocurrencies and blockchain technology has also played a significant role in the development of the metaverse by providing a decentralized and secure platform for virtual transactions and interactions. While the metaverse as we know it today is still in its infancy, it holds enormous potential for transforming how we live, work, and play in the digital world.
Further Reading
Which Companies Have Stocks in the Metaverse?What Is Metaverse Real Estate?Can There Be More Than One Metaverse?4 Blockchain and Crypto Projects in the MetaverseWhat Is ApeCoin (APE)?
The term “metaverse” describes the collective virtual spaces where our physical and digital worlds intersect. The concept has been bending the minds of science fiction enthusiasts for ages. However, it has only recently begun to show indications of becoming a reality, with technological advancements and the proliferation of the Internet. The role of blockchain technology in the metaverse has also become increasingly important, as it provides the infrastructure for creating a decentralized and secure platform on which it can be built.
Introduction
The term "metaverse" was first coined in the early ’90s in the sci-fi world. In the years since, the concept of a metaverse has evolved due to recent technological innovations. It has also gained increasing attention as a potential digital platform for both social and economic activity.
The rise of blockchain technology and cryptocurrency has also played an important role in the development of the metaverse. Many projects have already explored it, using these technologies to create decentralized and immersive virtual worlds. This article will provide a brief history of the metaverse and explore crypto's role in its evolution.
Defining the Metaverse
The metaverse is still not entirely defined. However, the general idea is that it is a virtual space connecting our digital and real-world lives. Some call it the next evolution of the Internet that will make online experiences interactive and immersive.
Defining the metaverse is difficult as it encompasses much more than just a single product, service, or project. Instead, it combines different technologies, such as the Internet, augmented reality (AR), virtual reality (VR), artificial intelligence (AI), 3D reconstruction, and the Internet of Things (IoT).
In science fiction where the term “metaverse” originated, it’s portrayed as a highly immersive and interactive virtual world. Today, blockchain technology and cryptocurrencies are taking actionable steps to make this concept a reality.
The Web3 movement has shown that the metaverse is not just confined to the sci-fi genre but is something that might already exist. Web3 has been forming an ecosystem that incentivizes developers to build metaverse-like decentralized applications (DApps), such as play-to-earn (P2E) games. Games like Axie Infinity, The Sandbox, and Decentraland already contain aspects of the metaverse, connecting elements of players' lives to online worlds.
A Brief History of the Metaverse
Over the years, different ideas and technological advancements have driven us closer to the concept of the metaverse we currently understand. From the concept of binocular vision, through the creation of Bitcoin and Ethereum, all the way to the rebranding of Facebook – the metaverse has a deep foundation.
1838
As mentioned earlier, the metaverse will probably use VR technology to immerse people in digital environments. The earliest instance of VR occurred in 1838, when scientist Sir Charles Wheatstone outlined the concept of "binocular vision," constructing a single 3D image.
This initial research led to the development of stereoscopes, a technology that uses the illusion of depth to create an image — the same technology VR headsets utilize today.
1935
American sci-fi author Stanley Weinbaum published the book Pygmalion's Spectacles, which introduced readers to the possibility of virtual reality. The book's main character immerses himself in a fictional world using a pair of goggles that mimic all human senses, making the world seem real.
1938
It's often said that French poet and playwright Antoine Artaud was the first to use the term "virtual reality" or "la réalité virtuelle." He wrote about it in his collection of essays, The Theater and its Double, where he spoke about how theaters can stage characters, objects, and images to create alternative worlds.
1962
American filmmaker Morton Heilig built a machine that made people feel like they were riding a motorcycle in another location. The device, named Sensorama, immersed its users in a different reality by combining effects such as a moving seat, scents, and 3D screens. Even though the machine never progressed past the prototype stage, it demonstrated the possibility of blurring the lines between illusion and reality.
1984
Virtual reality pioneers Jaron Lanier and Thomas G. Zimmerman founded VPL Research, Inc., one of the first companies to develop and sell VR products such as VR headsets and data gloves (or wired gloves).
1989
British computer scientist Tim Berners-Lee wrote the first proposal for the World Wide Web while working at CERN. The web was initially created for universities and institutions to share information worldwide.
1992
The metaverse was first mentioned in the sci-fi novel Snow Crash by Neal Stephenson. The American sci-fi writer illustrated a dystopian future world that allowed people to use digital avatars to escape to a better alternate reality.
1993
Computer scientists Moni Naor and Cynthia Dwork invented the proof-of-work (PoW) concept to prevent service misuses, such as denial-of-service attacks and network spam. This controlled unwanted network behavior by requiring proof of work, such as computer processing time, from a service requester.
2003
Linden Lab launched multimedia platform Second Life. While not fully immersive (no goggles or gloves are involved), users can connect to shared virtual spaces to explore, interact, and create using their computers. Second Life is not seen as a game but more of an online gathering place where anyone can create a new digital presence.
2006
Roblox Corporation released the game platform Roblox, which allows users to play various multi-player games. In addition, users can develop their own games and for others to play. While users can play Roblox for free, it has an in-game store where players can spend their virtual money, called Robux.
2007
Google released Street View to add to its existing Maps product. Street View enables people to turn a map into a representation of the real world — anyone can view a street on their mobile device or computer as it appears in real life.
2009
Satoshi Nakamoto announced the first major decentralized blockchain and cryptocurrency, Bitcoin, in 2008. He then mined the first BTC in 2009.
2012
Entrepreneur Palmer Luckey launched Oculus, a headset whose hardware can connect users to a 3D virtual world where they can work, socialize and enjoy entertainment. Two years later, in 2014, Facebook bought Oculus, intending to scale the technology for the masses.
2014
Kevin McCoy and Anil Dash minted the first ever non-fungible token (NFT), Quantum, which contained an image of a pixelated octagon. Minted on the Namecoin blockchain, it wasn't called an NFT but instead, conceptualized as "monetized graphics".
2015
Vitalik Buterin proposed the idea of Ethereum in a 2013 blog post titled Ethereum: The Ultimate Smart Contract and Decentralized Application Platform. The decentralized computing platform Ethereum then launched in 2015. Ethereum allows developers to experiment with their own code to create DApps by using smart contracts.
2016
2016 was the year of both decentralized autonomous organizations (DAOs) and Pokémon GO coming into existence. The first DAO, simply called The DAO, was launched on Ethereum with a vision that every member could comprise its governing body.
Pokémon GO, which uses AR to connect to a 3D map of the real world, has become one of the most successful mobile games of all time. In 2016 alone, it became one of the world’s most profitable and widely used mobile apps, having been downloaded over 500 million times globally by the end of the year.
2021
Facebook rebranded to Meta, which then established the metaverse as something more tangible than a sci-fi concept. Since then, the company has invested billions of dollars in developing and acquiring metaverse-related resources such as metaverse content, software, and AR and VR headsets.
2022
Siemens and NVIDIA announced a joint partnership to create the Industrial Metaverse. The collaboration draws on Siemens’ reputation in industrial automation and software, infrastructure, building technology, and transportation and NVIDIA’s status as a pioneer in accelerated graphics and AI. According to the Siemens CEO, the collaboration will enable a real-time, immersive metaverse that connects hardware and software.
Blockchain and Crypto’s Role in the Metaverse
Blockchain technology and cryptocurrency can play a foundational role in metaverse development. Firstly, blockchains can provide the infrastructure for secure and transparent transactions in the metaverse, such as cryptocurrencies for fast and secure transfers of value. Secondly, the nature of Ethereum enables the creation of NFTs, which can be used to represent unique virtual items in the metaverse.
Thirdly, DApps could make metaverse services and functionality more decentralized so it won’t be controlled by any single organization. They can also enable users to own and control their data and assets, providing a level of security and autonomy that traditional centralized applications can't allow.
Other technologies involved in metaverse development include VR and AR, interactive tools that allow users to experience the virtual world by interacting with virtual objects and navigating the metaverse. Additionally, AI and natural language processing can help to create more realistic and interactive avatars within the metaverse.
As the metaverse continues to evolve, more use cases for blockchain and crypto are likely to be found. As it is, they have the potential to transform how people interact and how they conduct business in the metaverse. By enabling decentralized, trustless, and transparent interactions, blockchain and its applications can help to create a more open, secure, and efficient metaverse.
The Future of the Metaverse
Metaverse development has come a long way in recent years. However, the infrastructure and services required to support its growth have yet to be fully realized. For instance, the technology that drives virtual environments must be further developed to be as realistic and engaging as possible.
In addition, the metaverse requires high-speed, low-latency networks that can support large numbers of users in real time, as well as tools and platforms to create and share virtual experiences. There are also issues related to privacy, security, and governance developers must address to ensure the metaverse is a safe and inclusive space for all users.
Additionally, the growth of the metaverse will likely be influenced by further innovation in technologies like extended reality, AI, machine learning, 3D engines, cloud, edge computing, and 5G connectivity. As they improve, the metaverse will become increasingly immersive and realistic, allowing users to experience a digital world that feels just like the real one.
It's still too early to say if the metaverse will become the killer app for blockchain technology. However, as blockchain can securely and transparently record transactions and enable the creation of digital assets and new applications, it could be a fitting choice for the development and operation of the metaverse.
Closing Thoughts
The concept of the metaverse has its roots in sci-fi, beginning as a fictional universe explored in books, TV, and film. However, as technology has advanced, the idea of an immersive shared digital world has become increasingly feasible.
The rise of cryptocurrencies and blockchain technology has also played a significant role in the development of the metaverse by providing a decentralized and secure platform for virtual transactions and interactions. While the metaverse as we know it today is still in its infancy, it holds enormous potential for transforming how we live, work, and play in the digital world.
Further Reading
Which Companies Have Stocks in the Metaverse?What Is Metaverse Real Estate?Can There Be More Than One Metaverse?4 Blockchain and Crypto Projects in the MetaverseWhat Is ApeCoin (APE)?
Multichain CEO's Arrest Sparks Crisis, Urgent Safeguarding Measures Proposed
Multichain, a leading cross-chain router protocol renowned for its rapid deployment of blockchain applications, faces a major crisis following the arrest of its CEO, Zhaojun. The shocking development has sent shockwaves throughout the blockchain community, raising concerns about the protocol's stability and security.
In response, Multichain has unveiled a comprehensive plan to prevent and mitigate such unfortunate incidents in the future. The proposed strategies include reinforcing the protocol's governance framework, enhancing due diligence in leadership selection, implementing internal controls and audits, strengthening security measures, fostering community governance, and promoting transparency and communication. #multichain #GOATMoments #BNB
Multichain, a leading cross-chain router protocol renowned for its rapid deployment of blockchain applications, faces a major crisis following the arrest of its CEO, Zhaojun. The shocking development has sent shockwaves throughout the blockchain community, raising concerns about the protocol's stability and security.
In response, Multichain has unveiled a comprehensive plan to prevent and mitigate such unfortunate incidents in the future. The proposed strategies include reinforcing the protocol's governance framework, enhancing due diligence in leadership selection, implementing internal controls and audits, strengthening security measures, fostering community governance, and promoting transparency and communication. #multichain #GOATMoments #BNB
😱5 common mistake become you poor 😱😱
1. Buying just because the price is low
Low prices do not always represent bargains. Sometimes prices are low for a reason! Watch out for cryptocurrencies with falling user rates.
Often, too, developers leave a project and it stops getting properly updated, making the cryptocurrency insecure.
2. Going ‘all-in’
Some of the more suspect trading platforms suggest you should maximise your money by betting as much as possible. This is a quick way to the poor house.
Better crypto investment tips would be to only use a certain proportion of your investing capital — say 5% — and always keep an emergency cash fund in an easy access savings account that never gets invested in the market.
3. Thinking crypto is ‘easy money’
There’s nothing easy about making money through trading any kind of financial asset, whether stocks and shares or commodities like silver and gold. The same can be said for cryptocurrency.
Anyone who says different is probably trying to trick you into making crypto mistakes.
4. Forgetting your crypto keyphrase
If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault.
Without your keyphrase, all your cryptos will be irretrievable.
5. Falling for scams
Be very wary of crypto deals that sound too good to be true. We outline four common crypto scams you could be careful of
#GOATMoments #multichain $BTC $ETH #Binanceturns6
Low prices do not always represent bargains. Sometimes prices are low for a reason! Watch out for cryptocurrencies with falling user rates.
Often, too, developers leave a project and it stops getting properly updated, making the cryptocurrency insecure.
2. Going ‘all-in’
Some of the more suspect trading platforms suggest you should maximise your money by betting as much as possible. This is a quick way to the poor house.
Better crypto investment tips would be to only use a certain proportion of your investing capital — say 5% — and always keep an emergency cash fund in an easy access savings account that never gets invested in the market.
3. Thinking crypto is ‘easy money’
There’s nothing easy about making money through trading any kind of financial asset, whether stocks and shares or commodities like silver and gold. The same can be said for cryptocurrency.
Anyone who says different is probably trying to trick you into making crypto mistakes.
4. Forgetting your crypto keyphrase
If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault.
Without your keyphrase, all your cryptos will be irretrievable.
5. Falling for scams
Be very wary of crypto deals that sound too good to be true. We outline four common crypto scams you could be careful of
#GOATMoments #multichain $BTC $ETH #Binanceturns6
When you look a coin's info you can see #binancefeed post 😀
I like this feature a lot 🥳
#multichain #anyswap $MULTI
I like this feature a lot 🥳
#multichain #anyswap $MULTI
🎁🎯XRP/USDT LONG💰🔥
Follow me for more accurate trading signals
EXPECTING TO BREAK THE PATTERN
Entry: 0.7716
TP:
1) 0.7790
2) 0.7925
3) 0.8818
4) 0.8525
SL: 0.7518
#askanda #vipsignals #bitcoin #multichain #XRP
Follow me for more accurate trading signals
EXPECTING TO BREAK THE PATTERN
Entry: 0.7716
TP:
1) 0.7790
2) 0.7925
3) 0.8818
4) 0.8525
SL: 0.7518
#askanda #vipsignals #bitcoin #multichain #XRP
🤑 Multichain Exploits: Andre Cronje Vows to Explore Recovery Options After $126 Million Asset Loss ✅✅
Co-founder Andre Cronje provides an update on Multichain’s recent hack, promising to take necessary steps to recover assets and restore user confidence.
In the aftermath of Multichain’s devastating hack, Andre Cronje, co-founder of the bridging protocol, addressed the incident, expressing disappointment in the team’s assurances regarding server decentralization, access, and geolocation distribution. Cronje emphasized the need for vigilance, urging everyone to “don’t trust, verify.”
Cronje reassured affected users and stakeholders that every possible avenue is being explored to recover the stolen assets.
#googleai #multichain #bitcoin #Binance
Co-founder Andre Cronje provides an update on Multichain’s recent hack, promising to take necessary steps to recover assets and restore user confidence.
In the aftermath of Multichain’s devastating hack, Andre Cronje, co-founder of the bridging protocol, addressed the incident, expressing disappointment in the team’s assurances regarding server decentralization, access, and geolocation distribution. Cronje emphasized the need for vigilance, urging everyone to “don’t trust, verify.”
Cronje reassured affected users and stakeholders that every possible avenue is being explored to recover the stolen assets.
#googleai #multichain #bitcoin #Binance
Technicals Suggest 1inch Network's Price Could Reach a Top Soon
#GOATMoments The #crypto market tracking website, CoinMarketCap, indicated that 1inch Network (1INCH) saw a more than 12% price increase, despite the fact that the majority of cryptos were trading in the red. In addition, the total crypto market cap decreased by 0.26% over the past 24 hours of trading, which left it standing at $1.21 trillion.
At press time, 1INCH was trading hands at $0.3723. This meant that the #altcoins. was trading much closer to its daily high of $0.3787 than its 24-hour low of $0.3331. Furthermore, 1INCH’s 24-hour trading volume skyrocketed by more than 300% throughout the past day. As a result, the crypto’s volume stood at approximately $89,3996,453.
1INCH’s success over the past 24 hours boosted its weekly performance even further into the green to +21.99%. In addition, the altcoin’s monthly performance was also up by more than 40%.
3-hour chart for 1INCH/USDT (Source: TradingView)
1INCH broke above the resistance levels at $0.3375 and $0.3539 over the past 24 hours, and flipped the two levels into support as well. At press time, the altcoin was looking to challenge the next resistance at $0.3756. However, bears were asserting their dominance and defending the key price point.
Traders and investors will want to take note of a short-term bearish candlestick pattern that had formed on 1INCH’s 3-hour chart over the past 3 hours. A bearish hammer pattern had formed during this period, which suggested that the altcoin’s price was approaching a price top. If this bearish candlestick is validated, $1INCH ’s price may drop in the coming 6-12 hours.
On the other hand, if the bearish candlestick is not validated, then #1INCH ’s price may flip the resistance at $0.3756 resistance into support and may break above $0.3987 in the next 24 hours. A confirmation of this bullish thesis will be if the crypto’s price closes a 3-hour candle above $0.3756 in the upcoming 24 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.#multichain
At press time, 1INCH was trading hands at $0.3723. This meant that the #altcoins. was trading much closer to its daily high of $0.3787 than its 24-hour low of $0.3331. Furthermore, 1INCH’s 24-hour trading volume skyrocketed by more than 300% throughout the past day. As a result, the crypto’s volume stood at approximately $89,3996,453.
1INCH’s success over the past 24 hours boosted its weekly performance even further into the green to +21.99%. In addition, the altcoin’s monthly performance was also up by more than 40%.
3-hour chart for 1INCH/USDT (Source: TradingView)
1INCH broke above the resistance levels at $0.3375 and $0.3539 over the past 24 hours, and flipped the two levels into support as well. At press time, the altcoin was looking to challenge the next resistance at $0.3756. However, bears were asserting their dominance and defending the key price point.
Traders and investors will want to take note of a short-term bearish candlestick pattern that had formed on 1INCH’s 3-hour chart over the past 3 hours. A bearish hammer pattern had formed during this period, which suggested that the altcoin’s price was approaching a price top. If this bearish candlestick is validated, $1INCH ’s price may drop in the coming 6-12 hours.
On the other hand, if the bearish candlestick is not validated, then #1INCH ’s price may flip the resistance at $0.3756 resistance into support and may break above $0.3987 in the next 24 hours. A confirmation of this bullish thesis will be if the crypto’s price closes a 3-hour candle above $0.3756 in the upcoming 24 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.#multichain
After the CEO of Multichain was arrested by the Chinese police and the developer team announced that Multichain would be shut down, one of the most affected altcoins, Fantom (FTM), made an official statement.
Source: bitcoinsistemi
#crypto2023 #multichain
#fantom
Source: bitcoinsistemi
#crypto2023 #multichain
#fantom
Market Report Unveils Astounding $448 Billion Evaluation for Crypto Custody Market in 2022
The digital asset industry, including cryptocurrencies, grew to over $3 trillion in 2021. However, the custodial part of the market, which involves securely holding these assets, was valued at $447.9 billion in 2022. A recent report by PricewaterhouseCoopers (PwC) and Aspen Digital highlights the importance of custody services. The report mentions the rise of interest in crypto staking and nonfungible tokens (NFTs) as key developments attracting institutional investors. Security and insurance policies are major challenges for custodians, and the report suggests a five-step approach for investors to select a reliable custody service provider.#GOATMoments #dyor #Binance #multichain
The digital asset industry, including cryptocurrencies, grew to over $3 trillion in 2021. However, the custodial part of the market, which involves securely holding these assets, was valued at $447.9 billion in 2022. A recent report by PricewaterhouseCoopers (PwC) and Aspen Digital highlights the importance of custody services. The report mentions the rise of interest in crypto staking and nonfungible tokens (NFTs) as key developments attracting institutional investors. Security and insurance policies are major challenges for custodians, and the report suggests a five-step approach for investors to select a reliable custody service provider.#GOATMoments #dyor #Binance #multichain
Bitcoin ATM Explained 🌟✅
Bitcoin ATMs allow users to purchase and sometimes sell bitcoin for cash in physical locations around the world.
WHAT IS A BITCOIN ATM?
A Bitcoin ATM is a machine that buys or sells bitcoin for cash. These ATMs look like traditional ones, but they do not connect to a bank account. Instead, they connect the customer with a Bitcoin exchange.
Bitcoin ATMs can be a quick and easy way to buy bitcoin, and they’re also one of the most private ways to do so. Some Bitcoin ATMs even allow you to buy bitcoin with cash without requiring a bank account.
A BRIEF HISTORY OF BITCOIN ATMS
The first Bitcoin ATM was installed in October 2013 in Vancouver, Canada. The machine allowed people to exchange their Canadian dollars for bitcoin. Since then, the number of Bitcoin ATMs has exploded.
As of March 2022, there were over 8,000 Bitcoin ATMs around the world, with a majority of them being in North America (4,854), Europe (2,177), and Asia (587). Now, more recent numbers place the total over 35,000 worldwide.
HOW DO BITCOIN ATMS WORK?
Bitcoin ATMs work by connecting to a Bitcoin exchange. When you use a Bitcoin ATM, the machine will give you cash in exchange for your bitcoin, or bitcoin in exchange for your cash. The exchange rate of bitcoin will depend on the current market rate at the time of the transaction.
WHAT ARE THE TYPES OF BITCOIN ATMS?
Generally, there are two main types of Bitcoin ATMs: One-way and two-way. One-way Bitcoin ATMs only allow you to buy bitcoin, while two-way machines let you buy and sell.
ADVANTAGES OF USING A BITCOIN ATM?
Bitcoin ATMs offer several advantages:
They’re quick and easy to use – you can be up and running in minutes.
They’re more private – you don’t always need to give much personal information to the machine. Some only require a mobile number to transact, allowing for the possibility of using a "burner" phone number.
They’re convenient – you can use them anytime, day or night.
WHAT ARE THE DISADVANTAGES OF USING A BITCOIN ATM?
Bitcoin ATMs also have some disadvantages:
They can be expensive — some machines charge high fees (up to 20%) for each transaction.
They may not be in your area — machines tend to be concentrated in highest-population cities and locations.
They’re not always reliable — some machines have been known to malfunction or even disappear.
#GOATMoments #Binanceturns6 #crypto2023 #multichain #Binance
WHAT IS A BITCOIN ATM?
A Bitcoin ATM is a machine that buys or sells bitcoin for cash. These ATMs look like traditional ones, but they do not connect to a bank account. Instead, they connect the customer with a Bitcoin exchange.
Bitcoin ATMs can be a quick and easy way to buy bitcoin, and they’re also one of the most private ways to do so. Some Bitcoin ATMs even allow you to buy bitcoin with cash without requiring a bank account.
A BRIEF HISTORY OF BITCOIN ATMS
The first Bitcoin ATM was installed in October 2013 in Vancouver, Canada. The machine allowed people to exchange their Canadian dollars for bitcoin. Since then, the number of Bitcoin ATMs has exploded.
As of March 2022, there were over 8,000 Bitcoin ATMs around the world, with a majority of them being in North America (4,854), Europe (2,177), and Asia (587). Now, more recent numbers place the total over 35,000 worldwide.
HOW DO BITCOIN ATMS WORK?
Bitcoin ATMs work by connecting to a Bitcoin exchange. When you use a Bitcoin ATM, the machine will give you cash in exchange for your bitcoin, or bitcoin in exchange for your cash. The exchange rate of bitcoin will depend on the current market rate at the time of the transaction.
WHAT ARE THE TYPES OF BITCOIN ATMS?
Generally, there are two main types of Bitcoin ATMs: One-way and two-way. One-way Bitcoin ATMs only allow you to buy bitcoin, while two-way machines let you buy and sell.
ADVANTAGES OF USING A BITCOIN ATM?
Bitcoin ATMs offer several advantages:
They’re quick and easy to use – you can be up and running in minutes.
They’re more private – you don’t always need to give much personal information to the machine. Some only require a mobile number to transact, allowing for the possibility of using a "burner" phone number.
They’re convenient – you can use them anytime, day or night.
WHAT ARE THE DISADVANTAGES OF USING A BITCOIN ATM?
Bitcoin ATMs also have some disadvantages:
They can be expensive — some machines charge high fees (up to 20%) for each transaction.
They may not be in your area — machines tend to be concentrated in highest-population cities and locations.
They’re not always reliable — some machines have been known to malfunction or even disappear.
#GOATMoments #Binanceturns6 #crypto2023 #multichain #Binance
🎁🔥SUSHI/USDT LONG 💰
Head AND Shoulder PATTERN RETEST
Entry: 0.6953
CANCEL IF 1H CC ABOVE TP3 PRICE
🚀🎯Follow me for more free accurate trading signals🚀
TP:
1) 0.7018
2) 0.7159
3) 0.7425
4) 0.7804
5) 0.8386
SL: 0.6788
$SUSHI
#askanda #ltchalving #multichain #bitcoin
Head AND Shoulder PATTERN RETEST
Entry: 0.6953
CANCEL IF 1H CC ABOVE TP3 PRICE
🚀🎯Follow me for more free accurate trading signals🚀
TP:
1) 0.7018
2) 0.7159
3) 0.7425
4) 0.7804
5) 0.8386
SL: 0.6788
$SUSHI
#askanda #ltchalving #multichain #bitcoin
🎁 💰BTC QUICK UPDATE💡
It needs to successfully breach the resistance marked by the blue line
🔥which indicates the downtrend line
A rejection might be leading to a potential support retest represented by the orange line
Keep your trades secure and have a relaxing weekend, everyone!
🎁💯Follow me and leave a like for more updates
#askanda #GOATMoments #Binanceturns6 #bitcoinhalving #multichain
It needs to successfully breach the resistance marked by the blue line
🔥which indicates the downtrend line
A rejection might be leading to a potential support retest represented by the orange line
Keep your trades secure and have a relaxing weekend, everyone!
🎁💯Follow me and leave a like for more updates
#askanda #GOATMoments #Binanceturns6 #bitcoinhalving #multichain
Staked Ethereum Now Holds 20% Share of the Total Supply
Approximately $45 billion, which is about 20% of all Ethereum in circulation, has been staked. Staking involves pledging tokens to the network to enhance security and earn rewards. Currently, around 24 million Ethereum is locked up across 744,000 validators, according to a dashboard on Dune Analytics. Ethereum shifted from proof-of-work to proof-of-stake in September last year, allowing staked Ethereum to be withdrawn since April. This milestone highlights Ethereum's progress towards a more environmentally friendly consensus model. Lido Finance and cryptocurrency exchanges like Coinbase, Kraken, Binance, and OKX are the popular choices for staking Ethereum.#GOATMoments #dyor #Binance #multichain
Approximately $45 billion, which is about 20% of all Ethereum in circulation, has been staked. Staking involves pledging tokens to the network to enhance security and earn rewards. Currently, around 24 million Ethereum is locked up across 744,000 validators, according to a dashboard on Dune Analytics. Ethereum shifted from proof-of-work to proof-of-stake in September last year, allowing staked Ethereum to be withdrawn since April. This milestone highlights Ethereum's progress towards a more environmentally friendly consensus model. Lido Finance and cryptocurrency exchanges like Coinbase, Kraken, Binance, and OKX are the popular choices for staking Ethereum.#GOATMoments #dyor #Binance #multichain
