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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)?
SHIB Will Be a Top Performer During Next Bull Cycle: Analyst
#GOATMoments In one of his latest YouTube videos, crypto analyst ClayBro revealed that Shiba Inu (SHIB) is considered to be one of the most popular cryptocurrencies in America. The analyst also explained because of this popularity, SHIB could be one of the most successful cryptos during the next bull cycle.
The YouTube video referenced a recent study conducted by bookmaker cryptobedding.com, which indicated that Bitcoin ($BTC ), SHIB, and Dogecoin (DOGE) have emerged as the most popular cryptocurrencies in America. The study analyzed research volume data among the top 100 cryptocurrencies by market cap.
The report also revealed that #BTC continues to dominate the crypto landscape with 1.91 million monthly searches. SHIB, often referred to as the “Dogecoin killer,” secured the second spot with 484,000 monthly searches, while $DOGE garnered 280,000 monthly searches, positioning it as the third most popular crypto.
The popularity of these cryptocurrencies is expected to play a significant role when the bull market returns, as investors seek to capitalize on the rising prices. Speculation and popularity often drive prices in the crypto world, and the study’s findings suggest that individuals will likely gravitate toward the coins they are familiar with.
As the #crypto market awaits the bull market, investors are expected to show renewed confidence in #bitcoin , with SHIB also poised for potential growth given its status as one of the most recognized and popular coins in the United States. Meanwhile, CoinMarketCap indicated that SHIB was one of the many cryptos that saw its price rise over the past day.
At press time, $SHIB was worth about $0.000008016 after a more than 6% price increase throughout the past day. This ended up pushing SHIB’s weekly performance even further into the green to +10.82%. The 24-hour trading volume for SHIB surged by more than 190%, which left it standing at around $220,327,314.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.#multichain
The YouTube video referenced a recent study conducted by bookmaker cryptobedding.com, which indicated that Bitcoin ($BTC ), SHIB, and Dogecoin (DOGE) have emerged as the most popular cryptocurrencies in America. The study analyzed research volume data among the top 100 cryptocurrencies by market cap.
The report also revealed that #BTC continues to dominate the crypto landscape with 1.91 million monthly searches. SHIB, often referred to as the “Dogecoin killer,” secured the second spot with 484,000 monthly searches, while $DOGE garnered 280,000 monthly searches, positioning it as the third most popular crypto.
The popularity of these cryptocurrencies is expected to play a significant role when the bull market returns, as investors seek to capitalize on the rising prices. Speculation and popularity often drive prices in the crypto world, and the study’s findings suggest that individuals will likely gravitate toward the coins they are familiar with.
As the #crypto market awaits the bull market, investors are expected to show renewed confidence in #bitcoin , with SHIB also poised for potential growth given its status as one of the most recognized and popular coins in the United States. Meanwhile, CoinMarketCap indicated that SHIB was one of the many cryptos that saw its price rise over the past day.
At press time, $SHIB was worth about $0.000008016 after a more than 6% price increase throughout the past day. This ended up pushing SHIB’s weekly performance even further into the green to +10.82%. The 24-hour trading volume for SHIB surged by more than 190%, which left it standing at around $220,327,314.
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
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#multichain #Binanceturns6 #Binance #BRC20
earn money with maak vip pk
check bio
#multichain #Binanceturns6 #Binance #BRC20
🚀 MATIC/USDT Bull Market Analysis: #MATIC $10 Potential In Bull Market
🌐 Current Market: $MATIC at $0.79, surging 154% from the bear market bottom.
📊 Bullish Pennant: Formation detected, indicating possible upward trend continuation.
💡 Anticipated Movements: Upward momentum expected towards $1 with resistance ahead.
🔑 Breakout Analysis: Watch for $1.07 breakout cluster, potential rally trigger.
🔴 Supply Zone & Bullish Scenario: Breakthrough could lead to new all-time highs.
🎯 Future Target: In a bullish market, targets are set at $12-$15.
💭 Disclaimer: This analysis is for informational purposes only, not financial advice. Do your research and trade wisely.
#bitcoin #pepe #multichain #technicalanalysis
$BTC $BNB
🌐 Current Market: $MATIC at $0.79, surging 154% from the bear market bottom.
📊 Bullish Pennant: Formation detected, indicating possible upward trend continuation.
💡 Anticipated Movements: Upward momentum expected towards $1 with resistance ahead.
🔑 Breakout Analysis: Watch for $1.07 breakout cluster, potential rally trigger.
🔴 Supply Zone & Bullish Scenario: Breakthrough could lead to new all-time highs.
🎯 Future Target: In a bullish market, targets are set at $12-$15.
💭 Disclaimer: This analysis is for informational purposes only, not financial advice. Do your research and trade wisely.
#bitcoin #pepe #multichain #technicalanalysis
$BTC $BNB
#multichain Crypto Project Multichain Shuts Down, Says CEO Arrested in China
The Multichain (MULTI) bridge protocol announced today that it has shuttered operations due to a lack of operational funds and information about its CEO Zhaojun, who is in the custody of Chinese police.
Problems afflicting Multichain’s cross-chain bridge began back in late spring after users flooded Multichain’s Telegram complaining that certain pending transfers were stuck.
At the time, there were rumors that Chinese authorities had arrested several Multichain executives, including CEO Zhaojun. The protocol later confirmed on Twitter that the CEO was missing and that he had sole access to the blighted servers responsible for the delays. #Binanceturns6 #GOATMoments
The Multichain (MULTI) bridge protocol announced today that it has shuttered operations due to a lack of operational funds and information about its CEO Zhaojun, who is in the custody of Chinese police.
Problems afflicting Multichain’s cross-chain bridge began back in late spring after users flooded Multichain’s Telegram complaining that certain pending transfers were stuck.
At the time, there were rumors that Chinese authorities had arrested several Multichain executives, including CEO Zhaojun. The protocol later confirmed on Twitter that the CEO was missing and that he had sole access to the blighted servers responsible for the delays. #Binanceturns6 #GOATMoments
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
Welcoming SWAGGA to the UniLend ecosystem🎉
👾SWAGGA is a social entertainment metaverse featuring Swag-To-Earn and F.A.S (Fashion, Amusement, Social) at its core.
🤝In this collaboration, UniLend will be the first #multichain permissionless #DeFi protocol to open up its Community Club within SWAGGA #metaverse
⚡️This will broaden our user base and provide seamless access to our cutting-edge permissionless lending & borrowing protocol.
#partnership $UFT
👾SWAGGA is a social entertainment metaverse featuring Swag-To-Earn and F.A.S (Fashion, Amusement, Social) at its core.
🤝In this collaboration, UniLend will be the first #multichain permissionless #DeFi protocol to open up its Community Club within SWAGGA #metaverse
⚡️This will broaden our user base and provide seamless access to our cutting-edge permissionless lending & borrowing protocol.
#partnership $UFT
LayerZero Stargate proposes to disable fantom pools, inwind Multichain POL & dep. to Ethereum USDC.
#BRC20 #Ethereum #multichain #BTC #bitcoin
#BRC20 #Ethereum #multichain #BTC #bitcoin
Hydranet, known for its expertise in off-chain trading, just released the Hydranet DEX, a Layer 3 trading platform that integrates multiple off-chain protocols to enable trustless, cost-effective and near-instant cross-chain trading.
#crypto2023 #offchain
#multichain
#crypto2023 #offchain
#multichain
🆘 Hack attack on Multichain (MULTI), Roughly $126M in assets have been transferred to multiple wallets.
#hackattack #multichain
#hackattack #multichain
6/ A large amount of multi-chain assets, amounting to about 125 million US dollars, in the Multichain cross-chain protocol leaked to different wallets, and Multichain: Fantom Bridge leaked 122 million. The Multichain bridge is currently suspended.
#multichain
#multichain
Potential Multichain Hack! Tens of millions drained
Enormous amounts of money, totaling tens of millions of dollars, have been unexpectedly withdrawn from #multichain $MULTI raising concerns of a potential security breach. This unprecedented occurrence has caught the attention of industry experts, prompting intense speculation and analysis. Brace yourself as we delve into the gravity of this situation, uncovering the vast sums involved, the tokens at stake, and the potential implications for the wider cryptocurrency ecosystem.
The Unveiling of the Multichain Bridge's Losses
The Multichain Bridge, a crucial component of the Fantom network, has become the center of attention due to the staggering sums that have been withdrawn. Let's explore the mind-boggling figures associated with this incident:
$58 Million in $USDC Within the Multichain Bridge, an astounding $58 million worth of the renowned stablecoin USDC has vanished.
1020 $WBTC In addition to the USDC, an impressive 1020 bitcoins, valued at a staggering $30.9 million
7200 $WETH Furthermore, an equivalent of $13.7 million has been withdrawn in the form of 7200 ether, skillfully wrapped within the Multichain Bridge.
$4M $DAI Among the withdrawn funds, we find $4 million worth of the stable currency DAI.
Highly Sought-after Tokens: Alongside these substantial sums, the Multichain Bridge also hosted various highly sought-after tokens. These include Chainlink, Curve DAO, YFI, Wootrade Network, and astonishingly, almost a quarter of the entire UniDex supply. The presence of such valuable tokens further amplifies the significance of this incident.
Speculations and Possible Security Breach
The withdrawal of such colossal amounts has given rise to intense speculation among industry experts. Many are pointing towards a potential security breach as the cause behind this unexpected turn of events. The exact circumstances and individuals responsible remain uncertain at this stage, but the ramifications could be far-reaching.
The possibility of a security breach raises concerns regarding the vulnerability of blockchain networks and the need for enhanced security measures. The incident serves as a stark reminder that even the most advanced technological systems are not impervious to risks and vulnerabilities.
The Unveiling of the Multichain Bridge's Losses
The Multichain Bridge, a crucial component of the Fantom network, has become the center of attention due to the staggering sums that have been withdrawn. Let's explore the mind-boggling figures associated with this incident:
$58 Million in $USDC Within the Multichain Bridge, an astounding $58 million worth of the renowned stablecoin USDC has vanished.
1020 $WBTC In addition to the USDC, an impressive 1020 bitcoins, valued at a staggering $30.9 million
7200 $WETH Furthermore, an equivalent of $13.7 million has been withdrawn in the form of 7200 ether, skillfully wrapped within the Multichain Bridge.
$4M $DAI Among the withdrawn funds, we find $4 million worth of the stable currency DAI.
Highly Sought-after Tokens: Alongside these substantial sums, the Multichain Bridge also hosted various highly sought-after tokens. These include Chainlink, Curve DAO, YFI, Wootrade Network, and astonishingly, almost a quarter of the entire UniDex supply. The presence of such valuable tokens further amplifies the significance of this incident.
Speculations and Possible Security Breach
The withdrawal of such colossal amounts has given rise to intense speculation among industry experts. Many are pointing towards a potential security breach as the cause behind this unexpected turn of events. The exact circumstances and individuals responsible remain uncertain at this stage, but the ramifications could be far-reaching.
The possibility of a security breach raises concerns regarding the vulnerability of blockchain networks and the need for enhanced security measures. The incident serves as a stark reminder that even the most advanced technological systems are not impervious to risks and vulnerabilities.
Fantom Co-Founder Andre Cronje Says They Are Working to Recover Assets Lost Due to Multichain Shutdown and Exploit
#multichain #crypto2023
#fantom
#multichain #crypto2023
#fantom
Multichain investigates abnormal asset movement while Binance assures users of their safety. All Multichain services are temporarily suspended.
$MULTI #multichain #Binance
https://blockchainreporter.net/multichain-investigates-abnormal-asset-movement-cz-issues-statement/
$MULTI #multichain #Binance
https://blockchainreporter.net/multichain-investigates-abnormal-asset-movement-cz-issues-statement/
Arkham (ARKM) Listed on Binance: Raised 17x! Here’s the First Price Movement
Trading of Arkham (ARKM), the 32nd project of Binance Launchpad, started on Binance.
The maximum trading price was applied for the first 5 minutes and no orders could be entered above the price 10 times the pre-sale of $0.05.
In the first 5 minutes, ARKM price did not go below the ceiling price and traded at 0.5$. With the removal of the ceiling restriction, the price went up to $0.89 again. This means a 17-fold increase for those who buy from the pre-sale.
As of our news hour, ARKM, traded at $0.70, ranks 241st in the crypto currency ranking.#dyor #multichain #GOATMoments
Trading of Arkham (ARKM), the 32nd project of Binance Launchpad, started on Binance.
The maximum trading price was applied for the first 5 minutes and no orders could be entered above the price 10 times the pre-sale of $0.05.
In the first 5 minutes, ARKM price did not go below the ceiling price and traded at 0.5$. With the removal of the ceiling restriction, the price went up to $0.89 again. This means a 17-fold increase for those who buy from the pre-sale.
As of our news hour, ARKM, traded at $0.70, ranks 241st in the crypto currency ranking.#dyor #multichain #GOATMoments
SUI Network Sees Sudden Growth, SUI Soars 15% During The Day, Why?
#GOATMoments Just four days ago, the daily transactions on the Sui Network surpassed 22.2 million, representing an astounding increase of over 50 times compared to the previous two weeks. This surge in activity has been primarily attributed to the popularity of a blockchain-based game called Sui 8192.
Sui’s daily transaction blocks. Source: Artemis
Sui 8192, developed by the team behind the Sui-native Ethos Wallet, has emerged as a major driving force behind the surge in network activity.
The game draws inspiration from the well-known 2048 puzzle game but adds a unique twist by leveraging blockchain technology. Players are tasked with strategically shifting and combining tiles using arrow keys, with the ultimate goal of reaching the coveted 8192 tile.
What sets Sui 8192 apart is that each move made during gameplay is recorded as a transaction on the Sui blockchain, akin to the creation of a non-fungible token (NFT). As a result, players are required to pay gas fees for every transaction, leading to a substantial increase in daily activity on the Sui Network.
This remarkable growth in users and transactions has propelled the Sui Network ahead of Solana in terms of daily blockchain transactions. #Solana , known for its scalability and support for gaming applications, has faced several network outages in recent months and years, allowing Sui to take the spotlight with its impressive surge in network activity. The Sui Network’s architecture and object-based programming language have been cited as crucial factors contributing to the success of Sui 8192 and the overall network’s performance.
Looking at the token metrics, the SUI token currently boasts a market capitalization of nearly $500 million. Additionally, the daily active address count stands at approximately 30,000, underscoring the growing engagement and adoption of the Sui Network.
At the moment, the SUI token is trading at $0.755. Prior to that, SUI spiked to $0.78 with a gain of nearly 15% in the past 24 hours. Currently, the token’s momentary response has yet to see a clear bullish signal as the resistance area at $0.75 is still not fully conquered.
SUI price chart. Source: TradingView
In terms of future token issuance, the Sui Foundation has provided a detailed plan. The Sui #mainnet is scheduled to go live on May 3, 2023. The long-term circulating supply of SUI tokens is set at 10 billion, with approximately 5% of the tokens to be in circulation at the mainnet launch. The remaining tokens will be released according to a proposed schedule, with the full token supply expected to be released by April 2030. The Sui Foundation has emphasized that the timetable may be subject to changes to ensure the network’s stability and vitality.
The impressive growth of the Sui Network, fueled by the popularity of $SUI 8192, highlights the potential of blockchain-based gaming and its impact on network activity. As the #SuiNetwork continues to evolve and attract more users, it is poised to play a significant role in the broader blockchain ecosystem.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.#multichain
Sui’s daily transaction blocks. Source: Artemis
Sui 8192, developed by the team behind the Sui-native Ethos Wallet, has emerged as a major driving force behind the surge in network activity.
The game draws inspiration from the well-known 2048 puzzle game but adds a unique twist by leveraging blockchain technology. Players are tasked with strategically shifting and combining tiles using arrow keys, with the ultimate goal of reaching the coveted 8192 tile.
What sets Sui 8192 apart is that each move made during gameplay is recorded as a transaction on the Sui blockchain, akin to the creation of a non-fungible token (NFT). As a result, players are required to pay gas fees for every transaction, leading to a substantial increase in daily activity on the Sui Network.
This remarkable growth in users and transactions has propelled the Sui Network ahead of Solana in terms of daily blockchain transactions. #Solana , known for its scalability and support for gaming applications, has faced several network outages in recent months and years, allowing Sui to take the spotlight with its impressive surge in network activity. The Sui Network’s architecture and object-based programming language have been cited as crucial factors contributing to the success of Sui 8192 and the overall network’s performance.
Looking at the token metrics, the SUI token currently boasts a market capitalization of nearly $500 million. Additionally, the daily active address count stands at approximately 30,000, underscoring the growing engagement and adoption of the Sui Network.
At the moment, the SUI token is trading at $0.755. Prior to that, SUI spiked to $0.78 with a gain of nearly 15% in the past 24 hours. Currently, the token’s momentary response has yet to see a clear bullish signal as the resistance area at $0.75 is still not fully conquered.
SUI price chart. Source: TradingView
In terms of future token issuance, the Sui Foundation has provided a detailed plan. The Sui #mainnet is scheduled to go live on May 3, 2023. The long-term circulating supply of SUI tokens is set at 10 billion, with approximately 5% of the tokens to be in circulation at the mainnet launch. The remaining tokens will be released according to a proposed schedule, with the full token supply expected to be released by April 2030. The Sui Foundation has emphasized that the timetable may be subject to changes to ensure the network’s stability and vitality.
The impressive growth of the Sui Network, fueled by the popularity of $SUI 8192, highlights the potential of blockchain-based gaming and its impact on network activity. As the #SuiNetwork continues to evolve and attract more users, it is poised to play a significant role in the broader blockchain ecosystem.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.#multichain
📍The Bitcoin network has surpassed 800,000 blocks
➡️ 800,000 blocks without a government.
➡️ 800,000 blocks without a #CEO .
➡️ 800,000 blocks without asking for permission.
$BTC $ETH $SOL
#bitcoin #multichain #blockchains
➡️ 800,000 blocks without a government.
➡️ 800,000 blocks without a #CEO .
➡️ 800,000 blocks without asking for permission.
$BTC $ETH $SOL
#bitcoin #multichain #blockchains
