#Crypto world news: 46.5% of the losses of the third Web sector (Web3) are caused by security problems in the traditional second web, and investment in blockchain games will reach 1.5 billion dollars in 2023
Security news
While developers and researchers generally focus on the design and programming of the smart contract protocol, 46.5% of the financial value of all hacks in 2022 occurred through infrastructure; for example: failure to properly protect the private key resulted in more than 1.7 billion dollars of losses, and the Immunefi platform for catching vulnerabilities and security services found in its report on the “actual source of hacks and the most prominent vulnerabilities of the third web” that 11 out of 13 exploits in the centralized finance sector came at the infrastructure level.
This report presents the standard vulnerability classification for the third Web and provides detailed research on the cause of the most harmful vulnerabilities; the biggest infrastructure problems are private key management, which is usually not subjected to security screening, in addition, not all third web projects take care of strict key management policies and use or contingency plans adequately. Moreover, developers make mistakes and leave gaps significantly in smart contracts when it comes to access control, input verification and calculation operations (these errors account for about 37.5% of all incidents), and the report added that despite the small damage to Cash (5%), breaches of blockchain bridges (bridge hacks) play an important role in these losses.
Gaming news
Investment in the third web gaming sector witnessed a huge increase in 2021 to stabilize in 2023, which recalls the levels before the bull market movement, according to the report of the decentralized autonomous platform Game7-for third web games - on the state of play on the third web: since 2018, 19 billion dollars have been invested in projects related to third web games and this market continues to grow despite the slowdown that followed the market correction in 2022; investment rounds related to blockchain games have reaped 1.5 billion dollars by the third quarter of 2023.
With more than 800 million dollars available exclusively for web III games, existing projects in the United States have attracted more than 4 billion dollars of funding followed by France (with 0.9 billion dollars), Canada (0.67 billion dollars), Singapore (0.67 billion dollars) and Hong Kong (0.66 billion dollars), and half of the new games entered the market this year coming from Asia. Reports indicate that blockchains targeting the gaming sector are on the rise despite market conditions, and more than 81 such blockchain platforms were announced in 2021 (up 40% from the previous year).
Also this year, we have seen a record number of third web games moving to different networks with Polygon, immutable and arbitrum at the forefront, Polygon hosts most of the third web games followed by BNB and the main Ethereum network (Ethereum Mainnet), Immutable is the most famous technical system for second-tier games followed by Arbitrum, while Solana is the largest technical system for third-tier web games not based on Ethereum, as for Op stack is the main choice among the blockchain business community to create new networks aimed at gaming use cases, and 81% of third-party web games use first-tier public-use networks.
Payment News
Singapore start-up payment port company Leap Pay announced its collaboration with Pundi X (developer of blockchain-based point-of-sale solutions) to create a technical system that enables merchants to accept and manage cryptocurrency payments in Singapore with ease, Leap Pay stated that it will cooperate with licensed entities as a virtual asset service provider (VASP) in order to develop new payment methods so as to ensure that these systems comply with all legal standards in multiple regions including Singapore, Hong Kong and the Philippines, where the company stated: “by collecting leap pay in legal compliance and payment outlets with Pundi X's innovative blockchain technology, this partnership will bridge the gap between traditional commerce and the world of digital currencies, making it easier for companies to take advantage of the advantages of digital currencies,”he said.
Blockchain news
Agrotoken-a global infrastructure for the financial representation of agricultural commodities announced its plans to start working on the Polkadot blockchain, where it will bid in an auction for a parallel network (parachain) on the Polkadot blockchain with the support of the Substrate Builders program, adding: “by building a parallel network on the first layer of the Polkadot blockchain, Agrotoken will strengthen its endeavors to work on several blockchains by opening up developers can use the agrotoken API to build new products, and all transactions on Agrotoken will be secured on the blockchain to ensure transparency and traceability of the origin of the digital asset.
It is noteworthy that Agrotoken is a digital platform that issues stablecoins in exchange for guarantees of cereals and food,where the value of each currency reflects the price of The Associated commodity (soybeans,corn or wheat), and these guarantees of cereals provide farmers, companies and financial institutions with the possibility of completing transactions on the agrotoken digital platform, and it should be noted that so far the platform has issued coins representing grains worth 105 million dollars, equivalent to 124,352 tons of soybeans, 94,423 tons of corn, and 13, 818 tons of wheat. Agrotoken operates in two of the largest commodity markets-Argentina and Brazil - and plans to expand globally in the medium term, the launch in the United States is scheduled for 2024.
News of non-replaceable tokens (NFTs)
The National Hockey Players Association (NHLPA) of North America, the National Hockey League (NHL), the Association of former hockey players (NHLAA), the Sweet platform for digitally represented gaming experiences and digital collectibles announced the launch of NHL Breakaway, an official community of the best digital collectibles of all the aforementioned associations in the NHL fan community.according to the press release, the platform offers an immersive experience that includes some of the most important highlights in the history of the National Hockey League (NHL), as well as unique features such as (trade lounge), public profiles and gameplay. The announcement stated that starting today, fans and collectors can collect, gift, trade, display and participate in specific collections and challenges in exchange for certain rewards.
