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Web3 Foundation passes 400 project grants on Polkadot

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Web3 Foundation passes 400 project grants on Polkadot

Web3 Foundation passes 400 project grants on Polkadot News Desk · 9 hours ago · 2 min read

Web3 Foundation (W3F) has received hundreds of applications from projects looking to build on Polkadot — around 40% of these submissions were approved by the foundation.

2 min read

Updated: August 1, 2022 at 1:27 am

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Cover art/illustration via CryptoSlate

Web3 Foundation, the organization responsible for doling out grants on Polkadot, has passed the milestone of 400 approved projects.

Since launching in December 2018, Web3 Foundation (W3F) has received hundreds of applications from projects looking to build in the Polkadot ecosystem — the foundation approved roughly 40% of these submissions.

Web3 Foundation’s remit isn’t limited to Polkadot and its network of parachains, but that’s where the bulk of its investments have been made.

W3F celebrates milestone

The Web3 Foundation has shared details of the projects approved so far to commemorate passing the milestone for its grants program.

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The foundation disclosed that 1,054 applications for funding have been submitted, with 415 being approved. The scope of these projects varies greatly, encompassing the entire web3 stack, from the base layer to middleware and consumer applications.

Web3 Foundation funded projects ranging from wallets, dev tooling, and APIs to smart contracts and UI development.

The foundation stated that 181 teams have completed at least one project, and 300 have successfully delivered their first milestone.

At this stage in its life cycle, Polkadot is still primarily developer-oriented since it’s necessary for its parachains to be built out and connected to other Layer 1s before consumer-facing apps can be deployed.

Decentralizing the world

Recipients of Web3 Foundation’s funding have been distributed fairly evenly around the world, with 14% of teams hailing from the US, 13% from China, 8% from Singapore, and nations such as Australia, Japan, and Argentina also heavily represented.

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The completion of 400 grants for Polkadot arrives at a busy time for the blockchain of blockchains. A governance revamp is poised to improve the way in which on-chain decision-making is made, while staking the DOT token has gotten easier with the launch of new staking and nominating dashboard.

Web3 Foundation is proud of the latest milestone, highlighting that grant recipients are now working on “a wide range of decentralized use cases, including digital identity and privacy, IoT, games, data storage, and finance.”

As some blockchain developers transition away from Solidity, whose limitations and security issues are well documented, Polkadot’s architects are hoping that Parity will prove its worth.

The number of parachains built with Parity is proliferating, but there is competition from other “next-generation” blockchains such as Sui and Aptos, both of which use the Move programming language.

It is possible that Polkadot’s scalability and interoperability will facilitate the Cambrian eruption of web3 applications that blockchain enthusiasts hope to see.

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What a complete yolk! Comparing Bitcoin to Eggs and why it matters

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What a complete yolk! Comparing Bitcoin to Eggs and why it matters

What a complete yolk! Comparing Bitcoin to Eggs and why it matters Liam ‘Akiba’ Wright · 4 seconds ago · 2 min read

How many eggs can you get for 1 Bitcoin? One might ask “what do eggs have to do with Bitcoin?” Surprisingly we can gather a ton of useful information by examining the price of eggs over the past 40 years.

2 min read

Updated: August 15, 2022 at 5:07 pm

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Cover art/illustration via CryptoSlate

Let’s talk about eggs. Eggs are a staple food for many around the world and one that has changed little since 1980. Free-range, grass-fed, organic; these are all changes and improvements to the egg industry, but the underlying product is fundamentally the same.

However, the price of eggs has been far but consistent, as the data below from the St. Lois Fed indicates. The average price of eggs in 1980 was less than $1, while in 2022, the same product costs around $3, a 3x price.

Due to the impact of long-term inflation, $1 in 1980 has the equivalent in purchasing power of around $3.60 today. This increase amounts to a rise of $2.60 in the space of 42 years. Throughout this time, the Dollar had an average inflation rate of 3.09% per year, producing a cumulative price increase of 259.56%.

Holding an asset like BTC is important on both a long-term horizon and low-time preference. If we change the unit of account from USD to BTC, we get an entirely different chart. When measured in BTC, it looks like the price of eggs has fallen drastically since 2015.

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Using today’s Bitcoin price, in 2009, it would cost you $1m for eggs, whereas in 2022, it would be nearly 12,000 Sats (roughly $3.)

While this is more of a theoretical argument than a practical one, it does showcase that the purchasing power of Bitcoin, when compared to an everyday essential such as eggs, has risen dramatically over recent years.

The purchasing power of the Dollar (and most fiat currencies) falls over time. Bitcoin is unique because its purchasing power has continued to rise following each halving cycle. Past performance is not indicative of future success, but Bitcoin’s mechanics don’t change. There is a fixed supply of Bitcoin; no money printer run by a central bank exists.

The amount of Bitcoin that was last active 5+ years ago has reached an all-time high of 25%, meaning a quarter of all Bitcoins have not moved for five years. Therefore, those who purchased Bitcoin in 2017 can now buy more eggs than ever before with their BTC.

Eggcellent news for Bitcoin Hodlers.

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For those interested, you can load up a debit card with Bitcoin using companies such as Crypto.com, Ziglu, BitPay, Binance, and many more. Once you’ve done this, you can use your Bitcoin to buy eggs. With 1 Bitcoin, you can buy 122,979 eggs at today’s price in a UK grocery store; or 1 egg for just 0.000008 BTC.

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New Brazil bill wants to tokenize mined gold on blockchain

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New Brazil bill wants to tokenize mined gold on blockchain

New Brazil bill wants to tokenize mined gold on blockchain Oluwapelumi Adejumo · 60 mins ago · 1 min read

The bill will bring more transparency to Brazil’s gold mining industry.

1 min read

Updated: August 15, 2022 at 4:08 pm

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Cover art/illustration via CryptoSlate

Brazil’s Federal Deputy Joenia Wapichana has proposed a bill to tokenize gold mined in the country via blockchain technology.

According to Wapichana, the country should be able to account for gold mining activities within its territory. The bill introduces new legislation targeting transactions involving precious metals and their transportation.

The bill would also help to combat illegal mining activities within the country.

The lawmaker pointed out that around half of the country’s gold is mined illegally. She added that the illegal mining activities had worsened the environmental impact of mining.

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“These operations are accompanied by mercury contamination, violence and deforestation, as has been frequently reported by the national and international press, and by civil society organizations that fight for the protection of the forest and the guarantee of indigenous rights.”

Wapichana stated that she believes using blockchain technology would help the country keep track of the industry.

According to her, “the National Mining Agency (can) implement a single digital system, with secure records, using blockchain technologies, to consolidate all data and processes of mineral operations with the additional electronic records and documentation on transactions and sales.”

Meanwhile, the lawmaker did not specify a preferred blockchain for the tokenization process.

Governments embracing blockchain solutions

While the bill would be a novel application of blockchain technology in Brazil, it is not the first time that a country has considered the idea of using blockchain technology to track its natural resources.

The central African Republic recently revealed that it is considering tokenizing its natural resources. The pro-Bitcoin country intends to tokenize the resources to enable more people to access it.

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Colombia integrated a digital land registry built bin Ripple’s XRPL ledger into its National Land Registry. The blockchain solution will help the country solve its land issues.

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Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

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Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Samuel Wan · 1 hour ago · 2 min read

The new stablecoin — interBitcoin — is a wrapped product that will bring Bitcoin’s trust and security to more technologically innovative chains.

2 min read

Updated: August 15, 2022 at 2:41 pm

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Cover art/illustration via CryptoSlate

Interlay has launched a wrapped Bitcoin asset called interBitcoin (iBTC) on the Polkadot chain. The product intends to widen BTC use “for DeFi, cross-chain transfers, NFTs, and more.”

iBTC is already Acala and Moonbeam compatible. But developers have put up $1 million of funding to extend the project to other chains. Plans are in place to launch on Ethereum, Cosmos, Solana, and Avalanche soon.

“iBTC is a Bitcoin-backed stablecoin, maintained by a decentralized network of collateralized Vaults and redeemable 1:1 for BTC.”

How does iBTC work?

Interlay’s mission is to realize “the true nature of BTC” by extending its use to any blockchain.

“interBTC realizes the true free nature of BTC and decentralized finance. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant.”

Source: pr.reblonde.com

Underpinning this is a network of decentralized vaults, which the company has stated is open for anyone to run and operate their own vault. Users lock their Bitcoin collateral with a vault, which then mints and issues iBTC to the user.

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Interplay said iBTC is 1:1-backed and redeemable with Bitcoin. Moreover, the locked BTC is insured and reimbursed in the event of vault failure.

Interlay co-founder and CEO Dr. Alexei Zamyatin said iBTC brings Bitcoin’s trust and security to more technologically innovative chains. In effect, combining the best of both worlds while protecting Bitcoin’s trustless nature.

“Bitcoin is the driving force behind global crypto adoption, while Polkadot, Ethereum & co. is where technological innovation is happening.”

The project said iBTC is different from other cross-chain bridges in that users need only trust Bitcoin and Polkadot. What’s more, “there is no single point of failure,” and there is an automatic reimbursement process for lost BTC from the collateral insurance.

Cross-chain bridges under fire

Several high-profile hacks, including the Nomad hack, which was drained for $190 million, and the Ronin hack, where attackers netted $615 million, have put cross-chain bridges firmly in the spotlight.

A recent report from data analytics platform Chainalysis estimated that $2 billion was lost to cross-chain bridge hacks so far this year. What’s more, this type of cybercrime now accounts for 69% of all stolen crypto funds.

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Chainalysis researchers said the issue has become so prevalent it now poses “a significant threat” to public trust in blockchain technology.

To combat the problem, Chainalysis called for more rigorous code audits and the use of established smart contract code to serve as a template for new projects.

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