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HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

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HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power.

Last week, HUMAN Protocol announced the introduction of the Routing Protocol, a new layer to coordinate and incentivize the various third parties that operate the network. This upgrade sets the stage for a new wave of utility for HMT. It is a vision of decentralization by allowing third parties to come to an agreement on standards for fees, crypto staking, slashing models, and voting.

Voting: proposition for a governance minimization model

This proposal focuses on alternate conviction voting, whereby voting power increases with each vote, along with the voter’s reputation (i.e., voting power will increase if, for example, you refer to valuable projects, solve tasks, or contribute to overall development). This model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Such a system provides strong incentives to contribute to the HUMAN project.

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What will the Routing Protocol do?

The Routing Protocol incentivizes contributions to the network by the community. One way it accomplishes this is to provide the framework to make these incentives possible through, for example, staking, slashing, and reward mechanisms.

The RP will also provide a blueprint to coordinate third-party agents who contribute to the Protocol. Through the RP, businesses and tool vendors (Recording and Reputation Oracles, for example) can commit HMT to access the network.

This operates on a Proof of Balance model. Someone who wishes to participate in the network must put up a sum of HMT, much like a security deposit, to incentivize good behavior. The balance can be slashed if the user behaves poorly (see slashing below). It also plays an important role in determining operator priority in receiving work.

Separately, there is governance staking, whereby any user or network operator can stake HMT in return for vHMT, a token used for governance voting. This incentivizes active participation in the network by the community.

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How staking in crypto works

With cryptocurrencies, that use the proof-of-stake model, transactions are added to the blockchain through staking.

First, participants pledge their coins to the cryptocurrency protocol. From those participants, the protocol chooses validators to confirm blocks of transactions. The more coins you pledge, the more likely you are to be chosen as a validator.

Every time a block is added to the blockchain, new cryptocurrency coins are minted and distributed as staking rewards to that block’s validator. In most cases, the rewards are the same type of cryptocurrency that participants are staking. However, some blockchains use a different type of cryptocurrency for rewards.

If you want to stake crypto, you need to own a cryptocurrency that uses the proof-of-stake model. Then you can choose the amount you want to stake. You can do this through many popular cryptocurrency exchanges.

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HUMAN Protocol’s Layer-1 Integrations Improve Blockchains

The creation of the world’s first smart contract-capable blockchain and the many Layer-1 iterations have birthed many realms of possibilities. Layer-1 solutions hasten blockchain technology’s adoption. The influx of third-party vendors within blockchains creates network traffic. Routing Protocol as one example helps maintain ecosystem stability through impartial coordination among participants via the ability to allocate fees individually.

Layer-1 integrations also give room for further innovation. HUMAN’s Routing Protocol provides higher levels of expression or innovative ideas within the ecosystem by improving value exchange, as employers and potential workers have different wants and needs. On one level, many of these are taken care of by the network core. The dynamic nature of the 21st-century workplace environment requires more than “one pair of eyes” to attend to the various issues that occur when matching tasks with talents.

These integrations give blockchains extensible value and improve utility scenarios. Combined with oracles, they pack a punch. Blockchains deploy oracles, combined with the Layer-1 solutions give network users further use-case options.

Data storage is one thing. Deployments and use-cases are another. Routing Protocol enables enhanced deployments and use-cases while foundational data processes remain with HUMAN Protocol core, giving the job spaces a new identity, function, and mission.

The post HUMAN Protocol’s Big Announcement on V2 Upgrade with Routing Protocol appeared first on .

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BAYC

Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council

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Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council

The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be representatives of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections. Yuga Labs has chosen seven community members with “a proven track record” to represent the NFT club at large.

Yuga Labs Names Seven Community Council Members

On Wednesday, Yuga Labs announced that the team has created a community council of seven Apes in order to represent the entire BAYC and MAYC ecosystem. According to the announcement, the community council will be able to nominate three community projects every month, and BAYC and MAYC communities will then vote on which project will get a grant from Yuga Labs.

Projects can get 10 ether or roughly $15,000 worth of the second-leading crypto asset by market capitalization. The seven new community council members include Josh Ong, Sera, Laura Rod, 0xEthan, 0xWave, Negi, and Peter Fang. “The council will work with Yuga and the BAYC/MAYC community to uplift community-driven initiatives such as commercial projects, meet-ups, charitable giving, and other community-led ideas,” Yuga Labs’ announcement details.

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Yuga Labs says the council members were chosen for their prior track records toward community-led initiatives and building. The news follows Yuga Labs officially releasing intellectual property (IP) rights to Cryptopunks and Meebits owners. The company had already released BAYC/MAYC IP rights to the owners of those specific NFT collections. Furthermore, Yuga Labs recently published the Otherside metaverse whitepaper and released a new teaser video about the upcoming project.

Regarding the two project’s autonomy, Yuga Labs said that the newly launched community council will keep the independence strong. “The BAYC/MAYC community is an autonomous bunch, and this council represents that — they’ll be bringing their various skill sets with ideas to the table, and we’ll work with them to make the best ideas reality,” the blog post published by Yuga Labs concludes.

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BAYC, Blockchain, Bored Ape Yacht Club, community council, cryptopunks, Intellectual Property, ip, MAYC, Meebits, Mutant Ape Yacht Club, nft, NFT collections, NFTs, Non-fungible tokens, Otherside metaverse, Yuga Labs, Yuga Labs BAYC, Yuga Labs grants, Yuga Labs project

What do you think about Yuga Labs launching a community council for BAYC/MAYC? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, BAYC, Yuga Labs,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Japanese Gaming Giant Sega To Launch First Blockchain Game

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Japanese Gaming Giant Sega To Launch First Blockchain Game

Sega, one of the largest Japanese gaming companies, has announced that it will launch its first blockchain game in collaboration with Double Jump Tokyo, another Japanese development company. The game, which is based on Sega’s Sangokushi Taisen franchise, will be built using Oasys, a Japanese scaling-focused project, to support its blockchain elements.

Sega to Launch First Blockchain Gaming Project

Sega, one of the most influential Japan-based gaming companies, has announced that it will build its first blockchain-based game. The project, which will be built by another gaming company, Double Jump Tokyo, will be based on the Sangokushi Taisen franchise, a popular arcade game in Japan.

The Sangokushi Taisen franchise is comprised of a series of strategy games that allows its players to use of virtual cards in the virtual field. The structure of the game lends itself to the implementation of blockchain elements, like the tokenization of some of the assets of the game and the trading aspect of the cards. However, none of the companies have announced how these blockchain elements will be included as part of the game mechanics.

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No tentative release date for the game has been announced yet, but Sega has not announced the development of any similar project.

Oasys Blockchain and Blockchain Gaming

Double Jump Tokyo also announced that the blockchain part of the game will use Oasys, a Japanese gaming project, as its vehicle. Oasys is a blockchain initiative that aims to be scalable enough to support a big number of concurrent players using its services. The company hopes to make its entrance into the AAA gaming circle with this and other planned releases.

Oasys has the support of traditional entertainment powerhouses and crypto companies, such as Bandai Namco, Sega, Jump Crypto, and even Square Enix, which became a validator of the chain and is currently exploring the launch of blockchain games using this tech.

Sega’s stance on non-fungible tokens (NFTs) and blockchain games has been ambiguous. In January, the company stated it could abandon the implementation of these technologies in its games if these are considered a money grab by its customers. However, more recently, in April, Sega hinted at the possibility of including NFTs and metaverse elements as part of its “Super Game” development strategy.

Other AAA gaming companies like Ubisoft have been more clear, launching their own NFT markets and including NFT elements in games from leading franchises. Square Enix has also included blockchain as a key part of its business plan for the future.

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What do you think about Sega’s first blockchain game launch? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Ned Snowman, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$700 million

Despite The Crypto Market Downturn, DAO Treasuries Grew By $700 Million Since January

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Despite The Crypto Market Downturn, DAO Treasuries Grew By $700 Million Since January

Since January 2022, the entire crypto economy has shed $1.36 trillion in value, as the market capitalization dropped from $2.34 trillion to today’s $979 billion. While the crypto economy is down in value, trade volumes are lower, and the value locked in decentralized finance (defi) has shed billions, treasuries held by decentralized autonomous organizations (DAOs) have increased by 7.69% in value since January, as roughly $700 million was added to the projects’ caches in eight months.

DAO Treasuries Jump 7.6% Higher in USD Value, Since 2016 the Value Held by Decentralized Autonomous Organizations Grew by 6,025%

On June 10, 2022, the total amount of funds held by decentralized autonomous organization (DAO) treasuries reached the $10 billion range for the first time in history. While the crypto industry is dealing with lower prices and bearish sentiment, the value held by DAO treasuries has managed to weather the storm.

Presently, across 4,830 organizations, DAOs hold $9.8 billion, which is only $200 million less than the aggregate value held by DAOs 112 days ago. While it is $200 million less than it was three months ago, DAO treasury values have increased by $700 million since January, according to stats aggregated by deepdao.io.

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On January 22, deepdao.io metrics recorded by archive.org indicate there were 4,227 organizations at that time, and collectively, $9.1 billion was held in DAO treasuries. With $9.8 billion today, that’s a 7.69% increase in USD value held by DAO treasuries over the last 251 days.

At the time, Bitdao held $2.4 billion in its treasury and it was the largest DAO treasury in January. Uniswap was the second largest at the time, with $2.1 billion. Both Bitdao and Uniswap are still the top two DAOs in terms of treasury size, but Uniswap is now the largest.

On October 1, Uniswap has $2.8 billion, while Bitdao’s cache has shrunk to $1.3 billion from the $2.4 billion held at the beginning of the year. Bitdao’s $1.3 billion makes it the second largest DAO treasury and it’s followed by ENS which holds roughly $1.2 billion.

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251 days ago, ENS was the 14th largest and at the time, the third largest was Lido Finance. The liquid staking protocol’s DAO is now the fifth largest, with $283 million held in the Lido DAO today. The top ten DAO treasuries include Uniswap, Bitdao, ENS, Gnosis, Lido, Olympus DAO, Mango DAO, Merit Circle, Compound, and Aragon Network.

Out of the entire $9.8 billion, there are 3.9 million governance token holders, and 698,400 active voters and proposal makers. 109 DAOs hold $1 million or more, while only three DAOs have more than a billion in funds.

While Uniswap has $2.7 billion, 98.7% of the project’s treasury funds are held in uniswap (UNI) tokens, and Bitdao has a treasury comprised of a bunch of different crypto assets which include tokens like BIT, ETH, USDC, and USDT.

As the crypto economy continues to deal with tumultuous times, decentralized autonomous organization treasuries have seen steadfast growth since the start of the year. Since the first DAO was created in 2016, DAO treasuries have increased 6,025% in USD value during the last six years.

Tags in this story

$700 million, $9.8 billion, 2016, 2022, Aragon Network, Bitdao, Blockchain, Compound, Crypto, crypto downturn, DAO, DAO Treasuries, DAO Treasury, DAOs, decentralized autonomous organization, decentralized finance, DeFi, ENS, ETH, Gnosis, governance tokens, Lido, Mango DAO, Markets, Merit Circle, Olympus DAO, UNI, uniswap

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What do you think about the thousands of DAOs today and the $9.8 billion held by DAO treasuries? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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