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Why Web3 Is Relying On OpenSea And Twitter When It Is Decentralized?

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Why Web3 Is Relying On OpenSea And Twitter When It Is Decentralized?

Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains.

Web3 has stunned the world by forging a parallel system of finance of unprecedented flexibility and creativity in less than a decade. Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. Yet, the economic value finance trades on are generated by humans and their relationships. Because Web3 lacks primitives to represent such social identity, it has become fundamentally dependent on the very centralized Web 2 structures it aims to transcend, replicating their limitations.

For example, the lack of Web 3-native identity and reputation forces non-fungible token (NFT) artists to often rely on centralized platforms like OpenSea and Twitter (TWTR) to commit to scarcity and initial provenance, and prevents less than fully collateralized forms of lending. Distributed autonomous organizations (DAO) that try to move beyond simple coin voting, often rely on Web 2 infrastructure, such as social media profiles, for resistance to Sybil attacks (one or a few entities pretending to be many more entities). And many Web 3 participants rely on custodial wallets managed by centralized outfits like Coinbase (COIN). No wonder, decentralized key management systems are not user-friendly for any but the most sophisticated.

In our paper, we illustrate how even small and incremental steps toward representing social identity with Web 3 primitives could solve these issues and bring the ecosystem far closer to regenerating markets and their underpinning human relationships in the native Web 3 context.

The term Web3 has been around for years, but it has come into vogue in the past year or so. Packy McCormick, an investor who helped popularize web3, has defined it as “the internet owned by the builders and users, orchestrated with tokens.”

Proponents envision web3 taking many forms, including decentralized social networks, “play to earn” video games that reward players with crypto tokens, and NFT platforms that allow people to buy and sell fragments of digital culture. The more idealistic ones say that web3 will transform the internet as we know it, upending traditional gatekeepers and ushering in a new, middleman-free digital economy.

 

Many Web3 developers have chosen to build dApps because of Ethereum’s inherent decentralization:

1. Anyone who is on the network has permission to use the service – or in other words, permission isn’t required

2. No one can block you or deny you access to the service

3. Payments are built-in via the native token, ether (ETH)

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4. Ethereum is complete, meaning you can pretty much program anything

 

What are the features of Web3?

Ubiquity: Web 3.0 will have the capacity of being everywhere at any time. In Web 2.0, Facebook provides this feature as users can capture and share their pictures on it, and other users can see that until they have access to it. Web 3.0 will take this further and provide the internet available everywhere at any time.

Semantic Web: Semantic is the study of content; thus, the semantic web allows the analysis of loads of data from the web. Semantics in the Web will enable machines to decode meaning and emotions from data. Consequently, users will have a better experience driven by enhanced data connectivity.

Artificial Intelligence: Web 3.0 machines will easily read and decipher the meaning and emotion of data using AI. Web 2.0 provides this capability but is still predominantly human-based, increasing the chances of corrupt behaviours such as biased ratings and reviews. In Web 3.0, AI will be in action that will enable platforms to sift data and tailor them to users’ liking. The advancement in AI (Responsible AI) will ultimately provide users with the best filtered and unbiased data as much as possible.

3D Graphics: It will blur the lines between physical and digital by revolutionizing the graphic field, bringing it into clear focus 3D virtual world.

 

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Blockchain

Tezos Foundation Launches Fund To Collect NFT Creations By African And Asian Artists

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Tezos Foundation Launches Fund To Collect NFT Creations By African And Asian Artists

The Tezos Foundation recently said it has committed $1.23 million to a fund that will be used to collect non-fungible tokens (NFTs) created by African and Asian artists. Photographer Misan Harriman has been selected as the curator of the foundation’s permanent art collection.

Supporting a New Generation of Artists

The Swiss non-profit organization, Tezos Foundation, recently said it has committed about $1.23 million (£1 million) to a fund, which will be used to collect non-fungible tokens (NFTs) of upcoming artists from Africa and Asia. The artists’ works will be curated by Misan Harriman, a renowned photographer and one of the pioneers in the making and collection of NFTs.

As per The Art newspaper report, Harriman — the chair of London’s complex of artistic venues, Southbank Center — will also focus on acquiring the works of artists from regions with less representation in the NFT community.

Commenting on his role as the curator of Tezos Foundation’s so-called permanent art collection, Harriman said:

As the first curator of this collection, I want to make sure the world sees the diverse voices that are making truly extraordinary work[s] with art. The Tezos Foundation Permanent Collection will support and celebrate a new generation of artists that have chosen a smart contract-enabled path to be their true selves.

Breaking Barriers in the Art World

While critics of NFTs have voiced concerns over the volatility of cryptocurrencies, proponents of the underlying blockchain technology insist NFTs will break down long-standing barriers in the art world. According to Tezos Foundation, itself an arm of the Tezos Blockchain, whilst hurdles still remain they cannot stop the growing use of NFTs.

Meanwhile, in a recently released statement, Arthur Breitman, a co-founder and early architect of Tezos, spoke of how the collection raises awareness for Web3 artists. He added: “This project, in collaboration with Misan Harriman’s talent and expertise, allows us to create a bespoke destination with the sole purpose of elevating digital artists who turn to Tezos for a sustainable way of sharing their work with the world.”

What are your views on this story? Tell us what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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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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Algorithmic stablecoin

Tron DAO Reserve Acquires Millions In TRX, Bitcoin, And Tether To Safeguard USDD

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Tron DAO Reserve Acquires Millions In TRX, Bitcoin, And Tether To Safeguard USDD

Seven days ago, Bitcoin.com News reported on the Tron DAO Reserve purchasing $38 million in tron to safeguard the network’s stablecoin USDD. Since then and since the terrausd (UST) de-pegging event, the Tron DAO Reserve has continued to purchase large quantities of digital assets to bolster the project’s reserves. In addition to the tron purchases, the organization has been adding stablecoins and bitcoin into the mix as well.

While Terra’s Stablecoin Imploded, Tron’s Algorithmic Dollar-Pegged Crypto Project Purchases Millions Worth of Tron, Bitcoin, and Tether to Defend USDD

During the past week, all eyes have been focused on the Terra blockchain and its native crypto assets LUNA and UST. Both coins divebombed significantly in USD value and more than $46 billion in value disappeared from the crypto economy in roughly three days. Amid all the carnage, the Tron DAO Reserve has continued to purchase crypto assets for its digital currency-based forex reserves. On May 7, Bitcoin.com News reported on Tron’s founder Justin Sun and the Tron DAO Reserve purchasing $38 million in tron (TRX).

Since then the project has continued to buy crypto amid the market carnage that took place because of the UST fallout. Tron’s stablecoin USDD is also an algorithmic dollar-pegged crypto asset that has similarities to Terra’s UST. After the purchase of 504.6 million tron (TRX), the Tron DAO Reserve tweeted that the team aims to “guard the overall blockchain industry and market, prevent panic trading caused by financial crises, and mitigate severe and long-term economic downturns.” The Tron DAO Reserve (TDR) further added:

We also manage the permissions of USDD as its early custodian and ensure its price stability with reserves.

After the 504.6 million tron purchase, the TDR continued to add funds into the reserve this past week. “To safeguard the overall blockchain industry and crypto market, Tron DAO Reserve have bought 500 BTC with an average price $31,031.35 for $15,515,675,” TDR detailed on May 10. The same day, the TDR said it purchased 595,729,832 tron for $45.6 million. While the crypto market was chaotic that day the TDR team noted “USDD holds steady in today’s market volatility.”

Buying MOAR! https://t.co/DVG3sIWlic

— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) May 12, 2022

The following day on May 11, the TDR team tweeted: “To safeguard the overall blockchain industry and crypto market, [TDR] have bought 1,000 BTC with an average price of $30,096 for $30,096,000.” Following that purchase, the TDR organization bought 1,467,612,695 TRX for $97 million for the reserves. The TDR then started to buy stablecoins after the $97 million worth of tron was purchased. The TDR team explained on May 12:

To safeguard the overall blockchain industry and crypto market, [TDR] have bought 100,000,000 USDT with an average price of $0.982 with $98,200,000.

The TDR team did not stop there and has continued to purchase more coins to safeguard the Tron network’s stablecoin USDD. The TDR said on May 12, it purchased 200 million USDT for $0.985 per unit which added up to around $197 million in U.S. dollars. The Tron-based stablecoin reserve team then bought 1,249.57 BTC at an average price of around $29,394.

Tron’s Justin Sun ‘Still Believes in Algorithmic Stablecoins’

Currently, on Saturday, May 14, 2022, the USDD stablecoin has a market valuation of around $272.36 million and there are 271,438,207 USDD in circulation at the time of writing. During the past day, USDD has seen $85.5 million in global trade volume and the crypto asset is 156th largest market cap.

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Similar to the Terra blockchain’s mechanism of burning LUNA to produce UST, to mint a single USDD it costs $1 worth of tron to issue the crypto asset. This means it can grow as large as the market allows it as it allows anyone to mint the stablecoin in a permissionless manner. However, with the market turmoil that took place because of the UST de-pegging event, it is safe to say the crypto community is leery of algorithmic stablecoin assets.

Despite the issues this past week, Tron founder Justin Sun talked to Coindesk’s Tracy Wang and he said that he is still optimistic about the algorithmic stablecoin model. “I still believe in algorithmic stablecoins,” Sun explained to Wang during a Zoom interview.

Tags in this story

Algorithmic stablecoin, algorithmic Stablecoins, Bitcoin (BTC), Blockchain, crypto market, H.E. Justin Sun, justin sun, LUNA, reserves, safeguard, TDR, Terra’s UST, Tracy Wang, tron, TRON DAO Reserve, trx, USDD, USDT

What do you think about the USDD stablecoin project created by the Tron team? What do you think about the TDR’s purchases this week? 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 5,000 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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Blockchain

Terra (LUNA) Foundation Send Over $2 Billion Bitcoin to Gemini and Binance. What Next?

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Terra (LUNA) Foundation Send Over $2 Billion Bitcoin to Gemini and Binance. What Next?

As the cryptocurrency industry continues to be shaken by the Terra blockchain’s failure and the price crash of its native token, LUNA, and its algorithmic Stablecoin, UST, suspicions have arisen concerning the whereabouts of around 80,000 Bitcoin units belonging to the ecosystem.

The claimed Bitcoin was intended to be held in trust by the Luna Foundation Guard, a non-profit charged with maintaining the ecosystem.

Changpeng Zhao, the CEO of the world’s largest crypto exchange by trading volume, first posed the issue on Twitter, asking where Terra’s Bitcoin reserves had gone, after expressing his own views on the beleaguered blockchain.

Personal opinion. NFA.

This won’t work.

– forking does not give the new fork any value. That’s wishful thinking.

– one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).

Where is all the BTC that was supposed to be used as reserves? https://t.co/9pvLOTlCYf

— CZ 🔶 Binance (@cz_binance) May 14, 2022

Bitcoin sent to Gemini and Binance

In response to the question, Luke Martin, a prominent member of the cryptocurrency community on Twitter, claimed that the Foundation had transferred the funds to two destinations, citing Elliptic, a crypto analytics company.

The first 52k was routed to Gemini, with the remaining 28k going to Binance. Another crypto analytic site, CryptoQuant, said that on May 9, 37k was delivered to Gemini. The foundation has leased these 37k units to market makers in an effort to prevent the ecosystem from collapse.

As of press time, the LUNA foundation had not disclosed the whereabouts of its Bitcoin holdings, although Terra’s CEO, Do Kwon, had previously claimed that the ecosystem’s Bitcoin movement would be made public soon.

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He also took use of the chance to appeal for patience, saying that his team is, “juggling multiple tasks at the same time.”

3/ Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.

— Do Kwon 🌕 (@stablekwon) May 13, 2022

LUNA Price

Today, the cryptocurrency has continued to decline and now has the potential to go even more. With a 24-hour trading volume of $5,412,174,518 and a live market cap of $1,860,988,288, LUNA is presently trading at $0.00028400, down 32.88 percent. 

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