Author: cryptocurrency scripts

  • Polygon’s ZKEVM promises scalability and compatibility with Ethereum blockchain.

    Polygon’s ZKEVM promises scalability and compatibility with Ethereum blockchain.

    Polygon’s ZKEVM

    Polygon had a Bullrun type of move over the past week, they’ve got a lot going on and the market reflects that. Nailwal and his team are obviously killing it. At least, Paulo and his Tether team now have a new platform to print the ‘all important’ USDT. Not trying to throw shades…just stating the obvious. In the middle of a strong bull run; that move was quite impressive, but it wasn’t without a trigger. Polygon had announced an announcement.

    Well, cut the wait…if you did wait at all. Polygon is launching a scaling solution for Ethereum. Ethereum’s inability to scale has turned out to be a good business itself. A handful of projects only exist because you might have to pay over $20 to execute a smart contract transaction on Ethereum mainnet, and sometimes more…or less. Optimism, Arbitrum, Binance smart chain, Fantom opera chain, Avalanche, and Polygon itself; you’ll be making up a huge list if you attempt to mention every multi-billion-dollar projects that are relevant because Ethereum is slow, heavy…and boring. The mainnet itself might not scale anytime soon, but these fixes and alternatives are somewhat more efficient. Fast and cheap; the common features.

    One other thing in common; they sacrifice decentralization and security. The blockchain trilemma. When some of these cross chains aren’t halted by the validators, they are incredibly fast and could execute smart contract transactions for a few cents. The constant on-chain mishaps and halts defeat the goal of sovereignty and decentralization. Polygon’s Zero-knowledge Ethereum virtual machine (ZKEVM) will leverage layer-2 technology to develop an efficient scaling solution for Ethereum that maintains Ethereum blockchain-level security.

    Layer-2 scaling solution is a collection of infrastructures designed to take the bulk of your activities on the Ethereum blockchain away from the main net. Moving away from the main net and utilizing scalability infrastructures gives projects built on layer-2 certain clear-cut advantages.

    Leveraging cleverly built resources, Layer-2 projects are building sustainable facilities on the decentralized layer of the most used and innovative blockchain to date. This fast-growing space is welcoming completely new projects as well as existing projects delving into the second layer to build a more efficient version of their products.

    ZKRollup speeds up smart-contract transactions and offers a cheaper transaction cost by mass validating transactions. Transaction validation is hence simplified and facilitated as a huge number of transactions are validated at once. ZK-Rollups play the ‘exit game’ ingeniously and perfect the shift from Ethereum’s congested layer-1 while ensuring better functionality than the closely related ‘optimistic rollups’.

    We knew that Ethereum needed to scale. We knew that ZK Proofs were the best way to do so. We knew that EVM-equivalence was the secret sauce that would empower both devs and users. So we built Polygon zkEVM, the next giant leap for Ethereum.

    Polygon’s ZKEVM is compatible with Ethereum’s Virtual Machine; developers on Ethereum can easily port their projects or build new ones on Polygon’s ZKEVM without necessarily making changes to their codes or having to learn a new coding language. Polygon’s ZKEVM will go live, pending completion of public testing.

  • The Saga: Solana is building a blockchain-based smartphone.

    The Saga: Solana is building a blockchain-based smartphone.

    solana smartphone

    A blockchain-powered smartphone is a popular topic, despite not being in relevant existence. A topic of widespread discussions and rumors over the years. Building the core functionalities of a smart device on the blockchain is expected to add a layer of privacy, security, anonymity, and overall improved performance. Relative to contemporary gadgets; a device built around the blockchain should have more flexible support for the decentralized web, seamless value exchange facilities, and other provisions of blockchain technology. While many blockchain enthusiasts will be expecting top-level immutability in a blockchain-focused smartphone; everything about a blockchain phone has been mere speculation…a Saga.

    Looks like we are close to the end of a long-running Saga.

    Privacy-focused tech company — Osom, has announced that it would be partnering with a popular blockchain project — Solana to produce Solana Saga; a blockchain-focused smartphone built on the Solana blockchain. Solana Saga is an improvement from Osom’s OV1 which was expected to be released later this year. As part of the partnership; Solana Saga will be released with core functionalities built on the Solana blockchain.

    When not switched off by the validators; Solana is a super-fast blockchain featuring support for smart contracts and decentralized applications. Dubbed ‘Ethereum killer’ (a name it shares with tons of other similar projects), Solana presents faster and cheaper transactions relative to the Ethereum blockchain. Thanks to an overall improved throughput; Solana boasts a rich ecosystem with a handful of reputable projects, mostly NFT and DeFi projects.

    Working on the Solana Saga, the blockchain project will be looking to team up with the Osom team and integrate Solana blockchain into the core functionalities of the device. Efficient support for Web3 applications will surely be the main feature of the Solana Saga. Osom is already hands-on with privacy as a feature, they will be looking to develop blockchain-level privacy with the Solana team.

    Solana Saga will run on Android OS and flaunt some impressive memory and processor features. 512GB storage memory and 12GB RAM; Solana Saga fits into the everyday smartphone user’s memory capacity cravings. A big 6.6-inch screen and a 50MP rear camera quality. Saga will come with some pretty attractive features and bodywork as well. It is expected to be rolled out in 2023 with pre-orders underway already.

    Well, my opinion probably doesn’t even matter; Just like the Solana coin, Solana Saga will be surely swooped by a sea of buyers. Part of the perks includes an NFT, I’d expect an NFT sort of craving for the new Solana phone. With Sam and his co ‘researchers’ from the Alameda group putting their weight behind any Solana project, there’s surely enough purchasing power on the way.

    A mobile phone project for a blockchain that “is still in its beta-testing phase” is an audacious move…unarguably. A dollar for every time Solana blockchain goes off would make anyone rich; pun intended. Solana’s instability and regular outages are a bigger problem than the scalability issues it claims to solve. Albeit relatively young and obviously brilliant, Solana developers still have a long way to go in developing their blockchain to industry standards. A mobile phone project is somewhere down in the hierarchy in terms of relevance. Any true enthusiast will choose a stable and secure Solana blockchain over a Solana smartphone. $1000 for Solana Saga even makes this decision more likely.

    Anyways, “numbers go up”; anything to bring this to fruition is considered fair in the crypto space. Osom probably received much-needed funding as part of the deal. Pushing back productions and overhauling functionalities to integrate web3 support isn’t an easy decision. However, this partnership could afford to wait. A stable and more reputable blockchain fits in better. Solana might satisfy the latter, but can’t say the same about the former. At least, the beta testing stage should be done first.

    If the crypto space and the world is ready for a blockchain smartphone is uncertain too. We are hardly ever ready, but penetrating a blockchain phone into the gadget market will take some advanced effort and marketing skills. While Solana might have financial strength, it goes beyond that.

    Solana’s price shot up 30% on the announcement; it’s fair to say that the first goal was achieved. The big doubt is on the success of the Solana Saga in penetrating the market and functioning to users’ taste…this is even more important. There should be a backup plan in case the Solana blockchain goes off unexpectedly (or expectedly); they will be needing that…a lot. Not technical advice though, I’ll be looking forward to Saga too.

  • 2022 Bear market: The ‘Big players’ ruined the game.

    2022 Bear market: The ‘Big players’ ruined the game.

    bear market

    “Your last chance to buy bitcoin at $30K” may sound like a failed prediction, but on a second and deeper thought, your favorite influencer and ‘trader’ might be right. Judging from recent events, bitcoin at 30k is a huge target and is growing further every day. “Plan B” might have gotten his $100,000 bitcoin prediction wrong, but he’ll have more issues if he actually followed his own analysis and bought through them. Most influencers are too clever to follow their own predictions anyways. No jibe about his brilliance anyways, his analyses are still reasonable. Unfortunately, the crypto market hardly follows ‘fundamentals’

    Bitcoin was close to some historic values. $69,000 would have been an orgasmic figure, things like that don’t happen too often…naturally. A slow and rather disappointing regression followed; hitting lower points and breaking downward resistances, bitcoin’s off-brake downtrend pulled the rest of the crypto market into a great depression. The bull market looked all synthetic; the market always looked programmed, but this time it was close to obvious. A total market capitalization of $5 trillion was realistic. If bitcoin reached the $100,000 target, that would have been easily possible…

    Everyone is a hero in a bull market. Billion-dollar meme coin projects, tons of high-profile airdrops, invincible traders, and ‘rich folks’. The buzz was felt worldwide; Peter Schiff tried to warn everyone and squeeze in his gold superiority arguments along the line. Wasn’t a really good time for him; can’t say the same about the current situation.

    Under the flourishing market, a number of projects rose to absolute fame and reveled in bitcoin’s glory to create wealth…and a little bit of utility. Corny developers had their feast and quickly filled the space with tons of projects built in the shortest time by a team of rookies who joined the space when Elon Musk was riding his doge to the moon. Heard he’s got a court case to attend to in that respect. Well, the dogefather went from moon to court, not a bad move…at all. I’m certain he has enough wits to pull that one off, easily.

    Elon’s SNL session marked the absolute top for bitcoin and dogeCoin. I’m forever skeptical about the “to the moon” slogan. Things gradually went from bright to dim and the bandwagon of mainstream artists claiming to have adopted blockchain technology quickly began to disperse. Lil Yachty and Soulja Boy made more from their shills than they ever made from jumping in and out of the booth. Making money has never been so easy. ‘Lil Boat’ never bothered to release an album since then. I wouldn’t blame him though, his last one was forgotten too quickly and he certainly has more people listening to his shills than his mumble raps.

    Do Kwon at the peak of his wealth might be worth a few billion, but his ego was worth many times that figure. It’s logical anyways, USDC was meant to die by his hands; the reverse was the case but he did put up a good fight. Unfortunately, LUNA investors took all the hit while he was left to worry about a strange knock on his door. The Luna2.0 incentive must have saved him from more strange knocks. Airdrop recipients who managed to sell at launch probably made some of their money back. Can’t say the same about those who held on. The new Luna is 90% down already, and the old Luna…you’ll need a stick to count the zeros. All good, it was fun while it lasted.

    A few friends were comfortably living off the returns they got on the bitcoin they locked on Celsius’ lending platform. The temperature quickly got too hot and it was all close to melting. Don’t know the exact degree but somewhere above the boiling point of water. Celsius claimed to be decentralized, but just like my bank, users’ funds were locked when the market conditions became ‘unfavorable’. Alright, they offered more returns than my bank anyways, so I’d still stick to the juicier offer, even if it means risking being liquidated along with the rest of the market.

    3AC? A very long story I’d love to skip…

    While traders’ and investors’ greed rose to its highest levels; developers’ and project teams’ egos and arrogance also grew to similar levels. You could get the coldest replies for suggesting a fix for some discovered bugs. Who cares about bugs and fixes when prices are going haywire and investors are rugged slowly and swiftly? The big players in the space basked in the health market to fill up their pockets and cared less about the feasibility of their solutions and the sustainability of their strategies.

    The real argument is if they had any strategy at all. LUNA and UST’s collapse probably clouded a lot of events, but a few other stablecoins got pretty unstable. Justin Sun mastered the act of following the trend; USDD was basically born in an attempt to bring the Luna sort of price growth to the Tron ecosystem. USDD was in no way an improvement from UST. Just another copy facing the same issue. In Mr. Sun’s case, $600 million is an easier war to fight. USDD stays de-pegged for a number of days now. His Excellency will ultimately do something when his stablecoin gets to the same price as Cardano.

    It’s another situation where I find enough reason to justify bitcoin maximalists’ stand on altcoins and any other thing apart from bitcoin. The orange coin’s tragic fall to $17,000 is a result of these irregularities from ‘shitcoin’ projects. that name has never been more proper. Microstrategy will have to bear their losses for now while Elon Musk gets himself a lawyer, there are a few hundred billion on the line. The rest of the space will have to hope we don’t fall into a proper “great depression”

  • Newbie to “crypto rich”: 4 tips for your journey.

    Newbie to “crypto rich”: 4 tips for your journey.

    crypto rich

    You know those ‘zero to crypto rich’ stories? Yeah, they are very common in the crypto space. A couple of them are obviously bloated and there’s more to the story. Growing your portfolio is not rocket science anyways and through clever strategies, one can go from zero to ‘crypto rich’. How fast this happens is, however, dependent on a number of factors without one point of control.

    Whether you’re here for the technology or for the ‘riches’; one thing for sure is; you’ll surely be gladdened by an improved position in the few projects you’re invested in. Regardless of how much you wish to diversify your portfolio, missing out on tons of brilliant projects is inevitable. Well, you only need to get it right with your few investments. Over-diversification hasn’t really worked anyways.

    First, a start, then improvements and growth. The first step is to make your move into the crypto space. You’ll be amazed by the number of enticing projects that greets you. Depending on factors personal to you, you can only invest in just a few of them.

    And do you really need capital to start? If you consider time as an important resource, then yes. Else, time and dedication are all it takes to make a head start.

    Financially buoyant investors can simply go ahead to seed cash on any crypto that impresses them enough; otherwise, here are four tips to grow your cryptocurrency portfolio with little or no capital.

    Invest your skill and knowledge.

    Unlike more other investment spheres, the crypto space is home to unimaginable opportunities. Like a world of its own, there’s room for almost anything and anyone. One way to hasten your growth is to get involved. Putting your skills to work can avail you of opportunities to earn even more cryptocurrencies. From crypto-earning blogging platforms like hive, steem, and publish0x to freelancing and full-time opportunities. It’s a whole new zone, you should explore and improve your positions at the same time.

    Airdrops can be life-changing.

    Apart from the infamous lucrative DAO airdrops, cryptocurrency airdrops might seem uninteresting to most. $20 worth of tokens as a reward for performing a basket of social activities. Before airdrops became ‘free’ and instantly life-changing, this was the state of things. But this kind of airdrop can still be worthwhile regardless. The majority of them fail to make it out, but in some cases, they grow to very profitable heights. Participating in ‘promising’ airdrops is something you should consider giving a try.

    Embrace passive income opportunities.

    Leaving your tokens in your wallet is a safe practice, but for someone looking to grow their stakes, this, in fact, defeats the goal. Most cryptocurrency projects give holders a chance to benefit from the emissions and grow their stash regardless of the price. Staking programs and liquidity mining are popular passive income opportunities in cryptocurrency and DeFi. At least one of these is worth a try. Decide which passive income opportunity is best suited for you and put your investments to work. Cryptocurrency lending platforms are also good passive income opportunities.

    Preserve your capital.

    Risk management is also an essential skill. Cryptocurrency prices are prone to rapid fluctuations, accidents are common too. Ensuring that you don’t run into grave losses is important. As a micro investor with a ‘small bag’, your risk threshold is very little and any tangible loss is a huge setback. Try and preserve your profit and be slow to take uncalculated risks.

    Your route to cryptocurrency wealth will be well simplified by following these pretty easy tips. Human behavior is somewhat erratic and cryptocurrency itself is hardly predictable, varying conditions might make it hard to adhere to some of these. Most importantly, always do your research.

  • Admit it; you’re doing crypto the wrong way!

    Admit it; you’re doing crypto the wrong way!

    crypto investing

    Like a merchant, you’ve repeatedly bought and sold a number of cryptocurrencies. It’s fascinating, digital assets have created a space of equal access to objects of financial improvement. Regardless of your social caste and financial hierarchy, there is only a little barrier between you and your next cryptocurrency purchase…or sale. Millions have trooped in and in only a decade, the number of cryptocurrency investors has grown as fast as bitcoin’s price. In the right sense, it’s a bit faster.

    Buzzwords apart, cryptocurrency and blockchain are both impressive stuff. The solutions and how everything is structured are welcoming. Well, crypto Twitter can be toxic but isn’t it the same with social media as a whole?

    You’ve been fortunate enough and your net cryptocurrency investment has been greatly profitable for you. Congratulations, if there’s anything the past month has thought us, it’s that making profits in crypto isn’t as easy as it seems.

    As long as you make profits, the conviction is that you’re doing it right. That’s exactly how it looks. If it’s the other way around; you feel you’re not getting it right, in short term. Investors who have mastered the art of ‘flipping’ can relate to swinging profits for profits…sometimes.
    But if you can relate to any of these, then you are doing crypto wrongly. Regardless if you’re in profits or not.

    Doing any of these is in fact the wrong way:

    Fear of missing out [FOMO]

    So, you just heard that this project is about to announce a ‘huge’ partnership; maybe they already did. Price is going haywire and the Twitter thread is going in the same direction. You’re scared, scared to miss out on the next 1000x. you’re not alone, we are all in this together.

    The most ridiculous cryptocurrency price rages are fueled by investors jumping in with little or no resistance. The DYOR rule is quickly forgotten and the dumb money keeps flowing in. sometimes this works. Other times, the dumb money becomes exit liquidity for earlier investors, and bag holders are made. Well; someone needs to take the shot, “scared money makes no money” anyways.

    Buy high, sell low.

    Alright, you just aped in. the Fear of missing out won. Now you’re sitting on a bag of a token whose price keeps dropping. Sometimes the price is only stagnant and it’s easy to get impatient when those long green candles aren’t coming. What’s the move? Time to move on? I guess so; unto the next ‘gem’. This move is common and sometimes could save your investment, other times…well, the bloodbath continues.

    Cryptocurrency investments require well-thought patience and deliberation. Good research should also influence your decision to move on and test different water.

    Fear of getting stuck [FOGS]

    Pretty much like the above; you simply don’t want to be the last holder of this token. The charts aren’t looking great and most importantly, the community isn’t looking impressed anymore. The most anticipated move is more dumps. Price is already down, you’re probably in loss or reduced profits. Without due research, holding on to your bags doesn’t feel like the right thing to do. Cryptocurrency is ‘cruel’ and getting stuck is a very possible situation. Oh well, if your fears win, you take the dump otherwise, bagholding will continue. Whichever one, you’re probably not wrong.

    Living on delusions

    For some memecoins, a $50 purchase gets you millions or even billions of tokens. For some investors, this is a sure bet to the millions. If the token ever hits a dollar, you’ll be on the same list as Jeff Greene. Delusional, a popular hopium. For a project with over a trillion tokens, reaching one-tenth of a cent is a face-melting move. As face melting as that of dogecoin and Shiba Inu. Well, many Shiba Inu holders are waiting on the dollar mark to cash in on their millions.

    It’s risky to use the word ‘impossible’ in crypto but some outrageous expectations are simply not thoughtful and wrong. Who doesn’t wish to turn 50 into a million? If $8,000 could grow into over $5 billion, then anything can happen. But accepting reality is more relaxing than living in delusions.

    Admit it, you can relate to at least one of the above. Fortunately, investing in cryptocurrency doesn’t have any known formulae. The only thing that exists are tactics that work most of the time. In the real sense, even the cleverest strategies could fail and the dumbest ones could end in mind-blowing success.

  • Bear market: A real test.

    Bear market: A real test.

    You saw those red candles, right? It’s the bear market and they could get ugly, very ugly and this is the actual time they get too bad. 2021 was the proof that investing in cryptocurrency can be life-changing, 2022 is otherwise. Anyways it isn’t actually proof that investing in cryptocurrency could be life spoiling… well I don’t know how correct it is to say that, but the obvious fact is that this is a trying time for everybody dipping their feet into cryptocurrency and digital asset investment. From an all-time high of over 60,000 dollars, bitcoin has slipped and has lost its support at 30,000 dollars. It is on a free fall, not just Bitcoin but even your favorite cryptocurrency… and my favorite cryptocurrency.

    Ethereum has a whole lot of things in the pipeline, many upcoming upgrades, and enhancements, but even these are not able to hold the price from falling. It hit a notable high of over $4000 but thanks to a widespread fall, it has fallen massively to a current price of just below 2000 dollars. Other cryptocurrency projects have seen double-digit falls; each of them records a percentage price loss of over 90% of their value at an all-time high. Unfortunately, this scenario seems to be just the beginning of an even bigger event. It is the bear market there’s no need to hide it anymore, it’s crashing, everything. remember the Lambo boys and the moon boys as well? well, they just submitted an application at McDonald’s, you might meet them on your daily shopping… pun intended.

    The bull market is a very interesting time, even the worst digital assets record mind-blowing gains. You probably thought you already mastered the art of trading cryptocurrencies and making huge gains in a very short space of time; well I used to think so too. I thought I was a legendary cryptocurrency Trader who could easily spin money and make gains… once again I was wrong about myself and probably this applies to you as well, it’s very unfortunate I didn’t get to buy that Lambo anymore. Maybe next year, maybe in the next bull run; I am optimistic.

    While cryptocurrency prices are prone to variations from time to time; it is no doubt that these variations are what actually make digital asset investment interesting. The fact that you could be rich today and poor tomorrow is mind-blowing and makes you want to come back and try again next time. You could make a fortune here and you can also lose a fortune here. The interesting thing is that there is no specified time to make these gains and losses. But unarguably, times like this are tougher. It could be heartbreaking watching your portfolio lose value; most times you have no control over these things and you can’t even stop your own assets from being valueless. Bear market warnings should sound louder, many traders are still unable to fathom the fact that prices can vary and they can go in any direction at any time… sorry, you used to be rich, but that’s not the case anymore.

    bear market

    But it is no story that even the biggest winners are made in a time like this. Prices of even the most reputable cryptocurrency assets are in the dust currently. Considering an all-time high of over 60,000 dollars you can currently buy bitcoin for less than half this price and double the amount of Bitcoin with the same cash. The discount across every asset makes for a very good purchase period and a time for investors to make even more gains if the market ever recovers. But that’s the issue; is the market even going to recover? Well, I wish I had a definite answer to that question but even your favorite Twitter analyst has called the return of the bull run a number of times but here we are dabbling in the red candles and losing cash as fast as possible, I wish there was a fix for this. But this is the test, the real test. Paper-hands and leaving the market as fast as possible but even if the diamond hands are getting bombed it might take just a while before they become loose and sell-off.

    Consider this period a real test of your belief in the ability of cryptocurrencies to hold up against widespread sell-off and an army of investors looking to offload their investments and leave the space. There are discounts everywhere, every crypto asset is down badly and you can buy some of them for a penny… they used to sell for over $100. It’s test time, feel free to make use of this low price, but this is not financial advice.

  • Next Five years in the crypto space.

    Next Five years in the crypto space.

    What are your wildest guesses for crypto and blockchain technology in the next 5 years? what will the next five years in the crypto space look like? I’ve got two ‘mild’ ones. A fully functional Cardano blockchain and a completely stable Solana blockchain. No pun intended. Cardano and Solana, are certainly up there on my list of high-throughput Layer-1 blockchains. Just in case, Vitalik and his team couldn’t get the Ethereum blockchain to work properly; Charles’ brainchild can make a perfect fix…or alternative. Well, I just made three guesses.

    There’s hardly a sector as fast-progressing as the crypto space. Twelve years since bitcoin’s historic emergence, a couple of ‘powerful’ people have taken sides on the idea of a decentralized back-end and financial platform. As powerful as Peter Schiff and Nancy Pelosi. Despite the pull sideways (not from those two anyways); cryptocurrency has progressed rapidly and dog-themed coins are worth more than the global pet market…not just pet dogs. Depending on how famous or lucky you are; you could sell your selfies for a couple of thousand dollars. Of course, the price will depend on how rare or adult-specific they are. Or how strong your hype-marketing game is. Just a heads up anyways.

    For the technology; instead of Western Union, you can simply move your funds through Ethereum blockchain. On the worst days, that might cost you as much as $70, but that’s fine, considering how many more you have in your wallet. Lazslo Hanyeczs pizza deal didn’t just trigger a $3 trillion move, it set off a period of “on-chain” technological advancement. Even though these solutions are barely used by the majority, they are still worth more than their mainstream alternatives…some, not all of them anyways.

    The past twelve years have been lots of fun, literally. The memes and their accompanying coins made sure of that. The future looks even more interesting, both ways. Not trying to make some oracular statements, but the next few years will be one to behold and are very important to the future of cryptocurrency and blockchain technology; the technology and the politics…sorry, market.

    Government influence, decentralized applications, stablecoins, graphic stores of value…you name them. The next 5 years are already being shaped by the preceding years. If Mr. Schiff and rest of the gold community fail to prove the inferiority of bitcoin or the supremacy of their precious metal; bitcoin will be on the course to cement its place as a turbo-proofed store of value. Despite being held back by the bear market currently, it’s still bullish heading into the future. The next halving is barely two years away…

    The US and UAE governments announced their plans to regulate digital assets and tasked designated arms with putting their nations at the forefront of digital asset growth. I’d say those announcements came when the bearish sentiments already kicked in; would have been enough to push bitcoin past $100, 000. Nevertheless, positive impacts from central governments will be instrumental to the growth of bitcoin and cryptocurrencies in the next 5 years. Trusting the central government to come up with positive plans for decentralized technologies is a bit double-edged anyway. This could go either way, of course. Cryptocurrency and blockchain technology have survived over a decade of rough paths with central governments, the next few years should be easier.

     next five years in the crypto space

    If Celsius hadn’t hit a rock, DeFi would have stood a chance of penetrating mainstream financial support systems. I guess they’ll have to fix their leaking roof before that. Albeit these negative events, the future still looks great for decentralized finance, Celsius inclusive. Cryptocurrency communities are evolving to truly fancy the idea of decentralization. The world outside the crypto space suffers much from centralized financial systems. DeFi, if done well, will take up this opportunity and offer a solution. A seamless and community-owned financial system.

    Luna developers failed in their attempt to build an efficient algorithmic stable coin that follows the laws of demand and supply. USDC was meant to “die in the hands” of UST. Unfortunately, that didn’t go as planned and Do Kwon will have to deal with strangers knocking on his doors and the billion-dollar fraud allegations first before putting USDC to eternal rest. That sounds easier than it really is. The failure of Terra’s UST casts a shade on the growth of algorithmic stablecoins; but before this event, this concept was growing and was on track to pose a huge challenge for stablecoins backed by air and efficient printers. Algorithmic stablecoins still have a place in the crypto space and still have good chances of being the preferred medium of value preservation in the crypto space. If not for any reason, the fact that they are backed by the same concept that powers the whole space — logic, makes them more traditional.

    NFTs might not sell for hundreds of thousands of dollars in the next five years, but they will still be a part of the space. Any celebrity selling some “rare behind the scene” pictures might have to settle for less than they charge for a feature as royalties for their NFT drops. Signatures of those arts are forever etched on the blockchain, so, they will always be there…just that they could cost (way) less.

    More on the future? Maybe a brand-new hype idea? Metaverse is already building a huge hype, the next bull run could see many Meta pumps and dumps emerge. Ethereum 2.0 will probably be finally delivered before then; interesting to imagine what could happen over the years. What’s your wild guess?

  • Accessible Virtual Reality facilities will boost industrial productivity.

    Accessible Virtual Reality facilities will boost industrial productivity.

    virtual reality

    Human communications took a huge turn during the COVID-19 pandemic; a bizarre shift. Healthy communication during the pandemic is one that involved the least contact between the communicating parties. With social life crippled to its lowest level ever, virtual communications technologies were adopted where possible to sustain communication and industrial productivity. Social media and video conferencing tools were the biggest winners from the pandemic. Yet, they were unable to mimic normal human interactions. Mainly due to their inability to convey emotion and ‘touch’.

    Virtual reality solutions rose in prominence and offered high throughput walk-throughs where these other alternatives failed. Thanks to the pandemic, VR has evolved from a fun tool for gaming and recreational activities to an advanced human communication tool. With its potentials and applications growing since then; Mark Zuckerberg’s Facebook rebranded to Meta to reflect its plans to make a deep dive into researching and building human communication solutions using Virtual reality technologies. Big tech companies are jumping on the trend with talks of building a complete virtual world making major headlines throughout the last quarter of 2021.

    Metaverse — the general name for the virtual world built using VR technologies is a major discussion amongst prominent role players in the technology sector. The Metaverse will feature personalized avatars built using VR and Non-fungible token (NFT) technologies. Coined by Neal Stephenson in his 1992 novel, “Snow Crash,” and popularized by cryptocurrency and blockchain projects; the metaverse is an attempt to (re)create a world outside our world that exists in our world. That must have been tough to read. Well, it’s probably the most straightforward description of what the metaverse really is.

    Using a combination of virtual reality and decentralized digital art technologies, tech companies and startups are working to create a world where we exist in simulation and perform certain interactive activities. The only difference is, that we are not doing this in ‘real’. Remember those games where you’ll have to select an avatar that represents you? this is something similar but once again it’s not just a game.

    Different sectors are currently exploring ways of utilizing Virtual reality technology. From a whole pain management technology in health facilities built using VR technology to virtual 3D house models with close to real-life effects used by construction companies. The ‘pandemic communication tool’ is fast taking its place in our everyday life.

    Normal physical human communication still remains undefeated but VR solutions are presenting interesting ways to enhance communication and bridge the conditional gaps in human communication through a readily available means of making sensational communications.

    Virtual Reality technology is great, but here’s the deal-breaker; it doesn’t come cheap…at all. An efficient VR headset costs anywhere between $50 to $1000. Setting up a complete VR facility cost an excess of $2,000 to multiple time this figure. In addition to the costly and relatively scarce facilities, Virtual reality management personnel aren’t so rampant and might cost significantly to hire.

    Like the early days of computers and smartphones, the cost of setting up and managing an efficient VR facility is one of the major factors limiting its adoption. Currently, only high-budget companies and institutions are able to properly integrate VR technologies into their routine procedures. Average companies can only manage to set up improvisational VR or low quality setups that hardly satisfy their purpose.

    Post-pandemic workplaces and industries have come to terms with virtualized communication alternatives. Many workplaces still have ‘work from home’ options for staff. Trimming down the workplace capacity has some advantages — saved cost and enhanced productivity due to comfortable settings.

    Different sectors could benefit greatly from VR technologies if made easily affordable.

    Construction industries’ Virtual 3D housing model when fully harnessed will create cheaper house planning and offer house owners a true feel of their houses before proper completion. This will enable them to make changes to their proposed structure without tangible extra costs.

    Virtual learning which became more popular during the pandemic has developed post-pandemic. Educational institutions are exploring ways to leverage VR technologies to improve the learning process and engage even more students. Distant learning programs powered by virtual reality technology brings teacher closer to the students in much better ways than video conferences and chat rooms.

    Creative VR technologies are exploring ways to keep students engaged through fun learning processes powered by Virtual reality. This process is expected to culminate in better academic performance and the production of more qualified graduates.

    Corporate organizations have even more realistic applications of VR technologies; virtual meet-ups, virtual work offices, and virtual marketing outreaches. Financial institutions can cut a great percentage of the cost of developing and maintaining the workplace facility by using virtual alternatives where possible. Fortunately, many workplace procedures can be replaced by virtual alternatives. This will not only save costs but offer a faster way of doing things. Conveyance for meet-ups and marketing presentations would take just a few minutes if every concerned party can afford VR facilities. Turning up for emergency meetings is as easy as wearing a VR headset.

    While these brilliant uses of VR technology will inevitably boost the productivity of these industries and associated sectors, the cost of setting up VR facilities eats deep into the projected saved costs; this defeats the goal.

    Government subsidies, optimized production costs; a few work-throughs could help lower the cost of VR facilities. The latter is more feasible as government subsidies are limited and could have an even worse effect on the general economy. Tech companies should consider trimming the production cost to produce more affordable facilities. This can also be done by producing cheaper alternatives with basic yet efficient features. A widespread VR adoption will be a catalyst for the next phase of the workplace and general communication revolution.

  • What are SoulBound tokens?

    What are SoulBound tokens?

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    You probably haven’t heard about it, could be a popular hype word for the next set of Bullrun pump and dumps; we are all here for it anyways. In an almost 40 pages whitepaper, Vitalik Buterin alongside other authors shared the mechanics of SoulBound tokens. The Canadian developer shed light on what he described as the ‘future’. NFTs are pretty special kinds of stuff; currently popularized by digital content owners creating signatures to their media, NFTs are currently important in the crypto space majorly for financial reasons. NFT collectors couldn’t care less about the technology. Billions of dollars worth of art and photography NFTs have been traded on NFT marketplaces since the concept gained fame in the last quarter of 2020.

    This article reflects on other less popular but more important applications of NFTs.

    Soulbound tokens (SBT) are NFTs; a unique form of NFTs. Like the common NFTs that create unique and immutable signatories for assets, SoulBound tokens are designed to certify certain personal attributes, qualifications, and identities. Soulbound Tokens depict holders’ innate abilities, qualifications that they have earned, and any other characteristics that are peculiar to them. Like a badge, they display these qualifications and features and present easy means to verify them. According to the whitepaper co-author, Glen Weyl, Soulbound tokens will be due for release in the last quarter of this year.

    Normal NFTs create verifiable ownership of assets (most popularly, digital assets); Soulbound tokens create a verifiable proof of personal attributes. Soulbound Tokens (SBT) are pretty much like Non-Fungible Tokens (NFT), a big difference being the fact that they are non-transferable and are to be issued by the entity awarding the concerning qualification. Like your degree certificates, a Soulbound token confirming your qualifications can be issued by your academic institution. These tokens are unique to the holder and the issuer.

    Soulbound token authentication will create a new and better way of creating and verifying credentials. Falsifying Soulbound tokens is impossible and so are the credentials they attribute to the holder. The use cases are boundless. certifications, proof of originality, proof of participation, proof of membership…

    The inabilityto transfer Soulbound tokens makes them less lucrative as they cannot be traded like every other NFT, however, they weren’t meant to be traded.

    Can you lose your Soulbound token? Well, the answer might be a bit complicated but; Yes, and also NO. No, because Soulbound tokens are issued to your Ethereum address and can not be moved from the address. This means that as long as you retain ownership of your address, your Soulbound token remains yours and cannot be moved. However, in case of a wallet hack or loss of wallet keys, accessing your Soulbound tokens will be impossible. This technically means that you’ve lost them, along with your address.

    soulbound tokens
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    In the whitepaper released, the authors shared insights on a community recovery method. This explains an approach designed to recover keys to a Soulbound token through a DAO of delegated participants. The ‘community recovery’ method presents a means through which lost Soulbound token keys can be retrieved through appointed institutions or individuals who have the ability to access and change the private keys to a wallet should it get compromised. These guardians must be members of a qualified majority of a (random subset of) Soul’s communities.

    When Soulbound tokens are finally rolled out, they will help fight identity theft, scams and fake certifications in crypto and mainstream systems.

  • Should the cryptocurrency community reward Laszlo Hanyecs for his Bitcoin pizza trade?

    Should the cryptocurrency community reward Laszlo Hanyecs for his Bitcoin pizza trade?

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    Not until Laszlo completed that deal to swap 10,000 bitcoins for “two big pizzas”; bitcoin was basically another complicated technology with an incredible whitepaper, a blurry founder, and a community of nerds and dreamers. You guessed right; Laszlo had a ton of worthless virtual coins sitting in software on his computer screen. Thanks to a lower hash rate, earning new ones was even easier.

    He could go on playing the nerd game for as long as he wanted but then he made this announcement instead:

    Well, Laszlo had a pretty basic taste for a bitcoiner!

    It will be hard to predict exactly what was going on in his mind when he made this announcement, but I’m sure he was surprised anyone bought into his wager and sent him some pizza in exchange for 10,000 bitcoins.

    In one move, he showed just how feasible Satoshi’s theories were and gave bitcoin value. Just like Sirius would say; “a great milestone”. Anyway, they made great Pizzas then and Laszlo didn’t care about giving up five-figure bitcoins for them. It’s incredible he chose pizza for this trade. I’d have said he showed bitcoiners what could be achieved with their funny nerdy coins, but the fact is; many believed that would be the last time bitcoin would be exchanged for something reasonable…including Laszlo, probably.

    Laszlo’s happiness didn’t last for so long as his deal sparked off a cascade of bitcoin to real commodity trade. Fast forward to a few years later, bitcoin has become a global topic and the biggest economic disruption of the past two decades. It has given birth to an ecosystem and has become a revolution.

    Laszlo’s 10,000 bitcoins would go on to be worth even more pizzas and eventually turn into a staggering figure. While bitcoin got way more popular, Laszlo Hanyecs’ story got popular as well. The 10,000 bitcoin deal has a reserved date for remembrance…and fun poking. You can make an endless list of how many things you could buy with a tenth of the fee Laszlo paid for his pizza. A few sources would even rank Laszlo’s deal as one of the dumbest deals of our lifetime… this is wrong in every way.

    Laszlo will undoubtedly not get tired of being asked if he regrets his pizza trade but one thing is; considering the reputation of bitcoin at the time of this deal, Laszlo made a good choice. Unarguably, it is contemporarily unthinkable. But a look at the history of bitcoin, Laszlo Hanyecz’s deal with Jeremy Sturdivant is still worth it. Even with over two hundred and fifty-million-dollar worth of bitcoins at stake. The end justifies the means. If that’s what it takes to steer bitcoin and cryptocurrency into making a remarkable upset in the global economy, then certainly anyone will do the same. And Laszlo Hanyecz is easily one of bitcoin’s biggest heroes, just behind Satoshi Nakamoto.

    Here’s the logic; Satoshi created bitcoin, and Laszlo gave it a value. Satoshi lost his identity while Laszlo paid an ultimate prize of whatever 10,000 bitcoin might be worth by the time you consider this. For a concept that went from worthless to over a trillion dollars at some point; it was well worth it.

    Unfortunately, these two figures aren’t the biggest gainers from their actions. Satoshi might never come back to lay claims on his bitcoins and probably didn’t make a dime from his invention. He might be the brain behind those old bitcoin wallets coming back to life recently though.

    But, do you think the cryptocurrency community should reward Laszlo for kicking off cryptocurrency trading and giving out that huge stash in the process?

    Alright, I get it; he certainly made a good meal out of those two pizzas and even went on to receive more pizzas and some add-ons which includes a $500 store credit…a fair trade considering bitcoin’s reputation at that time. You’d find it pointless rewarding anyone for fair trade, that’s not wrong too. Regardless, this situation is a bit different, and looking at the role it played in the history of bitcoin; it’s reasonable to say that we are all enjoying the benefits of his 10,000 bitcoin ‘sacrifice’ and should reward him for it. Not necessarily by donating another 10,000 bitcoin to him anyways…