Author: dfmines

Cryptocurrency News and Public Mining Pools

myMessage: A Decentralized Social Media and Data Storage Protocol

Web3 promises to break us free from the centralized mega-corporation dominance of the Web2 generation, opening up a plethora of decentralized, peer-to-peer use cases that leverage the potential of the internet of value. While Web3 adoption has so far centered around DeFi, NFTs, and more recently GameFi, social media and data storage are also ripe for decentralization as SocialFi sets up to potentially become the next big thing. Building a Decentralized Reddit and Data Portal for Web3 Applications myMessage is the world’s first-ever decentralized Reddit-like social media and data storage platform, supporting evolving Web3 applications including a thread-reply bulletin board, messaging dApp, developer tools, SDKs, and encrypted data portal. The myMessage data storage and messaging dApp solutions are initially being built on the Zilliqa blockchain, taking advantage of its speed, throughput, and low-fee decentralized network to meet requirements. Further interoperable multi-chain integration across Avalanche and Binance Smart Chain (BSC) will then follow. The decentralized messaging dApp as well as a Reddit-like thread-reply bulletin board will be built on Polygon’s scalable layer 2 blockchain technology, after being awarded a Polygon Development Grant. Overcoming the Problems of Centralized Social Media and Data Storage The centralization of mainstream data storage and social media is a significant pain point, leading to censorship, privacy abuses, and security breaches, with an economic imbalance that strongly favors the platforms. myMessage’s solution is to use decentralized social media, storing AES256 encrypted data and content permanently on a blockchain with quantum-attack-resistant security. Data stored on a blockchain is immutable, transparent, timestamped, and void of risks to hacking, tampering, or loss due to its decentralized nature. The tokenization of value on blockchain also provides a medium for incentives that return proprietary rights and profits to the users. Data Storage and Messaging dApp In contrast to centralized cloud storage solutions with hefty costs on annual contracts, myMessage only costs approximately $0.10 per message, depending on its size. This works via a smart contract on one of the myMessage supported networks and a front-end app that interacts with it. Users type a message or attach a file, encrypt it if necessary, and send it to the network, paying the corresponding fee in native MESA tokens. They can then view or retrieve their information at any time for free. As almost anything digital can be securely stored on a blockchain, myMessage opens up several use cases including encrypted messages for private information, verifiable legal documents, NFT artwork and other intellectual property, crypto, patents, or digital asset storage. Reddit-like Bulletin Board and Social Farming The Reddit-like thread-reply bulletin board will be a bridge for users to communicate, encrypt threads, and transfer data in a decentralized way, recovering the rights to, control over, and value of their data produced by socializing online. All users can connect their Web3 wallets to access the myMessage bulletin board. It is privacy-preserving in that all users can access data without risk of being exposed or traced. Users will also be able to enjoy farming rewards simply by socializing on the platform, and can pay in native MESA tokens to start private threads, post replies, comment, or like. They can also tip other users in MESA tokens when they see good replies and comments. MESA Token Utility Beyond its use as a payment medium for fees, tips, and social farming rewards, MESA is also used for governance, staking, and deflationary buy-backs, with a total capped supply of 5 trillion tokens. Holders of MESA can participate in DAO proposals and vote on the future direction of the platform. Stakers are offered staking rewards for providing liquidity and platform revenue will also partially be used for MESA buy-back and burns. What’s Next? The MESA public sale, token launch, and DEX listing is expected to take place by the end of the year, alongside staking services, a top-tier CEX listing, and Avalanche integration. The 2022 roadmap is then set to deliver multi-chain integration with BSC and Polygon, a mobile app release, and developer tools in the run-up to full mainnet launch.  

“Buy the DIP” vs “Sunk Cost Fallacy”

The market is once again experiencing a significant pullback, for the 5 or 6 time this year. We could almost schedule our clocks after these pullbacks. Now there's a very prominent strategy, whether it's actually carried out, or just posted for moon farming is beyond the scope of this post, that's called "Buy the f******…
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Unpopular Opinion: For many people L2 isn’t cheaper

Hear me out. Obviously an L2, like Loopring, can do a transaction today for $0.32. That same transaction would cost $9.07 on ETH L1. But the per-transaction cost isn't the only factor… How I invest is as follows … I save my money …. and whenever there is a major dip …. I move my…
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New Crypto Bill in India Would Both Regulate and Ban Certain Aspects of the Industry

submitted by /u/Pitiful-Tap3578 [link] [comments]

Remember it takes two cycles to get rich

It takes two or three cycles to get extremely rich in crypto. A cycle is basically a bear and a bull market. The catalyst for this is the bitcoin halving (block reward getting cut in half) every four years. When Bitcoin halves the market usually go crazy and a bull run starts. This starts with…
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People who want a bear market and crash to “accumulate more coins” have no idea what they are talking about. Its not a call to be taken lightly.

No, really, are they out of their mind? Do they have any idea how long a bear can last and how many coins can be lost and eaten up forever. The bear market knew to “eat” the coins that were in the top10 so we only have BTC, ETH and XRP out there that survived…
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How Syscoin’s NEVM Could Transcend Binance Smart Chain’s Capabilities

submitted by /u/Dull-Adhesiveness666 [link] [comments]

Bug in Solana Token Lending Contract Fixed, More Than $2 Billion Made Exploitable

A bug in the token lending contract of the Solana Program Library (SPL) was recently found and fixed by Neodyme, a security auditing firm. The bug, that was discovered a couple of months back, could have affected several decentralized finance protocols holding more than $2 billion in total value locked (TVL). Their team identified the […]

$285K crypto sweepstakes from Argent L2 layer

How to apply Layer 2 is going to present Low gas fee and fast DeFi. Argent is introducing Layer 2 waitlist and $270K crypto sweepstake. Do the following tasks to – get early access to Argent's Layer 2 launch – join $285K crypto sweepstakes distributed as the following: 1 person wins $100K crypto 2 person…
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We do t do that here

submitted by /u/Pupulikjan [link] [comments]