Category: Cryptocurrency News

Over the last few years, the astronomical growth in cryptocurrency prices facilitated the surge of crypto and blockchain technology adoption in a few key markets. South Korea is one of them. The nation has always been a leading force and major participant in the emerging digital asset economy. Even though South Korea operates in an isolated manner because of its strict capital control laws, its crypto market still grew to new heights, reaching a valuation of $46 billion at the end of 2021. According to a report, South Korea is home to roughly 5.58 million crypto users, accounting for more than 10% of the country’s population. It is impressive how South Korea’s crypto market continued to grow and advance in crypto development despite the fact that the government had imposed crypto license regulation that forced over 60 Korean exchanges to shut down and caused a dent of almost $2.8 billion to traders. South Koreans Have Always Been Early To Emerging Technologies In most countries, the younger demographic tends to explore digital assets like crypto while the older age groups shy away from high-risk asset classes. However, in South Korea, a wide range of age groups actively participate in the market. According to a survey in 2021, it is reported that nearly half the users on top Korean exchanges were in their 40s and 50s.  In 2018, when bitcoin saw a major price surge, South Korea was responsible for more than 30% of all crypto trading activities in the world. The high demand for cryptocurrencies exhausted the available supply in the country, making it impossible for investors to buy crypto assets without paying a high premium. In South Korea, this is called Kimchi Premium.  So if one bitcoin was trading at $10,000, South Koreans were paying $15,000. This opportunity was exploited by many investors worldwide, with the most well-known being the founder and CEO of FTX, Sam Bankman Fried. South Korea has also given the world some of the best DeFi protocols since the early days of crypto. Konstellation Network is one of them. Built out of the capital city, Seoul, Konstellation is developing a one-of-a-kind infrastructure using Cosmos SDK to help users explore cross-chain capital markets seamlessly. It also has a native token, $DARC, that powers the entire ecosystem. Users can stake $DARC tokens with the help of Hubble wallet and earn passive income and also use the wallet for managing portfolios across different capital markets. Such projects have put South Korea on the DeFi map and encouraged more innovation from one of the key crypto markets. Further propelling South Korea’s DeFi innovation is the nation’s pro-crypto government. The president-elect of South Korea, Yoon Suk-yeol, promised to bring crypto-friendly regulations and support companies to be unicorns in valuations. For tax policies, he vowed to not impose any capital gains tax of up to $40,000. He also plans to lift the ban on Initial Coin Offerings (ICOs), which has been in place since 2017. With proper regulation and reasonable tax rates, the South Korean market is primed to see explosive growth in terms of institutional adoption and global trading volume. South Korea is All-In South Korea has set an example for the world by efficiently adopting cryptocurrencies and adapting to this new financial paradigm. The nation’s supportive stance on cryptos is now attracting more crypto-focused companies to set up shop in this Asian subcontinent. As a means to welcome this change and further boost its digital asset economy, the South Korean government has announced its plan to support 40,000 professionals and 200 companies working on metaverse and NFT projects. Nonetheless, it remains to be seen how the government plans to prepare the regulatory framework for this new technological landscape.  

A majority of the developers believe that crypto and blockchain innovation will be “critical to shaping the future of the metaverse.”

Web3 venture Krew Studios has announced the follow-up to its Masks NFT collection. While that particular release was the work of Spanish actor turned artist Jordi Mollà, the latest drop – dubbed Pastel World – is a collaborative effort between recording artist JVCKJ and animator Uriah Barrett-Thomas. “Pastel World is a hugely exciting collection, one that leverages the considerable creative talents of two supremely gifted artists,” says Krew’s co-founder Rambino, who revealed that the project was six months in the making. “What JVCKJ and Uriah have produced builds on the success of Masks while offering something completely different to what is currently out there in the NFT space.” Presenting Pastel PFPs Pastel World features 8,888 generative PFPs known as Pastel Prophets, and a detailed backstory has been written to offer NFT collectors an insight into where the anime-like characters hail from. In a nutshell, these colorful prophet avatars have been forced to abandon their native planet in the faraway Pastel Galaxy after it becomes uninhabitable. All Prophets are equipped with magical backpacks that represent enchanted life forms that must be nurtured to ensure the avatars’ survival. “Pastel World is unique because in order to survive and thrive, Pastel holders must be in a constant state of ongoing growth and self-discovery,” explains Los Angeles based musician JVCKJ. “We start life at birth, and throughout each of our vibrant lives, colored by our experiences, our colors become deeper and more diversified. Our life journey is progressive – we grow more vibrant in a Pastel World.” While the date for the collection’s launch has not yet been confirmed, holders of three or more Mask NFTs will get a berth on the whitelist for Pastel World, with the full collection set to be made available on the pastelworld.io website. NFT collectors who obtain prophet avatars will also gain membership access to all Pastel World brands and metaverse community ownership. Based in Los Angeles, the fast-growing creative studios and consultancy agency is composed of Web3 and NFT enthusiasts, as well as marketing strategists and creative directors. Krew’s maiden drop, which comprised thousands of unique digital masks based on hand-painted physical counterparts designed by Jordi Mollà, led to the creation of an immersive Mask World metaverse that forms one pillar of the so-called Krew Universe. The creative minds at Krew intend to populate Mask World with a spate of arcade and PvP style games. Mask NFTs, meanwhile, function as tickets to the party. Mask owners can enter the fairground-like environment, participate in games, collect items and win rewards. It is not yet known how Pastel World fits into the Mask World concept – though it’s possible NFTs may be offered as rewards. The popularisation of the metaverse concept has caused a virtual property boom in a sector dominated by platforms such as Sandbox and Decentraland. Last year sales of digital land reached $500 million, and coveted real estate continues to fetch eye-watering prices as investors bank on the assets appreciating. Metaverse enthusiasts will be curious to get a glimpse of Mask World and to leverage the gaming and earning opportunities therein. The Krew Studios brain trust, meanwhile, expects big things from Pastel World. Avatar-based NFT projects have been one of crypto’s hottest talking points, buoyed by the success of CryptoPunks and Bored Ape Yacht Club. Providing projects can create compelling artwork and a sense of investor FOMO, transaction volumes can quickly soar. “Krew Studios has always been about harnessing as much creative energy as we can, and in doing so, bringing value to our growing community,” says the company’s co-founder Emily Rose Fiander. “This new collection very much reflects our storytelling vision, and it’s all down to JVCKJ and Uriah.”

Price action is struggling, giving Terra and Do Kwon the perfect opportunity to “buy the dip.”

Is it possible to create such games on ETH. I know ETH is not suited for the TX throughput such games. But could it be possible if solutions such as state channels are used? submitted by /u/Aggressive-Tomato- [link] [comments]

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

Authorities in Abkhazia have decided to maintain a ban on cryptocurrency mining in the territory. The partially recognized republic in the South Caucasus is restricting the energy-intensive extraction of digital currencies, citing problems with power supply. Bitcoin Mining Remains Prohibited in Abkhazia The government of Abkhazia, a breakaway republic in Georgia, has prolonged current restrictions […]

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

Blockchain technology is arguably one of the greatest technological advancements of its era, but as technology improves at an exponential rate, can blockchain security keep up? Blockchain security has become a controversial topic in the crypto space due to the large amount of malicious attacks that have recently taken place. Solutions need to be created that can further advance encryption capabilities. How are blockchains secured? Blockchains are secured via a multitude of different consensus mechanisms, but virtually all, Bitcoin included, share the same underlying security protocol called cryptography. Bitcoin, for example, uses an algorithm known as SHA-256. The SHA stands for secure hashing algorithm and is an example of a common hashing algorithm used in cryptocurrency and for other encryption purposes in operating systems such as Unix and Linux. The algorithm functions such that any input into the algorithm creates an output of 256 digits that are relevant to the data inputted. Therefore if it is provided the same input, the same 256 digits are achieved every time. If any of the data were to be changed, the outcome would be completely different. Another important element is that there is no known, reliably successful method of performing the computation the other way around, meaning that by simply having the 256 bits long output, it is practically impossible to come up with the input. Interestingly, SHA-256 hashing is actually no new concept; almost all the world’s safest, high-tech systems are secured similarly. The security threats to blockchains Despite its early record of tamper-proof security, blockchains have experienced a variety of hacks and malicious behavior that exploited vulnerabilities and made many question the safety of those systems. One example of a serious attack was the Poly Network hack that saw about $600M stolen. Fortunately, the hacker returned the assets shortly after the hack, but this put an emphasis on the need for solutions. Security threats should come as no surprise, as numerous newly emerging technological solutions available today were not present when blockchain was first introduced in 2008. For example, quantum computers are so powerful, some studies revealed that they could potentially hack blockchains within a decade, which is a fraction of time considering the rate at which technology has grown. Is quantum resistance a realistic goal? Quantum resistance is vital to ensure the longevity and integrity of blockchain technology. Solutions aiming to tackle this challenge are beginning to emerge. Crown Sterling, an encryption and digital assets solutions provider, is one such company pioneering the field of data protection and sovereignty. Led by CEO Robert Grant, Crown Sterling is the first to implement quantum-resistant One-Time Pad encryption as an option for a blockchain’s state transition function or the flow of transactions on a network. They also developed the Crown Sovereign token (CSOV) as a quantum-resistant utility token that allows its users to engage with the project’s quantum-resistant encryption and other tools, including the ability to convert their personal data into NFTs, empowering individuals to truly own their data. The company is already developing data compression technologies in order to further its innovation in the data security and management space. Highlighting their mission, the Crown Sterling team established the ‘Data Bill of Rights’ as the genesis block for their network, declaring that digital assets are the intangible personal property of the original producer, and therefore, protected. Future-proofing blockchain When launched, blockchain technology was perceived by most as highly secure.  However, blockchains will continue to face challenges with the rapid advancements in technology, including quantum computing. Fortunately, with emerging solutions, blockchain technology not only has the chance to be fully quantum-proof but can withstand the test of time.

I encountered a lot of P2E that needs a lot of grinding, by a lot I mean A LOT with a high entry price like Axie infinity. Some of them started as a pretty decent and good source of income but flopped after a lot of updates to the game. But recently, I’ve been seeing…
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