Category: Cryptocurrency News

In terms of adoption, is there a good place for some stats? l2beat.com has TVL numbers, but I would be more interested in transaction volume, unique accounts, etc. submitted by /u/hrdwdmrbl [link] [comments]

The crypto market has been rocked by the news of what might be the biggest DeFi hack in history. On August 10th, the exploitation on the Poly Network saw the hacker(s) make away with more than $600 million in crypto. A hack that shook the entire DeFi market to its very core. The hacker made off with a loot of over $200 million in ETH. And hundreds of millions in tokens. After a warning from a user warning that their USDT address had been blacklisted, the hacker then sent approximately $42K in ETH to the address which issued the warning. Resulting in hundreds of transactions being sent to the hacker’s address asking for money. Related Reading | Q&A With Poly Hacker, Hero Or Villain Behind Biggest DeFi In History? This culminated in a three-day rollercoaster of emotions and negotiations. The team behind the Poly Network, in a desperate attempt, penned a letter to the hacker. Begging for the stolen funds to be returned to them. And to much surprise, the hacker listened. They agreed to return the funds. But they asked that a multisig wallet address be provided for the crypto to be transferred into. Hacker Begins To Return Stolen Crypto Following the provision of the wallet, the hacker began the process of returning the crypto. At first, the hacker return SHIB tokens and other tokens. Which amounted to over $250 million. But there was still a large part of the loot left behind in the hacker’s wallet. The Poly Network team confirmed this in a tweet following the return. Update: PolyNetwork hackers have returned $253 million on the BSC chain. pic.twitter.com/jO0SiWDtyP — Wu Blockchain (@WuBlockchain) August 11, 2021 Various wallets addresses were provided for the hacker to send the crypto into. Including an ETH wallet, a BSC wallet, and a Polygon wallet. All multisig wallets according to the specifications of the hacker. Which they had requested because they said there was a failed connection to the Poly Network. Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon Less than 24 hours ago, the Poly team again took to Twitter to announce more returns. This time stating that the hacker had returned most of the stolen crypto to them. All assets had been sent to the multisig wallets provided by the Poly Network. Except for the frozen USDT. Why Is The Hacker Doing This? Speculations were that the identity of the hacker had been compromised. Hence their willingness to return such a massive amount back to the network. But the hacker denied all of these. Saying that they had taken adequate precautions to make sure they would not be identified. Such as using temporary fingerprint verification. Given that one of the information the security company, SlowMist announced they had acquired was the hacker’s fingerprint. Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes Other speculations were that the stolen crypto was already tagged. In this case, there was no way the hacker would be able to spend the funds without exposing themselves. Every transaction would be tracked meticulously. Leading to the discovery of whoever was behind the wallets that the funds were transferred to. A lot of back and forth had been had with the hacker before they agreed to return the funds. The hacker even went as far as hosting a Q&A session. Where they answer questions regarding the hack, like why they had done it. To which the hacker had asked what they would have done if faced with such an amount of money. Also stating that they “prefer to stay in the dark and save the world.” Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients The stolen crypto are not fully released yet. Multisig wallets are secure in the fact that they require multiple signatures from involved parties. Hence, the hacker would still have to sign off on the wallets for the funds to be released to the Poly Network team. Once the final key is received from the hacker, then the team can regain access to both the assets and cross-chain services. Featured image from ZDNet

Web3 Foundation makes another breakthrough as its Grants Program officially signs 302 development projects. The milestone means that Web3 Foundation has funded exactly 100 projects in 2021 alone, as at the time of reporting, with more grants in the pipeline. Web3 Foundation is renowned for its transparency and celebration of grant accomplishments. This comes at the heels of the last milestone in January 2021, when the organization funded 200 projects. Since the program’s inception in December 2018, Web3 Foundation has received a total of 840 applications from teams in over 50 countries. Each of the projects is in tandem with Web3 Foundation’s goal—to sponsor and build innovative applications for decentralized web protocols powered by Web 3.0 Technology. Web 3.0 Technology is building the internet of the future where users have full control of their identity, privacy, and data. As such, all the approved 302 projects cut across the five layers of Web 3.0 Technology Stack. Most of the projects are decentralized runtime modules, while others include development tools, UI development, wallets, cryptography, APIs, etc. The Selection Method Web3 Foundation revealed on its official Medium blog that it originally selected grant awardees through its General Grants Program and the Open Grants Program. The General Grants Program allowed project teams to submit pitches to Web3 Foundation without making the details of their project public. Each approved project from the medium got $100,000 payable in fiat. On the other hand, the Open Grants Program supported a public pitch system via GitHub. In that case, approved projects received $30,000 each. However, most recently, Web3 Foundation merged the two selection methods to offer more flexibility and funds to projects while maintaining the best features of both processes. Hence, the organization now accepts applications only via GitHub due to the platform’s transparency and ease. But funds can be disbursed via fiat and cryptocurrencies. In various recent interviews, the CEO of Web3 Foundation, Dr. Gavin Wood, has reinstated the organization’s resolution not to back down on this vision. As such, application for new grants is ongoing. The last wave of grants, which was also the 10th wave, was awarded in July 2021, involving 27 grants. Enthusiasts are hopeful that a new wave of grant awardees will be announced soon. Out of the 302 approved projects, 143 are completed thus far. Ultimately, the purpose of these grants remains the wide adoption of Web3 technology and its privacy promises. But how soon will that vision be actualized?  

Hey guys, I been working on a project for 2 yrs now. I wanted to make a ERC-20 token for my project and give the initial users free sign-up tokens. Then later, these same users can do peer-to-peer transactions within the app. Problem is, cost of transaction is too high where the value of the…
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submitted by /u/ShldVBoughtBitcoin [link] [comments]

Pretty much the title. Any help would be appreciated. submitted by /u/Kurogami_Shanks [link] [comments]

The crypto exchange giant said the decision was part of efforts aimed at proactive compliance with regulatory demands.

I originally bought 0.33 ETH in Mar 21' for a total of ~$430 . Since then and without using any additional fiat, I traded my way to 1.92 ETH – currently worth $6190. I no longer own this ETH, so I'm happy to disclose the exact amounts. I did the same with other cryptos but…
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Traditionally, most people define NFTs as digital art, but there are many more potential applications. Let us take a look into what’s coming up next. What is an NFT? Non-Fungible Tokens (NFTs) derive their name from one of the properties that can make up a crypto asset. Cryptocurrencies, such as Bitcoin, Ethereum, or ERC-20 tokens are fungible, which means that all units in the supply are interchangeable with one another and retain their value if they are divided. In essence, when you hold 1 ETH in your wallet, you generally do not care which one out of the over 117 million ETH currently in existence it is. NFTs on the other hand have special properties that make each token unique. In essence, an NFT gives you cryptographic proof that you are the sole owner of whatever virtual asset the NFT is associated with. These assets can for example be digital images, videos, music, but even more abstract things like intellectual property, digital usage licenses, or insurance policies. Depending on the type of NFT, you can freely list the token on an online marketplace, or transfer the token to somebody else’s wallet. Influencers can turn their content into NFTs One of the use cases for NFTs is the monetization of content. For example, influencers can convert their Tweets, YouTube videos, TikTok clips, or Instagram posts into NFTs and sell them. This can take many forms, such as adding digital memorabilia as a perk in exchange for donations or Patreon subscriptions. But with sufficient outreach, your content can be worth a lot more to your avid fans. As one of the first examples, Twitter CEO Jack Dorsey turned his first-ever tweet into an NFT, which sold for almost 3 million USD. But the possibilities reach far beyond these one-off listings. For example, content creators could create limited copies of an NFT from the most iconic moments of their online career, or even mass-produce NFTs in bulk that sells at a lower price and target their average fans. Another option is to include intellectual property rights to their content in the NFT. Finally, they can produce exclusive digital art accompanying their regular content. This both creates an additional source of income and can increase the content creator’s outreach in the digital art community. The problem is that there is no streamlined solution yet to create NFTs on a mainstream level. The NFT marketplaces that currently exist require users to have at least some knowledge of cryptocurrencies and blockchain technology. In order to create NFTs, you need a crypto wallet with at least some amount of cryptocurrency on it to pay for the transaction fees. The same applies to buying and selling NFTs. This means that the circle of NFT creators and buyers is still limited to crypto insiders. The Marketplace The E-Commerce platform Uquid aims to combine the best elements from the world of Decentralized Finance (DeFi) and NFTs. At the heart of Uquid, there is an online marketplace that offers thousands of items, ranging from video games and software, over mobile credit and gift cards, to credit for utility companies such as electricity, internet, and insurance providers. In addition to traditional payment options, the marketplace accepts various cryptocurrencies and crypto projects can even apply to have their own token added to the list. This combination of DeFi and E-Commerce allows buyers and sellers to cut out middlemen like payment services, which makes the exchange of goods and services more efficient and leads to savings for customers. Most recently, Uquid has launched its own NFT marketplace, which is specifically tailored to the needs of influencers and content creators. In September 2021, Uquid plans to grow the number of NFTs on offer from 40,000 to over 1 million tokens. With the marketplace, users can directly convert content from their social media channels into NFTs. At the moment, Uquid is the only NFT marketplace that to fully supports YouTubers, TikTokers, livestreamers, and other social media influencers. Uquid hopes to create a simpler and more efficient process to create and sell NFTs that do not require a crypto wallet. Instead, Uquid uses the same checkout system as on their regular marketplace for payments. Also in September, Uquid will release a buy-now-pay-later feature to their checkout system. Buyers can then have the NFTs sent to their Binance Smart Chain wallet, which is a more cost-efficient solution than Ethereum.   Image by Steve Buissinne from Pixabay