Acala was victorious in Polkadot’s first parachain auction, Iota announced its staking network, and Uniswap liquidity providers lose money — all coming to you in this week’s Finance Redefined.
Hi all, I have a cursory understanding of how blockchain networks work in practice as well as how NFTs are stored as data on said blockchains. But I was wondering if someone who is more educated than me on the topic could answer a specific question I have regarding NFTs in the future: So I…
Read more
If there’s one thing that has overwhelmed the universe aside from cryptocurrency, it is definitely NFTs. The NFT craze between 2020 and 2021 alone was out of the ordinary, and to date, no one really knows what triggered the interest, but who cares now? Given the amount of money moving in and out of the market. To confirm this, NFT trading volume in Q3 increased by a whopping 704% from that recorded in the previous quarter. Digital creators, traders, and investors exchanged close to $10B in Q3 of 2021. That’s massive and an unthinkable figure. It’s no surprise considering the amount of digital content that has been sold. Till days, Beeple’s artwork remains the most expensive NFT sold, auctioning for $69M. But, are non-fungible tokens just about making money off digital artworks and music? The Concept of Ownership and Machine NFTs NFTs promoted the concept of ownership where one person has an exclusive right to an item. Of course, it’s non-fungible, which means it can’t be replaced by another of the same kind, unlike cryptocurrencies. But, how does one know that you own an NFT that represents an item? What determines the ownership of a digital item since there are no physical contract papers where you pen your signature and all that? Let’s take this example; you fancy buying a car and you have identified your choice. After you must have paid for the vehicle, some papers, which you have signed, are issued to you. These papers indicate that you are the owner of the vehicle. NFTs use the same concept, only that the contract isn’t physical but digital. The contract isn’t rooted in government signatures/stamps but in a code stamp. The beauty of this code stamp is that anyone can verify the originality and validity of the contract independently. Once checked, such a person will be convinced that you are the actual owner of that NFT. With governments or centralized authority, you will have to go to them to verify directly, which is time-consuming and energy-draining. This unique concept of ownership is what Machine NFTs are all about. Machine NFTs are simply a contract of ownership of a machine. Just like digital content, anyone can verify this ownership independently, so there’s no form of centralized authority. One protocol that focuses on ownership of these machines is peaq, a protocol based on the Polkadot ecosystem. But, why own machines? It’s a well-known fact that machines are the future and on course to replace humans as the elementary workforce. In the no-distant future, cars will become autonomous and robots will work in offices and establishments. What becomes of humans when this happens? Humans will be left out of jobs but they can profit from these machines when they take ownership. This is what the Peaq Network is aiming for. It intends to provide a platform where stakeholders, manufacturers, owners, and users can own, govern and profit from these machines. Machines aren’t really the problem. Not taking advantage of the opportunity to own and control them is. Machines are just human extensions that track, record and send data to us. Machine NFTs want to create a machine economy where individuals own a stake in these machines that power the economy. These individuals will be able to sustain the machines and improve them. With machine NFTs, everyone earns and the purchase of machines can be subsidized by the economy itself. The Internet of Things Vs. The Economy of Things The current machines on Web2, also known as the Internet of Things, are controlled by corporations and governments. The money generated is limited and can only be accessible in full by these centralized entities. Aside from that, any machine that wants to render service must rely on these entities, which puts someone’s safety, privacy, functionality, and availability at risk. These limitations are eliminated in the Economy of All Things, as peaq describes. Web3 combines the decentralized capability of Web1 and the advanced functionality of Web2 to address the problems in the latter. Web3 will enable machines to save more time and energy and fulfill tasks even better. With Web3, individuals can own and build their pieces. At the end of the day, they profit. This is what peaq clamors for. Peaq’s Innovative Approach peaq is on a mission to build a new machine economy by leveraging Web3 potentials. This enables one to gain massively with minimal risks and own machines using peaq tokens, which allow you to buy Machine NFTs. To that, the network said that it will democratize the potential of the machines. peaq is the first protocol to align the incentives of stakeholders by machines that provide services while creating a loop of value. This loop of value involves stakeholders providing liquidity and getting their yields after the machines must have generated revenues from rendering services. Machines will use decentralized apps to render services to people and generate revenue on the network, while the network will leverage DeFi to fund new SSIs machines. Peaq is creating an economic future of machines, and leveraging the protocol will be beneficial in terms of profit generation. Machine NFTs represent real-life machines, which means ownership guarantees holders a fantastic recurring revenue stream provided the machines continue to render services.
submitted by /u/ElanaMauney [link] [comments]
https://www.youtube.com/watch?v=-4_uQ89UKws submitted by /u/non_burglar [link] [comments]
submitted by /u/eljugador416 [link] [comments]
Once you settle into ETH being the best Place for the best products you can almost come to grips with the price at the GWEI Station only having one flavor. And that's premium. I guess we pay more cause its better….and one day VB will reach into his bag of smart contracts and refund you…
Read more
It seems UK users will soon be unable to access Monero on one of the leading crypto exchanges. There have always been concerns around the Bitcoin competitor regarding the absolute privacy that the digital asset confers. Until now, it remains impossible to track/trace Monero transactions, making it the ultimate privacy coin, and governments are worried that individuals will use this to evade taxes. Another concern is around the use of the cryptocurrency as a criminal tool, although there is no definitive way to tell if this is true. However, it remains high enough on the list of concerns that even countries where cryptocurrencies are not illegal are clamping down on the cryptocurrency. The latest is the UK as regulations have pushed Kraken to remove access for its citizens. Delisting Monero Over Regulations In an email sent out to users that were posted on Reddit, Kraken outlines the reason for the delisting. The email explained that the crypto exchange was trying to be in compliance with UK regulations and as such, it will no longer be supporting Kraken (Payward Ltd) on its platform. The delisting will happen in a week and will affect trading activities around the privacy coin. Related Reading | Cardano Leads Altcoins As Market Marks 13th Consecutive Week Of Inflows Kraken announced in the email that as of November 26th, UK users will no longer be able to trade Monero (XMR) on the platform. All trading activities will cease including Instant Buy/Sell Services, order book trading on the XMR/BTC, XMR/USD, and XMR/EUR pairs. In addition to halted trading services, UK users will also not be allowed to fund their balances with Monero on the exchange after November 26th. However, users will be able to withdraw all of their current Monero balance to other wallets or exchanges. XMR trading at $234 | Source: XMRUSD on TradingView.com Margin trading is also affected and will slowly go into effect. On November 23rd, UK users will no longer be able to increase their Monero margin positions on the exchange but they can reduce it. Three days after, on November 26th, the exchange will force liquid all open margin positions and cancel all open orders. In closing, the Kraken team said; “We appreciate your understanding and we apologise for any inconvenience caused. Should you have any questions, please do not hesitate to contact our support team.” Why The Crackdown? Monero is one of the few cryptocurrencies that manage to confer absolute privacy to their investors. This has made it the coin of choice for investors who want to be in control of their own money. As this Reddit user eloquently puts it, it’s “One of the few coins that truly makes your money your own. Security without compromising privacy, something that was unheard of only a few years ago.” Related Reading | New Record For Bitcoin Lightning Network As Adoption Grows Monero is a cryptocurrency that has maintained the privacy component behind the creation of cryptocurrencies. It puts the investor in complete control and makes it impossible for a third party to interfere or see where the funds are going, and since governments cannot track it, then they cannot tax it. Hence the crackdown on privacy coins to limit their use by residents. Featured image from Kraken Blog, chart from TradingView.com
submitted by /u/Michellerose6834 [link] [comments]
