Polkadot’s founder announces steps toward full decentralization with new governance model

Live from Polkadot Decoded in Buenos Aires on Wednesday, Polkadot (DOT) and Kusama founder Gavin Wood announced that the blockchain’s governance model would undergo a new transformation. Dubbed Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain. Thereafter, pending referenda need 50% of the vote from stakeholders within 28 days’ time for approval or face rejection by default. Participants can also intervene and launch timely cancellation proposals, which…

Read More

‘Bad’ crypto projects should not be bailed out says Binance founder CZ

Binance founder and CEO Changpeng “CZ” Zhao argues that “bad” crypto projects should be left to fail and not receive bailouts from crypto firms with healthy cash reserves. In a June 23 blog post, CZ said that firms that have been poorly operated, poorly managed or have released poorly designed products shouldn’t receive bailouts — and should instead be left to crumble: “In short, they are just ‘bad’ projects. These should not be saved. Sadly, some of these ‘bad’ projects have a large number of users, often acquired through inflated…

Read More

The community-centered approach to Web3 — Aave founder and CEO

Aave founder and chief executive officer Stani Kulechov said the firm was continuing to develop its decentralized social media platform, with Web3 potentially changing the way many view ownership. Speaking to Cointelegraph at the Collision conference in Toronto on Thursday, Kulechov said Web3 — a buzzword often thrown around which generally describes the next evolution of an internet based on blockchain technology — could impact how people use social media in much the same way cryptocurrency changed perceptions on finance. The Aave CEO remarked how developers had adapted protocols to…

Read More

BitBoy founder threatens class action lawsuit against Celsius

Just two weeks after appearing in an ask me anything (AMA) with Celsius founder Alex Mashinsky, crypto Youtuber Ben Armstrong has announced he intends to file a class action lawsuit against the lending platform and its chief executive. Armstrong made legal threats via Twitter on June 15, and has since provided more detail in multiple threads. His issue is centered on being unable to pay down loans with existing funds on the platform, and instead having to deposit new funds to pay the loans off: “[Our account rep] told us…

Read More

Bitcoin is here to stay even as new innovations develop — Bybit founder

Cointelegraph’s editor-in-chief Kristina Cornèr interviewed Bybit founder Ben Zhou at the Formula 1 Grand Prix at Monaco, discussing topics like educating newcomers in crypto, the effects of the Terra (LUNA) — now known as Luna Classic (LUNC) — debacle on institutional interest and the survival of Bitcoin (BTC) amid new developments in the industry.  According to Zhou, the firm’s partnership with Red Bull Racing has allowed them to reach an audience that is new to crypto. Because of this, the Bybit founder noted that their team has been putting some…

Read More

Bitcoin is the ‘Amazon of crypto’ and everything else are bets, says Blocktower founder

Ari Paul, the founder of blockchain investment firm Blocktower Capital, weighed in on the bear market, comparing the situation to the tech crash back in the year 2000. Paul likens Bitcoin (BTC) to Amazon, which is one of the companies that survived the market collapse.  In a Twitter thread, Paul noted that while there are “modest” products in the crypto market, many improvements must be done in order to reach the mainstream. Paul also argues that adoption is “5 years behind” from what many hoped. The executive also highlighted network…

Read More

ZED RUN founder envisions user narrative-driven Metaverse

Chris Laurent, the founder of the popular-digital horse racing game ZED RUN, envisions a future where people will spend their free time developing their own unique narratives within the Metaverse.  This virtual world will contain a mix of gaming, entertainment, and social experiences underneath an overarching storyline, he believes. “My perception of the metaverse isn’t just a meeting [of people], it’s coming home after work and not turning on Netflix, but seeing what happens to yourself and your friends in some type of storyline that is flexible.” The ZED RUN…

Read More

NFT holders can earn millions through IP rights, says Apocalyptic Apes founder

While the most common way to earn money in the nonfungible token (NFT) space is by flipping the tokens for profit, there are other opportunities to earn money with NFTs as the market continues to develop.  In a Cointelegraph interview, Bill Starkov, the founder of Apocalyptic Apes and a Bored Ape Yacht Club (BAYC) member, talked about how NFT holders can license the intellectual property (IP) rights of the tokens. Citing BAYC as an example, Starkov noted that “holders can generate thousands of dollars by licensing out their apes for…

Read More

Bitcoin’s real energy use questioned as Ethereum founder criticizes BTC

The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy.  According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating: If bitcoin is really using nearly 1% of the energy on earth that is way too much for a pet rock. https://t.co/CDL32jk5FF — Texture, PhD (@iamtexture) June 9, 2022 Ethereum…

Read More

Maker founder proposes endgame, Singapore explores DeFi and more

The past week in the decentralized finance (DeFi) ecosystem saw many new developments, including the rebirth of the Terra 2.0 blockchain. Meanwhile, Binance’s incubation platform Binance Labs launched a $500 million fund to support and promote Web3 adoption. Singapore’s central bank partnered with JP Morgan to explore DeFi applications in wholesale funding markets by establishing tokenized bonds. KuCoin launched its very decentralized wallet with DeFi and nonfungible token support. The top-100 DeFi tokens showed signs of a breakout from a month-long bearish trend, with most of the tokens showing overall…

Read More