Nonfungible tokens don’t live on the blockchain, experts say

As nonfungible tokens (NFTs) are advertised as blockchain-based technologies, there are misconceptions on how they are stored according to two experts. They argued that technically, these tokens do not exist in the blockchain but are actually stored elsewhere.  In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, discussed decentralized storage, the future of the NFT space and investing in NFTs. According to Victor, main chains are very limited in size and storing data on the blockchain can be very expensive. Because…

Read More

Condense to live stream IRL events into the metaverse

The Metaverse infrastructure company closed a seed funding round to continue the development of 3D live streaming technology. Condense raised $4.5 million in a round led by LocalGlobe, 7percent Ventures and Deeptech Labs.  The technology employed by Condense live streams 3D videos into the Metaverse via games and existing platforms. The firm states that such technology has the potential to create an entirely new world of content creation and entertainment engagement with real-time connections. Additionally, Condense had participation from angel investors and music industry insiders such as English footballer and…

Read More

What are the long-terms goals for the Ethereum blockchain? Vitalik Buterin explains live at EthCC

On Thursday, Vitalik Buterin, co-founder of Ethereum, shared his long-term vision for the namesake blockchain live at the annual Ethereum Community Conference, or EthCC, in Paris. As told by Buterin, Ethereum is currently at an inflection point, or period of rapid change, before the ecosystem’s capability will eventually settle down.  Currently, the foremost priority for Ethereum is building an easy-to-use light client for the consensus layer, execution layer, and layer-2 solutions by default. Next is better support for home stakers or those looking to validate network transactions when Ethereum transitions…

Read More

Cristobal Balenciaga NFT To the Moon drop inspired by founder’s original designs is live

Lorenzo Riva, the artist director of the luxury fashion brand Balenciaga during the 1980s, launched a much anticipated Cristóbal Balenciaga: To the Moon nonfungible token (NFT) collection on Thursday in collaboration with Cointelegraph. The NFT collection comprises 8,300 original, never-before-seen designs from Cristóbal Balenciaga, himself. Cristóbal had humble beginnings as a local tailor’s apprentice and eventually rose to prominence in the fashion industry as a pioneer of novel garment shapes. These fashions, such as the sack dress and the cocoon coat, changed the course of women’s fashion in the 1950s. Lorenzo Riva…

Read More

Sango crypto hub goes live in the Central African Republic

The Central African Republic (CAR) has launched its new government-backed Sango crypto hub initiative to foster the development of the local digital asset sector. The Sango project follows the CAR’s adoption of Bitcoin (BTC) as legal tender in April. The initiative aims to attract businesses and global crypto talent/enthusiasts, ramp up local BTC adoption and oversee the rollout of crypto regulatory frameworks and infrastructure. A Metaverse platform dubbed “The Crypto Island” and Sango Coin is also in the works. Speaking at the launch event on July 3, President Faustin-Archange Touadera…

Read More

Community celebrates as Ropsten testnet merge goes live

The Ethereum blockchain recently completed a step toward the long-awaited upgrade that will improve the platform by switching to a proof-of-stake (PoS) consensus. The Ropsten testnet successfully transitioned to PoS in what is dubbed a “dress rehearsal” for the Ethereum blockchain.  Since the network uses the proof-of-work (PoW) mining model which consumes a lot of electricity, the Ethereum platform is often criticized along with Bitcoin (BTC) over its environmental impact. With the shift to PoS, the energy issues will be addressed and the platform will become more scalable, being able to…

Read More

Luna’s meltdown will live on in infamy, May 5–11, 2022

Terra’s meltdown forced cryptocurrency investors to ask a question they never thought was possible: Will TerraUSD (UST) or Terra (LUNA) reach $1.00 first? The magnitude of this question provides a sobering reminder of just how quickly things can change in crypto. While Terraform Labs co-founder Do Kwon remains defiant, many people in the industry are beginning to distance themselves from the protocol they thought was delivering real-world utility for stablecoins and Bitcoin (BTC). The threat of contagion from Terra’s apparent collapse could take months or even years to fully quantify,…

Read More

Bancor 3 goes live with impermanent loss protection for liquidity providers

Bancor, the first decentralized finance protocol to introduce liquidity pools, has come out with a new liquidity solution with the launch of its v3, called Bancor 3. Bancor 3 went live with a promise to offer protection against impermanent loss to liquidity providers. The new architectural changes promise to bring sustainable on-chain liquidity and make decentralized finance (DeFi) staking simpler for decentralized autonomous organizations (DAOs). The v3 project has attracted more than 30 projects and tokens — including Polygon’s MATIC, Synthetix Network Token (SNX), Yearn.finance’s YFI, Brave’s Basic Attention Token (BAT), Flexa’s…

Read More

Will Polkadot (DOT) price reverse course now that cross-chain messaging is live?

Development within the Polkadot (DOT) ecosystem has been slowly unfolding over the past year and a half, and the work put in by developers is finally starting to bear fruit as parachain auctions finish and the first chains launch on the mainnet.  The next phase of interoperability within the ecosystem is set to kick off now that cross-chain functionality is about to go live. This next step will allow Polkadot-based parachains to communicate with each other and transfer assets between chains. After passing community vote, v0.9.19 has been enacted on…

Read More