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Circle’s Chief Financial Officer Jeremy Fox-Geen has released an update on the operations of the company’s stablecoin USD Coin (USDC). Fox-Geen’s statement is a response to the market turmoil following the collapse of crypto exchange FTX. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. In the past week […]
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For the past few months, Shiba Inu [SHIB] has been the better performer among the top two meme cryptocurrencies. Its closest competitor, Dogecoin [DOGE], which still has a greater market value, had failed to match up within the same timeframe. Despite getting the support of the world’s richest man, Elon Musk, DOGE seems to have […]
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Solana, commonly known as the Ethereum killer for supporting developers around the world in creating scalable decentralized apps, is seeking to enter the telecom industry with the launch of an Android phone. Besides launching its phone, Solana is also set to launch a subsidiary that will focus on developing Web3 mobile apps. Are you looking […]
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Polkadot’s native cryptocurrency DOT has so far managed to remain on the list of top 20 cryptocurrencies by market cap. The latest market events have forced investors to re-evaluate their portfolios in favor of digital currencies that have strong fundamentals, but does DOT fit these criteria? Polkadot’s multi-chain approach can provide better insights into whether […]
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The second edition of NFT Awards is now here. Digital Entertainment Asset Pte Ltd (DEA), a Singapore based new-age digital entertainment major has announced the NFT Awards 2021 – an exercise that enables the crypto industry to recognize some of the best NFT creators and reward them for their contributions to the space.
The entire process of listing, evaluating, and selecting NFT Awards winners is a community exercise involving both industry participants and cryptocurrency users. The awards will be given to deserving crafters, artists and architects of the tokenized economies across multiple categories. To make NFT Awards 2021 a grand success, DEA has joined Blockchain Game Alliance – an organization committed to promoting blockchain within the gaming industry by fostering collaboration between individuals and companies to develop games and build communities around them.
The recent success of decentralized finance as an application of blockchain technology is followed by another trend – Non-Fungible Tokens (NFTs). An entirely new breed of digital assets, NFTs shares almost all but one important trait with conventional cryptocurrencies which is the uniqueness of each token which makes it an ideal representation of ownership of virtual and real-world assets.
The most popular use of NFTs remains in the collectible and digital gaming space, popularized by CryptoKitties. Its growing popularity has flooded the market with a variety of NFTs floated by numerous creators, each claiming to be more valuable than others. But in reality, many of them turn out to be fraudulent operators looking for a quick buck at the expense of unsuspecting users. Programs like NFT Awards act as gatekeepers to the ecosystem by educating the community about NFTs so that they can recognize the assets for what they are worth.
Like Oscars and Emmys for Film and Television, the NFT Awards for blockchain sector will encourage creators to create quality assets, leading to the industry’s sustainable and healthy growth.
Founded by Naohito Yoshida, DEA is a full-fledged digital entertainment ecosystem that leverages the power of blockchain technology to create a data-driven economy. The DEA ecosystem makes extensive use of NFTs to monetize digital entertainment so that both creators and consumers are compensated for their efforts.
Using the native DEAPcoin (DEP) token, DEA has created a revolutionary “Play and Earn” model supported by services like PlayMining and NFT Marketplace by DEP. Introduced last year, PlayMining is a digital content platform that allows users to earn DEP and acquire NFTs by playing games or reading Manga. Meanwhile, the NFT Marketplace by DEP allows game developers, NFT creators and NFT holders to list their digital assets for sale or auction.
PlayMiners, as the players on the PlayMining platform are known, can use the DEP mined by reading Manga or playing games to purchase NFTs that give them boost or special powers within their game of choice. Alternatively, they can purchase DEP from any of the supported exchanges like Bittrex, Bithumb Global, OKEx, Digifinex, etc., to buy game assets or NFTs directly from the platform. In less than a year, DEA has acquired over 750,00 users and is expected to hit the 1 million mark in the coming months.
DEA believes that the next stage of growth in the digital entertainment industry can be achieved only by changing the existing rules. Using blockchain technology makes digital content universally accessible while encouraging participation by compensating users with digital assets that can be used in the ecosystem and the real world. NFTs are the crucial elements that make it possible. By recognizing the true value of NFTs and their role, NFT Awards will help DEA extend its vision beyond its ecosystem to include the entire industry segment.
The previous edition of the NFT Awards was received with great enthusiasm attracting hundreds of nominations from the community. The entries were voted upon by the public and judged by who is who from the entertainment industry including the likes of Nicolas Pouard of Ubisoft Blockchain Initiative, Nobuyuki Idei – former CEO and Chairman of Sony Corporation, Shigeki Morimoto – the game designer behind Pokémon Series and more.
In the end, deserving entries received awards under 10 different categories
This year, DEA expects participation to increase many folds as the NFT market continues to expand rapidly. Many digital assets have grabbed the headlines in the past few months, with celebrities and tech moguls joining the game. If the recent auction of Jack Dorsey’s first tweet for $2.9 million or the NFT version of digital artist Beeple’s artwork selling for $69 million on Christie’s is any indication, then NFT Awards 2021 is going to be an intense, close competition.
DEA will soon announce the important dates for NFT Awards 2021.
The influence of airdrop incentives has subverted the ideal of using Gitcoin’s quadratic financing to provide an alternative to token issuance. Vitalik Buterin introduced MACI, a solution that does not support airdrop traceability. MACI has key features such as correctness, anti-censorship, privacy, and anti-collusion.
Original title: “Vitalik: Airdrops have subverted Gitcoin’s ideals, and we are considering a plan that does not support airdrop traceability”
Source: Ethereum founder Vitalik Buterin blog
Compilation: Chain Catcher
Last month, Gitcoin launched the 9th round of donation activities, and its fundraising scale was the largest in history. More than 12,000 donors donated US$1.38 million to 812 different projects, reflecting the high enthusiasm of crypto users for emerging projects.
This degree of enthusiasm is driven to a certain extent by the airdrop expectations of many users. Since many projects such as Mask Network have airdropped tokens to Gitcoin donors before, and this event supports ZkSync payment, which has a lower interaction threshold, many users Get airdrops and participate in donations, and even register multiple accounts to brush up.
Ethereum founder Vitalik wrote an article today summarizing this round of Gitcoin donation activities and criticized the aforementioned phenomenon.
First of all, Vitalik pointed out that the most challenging new phenomenon in this round of donation activities is the emergence of large-scale fraud. Some unknown groups have registered a large number of accounts trying to deceive the Gitcoin mechanism and conducted donation activities. Since multiple sponsors will donate the amount of user donations, this phenomenon makes the sponsor need to pay an additional 33,000 US dollars.
Therefore, Vitalik believes that Gitcoin needs to create algorithms that can prevent bad manipulations, and at the same time reduce fraud by manually verifying accounts, inviting third-party analysis, and community supervision.
Since then, Vitalik took Mask Network as an example, believing that the retrospective airdrop of the project has set a precedent for the industry. Many projects now hint at forums that users will airdrop to donors. This situation makes users motivated to participate in this Gitcoin donation. Two types are presented, “Do you donate because you like the results of the project’s funding (within the mechanism), or because you like the results (out of the mechanism) you get through funding the project?”
“If there is a long-term model for a project to provide retroactive airdrops to Gitcoin donors, users will feel a pressure that they will not mainly pay to projects that they consider to be public products, but to them that there may be generations in the future. Donate to the project of the currency.” Vitalik pointed out, “ This subverts the ideal of using Gitcoin quadratic financing as a monetization strategy to provide an alternative to token issuance. ”
For this reason, Vitalik introduces a solution called MACI in detail. The code has been released on Github. The following part is a partial translation of the original text of Vitalik by the chain catcher:
MACI is a toolkit that allows you to run anti-collusion applications and has several key attributes:
The first is correctness. Invalid messages will not be processed. The actual output result of the mechanism is the result of processing all valid messages and calculating them correctly;
The second is censorship resistance: if someone participates, the mechanism cannot deceive and pretend that they are not participating by selectively ignoring their information;
The third is the right to privacy, no one can see how everyone participates;
The fourth is collusion resistance. Participants cannot prove to others how they participated, even if they want to prove it.
Collusion resistance is one of the key features. It makes bribery (or retroactive airdrop) impossible because users cannot prove that they actually donated or voted for a project .
The technical description of how MACI works is not difficult. The user participates by signing the message with the private key, encrypting the signed message into a public key issued by the central server, and publishing the encrypted signed message to the blockchain. The server downloads the message from the blockchain, decrypts it, processes it, and then outputs the result with ZK-SNARK to ensure that they are calculated correctly.
Users cannot prove how they participated, because they have the ability to send a “key change” message to deceive anyone who tries to audit it: they can first send a key change message to change their key from A to B, and then Then send the “forged message” signed by A. The server will reject the message, but no one else will know that the key change message has been sent. Although it is only for privacy and mandatory considerations, there is a trust requirement for the server; the server cannot publish incorrect results by incorrectly calculating or checking messages. In the long run, multi-party computing can be used to decentralize servers to a certain extent, thereby enhancing privacy and anti-compulsory guarantees.
There is already a secondary financing system using MACI: clr.fund. It works well, although the current proof generation is still quite expensive. The ongoing work is expected to reduce these costs soon.
Please note that the adoption of MACI does bring the necessary sacrifices, which will prevent certain projects from rewarding donors, but will still leave a lot of space for users to express their pride in their contributions. Projects can be airdropped to all Gitcoin contributors without distinguishing them by project, and announce that they are doing so through a link to their Gitcoin profile. However, users can still make donations for other projects and get airdrops. Therefore, this can be said to be within the scope of fair competition.
But this is still a long-term problem. MACI may not be ready to be integrated in Gitcoin’s 10th round of donations. In the next few rounds, focusing on strengthening uniqueness verification is still Gitcoin’s top priority. The Gitcoin team has taken an excellent step in this direction.
If the Gitcoin team succeeds in playing a pioneering role in taking the lead in challenging and overcoming challenges, then we will finally obtain a safe and scalable quadratic financing system that can be used in a wider range of mainstream applications.
Source link: www.chaincatcher.com
Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.
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