In a now-deleted message posted on June 23 on X, former Brazilian soccer superstar Ronaldo de Assis Moreira, known as Ronaldinho, declared his support for crypto, stressing that it was time for this industry to reach more people. Ronaldinho stated: “Time for crypto to go mainstream, who’s with me?.” Recently, he was named ambassador of […]
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Tech Entrepreneur Suggests Mainstream Companies May Have Adopted NFT Loyalty Programs Prematurely
According to Juan Otero, CEO of the crypto-native travel booking platform Travala, many mainstream companies that attempted to use non-fungible tokens (NFTs) for customer or user loyalty programs may have seized the opportunity prematurely. Otero argued that at the time, Web3 companies had not “even figured out the best ways to use NFTs in loyalty […]
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Bitwise CEO: Bitcoin Should Move on From ‘Digital Gold’ Narrative as It Reaches Mainstream Adoption
Hunter Horsley, co-founder and CEO of Bitwise, a San Francisco-based cryptocurrency asset management firm, declared that the “digital gold” narrative limits bitcoin’s reach as an investment asset. Horsely stated that, while the “digital gold” representation has been helpful for bitcoin, it has many qualities that put it over gold and it is time to “graduate” […]
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Succinct Labs Raises $55M to Propel Zero-Knowledge Proofs Into Mainstream Development
On Thursday, Succinct Labs, a startup dedicated to democratizing zero-knowledge proofs, unveiled that it had secured million in funding through both seed and Series A rounds. Paradigm took the lead in this financial boost, with additional support from entities like Robot Ventures, Bankless Ventures, Geometry, and ZK Validator, among others. Succinct Labs Nets M […]
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‘Wolf of All Streets’ Expects Mainstream Crypto FOMO to Return When DOGE Hits New All-Time High
Scott Melker, also known as the “Wolf of All Streets,” has revealed his theory on the potential resurgence of mainstream fear of missing out (FOMO) in the crypto market. He asserted that people seem to forget that the mainstream fervor in the last bull market came through dog coins, like dogecoin, and non-fungible tokens (NFTs). […]
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Non-Regulation of Web3 Space Making ‘Mainstream Adoption Harder’ Says AGG’s Jack Vinijtrongjit
According to Jack Vinijtrongjit, the co-founder and CEO of the Web3 infrastructure company AAG, more prospective users will be drawn to decentralized finance (defi) and non-fungible tokens (NFTs) if tools that help them avoid falling prey to scammers are developed and deployed. Vinijtrongjit argued that the need for such tools will even become “more crucial” if and when the much-talked-about widespread adoption of Web3 becomes a reality.
Onus on Industry Participants
While he acknowledged the key role that education can play in making Web3 a safer space for new users, Vinijtrongjit insisted that the onus for solving this problem rests on the shoulders of industry participants. He told Bitcoin.com News that this is especially true at the latter stages of mainstream adoption of emerging technologies.
Turning to the regulation of Web3 or the lack thereof, the AAG co-founder said he concurred with those who believe that a lack of regulation makes mainstream adoption harder. In written responses sent via Telegram, the co-founder also suggested that the non-regulation of the space is particularly challenging for regulated enterprises seeking to be exposed to digital assets or NFTs.
Vinijtrongjit also explained why his company has eliminated the need for private keys or seed phrases and how this can help make life much easier for new users. Below are the AAG co-founder’s answers to all the questions sent.
Bitcoin.com News (BCN): When new users start interacting with defi, Web3 or NFTs, they sometimes make mistakes or fall prey to scams. Besides educating such users, what else do you think needs to be done to stop them from making such mistakes or falling for scams?
Jack Vinijtrongjit (JV): You’ve mentioned education, which is hugely important, of course. The more that people can understand the technologies they use and the risks they’re faced with, the better. But you asked what can be done to prevent problems, such as scams, besides educating individuals. The answer to that, of course, is that we need preventative measures. The tools we use need to be able to identify and mitigate problems without giving users the chance to — or handing them the responsibility of — potentially making fatal errors. This is only going to become more crucial as the kind of widespread adoption often talked about becomes a reality.
When you’re in the early adopter phase we’re currently in, many users are going to have a high level of technical proficiency and may be more cognizant or forgiving of issues such as scams. But it’s unfair to expect that every user is going to have that same level of understanding, or willingness to put in the time to learn to avoid these problems. And why should they have to? The industry needs to solve this problem. Especially since, as technologies enter the latter stages of mainstream adoption, the threshold for adoption becomes lower and products that win therefore have to remove as many hurdles as they can. Encouraging education on the part of users is good, but it shouldn’t be a crutch used for putting the onus on users to solve their own problems.
BCN: Your wallet known as Metaone is said to have eliminated the need for private keys and seed phrases. What is the reasoning behind this move?
JV: Not everyone is a security expert; nor should they have to be. Early adopters have used private keys and seed phrases because, frankly, they didn’t have a choice. Now they do. That’s what we’re doing at AAG: eliminating the need for these private keys and seed phrases, while still offering users a level of control and ownership of their digital assets. It’s still self-custody: only the user has access to their assets. I believe this is the way of the future.
BCN: While the elimination of private keys and seed phrases is likely to bring forth positive results as you say, some might argue that this goes against the very essence of decentralization. What would be your response to this?
JV: Why does it go against decentralization? The foundation of decentralization is that you have ownership and control of your assets. You are the only one who can access them. That remains true regardless of whether a wallet uses seed phrases or not.
BCN: Even though the industry has got many things right there is still a lack of useful things that can be done at the consumer level. What are some of those useful things that would get users hooked on Web3 solutions?
JV: Back in the early days of the personal computer, there were a few applications – like VisiCalc on the Apple II – that were considered “killer apps,” meaning applications that were so compelling that they alone would get you to pay up to buy a computer. I think we’ve long since moved past this. Look at the apps on your smartphone and compare them to the ones on mine: Everyone has their own killer app today that makes these devices compelling.
We’re no longer in a monoculture. The same is true in Web3. There are different tools that are going to appeal to individuals. Tokenizing real estate, carbon credits or CRM for retail, all of these could prove to be killer apps for certain markets or users. With that said, I think we’re still in search of that “ChatGPT moment” that makes this mainstream and gives people a reason to care. It has to be something that people do daily. For that reason, in my opinion, some of the most interesting tools in this space have to do with commerce. That could be a game-changer for both people and brands.
One use case I think is immediately understandable concerns the secondary market for physical goods. NFTs solve the friction that accompanies our current paradigm, in which an item has to be physically mailed to real authenticators to prove that it is genuine. By using NFTs, once an item has been authenticated it can be safely stored in one location and then traded as many times as you want, with all of those transactions stored on the blockchain – proving both authenticity and ownership. That’s a win for both the consumer, for the reasons I articulated; for the brand, which can claim a royalty fee for every trade; and also for the environment.
BCN: Your company is said to be building products to bridge the gap between Web2 and Web3. Can you tell us about these and how they could help users and enterprises transition to Web3?
JV: AAG is building an ecosystem of products focused on ushering businesses and users into the world of Web3. If we have an overarching goal, it’s to make Web3 access as simple, straightforward and, yes, as pain-free as the Web2 tools people are already using. We’re trying to eliminate the challenges that might halt adoption – for instance, Metaone wallet eliminating seed phrases and private keys, or our blazing fast and gas fee-less L2 blockchain on Oasys, called Saakuru. We’re also advising businesses on how to experiment and implement Web3 solutions in a way that is fast, effective and, critically, doesn’t cause disruption to their business.
BCN: Recently, there’s been a lot of chatter about gamifying the user experience. Do you believe that a gamified user experience could help Web3 apps boost engagement and make the transition easier for new users?
JV: I’m a big believer in gamification. Web3 lends itself very well to gamification because Web3 is also about incentivization. Every network has some kind of token or reward structure. People get rewarded for participating – and participating earlier, because the rewards are maximized. Those are the key tenets of gamification.
Gamification is a great way to increase engagement and, ultimately, to bring in more users. Recently, AAG launched Tomoone, an NFT-based game that’s designed to educate MetaOne users about the possibilities of Web3 through a fun, interactive experience. By taking care of your Tomo virtual companion and keeping it happy, users get to learn about using a crypto wallet, exploring Dapps, and minting NFTs. It’s just one illustration of how we’re exploring gamification in this space – but I think it’s a very, very rich terrain to explore.
BCN: Do you believe that the lack of regulations is hurting the growth and adoption of Web3? If yes, how would clear regulatory frameworks help shape the future of Web3?
JV: The way I see this is that, for some people, the idea of a Wild West environment free from regulation is going to be very exciting. But it’s going to make mainstream adoption harder. For example, right now we’re seeing a lot of discussion from the SEC about whether certain cryptocurrencies qualify as securities or utilities. That could have a significant impact on their valuation and may put off investors.
The lack of regulation is also making it tougher for enterprise users, because they see an area that could be subject to regulation, or where certain rules are undecided, and steer clear of Web3 altogether as a result. Clarifying these rules is therefore very important. For that reason, I don’t view well-implemented regulation as being a negative. It just needs to be created in collaboration with the people familiar with this space to ensure that it provides guidance and standards that help build Web3 in a constructive manner, rather than stifling innovation. But “perfect” can be the enemy of “good” – meaning that, on balance, it’s better to have regulatory frameworks that can evolve if they turn out to be ill-suited, rather than having none at all because it’s considered to be too complex.
Editor’s note: Non-custodial wallets with seed phrases and private keys in the user’s exclusive control allow assets to be maintained even in the case of loss of a device or shutdown of one particular wallet service. As such, users should do their own research before using any service where the mechanics of crypto ownership are not made clear, and/or private keys are not in their exclusive control.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Cryptocurrency Continues to Enter The Mainstream, But Education Remains a Barrier
Cryptocurrency was designed to empower people by giving back their financial power and allowing them to avoid relying on governments and banks.
Since its infancy, cryptocurrency has disrupted traditional financial services, including governments, central banks, and venture capitalists. Cryptocurrency is generally decentralized in nature, meaning any single person or entity does not control it. The technology’s decentralized nature has allowed it to revolutionize the finance world through its unparalleled transparency, immutability, and security. As a result, it is rapidly making its way into the mainstream.
As it continues to evolve, more countries have legalized cryptocurrency, with some declaring it legal tender. However, the technology doesn’t show any signs of slowing down either, with analysts projecting that the cryptocurrency market will be three times as large by 2030, estimating a valuation of around trillion.
Despite the rapid mainstream adoption of the technology, due to the sector’s lack of regulation and inherent volatility, many people still haven’t entered the space. However, despite the setbacks, countries like Columbia and Venezuela have started to use it for business purposes.
Like any new technology, the lack of education around cryptocurrency is a huge barrier preventing people from getting involved, and while there are several educational platforms, there’s still a need for a holistic educational tool that investors can use. That’s where Collective Shift aims to solve this problem through its educational platform used to educate people through media, providing access to tools, insights, opportunity alerts, and portfolio strategies that investors need to succeed.
Collective Shift believes that the key to cryptocurrency is its community focus, which is why it has designed a platform built on being a collective. With its team of expert investors, research analysts, passionate team, and dedicated members, it believes it can confidently move the industry towards collective success.
“No technology in recorded history has ever been adopted faster than cryptocurrency, including the internet itself. We must come together to give people exactly what they need to succeed as we build a new future,” the company states on its website.
The platform profoundly understands what the cryptocurrency space needs—a place where they can get consolidated access to the most critical insights and information. This is why the platform publishes free education through its research reports, beginner materials, articles, videos, and podcasts.
The company’s founder, Ben Simpson, fell in love with cryptocurrency while building his apparel business, seeing the potential in Bitcoin “beyond the rational benefits of decentralization, its deflationary nature, and permissionless, borderless qualities.”
The more he learned about the space, the more he learned about the power of community, which is what spurred a need for the platform. “I created a group of crypto experts to surround myself with and together, we collectively began sharing our research to spot the next trends and opportunities,” the entrepreneur says.
Ultimately, Simpson says that Collective Shift was born to empower individuals to succeed by educating them and connecting them with the crypto community. “The idea that no one person could do this alone. That the collective makes the individual stronger — and that with the right tools, resources, and people — we could democratize wealth through crypto for all,” he says.
From Fringe Tech to Mainstream Adoption: CESS Discusses the Rise, Current Opportunities, and the Future of Web3 at IVS Crypto 2022
The summit, now in its 14 year, featured luminaries from the Web3 space, including CESS Chairman Nicholas Zaldastani, who provided a technical, operational, and business-focused deep dive into Web3.
CESS, Cumulus Encrypted Storage System, is a third-generation decentralized, cloud-based data storage protocol built for Web 3.0. Despite the rapid ascent of Web3 technologies to the forefront of discussions on how the world should connect, share, and do business, many people have misconceptions about the growth trajectory of this bleeding-edge technology, the business opportunities for leveraging Web3, and the role of Web3 in the wider tech space.
Within this context, IVS Crypto 2022 held a special panel on July 8, 2022, to discuss everything related to Web3. Moderated by Masa Kakiya of Consensys, the panel included industry leaders from Bware Labs, Nakji Network, and Google, and also featured Nicholas Zaldastani, the Chairman of CESS.
Among the topics that were discussed were the following: What is Web3? How – and why – should businesses join the Web3 revolution? What are some of the larger opportunities within the Web3 space?
The panel also talked in-depth about how to develop Web3-native apps; the benefits of decentralized, Web3-based infrastructures over Web2 systems; how businesses can transition to Web3 from Web2; and how new users can be onboarded to work within this new, groundbreaking paradigm.
CESS Chairman Nicholas Zaldastani commented on the conference and said: “Web3 is about bringing together the world’s computing power, data, and networks in a highly secure distributed system. From historic mainframes to Web2.0 to the blockchain, Web3 is the most sophisticated technological endeavor ever. It will not only make our existing applications more effective and secure but will also bring about a completely new set of applications that we have never thought possible. CESS is the Web3 storage system that will ensure that this is all possible.”
Part of Mr. Zaldastani’s talk centered around ensuring that products and applications meet and scale to user expectations given the explosive adoption of Web3, ensuring fast and performant bare metal configurations that contain large storage capacities, and how to succeed as a Web3-native business operating in a fast, free, and user-centric world.
To many, Web3 is such a revolutionary new way of doing things that it has caught some people off guard, and they are therefore a little wary of joining the movement without first fully understanding it – even given its numerous benefits and the unique value proposition of Web3-based technologies. As a decentralized storage solution that will act as the foundation for the Web3 apps of the future, CESS is educating the tech space about its vision of Web3, decentralized storage, and future trends for the tech space to move the entire industry forward.
CESS is a decentralized storage solution with a unique infrastructure that separates storage, scheduling, consensus, and the application layer. This helps optimize network performance and achieve massively scaled speeds of up to 10,000 TPS.
Combined with improved efficiency, lower costs, amplified storage capabilities, unique incentive mechanisms for miners and network participants, and a successful private funding raise, CESS is suitably positioned to deliver on its USPs of high data assurance with high availability, storage space maximization, speedy data retrieval on the order of milliseconds, and smart integrations and APIs – including support for WASM and EVM compatibility – that will help roll out CESS to real-life platforms and projects.
Learn more about the conference here and read more about how CESS is changing the narrative for decentralized Web3 storage here.
Niftables Wants To Take NFTs Into The Mainstream With A New Marketplace And White-Label Solution For Creators
The mainstream appeal of non-fungible tokens has never been more outspoken than it is today. Everyone seeks exposure to NFT assets, representing a market worth roughly billion. The introduction of white-label solutions and an interconnecting marketplace by Niftables may lead to much higher valuations.
The NFT Industry Growth Continues
The past two years have been rather wild for the cryptocurrency industry. More specifically, the introduction of non-fungible tokens has brought major investors, celebrities, and mainstream users over to this industry. While NFTs are primarily speculative – like cryptocurrencies – several projects have established a long-term presence. Together, all projects combine for an estimated market cap of over billion in 2021.
That market cap is a big step up from .5 million in 2020. It is uncanny how far the NFT vertical has come in such a short time. Moreover, brands and creators continue to express an interest in this industry. Unfortunately, they are held back by a lack of convenient and automated solutions taking care of everything surrounding the creation of a new collection.
Niftables may hold the solution to this pressing matter. Any creator or brand can venture into the NFT segment through its upcoming white-label solution. The framework powering that shift possible is the Niftables metamarket, enabling full automation of NFT utilities and seamless frontend and backend integration into an NFT network. Creators launch collections directly into a market, providing utility through a wider ecosystem.
Furthermore, the metamarket approach enables support for VR and AR-compatible 3D galleries. Combined with fiat and crypto payment gateways and integrated custody solutions, the technology stack makes it straightforward for mainstream users to become part of the non-fungible token world. Additionally, creators can distribute NFTs through subscription services, drops, auctions, etc., giving them full control.
The Niftables Marketplace Vision
Niftables also aims to launch a cross-chain gas-free NFT marketplace to help enthusiasts buy, trade, sell, swap, or redeem NTs and rewards from creators’ white-label platforms. The marketplace will act as a hub to browse verified white-label platforms, stores, profiles, and collections. Furthermore, Niftables’ integration with Rarible and OpenSea will help facilitate secondary market sales.
Niftables Co-Founder Jordan Aitali adds:
“A one-stop-shop doesn’t mean one-size-fits-all. That’s why Niftables is built to let creators and brands fully customize their white-label NFT platforms from the get-go. We ensure that each creator’s NFT platform is in tandem with their branding and overall vision.”
The Niftables $NFT asset will be a crucial aspect of this ecosystem. It is a payment method throughout the ecosystem, including the white-label platforms established by creators and brands. Additionally, $NFT holders will benefit from customized user profiles and discounted purchase rates across all external white-label platforms.
Goldman Sachs: Mainstream Adoption Won’t Boost Bitcoin Price
Goldman Sachs’s words have been interpreted as a sign that the cryptocurrency craze may be coming to an end. The analysts at this global banking powerhouse say they don’t see mainstream adoption boosting the crypto industry soon. Unfortunately, that means bad news for those who bought bitcoin or other crypto assets on hope chests full-force optimism about its value increases exponentially over time.
Cryptocurrencies are becoming more and more popular as the adoption rate for Bitcoin increases. The strategists tell Bloomberg that correlation has started to occur with other macro assets such as crude oil, technology stocks, US dollar – all of which have seen significant growth recently too.
Diverse asset classes have often been seen as a way to diversify your investments. However, according to analysts, this may not be true for crypto assets due to their high correlation with traditional markets. Making them uniquely susceptible during economic downturns or periods where there’s investor panic on exchanges like Binance losing half its value within months.
“Mainstream adoption can be a double-edged sword. While it can raise valuations, it will also likely raise correlations with other financial market variables, reducing the diversification benefit of holding the asset class.”
The Decline In Crypto Industry
Cryptocurrencies have been on a steady decline since November. The market capitalization of all crypto has dropped from .8 trillion at its peak in November to just .68 trillion now as I write these words. Analysts point out how correlations with stocks or strength USD often influences prices, but what about wider? Is there anything else going through these declined markets besides traditional economic factors like interest rates & business profits?
Related Reading | Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?
Crypto Market Capital disintegrates to .68 trillion. Source: Tradingview.com
What might be causing such dramatic price fluctuations across different cryptography currencies- both rise and fall. The blame doesn’t lie solely on one side, though; many factors are driving up or down prices. Those include government regulations abroad where most blockchain technologies operate (such as China and Russia).
Whether blockchain technology can escape from macroeconomic influence and monetary policy is still an open question.
Goldman says;
“Over time, further development of blockchain technology, including applications in the metaverse, may provide a secular tailwind to valuations for certain digital assets. But these assets will not be immune to macroeconomic forces, including central bank monetary tightening.”
Featured image from Pixabay, chart from TradingView.com
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