OpenAI’s official press account on X (formerly Twitter) was compromised by cryptocurrency scammers who used the account to promote a fake blockchain token named “$OPENAI.” The hack is the most recent in a string of attacks on the company’s executives’ social media accounts, stirring up important worries about the protection of high-profile profiles.

Last Monday afternoon, the breach happened as the @OpenAINewsroom account, just established by OpenAI to announce and discuss product and policy developments, released a report about the hypothetical $OPENAI token. The statement noted that this token was supposed to connect AI and blockchain technology, drawing in users of OpenAI to participate in the first issuance of the token. Besides, the piece dishonestly claimed that holding $OPENAI would admit one to upcoming beta opportunities.

The post directed users to a phishing site disguised as a legitimate OpenAI webpage, but with a conspicuously incorrect URL, “token-openai.com.” The site featured a prominent “CLAIM $OPENAI” button, encouraging visitors to connect their cryptocurrency wallets—a step likely intended to steal users’ login credentials and drain their crypto assets. Furthering the fraudulent act, the hackers silenced comments on the deceitful X post, making it harder to realize that the account had been compromised.

And the funny thing is, the $OPENAI token does NOT exist. But this isn’t the first time scammers have aimed their sights at accounts linked to OpenAI. In June of 2023, OpenAI’s Chief Technology Officer, Mira Murati, also faced a similar account takeover on X, which was leveraged to endorse the very same fictitious $OPENAI token. Just a short time later, the accounts of Jakub Pachocki, OpenAI’s chief scientist, and researcher Jason Wei were hacked and used for almost identical scams. These incidents are part of a rising trend in which X accounts of tech companies and celebrities experience hacks used to advance crypto scams, often leading to significant financial losses for clueless users.

OpenAI confirmed the hack and has started an investigation. The fraudulent posts were displayed for about an hour and then deleted; the account is now back to normal. Still, the phishing site included in the posts poses a danger to users who accessed the link before the posts were deactivated.

The disturbing uptick in cryptocurrency scams on social media platforms, including X, is a significant problem. The FBI report from 2023 indicates that cryptocurrency scams amounted to $5.6 billion in the US, marking a 45% hike from the earlier year. In the first half of 2024, the FTC confirmed a remarkable rise in scams, recording over 50,000 cases and yielding nearly $2.5 billion losses.

The design surrounding the $OPENAI token signifies how these frauds proceed. Criminous actors can acquire control of a valid account with a substantial following and urge it to endorse a counterfeit cryptocurrency or reward. Then, users are directed to a harmful link. Engaging with the provided link will generally drain all of the victim’s cryptocurrency wallet.

Crypto exchanges have become central in the modern finance landscape, serving as the major face of the crypto industry. However, establishing a crypto trading platform can be daunting and costly. It requires practical experience, substantial financial resources, specialized knowledge, and a team of skilled crypto exchange developers.

In our exploration of white-label solutions for crypto exchanges, we’ve come across https://bitcode-ai.live/, an online trading platform that adds a unique dimension to the industry.

To simplify and expedite entry into the market, white-label crypto exchange solutions have emerged as market-ready models. These solutions help streamline the setup process and detract from the complexity concerned with building a crypto exchange.

Antier Solutions offers a highly motivated blockchain development team with expertise in constructing advanced crypto trading platforms for businesses with forward-thinking aspirations. Their solutions aim to address the challenges and provide a competitive edge in the emerging crypto market.

What is white-label crypto exchange software?

With white-label crypto exchange software, businesses can brand the exchange with their own design and logo, creating a seamless user experience. Moreover, white-label solutions often come with built-in protection features to protect against hacking and fraud.

Businesses can avoid spending time and resources on development and maintenance by choosing white-label cryptocurrency exchange software. By doing this, they can continue to provide their clients with a safe and dependable crypto trading platform while concentrating on other facets of their business. For companies wishing to enter the cryptocurrency industry without requiring a lot of technical know-how or development work, crypto exchange software offers a beneficial and cost-effective solution.

Types of white label crypto exchange software

There are several types of white label crypto exchange software, including:

• White label exchange software
• Multi-currency exchange software
• Cloud-based exchange software

White label exchange software

With white label exchange software, individuals can hastily launch their own branded crypto exchange platform sans the required coding skills or extensive development. This software provides a turnkey solution that includes essential features such as order matching, liquidity management, and user authentication. White label exchange software allows users to customize the platform according to their distinct requirements.

This type of software is prevalent among startups, financial institutions, and entrepreneurs who want to enter the crypto exchange market with a unique and tailored platform. It offers cost-efficiency, flexibility, and faster time-to-market compared to building an exchange from scratch.

Multi-currency exchange software

White label exchange software empowers users to trade several digital currencies in multiple fiat currencies, such as USD or EURO. This flexibility enables swift and seamless trading among digital assets and fiat currencies, bypassing the conversion fees typically charged by traditional exchanges.

By offering multi-currency trading options, these exchanges develop user convenience and provide a more efficient and cost-effective manner to engage in crypto trading with distinct fiat currencies.

Cloud-based exchange software

White-label crypto exchange software that is hosted in the cloud has a number of advantages over self-hosted alternatives. By leveraging cloud infrastructure, it allows for faster deployment times and reduces the need for extensive hardware investments.

While cloud-based solutions offer convenience, they still require some technical expertise for setup and ongoing management. Users may be required to configure the software and ensure proper security measures are in place. However, the cloud-based approach offers scalability and flexibility, allowing businesses to easily adjust resources based on demand.

Advantages of white label crypto exchange software

There are various benefits of using white-label crypto exchange software over building a crypto exchange from scratch:

Established reputation

Utilizing established vendors’ white-label cryptocurrency exchange software offers the benefit of capitalizing on their reputation and domain knowledge. Businesses can gain from the credibility and trust that comes with the vendor, which can help them establish their own brand in the marketplace.

They also offer opportunities for customization, enabling businesses to adapt the platform to their specific requirements and branding.

Time and cost-saving

Using a white-label solution for a crypto exchange saves businesses time and money compared to developing from scratch. The pre-built and tested core software eliminates the need for research, design, development, and coding.

Businesses can launch their exchange more quickly with a white-label solution, reducing time-to-market and letting them concentrate on other areas of their business like marketing and customer acquisition.

Featured image credit: Traxer/Unsplash.

The story of Bitcoin and the suspense behind its success is not hidden from anyone. In the last decades, several documentary makers got inspired and started to make their own short stories about the most popular cryptocurrencies in the world. Although many of these are available on social media platforms such as YouTube, Facebook, Twitter, etc.

Among all ko most popular documentaries are here to follow up! If you want to get a better understanding about the crypto trading concepts and make informed decisions, check out this platform named Altrix Edge and start learning.

First documentary: The Bitcoin Gospel

Bitcoin Gospel is featured with Jesus Roger Ver. This documentary includes a great overview for Bitcoin rookies where we can see the benefits availed from Bitcoin and its origin as well. In 2009 the whole world was facing the biggest financial loss in decades. In that situation, the alternative means to all-encompassing supervision the transnational banks had on people’s finances.

The Bitcoin Gospel catalogs how the concept attained traction and establishes the case for how Bitcoin can be a possible mainstream option to conventional procedures of payment.

Second documentary: Survived on Bitcoin for 14 Days

While the Coin Telegraph attempted to live off Bitcoin for 14 days, the documentary stated above followed a video journalist from the Coin Telegraph. He spent the night in the city of New York which is popularly known as the financial hub of the world.

And if it is possible to succeed anywhere, it would be a great deal to provide a summary of the current state where matter relates to the adoption of Bitcoin and it gives a concept of how things can come out in the future.

Third documentary: Bitcoin: Beyond the Bubble

Bitcoin is always considered as digital gold but many people are not aware of its working. However, this documentary on Bitcoin explains all means of gold intrinsic value in the initial space and also why Bitcoin probably takes control over it.

However, it also provides detailed information on Bitcoin and explains its proof of work blockchain works and how transactions got verified on it.

Fourth documentary: 10 million Dollar Bitcoin End Game

The question always strikes in the mind of what prices will Bitcoin satisfy in other words, we can say that it is difficult to fetch $10 million but due to a foolish YouTuber laid out his statement as to why he got worried about the realistic target of it.

Moreover, it is important to note that on what basis the documentary is shifting is its motto and how it represents the market and market strategies.

Fifth documentary: Unmasking Satoshi Nakamoto

The individuality of presumed Bitcoin creator Satoshi Nakamoto has long been encircled in mystery. That’s the way that he/she wanted it of course, but it hasn’t stopped the crypto society over the years from endeavoring to translate who they are, or at least assuming their individuality.

As the name of the documentary indicates, anonymous Satoshi Nakamoto examines the mystery and proposes their take on who the someone person behind the (assumed) alias may be.

Sixth documentary: Banking on Bitcoin

Netflix presents a documentary based on Bitcoin that is popularly known as “Banking of Bitcoin”. It includes the basics of technology, its enormous potential, and its working scenario in earlier times.

There is a lot of stuff included in the documentary regarding early players in the crypto space. Sometimes crypto seems infinitely wide and too quickly growing up to keep up speed with it.

Conclusion

The best version of these documentaries is that the information about crypto ce is gained entertainingly. If the film is good it will look like a reality. Some people got hooked on documentaries like Free Solo, Meru, etc. Although these stories are of humans who achieved their target over the crypto business and gained a lot of courage, power, and strength as well.

If we talk about a good documentary, it blends reality and fiction to inspire us to overcome our limitations. However crypto is different from traditional banking and financial systems in that it’s decentralized, providing power instantly to traders themselves.

Featured image credit: Art Rachen/Unsplash.

Welcome, crypto enthusiasts and futurists, to an exhilarating journey into the world of AI cryptocurrencies, where innovation meets the power of the blockchain to redefine the future of wealth. In this rapidly evolving landscape, it’s crucial to stay ahead of the curve. So, a better way to do so than by exploring the top 10 AI crypto projects that are shaping the financial realm and presenting lucrative opportunities to those who dare to embrace the digital revolution.

As we venture forth into this captivating exploration, we’ll delve into a handpicked selection of cryptocurrencies meticulously sorted by their market capitalization and explain each of them after that. From time-tested giants to ambitious newcomers, each of these projects harnesses the immense potential of Artificial Intelligence, pushing the boundaries of what’s possible in the decentralized realm.

Join us as we unravel the potential that lies within these AI cryptocurrencies and uncover how they are revolutionizing various industries. From enhancing financial transactions to optimizing supply chains and even reshaping how we interact with technology, these projects can potentially transform the world as we know it.

The Sam Altman crypto project “Worldcoin” is out

Whether you’re an established crypto enthusiast looking to diversify your portfolio or a curious newcomer seeking insights into the most promising opportunities, this comprehensive guide will equip you with the knowledge needed to make informed decisions and seize the potential for wealth generation.

So, fasten your seatbelts, and get ready to embark on a thrilling ride through the 10 best AI crypto projects that hold the key to a richer, more innovative future

Disclaimer: Nothing on this site should be construed as investing, financial, trading, or any other kind of advice. No cryptocurrency is recommended for purchase, sale, or storage by Dataconomy. Before making any investing decisions, you should do your own research and consult with a financial professional.

10 best AI crypto projects

Here are the 10 best AI crypto projects, according to CoinMarketCap:

However, market caps don’t mean much on their own. Before investing in an AI cryptocurrency, there are several critical factors to consider to make informed and responsible investment decisions. Here are some key aspects to take into account:

• Understand the project’s technology: Research and grasp the underlying technology powering the AI crypto project. Assess the uniqueness and viability of the AI algorithms being used, as well as their potential applications in real-world scenarios. Look for projects with strong technical documentation and an active developer community.
• Team and development progress: Evaluate the team behind the AI crypto project. Look for experienced professionals, researchers, and developers with a proven track record in AI and blockchain. Check the project’s development progress, its roadmap, and whether they have achieved significant milestones.
• Use case and market potential: Analyze the real-world use case and the specific problem the AI crypto project aims to solve. Assess the potential market size and demand for the project’s solutions. Projects with a clear and compelling use case are more likely to gain adoption and have long-term viability.
• Tokenomics and utility: Understand the tokenomics of cryptocurrency. Determine the utility and functionality of the token within the project’s ecosystem. Ensure that the token’s design aligns with the project’s goals and adds value to its users.
• Community and adoption: Examine the project’s community and level of adoption. Projects with strong and engaged communities are more likely to garner support and attract users. Monitor social media channels, forums, and developer communities to gauge the project’s popularity.
• Security and audits: Prioritize security. Look for projects that have undergone external security audits to ensure their smart contracts and code are robust and free from vulnerabilities. Security breaches can severely impact the value and credibility of the cryptocurrency.
• Regulatory compliance: Understand the regulatory environment in which the AI crypto project operates. Compliance with relevant laws and regulations is crucial for the project’s long-term success and sustainability.
• Market liquidity: Consider the liquidity of the cryptocurrency. Adequate trading volume and liquidity are essential for easy buying and selling, preventing price manipulation, and ensuring a healthy market.
• Competitors and partnerships: Identify the project’s competitors and assess how it differentiates itself in the market. Additionally, look for strategic partnerships and collaborations that can enhance the project’s potential for growth and adoption.
• Risk tolerance: Cryptocurrency investments are inherently volatile and speculative. Understand your risk tolerance and invest only what you can afford to lose. Diversify your investment across different assets to spread risk.
• Stay informed: The cryptocurrency market and technology landscape are constantly evolving. Stay updated with the latest news, developments, and trends in the AI and blockchain space to make well-informed decisions.

5 best AI ETFs that people can’t take their eyes off

So, let’s take a closer look at each AI crypto project we mentioned and find out which cryptocurrency can make you rich!

The Graph (GRT)

The Graph’s native cryptocurrency, GRT, is used to incentivize node operators to index and serve data. GRT holders can also stake their tokens to participate in the network’s governance. GRT tokens are used to pay for data queries on the Graph network. They are also used to reward node operators who contribute to the network by indexing data and answering queries.

The Graph (GRT) is a decentralized protocol for indexing and querying data from blockchains. It allows developers to build and publish open APIs, called subgraphs, that anyone can use to access data from any blockchain.

The Graph is still a relatively new project, but it has already been adopted by a number of popular blockchain projects, including Ethereum, NEAR, and Solana. As the adoption of blockchain technology continues to grow, The Graph is well-positioned to become a major player in the decentralized data infrastructure space.

Here are some of the key features of The Graph:

• Decentralized: The Graph is a decentralized protocol, which means that it is not controlled by any single entity. This makes it more secure and reliable than centralized data indexing solutions.
• Open: The Graph is an open protocol, which means that anyone can build and publish subgraphs. This makes it easy for developers to access and use data from blockchains.
• Scalable: The Graph is designed to be scalable, which means that it can handle a large volume of data requests. This makes it a good choice for applications that need to access large amounts of data from blockchains

For more information, click here.

Injective (INJ)

Injective (INJ) is the native token of the Injective Protocol, an open, interoperable blockchain optimized for decentralized finance (DeFi) applications. INJ tokens are used to power the Injective ecosystem, including:

• Governance: INJ holders can vote on proposals that affect the future of the Injective Protocol.
• Validation: INJ holders can stake their tokens to become validators and earn rewards for securing the network.
• Burn auctions: INJ tokens are burned (destroyed) in order to reduce the supply and increase the value of the token.
• Fees: INJ tokens are used to pay for fees on the Injective Protocol, such as gas fees for executing smart contracts.

The Injective Protocol is designed to be a powerful platform for DeFi applications. It offers a number of features that make it well-suited for this purpose, including:

• Interoperable: The Injective Protocol is interoperable with other blockchains, which allows users to access DeFi applications across multiple chains.
• Scalable: The Injective Protocol is designed to be scalable, which means that it can handle a large number of transactions without compromising performance.
• Secure: The Injective Protocol is secured by a Tendermint Proof-of-Stake (PoS) consensus mechanism, which is a proven and secure consensus mechanism.

The INJ token is listed on a number of exchanges, including Binance, Huobi, and OKEx.

Here are some of the benefits of using the Injective Protocol:

• Access to a wide range of DeFi applications: The Injective Protocol allows users to access a wide range of DeFi applications, including decentralized exchanges, margin trading platforms, and lending platforms.
• Low fees: The fees on the Injective Protocol are relatively low, which makes it a cost-effective way to use DeFi applications.
• Security: The Injective Protocol is secured by a Tendermint PoS consensus mechanism, which is a proven and secure consensus mechanism.

If you are interested in using DeFi applications, then the Injective Protocol is a good option. It is a secure, scalable, and interoperable platform that offers a wide range of DeFi applications.

To learn more, please visit this link.

Render Token (RNDR)

The Render Token, abbreviated RNDR, is an ERC-20 token that acts as the utility token for paying for rendering services on the Render Network, where animation, motion graphics, and visual effects are produced. The Render Network is a shared GPU rendering infrastructure where individuals may lease out their idle GPU resources for use in rendering jobs. Complex rendering tasks, such as animation, motion graphics, and VFX, might benefit from this.

RNDR tokens are used to pay for rendering tasks on the Render Network. When a user submits a rendering task, they must specify the amount of RNDR tokens they are willing to pay for the task. The Render Network will then match the task with a provider who has the necessary GPU power and who is willing to render the task for the specified price.

RNDR tokens can also be used to purchase Render Network services, such as storage and bandwidth. Additionally, RNDR tokens can be staked to earn rewards.

The Render Network is currently built on the Polygon blockchain, but there is a proposal to migrate the network to Solana. Solana is a faster and more scalable blockchain than Polygon, which would make the Render Network more efficient.

If you want to get more information about it, click here.

SingularityNET (AGIX)

SingularityNET (AGIX) is a decentralized platform powered by the blockchain that enables anyone to effortlessly “build, share, and monetize” Artificial Intelligence (AI) services. It is a global marketplace for AI where anyone can create, deploy, and sell AI services.

The AGIX token is the native token of the SingularityNET platform. It is used to pay for AI services and products on the marketplace, as well as to participate in the governance of the platform.

The AGIX token is a valuable asset for anyone who is interested in the future of AI. It is a token that has the potential to appreciate in value as the SingularityNET platform grows and develops.

For more information, click here.

Oasis Network (ROSE)

Oasis Network is a privacy-preserving blockchain platform built for DeFi, NFTs, and confidential computing. Its native token is ROSE.

Here are some of the key features of the Oasis Network:

• Privacy-preserving: The Oasis Network uses a variety of privacy-preserving technologies, such as zk-SNARKs, to allow users to transact and interact with dApps without revealing their personal data.
• Scalable: The Oasis Network is designed to be scalable, with the ability to process thousands of transactions per second. This makes it suitable for DeFi applications that require high throughput.
• Efficient: The Oasis Network is designed to be efficient, with low gas fees. This makes it affordable for users to participate in DeFi applications.
• Secure: The Oasis Network is secured by a Proof-of-Stake consensus mechanism. This makes it resistant to attack and ensures that the network is fair and decentralized.

The ROSE token is used to pay for gas fees on the Oasis Network, as well as to participate in governance. It can also be staked to earn rewards.

The Oasis Network is still under development, but it has the potential to be a major player in the DeFi space. Its privacy-preserving features make it ideal for applications that require sensitive data, such as healthcare and financial services.

To learn more, please visit this link.

Ocean Protocol (OCEAN)

Ocean Protocol is an open-source protocol that aims to allow businesses and individuals to exchange and monetize data and data-based services. It is built on the Ethereum blockchain and uses the OCEAN token as its native currency.

Ocean Protocol is designed to address the challenges of data sharing and monetization. These challenges include:

• Data silos: Data is often locked up in silos, making it difficult to share and use.
• Data fragmentation: Data is often fragmented, making it difficult to find and access.
• Data security: Data can be vulnerable to security risks.
• Data privacy: Data can be sensitive and require privacy protection.

Overall, Ocean Protocol is a promising project with the potential to revolutionize how data is shared and monetized. However, it is still under development, and it faces some challenges.

If you want to get more information about it, click here.

Fetch.ai (FET)

Fetch.ai (FET) is a decentralized autonomous organization (DAO) that is developing a blockchain-based platform for building and deploying autonomous economic agents. These agents are software programs that can act on behalf of humans, organizations, or other machines to complete tasks or make decisions.

The FET token is the native currency of the Fetch.ai ecosystem. It is used to pay for transactions, stake to secure the network and vote on governance proposals. FET is also used to incentivize the creation and deployment of autonomous economic agents.

AI crypto projects are advancing the concept of decentralized autonomous organizations (DAOs), enabling decision-making powered by AI consensus.

The Fetch.ai platform is still under development, but it has the potential to revolutionize the way we interact with the world around us. By enabling autonomous agents to act on our behalf, Fetch.ai can automate tasks, make decisions, and learn from our experiences. This could lead to more efficient and personalized experiences in a wide range of industries, including transportation, logistics, finance, and healthcare.

If you are interested in learning more about Fetch.ai or FET tokens, you can visit the Fetch.ai website.

OriginTrail (TRAC)

When it comes to data management, storage, and use in Artificial Intelligence and other applications, OriginTrail (TRAC) is an open-source protocol that combines the power of blockchain technology with knowledge graphs.

The OriginTrail protocol allows for the creation of a decentralized knowledge graph, which is a network of interconnected data points that can be used to track the provenance of goods and services. This data can be used to improve supply chain efficiency, traceability, and transparency.

The TRAC token is the native token of the OriginTrail network. It is used to incentivize data providers, node operators, and other participants in the network.

OriginTrail is currently used by a number of companies and organizations, including Walmart, Nestlé, and Google. It is a promising technology that has the potential to revolutionize the way data is managed and used.

The potential for AI-powered data marketplaces is unlocking new opportunities for data monetization within AI crypto projects.

To learn more, please visit this link.

inSure DeFi (SURE)

inSure DeFi (SURE) is a decentralized insurance protocol that provides coverage for DeFi users against smart contract hacks, loss of funds, and other risks. It is built on the Ethereum blockchain and uses smart contracts to automate the insurance process.

SURE tokens are used to pay for insurance premiums and to vote on proposals that affect the inSure DeFi protocol. They can also be staked to earn rewards.

SURE tokens can be bought on a number of exchanges, including Uniswap, Binance, and Huobi Global.

If you are looking for a way to protect your DeFi assets, inSure DeFi is a good option to consider. It is a secure, transparent, and community-driven protocol that offers comprehensive coverage for a wide range of risks.

AI crypto projects embody the promise of a decentralized future, where AI technologies serve as a driving force for positive change in the world.

If you want to get more information about it, click here.

dKargo (DKA)

dKargo (DKA) is a cryptocurrency that was launched in 2021. It is based on the Ethereum blockchain and uses the ERC-20 token standard. DKA is designed to be used as a payment method for shipping and logistics services.

The dKargo platform is still under development, but it has the potential to revolutionize the shipping industry. By using DKA, shippers can track their shipments in real-time, pay for shipping services securely and transparently, and benefit from lower fees.

AI crypto projects are reimagining supply chain management by enabling transparency and traceability throughout the process.

If you are interested in learning more about dKargo (DKA), you can visit their website.

Oh, are you new to AI, and everything seems too complicated? Keep reading…

AI 101

You can still get on the AI train! We have created a detailed AI glossary for the most commonly used artificial intelligence terms and explain the basics of artificial intelligence as well as the risks and benefits of AI. Feel free the use them. Learning how to use AI is a game changer! AI models will change the world.

In the next part, you can find the best AI tools to use to create AI-generated content and more.

AI tools we have reviewed

Almost every day, a new tool, model, or feature pops up and changes our lives, and we have already reviewed some of the best ones:

• Text-to-text AI tools
  • Google Bard AI 
  • Chinchilla
  • Notion AI
  • Chai
  • NovelAI
  • Caktus AI
  • AI Dungeon
  • ChatGPT
  • Snapchat My AI
  • DuckAssist 
  • GrammarlyGO
  • Jenni AI
  • Microsoft 365 Copilot
  • Tongyi Qianwen
  • AutoGPT
  • Janitor AI
    • How to fix Janitor AI not working
    • How to use Janitor AI API
    • Janitor AI alternatives
  • Character AI
    • Character AI Rooms
  • WordAi
  • Venus Chub AI
  • Crushon AI
  • FreedomGPT
  • Charstar AI
  • Jasper AI
  • WormGPT
    • How to use WormGPT AI
    • WormGPT download, here are the dangers waiting for you
  • Llama 2

Do you want to learn how to use ChatGPT effectively? We have some tips and tricks for you without switching to ChatGPT Plus, like how to upload PDF to ChatGPT! However, When you want to use the AI tool, you can get errors like “ChatGPT is at capacity right now” and “too many requests in 1-hour try again later”. Yes, they are really annoying errors, but don’t worry; we know how to fix them. Is ChatGPT plagiarism free? It is a hard question to find a single answer. Is ChatGPT Plus worth it? Keep reading and find out!

• Text-to-image AI tools
  • MyHeritage AI Time Machine
  • Reface app
  • Dawn AI
  • Lensa AI
  • Meitu AI Art
  • Stable Diffusion
  • DALL-E 2
  • Google Muse AI
  • Artbreeder AI
  • Midjourney
    • How to fix Midjourney invalid link
    • Midjourney alternatives
    • Midjourney AI tips
    • Midjourney V5.2
    • Midjourney video generation guide
    • Where to look for the best Midjourney images?
  • DreamBooth AI
  • Wombo Dream
  • NightCafe AI
  • QQ Different Dimension Me
  • Random face generators
  • Visual ChatGPT
  • Adobe Firefly AI
  • Leonardo AI
  • Hotpot AI
  • DragGAN AI photo editor
  • Freepik AI
  • 3DFY.ai
  • Photoleap
  • Artguru
  • Luma AI
  • BlueWillow AI
  • Scribble Diffusion
  • Clipdrop AI
  • Stable Doodle

While there are still some debates about artificial intelligence-generated images, people are still looking for the best AI art generators. Will AI replace designers? Keep reading and find out.

• AI video tools
  • Runway AI Gen-2
  • Make-A-Video
  • MOVIO AI
  • Nvidia Eye Contact AI
  • Kreado AI
• AI presentation tools
  • Tome AI
  • Beautiful.ai
• AI search engines
  • Consensus AI
  • Google Bard
  • Komo AI
  • You.com
  • Bing AI
    • Bing Chat Enterprise
• AI interior design tools
  • Reimagine Home AI
  • Interior AI
  • Remodeled.ai
• Other AI tools
  • Poised AI
  • Uberduck AI
  • Spotify AI DJ
  • Pimeyes
  • Microsoft Security Copilot
  • OpenAI ChatGPT plugins
  • Otter.ai
  • Adobe Podcast AI
  • Kaiber AI 
  • CarynAI
  • Paragraphica
  • Silly Tavern AI
  • Meta Voicebox

Do you want to explore more tools? Check out the bests of:

Featured image credit: Pexels

• Members of the European Parliament have urged for Crypto Taxation and “better use of blockchain” to prevent tax evasion.
• A resolution aiming at attaining these aims received overwhelming approval, and it also calls for small crypto dealers to benefit from a simplified tax system.
• The European Parliament has approved a framework for the EU-wide taxation of cryptocurrencies.
• It wants to incorporate crypto assets under the rule governing administrative cooperation in tax matters, which is part of the Union’s information-sharing system.

To combat tax evasion, members of the European Parliament have advocated for “effective taxation” of crypto assets and “better use of blockchain.” A resolution aimed at achieving these goals was supported by a huge majority, and it also wants small crypto dealers to benefit from a simpler tax structure.

Crypto Taxation will be fair and transparent according to the resolution

The European Parliament has adopted a framework for uniform Crypto Taxation in the EU. European legislators have backed a non-binding resolution outlining a framework for implementing blockchain technology in taxes and taxing digital assets consistently throughout the block’s 27 members.

The document, authored by Lídia Pereira of the conservative Group of the European People’s Party, was approved by the European Parliament on Tuesday with 566 votes in favor, seven votes against, and 47 abstentions.

The resolution states that cryptocurrency holdings must be taxed fairly, transparently, and effectively. At the same time, it advises that European Union authorities explore establishing a simpler tax regime for infrequent or minor merchants and transactions.

The writers of the Crypto Taxation resolution are requesting that the European Commission, the executive body in Brussels, first analyze how the EU states are now taxing cryptocurrencies and identify the various national strategies in the fight against tax evasion using these assets.

The resolution also focuses on a generally acknowledged definition of crypto assets as well as a consistent understanding of what constitutes a taxable event. According to the language, this might be the conversion of a cryptocurrency into fiat money.

The resolution emphasizes, as stated by the EU Parliament’s press office, that because crypto trading is transnational, it is critical to establish where the taxable event would have occurred. It proposes to include crypto assets under the regulation controlling administrative cooperation in tax cases, which is part of the Union’s framework for information exchange.

The Crypto Taxation resolution encourages national governments to adopt all available methods to aid effective revenue collection, citing blockchain as one of these options. According to the paper, the technology might assist to automate tax collection, minimize corruption, and identify ownership of physical and intangible assets, allowing for better taxation of mobile taxpayers.

Reversible blockchain transactions might be the solution against fraud and money laundering

The non-binding decision comes after the major institutions in the European Union’s legislative process – the Parliament, Commission, and Council – agreed earlier this year on a broad plan to govern the bloc’s crypto area. The Markets in Crypto Assets (MiCA) legislation package is likely to include licensing for crypto firms as well as client protections. Anti-money laundering laws for bitcoin transactions were also agreed upon.

• The Stanford University academics’ proposal for reversible blockchain transactions adds a new dimension to discussions about crime and fraud prevention.
• Mutability — the ability to reverse blockchain transactions — may assist in crime prevention, according to researchers.
• One advantage of cryptocurrencies is that the market — individuals, traders, and banks — may decide whether or not reversibility is desirable. Reversibility or mutability would contravene the blockchain’s core notion.
• Blockchain forensics is one of the key tools used by law enforcement to combat crime in cryptocurrency markets, and blockchain forensics companies would be responsible for safeguarding the blockchain’s integrity.

A proposal from Stanford University researchers on reversible blockchain transactions adds a new element to conversations about crime and fraud prevention. Researchers hypothesized that mutability — the ability to reverse blockchain transactions — may aid in crime prevention.

How could reversible blockchain transactions decrease crypto-related crime?

One of the benefits of cryptocurrencies is that the market — people, traders, and banks — may determine whether or not reversibility is desired. A new (reversible) cryptocurrency would not only be able to test the acceptability or demand for reversible transactions, but it would also serve to test the claim that reversibility decreases crime.

Although Bitcoin is not a dark web tool, it is occasionally presented as such. Fraud and other sorts of criminality do occur, and their frequency increases in direct proportion to the amount of money spent and the number of coins transacted.

Blockchain forensics is one of the primary methods used by law enforcement to combat criminality in cryptocurrency marketplaces. Blockchain forensics is a burgeoning discipline in law enforcement that analyzes transactions to track down and recover stolen or illegally obtained cryptocurrency assets.

It rose to popularity a few years ago when the United States Internal Revenue Service successfully utilized it to collect the ransom paid by Colonial Pipeline to the hackers who took control of it. However, in the extremely decentralized and dangerous world of cryptocurrencies and nonfungible tokens, blockchain forensics is becoming a key tool for compliance and regulation, potentially affecting legal traders.

Investigators extensively examine blockchain transactions for indicators that someone is attempting to conceal or disguise their tokens. Some of the options include fast-moving between ledgers, utilizing tools that mask or fake IP addresses, many short transactions, and employing a tumbler or mixer service, which pools crypto from several sources to hide its origin.

Reversible blockchain transactions would make it considerably easier for law enforcement to retrieve stolen and illegally obtained cash, lowering the potential incentives from criminal activity. This may lessen the risk for banks and other established financial institutions in providing bitcoin services to the general public rather than as a specific investment. It would also eliminate any issues caused by human mistakes, such as “fat finger” mishaps. This would make cryptocurrencies far more usable for trading, investing, and other everyday purposes.

Do reversible blockchain transactions contradict the nature of blockchains?

Reversible blockchain transactions—or mutability—on the other hand, would contradict the concept of the blockchain itself. Mutability might render the blockchain as prone to manipulation as any other information store, stifling one of its primary security benefits. Attempting to set a standard for when the blockchain can be modified appears to contradict another key feature: decentralization.

Because cryptocurrency finance is anonymous and decentralized, friction between authorities and cryptocurrencies is unavoidable. Many people are drawn to the blockchain’s promise of anonymity for ideological or privacy reasons, but those features are attracting more scrutiny from regulators because that same anonymity can enable transactions ranging from the sale of illegal drugs or weapons to enabling countries such as North Korea to evade international sanctions.

As cryptocurrencies gain popularity, financial institutions and investors will pressure authorities and exchanges to provide safeguards or reduce anonymity in order to comply with security and anti-money laundering regulations.

How big companies are using blockchain technology?

Blockchain forensics would become considerably more crucial to regulators and investors as a result of mutability. As an example, several government organizations and financial institutions demand businesses and people maintain accurate financial records. Many fraud schemes necessitate the manipulation of these documents – embezzlers must conceal their trails, stock waterers must convince people that a business is performing better than it is in order to inflate the share price, and so on. When they are identified, forensic accountants are summoned to prepare proper financial accounts.

Blockchain forensics businesses would wind up in charge of ensuring the blockchain’s integrity, essentially becoming the de facto central authority — and inevitably leading to versions of “Can we trust them?”

However, the market’s decentralized force should have the last word on reversible blockchain transactions. The most distinctive aspect of cryptocurrencies is that there are and maybe numerous currencies fighting against each other at the same time. A stable currency arose from hundreds of unstable ones in early modern Europe, backed by high-purity precious metals and regulated by a central bank.

Two sides of blockchain: Don’t decide before you know

This “astonishing achievement of men in tights,” as economist Nathan Lewis famously called it, was pushed not by power-hungry rulers but by merchants in locations like London and Amsterdam who needed stability, while ordinary people profited because they could trust their money. A similar trend may be ongoing unless decentralized finance can come up with a solution that increases security and stability without sacrificing its objectives.

• Digital currency proponents have long contended that cryptocurrency and other blockchain-based tokens, such stablecoins, are preferable to traditional finance.
• According to a new investigation by the research group SSRN, the rise of cryptocurrencies has significantly aided in the creation of a “entire criminal ecosystem” that has been built on top of them.
• The authors cite hacking, money laundering, con games, ransomware, “sextortion,” and a flourishing trade in illegal goods as examples of crimes and state that “obviously the data on these crimes are pretty murky.”

The latest statistics show that there are almost 14 million transactions connected to crypto-enabled cybercrimes. Advocates of digital currencies have long argued that crypto and other blockchain-based tokens, such as stablecoins, are a better alternative to conventional finance. Unaffected by geopolitics, national banks, wealthy financiers, insider deals, cartels, fraudsters, and other criminals, this financial system would be owned by the people and accessible to anybody with a phone or computer.

Nearly 14 million transactions related to crypto-enabled cybercrimes are detected

While others have long argued that the purported transparency and inviolability of blockchains would make it more difficult to commit fraud, theft, and financial crime, some even claimed until this year that cryptocurrency would be immune to the drops in value of fiat currencies that frequently occur in financial crises.

While no one disputes that blockchain has its own (boring) uses and that digital tokens have their own good applications, such as programmable money, financial inclusion, tech innovation, and faster, cheaper cross-border transactions, advocates’ loftiest assertions have generally been bunkum. In fact, the lofty rhetoric surrounding cryptocurrencies has frequently served more as a smokescreen for the conceit of currency speculators than as a manifesto for the future.

However, in today’s world, who can blame someone for wanting to gamble or make a fast buck? or to be wealthy enough to have food and heat their homes? The cost of energy is skyrocketing during a time of conflict, multinational corporations are making record profits, and our oceans are clogged with trash and waste. Fewer individuals today can afford to live in cities. So why not create a superior, more equitable capital system?

Unfortunately, years of gains for many crypto coins were lost relatively instantly in the spring. Even several stablecoins lost their links to the dollar, in one instance losing all of their value. A market with about two-thirds of all miners in that nation, many of which were powered by coal, is hardly free of geopolitics, especially before China tightened its controls on Bitcoin last year. (It is still the second-most popular location in the world for cryptocurrency mining.)

Also, millions of loyal followers on social media have allowed multibillionaires to use the platform as a legal kind of networked insider trading, allowing them to tweet about their holdings in niche coins with what appears to be impunity.

A fresh chance for criminals

In this brave new world, the small guy doesn’t stand a chance. But what about cryptocurrency fraud and other financial crimes that, in theory, will be permanently stopped?

According to a recent analysis from the research organization SSRN, the cryptocurrency explosion has in large part contributed to the development of a “entire criminal ecosystem” that has been constructed on top of it.

The authors note that “obviously the data on these crimes are pretty murky” citing hacking, money laundering, con games, ransomware, “sextortion,” and a booming trade in illegal commodities as examples of crimes.

The report states that:

“While the advent of cryptocurrencies and digital assets holds promise for improving and disrupting financial systems through offering a cheap, quick, and secure transfer of value, it also opens up new payment channels for cybercrimes.”

The researchers conducted “the first detailed anatomy of crypto-enabled cybercrimes” and highlighted the economic concerns that they give rise to by assembling a broad combination of public, proprietary, and hand-collected data, including dark web discussions in Russian.

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“Our analyses reveal that a few organized ransomware gangs dominate the space and have evolved into sophisticated, corporate-like operations with physical offices, franchising, and affiliation programs. Their techniques also have become more aggressive over time, entailing multiple layers of extortion and reputation management.”

“Blanket restrictions on cryptocurrency usage may prove ineffective in tackling crypto-enabled cybercrime and hinder innovations. Instead, blockchain transparency and digital footprints enable effective forensics for tracking, monitoring, and shutting down dominant cybercriminal organizations,” the authors explain.

But what exactly is a “crypto-enabled cybercrime,” the report’s main topic?

“Decentralization, privacy, and anonymity have been the building blocks of the cryptocurrency movement since its inception over a decade ago. While the technology has spurred many innovations, cybercriminals’ adoption of cryptocurrencies has become a central issue in the crypto-regulation debate.

Ransomware attacks, money laundering activities, and various crypto-based scams have recently surged, prompting the US president to issue an executive order requiring agencies to establish a course of action. According to the Federal Trade Commission, cryptocurrency is the most reported payment method in frauds – surpassing bank transfers, wire transfers, and credit cards – accounting for $728.8 million (33.5%) of the 2022 year-to-date reports,” the report states.

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It goes on to say that the rise of cryptocurrency has given crooks entirely new chances. For instance, to steal money, hackers take advantage of flaws in decentralized algorithms or centralized organizations like crypto-exchanges. But they must exercise caution, the report continues:

“In these types of attacks, coins are transferred to a blockchain address. Given that these transactions and addresses do not require real names, the attackers are initially anonymous. Indeed, the exploit is available for anyone to see, given that the ledger of all transactions is public here.

[However] while the original exploit is completely anonymous (assuming the address has not been used before), the exploiter needs to somehow ‘cash out’. Every further transaction from that address is also public, allowing for potential deployment of blockchain forensics to track down the attacker”.

Notice the mention of blockchain forensics’ “potential deployment.” Keep in mind that these are almost always transnational operations that may be utilizing phony IDs and networks of networks.

“Beyond stealing cryptocurrency via exchange and protocol exploits, traditional cybercriminal activities are now also enabled with a new payment channel using the new technology – the second opportunity our research focuses on. The use of cryptocurrencies replaces potentially traceable wire transfers or the traditional suitcase of cash, and is popular for extortion.

Criminal organizations also use cryptocurrencies to launder money. According to Europol, criminals in Europe laundered approximately $125 billion in currency in 2018 and more than $5.5 billion through cryptocurrencies,” the report says.

According to the authors, growing bitcoin acceptance also encourages other types of cybercrime, escalating the issue:

“Information about crypto-enabled cybercrimes is typically dispersed, private, and incomplete. Out of the 21,650 reported addresses [BTC addresses linked to criminal activities], sextortion leads the cybercrime report counts (33.8%), followed by blackmail scams (32.3%), and ransomware (23.9%). These three types of cybercrime jointly account for 94.4% of all reported entries on the Bitcoin Abuse system.

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The number of reported related transactions provides a different picture concerning the most active type of cybercrime on the Bitcoin blockchain. Out of the total of 13.6 million crypto-crime-related transactions, ransomware leads most of the on-chain activity (42.5%), followed by Bitcoin tumbler [dispersing Bitcoin in multiple transactions and addresses] (32.0%) and others (22.4%),” the report states.

Nearly 14 million transactions related to cryptocurrency crime! What, though, can be done about it in reality? Government actions are made considerably more difficult by the nature of cryptocurrency markets and blockchains as a distributed, worldwide, people’s financial system. The report continues:

“A one-size-fits-all solution, such as restricting or banning cryptocurrency usage by individuals or organizations, is problematic for three major reasons. First, this is not a national problem. Blockchains exist across multiple countries and harsh regulations in a particular country or jurisdiction have little or no effect outside that country. As we have seen from other global initiatives (e.g. carbon tax proposals), it is nearly impossible to get global agreement.

Second, while an important problem, cryptocurrency plays a small role in the big picture of illegal payments. Physical cash is truly anonymous and, indeed, this may account for the fact that 80.2% of the value of US currency is in $100 notes. It is rare the consumers use $100 bills, and it is equally rare that retailers are willing to accept them.

Third, and most important, expunging all cryptocurrency use in a country eliminates all of the benefits of the new technology. Even further, it puts the country at a potential competitive disadvantage. For example, a ban on crypto effectively eliminates both citizens and companies from participating in Web 3.0 innovation.”

In other words, your money is gone once thieves convert digital bits into analog notes. But there is some optimism, according to the authors:

“The analysis in our paper points to a different tactic. While addresses are anonymous initially, funds are often transferred from one address to another in order to ‘cash out’. All transactions are viewable and immutable – a key feature of blockchain technology.

This opens the possibility of deploying forensic tools with a focus on tracking, monitoring, and identifying the crypto transactions attributed to criminals. Indeed, our research provides a glimpse of what is possible given the transparent nature of blockchains.”

Cryptojacking is the illegal use of another person’s computing power to mine cryptocurrencies. One of the most crucial skills a security team may possess is the capacity to identify dangers and take action as soon as possible. The level of disruption and operational effect will be reduced the quicker they can react to a data breach.

This is more easily said than done, which is the issue. When using manual administrative methods, it might be quite difficult to detect harmful behavior in the environment and start a response.

However, the detection and response efforts of an organization may be accelerated by technologies like artificial intelligence (AI) and machine learning.

Sysdig, a supplier of a unified container and cloud security, today at the Black Hat Conference announced the release of a new machine learning-driven cloud detection and response (CDR) solution to counter attempts at cryptojacking.

According to Sysdig’s statement, machine learning is a crucial technology that businesses and other decision-makers may use to scale up their efforts to find and fix vulnerabilities.

Dealing with cryptojacking 

The amount of malicious crypto mining attacks increased by 30% to 66.7 million between January and June, according to the 2022 SonicWall Cyber Threat Report, even though the cryptocurrency market has taken some substantial hits in recent months.

Cybercriminals will try to leverage a target’s computing resources to mine cryptocurrencies while staying undiscovered for as long as feasible. This offers unique issues for enterprise security teams. The financial gain of the attack increases with the length of time they go unnoticed.

In decentralized cloud environments, despite these efforts to escape discovery, technologies like machine learning have the ability to identify and address cryptojacking attacks quickly.

“Sysdig gives real-time visibility at scale to address risk across containers and multiple clouds, eliminating security blind spots. We use context to prioritize security alerts so teams can focus on high-impact security events and improve efficiency. By understanding the entire source to runtime flow and suggesting guided remediation, we shorten time to resolution,” stated senior product marketing manager at Sysdig, Daniella Pontes. 

In essence, Sysdig’s ML-powered solution helps security teams to find and prioritize fixing software anomalies and vulnerabilities before it’s too late.

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The solution operates with deep container visibility, the ability to examine process activity and other system behaviors, and a specialized ML model specifically trained to recognize crypto miner behavior running in containers.

The company claims that this strategy is so successful that 99% of the time, its threat engine and detection algorithms successfully prevent efforts at cryptojacking.

How does the cloud security posture management market look?

In the cloud security posture management (CSPM) market, which analysts predict will expand from a value of $4.2 billion in 2022 to a total of $8.6 billion by 2027, Sysdig is one of the biggest competitors.

CrowdStrike is one of Sysdig’s main marketplace rivals. With integrated threat intelligence, its Falcon Horizon solution can automatically discover cloud-native assets and identify configuration errors, security vulnerabilities, and security threats.

With InsightCloudSec, Sysdig competes against companies like Rapid7. This solution provides real-time analysis and automation capabilities to help security teams safeguard workloads during runtime with vulnerability assessments and automated remediation to eliminate misconfigurations and vulnerabilities.

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The fact that Sysdig is shifting away from utilizing machine learning for more general anomaly detection and toward using it for more specialized objectives or use cases, such as identifying crypto mining, is one of the fundamental distinctions between Sysdig and other providers, according to Pontes.

“Our solution is based on an ML model trained to recognize the anatomy of crypto miners from the processing activity in running containers. We use our deep visibility into containers at runtime to collect the necessary type of data to identify crypto miners’ behavior,” Pontes explained.

Whether you’re ready, cryptocurrency and blockchain technology has an increasing impact on financial markets, and they’ve certainly piqued investors’ interest. Those who want to get their feet wet in cryptocurrency investing or have considered it but don’t know where to start may benefit from reading a few interesting books about the subject.

Best blockchain books in 2022

These are some of the best blockchain books in 2022:

• The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them by Antony Lewis
• Blockchain Revolution by Don Tapscott and Alex Tapscott
• Blockchain Basics: A Non-Technical Introduction in 25 Steps by Daniel Drescher
• The Bitcoin Standard by Saifedean Ammous
• Blockchain: A Beginner’s Guide To Understanding And Mastering Of Blockchain by Nathaniel Popper
• Mastering Bitcoin: Programming the Open Blockchain by Andreas M. Antonopoulos
• The Internet of Money (3 book series) by Andreas M. Antonopoulos
• The Book of Satoshi by Phil Champagne
• Building Decentralized Blockchain Applications by Shahid Shaikh
• Blockchain: The blockchain for beginners guide to blockchain technology and leveraging blockchain programming by Josh Thompson
• The Blockchain Developer by Elad Elrom
• The Truth Machine: The Blockchain and the Future of Everything by Paul Vigna and Michael J. Casey
• Bitcoin Money by Michael Caras and Marina Yakubivska
• Inventing Bitcoin by Yan Pritzker
• Blockchain Bubble or Revolution: The Present and Future of Blockchain and Cryptocurrencies by Neel Mehta, Aditya Agashe, and Parth Detroja
• Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond by Chris Burniske and Jack Tatar
• Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts by David Gerard
• Mastering Blockchain by Imran Bashir
• Cryptocurrency Investing For Dummies by Kiana Danial
• Blockchain For Dummies by Tiana Laurence
• The Everything Guide to Investing in Cryptocurrency by Ryan Derousseau
• Mastering Ethereum by Andreas M. Antonopoulos
• Bitcoin Billionaires by Ben Mezrich
• Blockchain for Babies by Chris Ferrie
• The Business Blockchain by William Mougayar and Vitalik Buterin

Cryptocurrency is an ever-changing field that is constantly developing new knowledge. Today, we’ve compiled a list of the best blockchain books to help you comprehend the sector, expand your wealth, or increase your knowledge base.

Fear not: you’re unlikely to learn much about crypto in school, and established financial services have yet to embrace decentralization, but don’t worry. Many cryptocurrency traders, miners, and enthusiasts are self-taught as a new technology because it’s at the heart of the decentralized finance concept. Good old-fashioned books can be a fantastic source of in-depth knowledge and enjoyment for individuals interested in learning more about digital assets.

As recommended by experts, these are the best blockchain books in 2022 on cryptocurrency and decentralized finance.

The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them by Antony Lewis

The crypto book by Antony Lewis has earned rave reviews from Rosencrance and Wallet, who have placed it at the top of their must-read lists. Antony Lewis offers a clear introduction to bitcoin and explains its value. He also traces the history of money, how banks function, and its evolution.

Blockchain basics are explained in The Basics of Bitcoins and Blockchains, which will help you understand what a blockchain is and how it works. The book covers what a blockchain is, how it works, and why it’s important. It discusses the top blockchain platforms, smart contracts, and some factors to think about before investing in cryptocurrencies. There’s also a section on crypto investment risks, fraudulent schemes, cryptocurrency exchanges, digital wallets, and regulatory compliance.

Blockchain Revolution by Don Tapscott and Alex Tapscott

Apart from merely detailing how Bitcoin works, this book addresses a major problem that many people confront (even now) – the author emphasizes that despite the fact that the underlying technology behind cryptocurrencies (in particular) is referred to as the blockchain. Blockchain may utilize to power various additional applications, particularly in the FinTech sector.

This method is not only crucial for newcomers to understand blockchain technology, but it also allows entrepreneurs to consider the technology in a new light and suggest new ideas that could change the internet industry.

“A highly readable introduction to a bamboozling but increasingly vital area,” says the Guardian of this book. This is the book that every reader should read before diving into the complexities that they will encounter as an investor, developer, or anybody interested in blockchain and cryptocurrency. This is the book that readers should first devour before delving into the intricacies they will encounter soon after.

Blockchain Basics: A Non-Technical Introduction in 25 Steps by Daniel Drescher

Veteran banking professional Daniel Drescher demystifies blockchain technology without relying on programming code, mathematical formulae, or other jargon.

In 25 easy steps, you’ll discover everything you need to know about blockchain technology in a nutshell. There are no equations, program code, or computer science jargon used. The resource bridges the gap between technical blockchain-related books and business-focused books by explaining both technical ideas behind the blockchain and their relevance in commercial applications.

The Bitcoin Standard by Saifedean Ammous

Cryptocurrency, which is both a store of value and a means of payment, is often compared to gold. It’s something like the new gold standard, according to some. Saifedin Ammous explores this in-depth, covering both technical and economic aspects of bitcoin that you’ve always wanted to understand.

“The Bitcoin Standard” is a must-read for books about cryptocurrency, taking readers from the birth of bitcoin to its technological potential in the future. The book maintains the attention of readers of all levels of knowledge by connecting bitcoin’s development to broader societal issues while also incorporating well-known economic and political ideas. Readers will get answers to their most frequently asked questions about bitcoin and learn how bitcoin fits into the current global economy.

Blockchain: A Beginner’s Guide To Understanding And Mastering Of Blockchain by Nathaniel Popper

Digital Gold is the story of a group of colorful characters who have created Bitcoin, including a Finnish student, an Argentinian magnate, a Chinese entrepreneur, Tyler, and Cameron Winklevoss, Satoshi Nakamoto, and the creator of the Silk Road online drug market, Ross Ulbricht.

A New York Times reporter named Nathaniel Popper offers a fantastic and fascinating account of this new technology in Digital Gold.

Mastering Bitcoin: Programming the Open Blockchain by Andreas M. Antonopoulos

Invest in software that is part of a worldwide technological shift that is sweeping the world of finance. With Mastering Bitcoin, you’ll be well-informed on bitcoin and have all the knowledge you need to get involved. Whether you’re creating the next blockbuster application, investing in a startup, or simply interested in technology, this updated and extended second edition has all the information you’ll need to get started.

Bitcoin, the world’s first successful decentralized digital currency, is still in its early phases, yet it has already created a multi-billion dollar global economy. This economy is open to anybody with the know-how and motivation to participate. Mastering Bitcoin teaches you how. All you have to do is provide the passion.

The Internet of Money (3 book series) by Andreas M. Antonopoulos

Andreas M. Antonopoulos, a renowned information-security expert, and author of Mastering Bitcoin, examines and contextualizes the significance of bitcoin in a series of essays that span the exciting development of this technology.

Andreas Antonopoulos shines a light on bitcoin’s societal, political, and historical aspects in addition to the technical workings of the network. Bitcoin — the internet of money — is fundamentally altering our approach to solving social, political, and economic problems through decentralized technology. The internet has essentially transformed how people worldwide interact and has permanently affected our lives in ways we could never have imagined.

The Book of Satoshi by Phil Champagne

Have you, like the rest of the world, speculated as to Satoshi Nakamoto’s identity, the anonymous creator of Bitcoin? In 2009, Bitcoin became the world’s first cryptocurrency and has since revolutionized our currency and money concepts. nUnlike traditional currencies backed by governments or central banks controlled and taxed by authorities, completely electronic Bitcoin is virtual money based on sophisticated cryptography. Satoshi Nakamoto is a virtual figure who exists only online, similar to his invention.

Satoshi Nakamoto, a pseudonym for a person who invented Bitcoin and Blockchain technology, has been hiding in the shadows since its release. This is just a made-up identity that no one knows who he/she is. While this book does not go into great detail on Blockchain technology, it does give insights into Satoshi’s emails and online forums discussions while Bitcoin was being developed.

Building Decentralized Blockchain Applications by Shahid Shaikh

This book is for anybody interested in learning how to code a Blockchain application or who wishes to build one. This book will be a helpful guide for beginning Blockchain developers, including full-stack designers, software engineers, web coders, and novices interested in the technology.

This book goes through Bitcoin and Ethereum in detail, including how they work and how to create a smart contract to bring your idea to life. You will also discover several decentralized databases and initiatives that may help you create decentralized apps.

Blockchain: The blockchain for beginners guide to blockchain technology and leveraging blockchain programming by Josh Thompson

The future is blockchain technology. Almost all nations on the planet have adopted it. The Internet of tomorrow will be built on Blockchain, where everything from banks to corporations to schools and organizations will exclusively communicate via this developing technology. You’ll learn why the Blockchain is significant and how it affects our lives in Blockchain: The Blockchain for Beginners Guide to Blockchain Technology and Leveraging Blockchain Programming. You’ll learn what drives blockchain technology and how you may apply it in your daily life.

This book is for corporate executives who wish to use blockchain technology to grow their business portfolio. You’ll also learn how to write your own smart contracts.

The Blockchain Developer by Elad Elrom

Create, develop, publish, test, maintain, and secure, scalable decentralized Blockchain projects on the Bitcoin, Ethereum, NEO, EOS, and Hyperledger platforms as a Blockchain developer.

This book helps you understand Blockchain beyond the scope of development and cryptocurrency to utilize its power and potentially better. You’ll learn how to get your own project up and run and best practices for testing, security, and even compliance. Get immersed in this technology and study key concepts, including cryptoeconomics, developing your own Blockchain P2P network, different consensus algorithms, decentralized ledgers, mining, wallets, blocks, and transactions.

This book also contains hands-on practical solutions and examples for developing smart contracts and dApps for various blockchains, such as Ethereum, NEO, EOS, and Hyperledger. You’ll see how to create dApps with Angular using typescript from beginning to end, connect to the blockchain network locally on a test network, and deploy on the production mainnet environment using real-world coding examples.

The Truth Machine: The Blockchain and the Future of Everything by Paul Vigna and Michael J. Casey

According to the authors in The Truth Machine, the blockchain can help us regain personal control over our data, assets, and identities, grant billions of excluded people access to the global economy, and shift the balance of power to restore society’s faith in itself. They describe its potential effects on finance, technology, law, and shipping industries.

In The Truth Machine: The Blockchain and the Future of Everything, Michael Casey and Paul Vigna show how blockchain technology can give individuals back control over their personal data, assets, and identities may be realized.

“Privacy is only a fantasy until the next hacking occurs.”

The authors show how replacing traditional (and not-so-trusted) institutions with a new approach that bypasses them might be difficult. The Truth Machine exposes the potential for individual empowerment when self-interested mediators give way to the blockchain’s transparency while highlighting the economic losses, political assertiveness, and social disharmony resulting from this transition.

Bitcoin Money by Michael Caras and Marina Yakubivska

The children of Bitville realize that they need a tool to exchange with one another. A strange young man arrives in town and suggests a new concept…

Bitcoin Money is a narrative for all ages that explains “Why Bitcoin?”

Inventing Bitcoin by Yan Pritzker

Most individuals are unaware of Bitcoin, or even how it works. This brief two-hour read is essential before you invest, as it goes through Bitcoin’s history from beginning to end.

There is no technical expertise required for this book.

Blockchain Bubble or Revolution: The Present and Future of Blockchain and Cryptocurrencies by Neel Mehta, Aditya Agashe, and Parth Detroja

Blockchain Bubble or Revolution is another fantastic book that starts from the ground up, explaining blockchain technology from a layman’s perspective before gradually raising the use of technical words. Perhaps the finest aspect is that three authors have worked with big names like Google, Microsoft, and IBM.

Blockchain technology has a lot more potential than just cryptocurrencies. This book explores where the industry may go in the next few years and how useful decentralized technology can be. While describing this topic, the authors have also spent a significant amount of effort discussing whether or not blockchain technology is appropriate for a certain use case and whether or not it’s overkill. This is particularly beneficial to an entrepreneur reading the book since it would help him decide which use case to invest his money in.

One of the most appealing features is that the book also contains tiny, simple explanations for various jargon that are frequently encountered in the blockchain industry. As a result, if you come across an unknown term while reading, you won’t have to look up a dictionary or Google anything because this book is an all-in-one package.

Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond by Chris Burniske and Jack Tatar

This book, despite its title, is really focused on blockchain technology. As the name implies, its primary goal is to describe how cryptocurrencies developed and why they reached their current heights.

It’s worth noting that, unlike other publications that just offer developer-centric information, the author has made it a point to connect investors with a broad understanding. Moreover, it is reflected in the amount of depth this book goes into while explaining price fluctuations resulting from demand and supply imbalances.

It also benefits from being easy to remember since the book begins with “WHATs” of the Bitcoin and blockchain industries.

Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts by David Gerard

Blockchain technology is gaining steam at a breakneck speed, and to get here, it requires a long road. This book does not only cover the history of these events but also takes a critical look at each one of them.

The book also covers some of the major occurrences, such as Bitcoin’s debut and the cryptocurrency bull run that occurred at the intersection of 2017 and 2018 and ICOs’ growth (and how it came to an abrupt halt). However, perhaps the most important and useful part is where the author discusses how essential blockchain technology can be utilized in many industries. He employs Ethereum’s smart contracts to provide a comprehensive picture in this area.

Mastering Blockchain by Imran Bashir

In addition to covering the basics, this book, such as blockchain’s technical foundations, cryptography, and consensus protocols, gives you expert insight into decentralized systems, Ethereum-based decentralized application development, Bitcoin alternatives, smart contracts, and alternative blockchains.

In addition, you’ll learn how to apply blockchain technology beyond cryptocurrencies. Such as the Internet of Things with blockchain, blockchains scalability, corporate blockchains, and tokenization via blockchain. You’ll also look at how this fascinating and disruptive technology will develop in the future.

You’ll know everything there is to know about blockchain technology by the conclusion of this book, and you’ll be able to apply it to a wide range of real-world situations.

Cryptocurrency Investing For Dummies by Kiana Danial

While the cryptocurrency market is notorious for its volatility—which frequently reflects the industry’s ever-changing regulatory climate—the entire cryptocurrency market is anticipated to reach a total value of $1 trillion by the end of 2018. This book explains how you can get involved if you want.

Kiana, a financial advisor and author of the Dummies Guide to Cryptocurrency Investing, helps you navigate the new digital finance environment and pick the best cryptocurrency for different scenarios. With real-world examples demonstrating how to optimize your cryptocurrency wallet, she’ll show you how to deal with it.

Blockchain For Dummies by Tiana Laurence

She provides a quick approach to getting up to speed with the basics of this quickly evolving technology in Blockchain For Dummies. This book is meant to assist individuals who need to understand what a blockchain may and cannot accomplish since she has previously worked on establishing and analyzing blockchain solutions.

The updated version of this book explains how a blockchain keeps data from different networks safe. It explores several well-known blockchains, including those that power Bitcoin and other cryptocurrencies. It also discusses how blockchain technologies affect financial services, supply chain management, insurance, and government sectors.

The Everything Guide to Investing in Cryptocurrency by Ryan Derousseau

Ryan has been published widely in Fortune, Money, CNBC, BBC, Fast Company, and US News & World Report, among many other national publications, with over a decade of expertise writing about investing. Since the early days of this technology, Ryan has been interested in cryptocurrencies. In 2013, when most people thought bitcoin was just a strange currency used by hackers, Ryan first started looking into it.

Investors must be more cautious as the price of Bitcoin fluctuates and news stories about cryptocurrency hackers rise. Understanding the dangers and benefits of cryptocurrency is critical for anybody who wants to profit from this exciting new form of investing.

The Everything Guide to Cryptocurrency Investing is a trustworthy and comprehensive guide that will assist you in navigating the exciting realm of e-commerce with confidence.

Mastering Ethereum by Andreas M. Antonopoulos

Ethereum is a worldwide, decentralized computing paradigm that allows you to create decentralized apps (DApps) and smart contracts with no single points of failure or oversight, connect to a payment network, and operate on an open blockchain. Antonopoulos and Wood guide you through developing smart contracts and DApps on Ethereum and other virtual-machine blockchains in this useful book.

Find the reasons why IBM, Microsoft, NASDAQ, and hundreds of other businesses are investing in Ethereum. This essential tutorial teaches you how to build the abilities you need to be an innovator in this fast-paced, exciting new market.

Bitcoin Billionaires by Ben Mezrich

After their Facebook stock settlement with Mark Zuckerberg and their place in crypto history, the real story of the Winklevoss Twins is told by Bitcoin billionaires.

This is the story of how the Winkelvosses, who made their money on Facebook, tried to become venture capitalists before learning about a new concept called cryptocurrency. The Winkelvoss twins became the first Bitcoin millionaires by November 2017.

“This is a fun and light-hearted cryptocurrency book,” says the crypto book’s description on Wallet. “If you want to learn more about what took place in the early days of crypto, this book is for you.”

Blockchain for Babies by Chris Ferrie

With the next installment of the Baby University board book series, you may help your future genius become the smartest kid in the classroom by exposing them to blockchain technology.

This is the ideal book to teach complex ideas simply and interestingly. It’s full of scientific facts from central authorities and is the ideal text to convey complex topics in an easy approach.

Blockchain for Babies is a simple yet colorful introduction to Bitcoin’s technology for scientists of all ages. It’s never too early to start becoming a scientist.

The Business Blockchain by William Mougayar and Vitalik Buterin

Blockchains are a new technology layer that revolutionizes the Internet and is on the verge of upending existing legacy structures and centrally operated businesses.

A blockchain adds trust to the network by eliminating intermediaries that would otherwise fulfill that role and innovatively disrupting how they operate at the same time. Blockchains are the ultimate non-stop computers in a figurative sense.

They are a type of blockchain that maintains an identical record of the transactions stored in its blockchain, making them very resilient. Once launched, they never go down and provide enormous resiliency, making them ideal for running next-generation decentralized apps and software systems.

Unlike other books on the subject, The Business Blockchain delves into the elements of the blockchain to advance our understanding of it.

Conclusion

It’s a shame that so many individuals have stopped reading books, especially those new to technology because they believe they can master everything there is to know about it with a few hours of online instruction.

You can’t master new technology by studying hands-on abilities only; the information on the internet is scattered, and you can’t be a god of new technology by learning without experience. In reality, it is strongly suggested that you read books to acquire knowledge logically and learn about the entire field rather than simply skimming through bullet points in a random video.

You can find all our recommendations on Amazon. Please indicate any additional titles in the comments, and always be cautious in the blockchain world.

The two critical steps taken in the most challenging times show how crypto helps Ukraine, brings support it needs during the invasion and turn into the digital country it dreams of.

Two days ago, Ukraine launched a crypto donation site to collect crypto and fiat money to help with their fight against Russia, which started an invasion on the 24th of February. The country’s president Volodymyr Zelenskyy also signed a bill on Wednesday, making bitcoin and cryptocurrencies legal in the besieged country.

How do donations work?

Ukraine was working on digitalizing most government services before the invasion, and the current donation initiative and the crypto law show great promise on this front.

The Ukraine Ministry of Digital Transformation, FTX, and Everstake is behind the crypto donation project. And according to the site, assets of more than $55M have been collected. The project first started with support for BTC (Bitcoin) and ETH (Ethereum) and now supports 12 currencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), and Monero (XMR). The Ukrainian government also accepts donations in fiat currencies like USD, EUR, GBP, AUD, and CAD.

How will Ukraine use the funds?

The money will be used to assist the Ukrainian military and civilian populations in need of humanitarian assistance.

How to donate money to Ukraine using cryptocurrency?

• Open your browser and go to the official donation site.
• You will see the list of cryptocurrencies supported on the right-hand box. Click on the desired currency.
• Now the crypto wallet address will be shown to you. Copy the address and send money through your crypto wallet or crypto exchange.

How to donate money to Ukraine using cash/fiat currency?

• Open your browser and go to official donation site.
• To donate to Ukraine using fiat money, click on Send Cash from the top menu.
• You will be taken to the account list, click on the currency.
• Using the bank information shown, you can make a transfer to related accounts.

What about Ukraine’s new crypto law?

On the other hand, the new legislation is called “On Virtual Assets” and was signed by the president on Wednesday. It will allow foreign and Ukrainian cryptocurrency exchanges to operate lawfully in Ukraine. The officials called it a significant step toward establishing a legal market for virtual assets in the nation. The law draft was first passed in an almost unanimous vote from the parliament in September 2021. Zelenskyy first vetoed the bill in October, saying creating a new regulatory body for cryptocurrencies would bring recent hardships. After some changes, Zelenskyy signed the bill, which the parliament backed by a majority. It is expected that an open crypto market will be formed in Ukraine for the first time.

Ukraine’s Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, said the new law would “bring the crypto sector out of the shadows” in a Telegram post.

What will change with the ‘On Virtual Assets’ law?

With the new law, Ukrainian banks can open accounts for crypto companies, and the National Bank of Ukraine and the National Commission on Securities and Stock Market will be regulatory bodies for the sector. Crypto exchanges and companies providing services in Ukraine will now have to register with the government. The ministry said the law would protect cryptocurrency holdings of the Ukrainian citizens with the same legal force as its fiat currency, the hryvnia.

Why can’t crypto be used to avoid sanctions?

When many countries and companies started imposing sanctions on Russia and their currency, the ruble tanked. The crypto scene got ideas about how Russian people and companies would turn to cryptocurrencies to handle day-to-day business. Especially Russian oligarchs were thought to protect their wealth, and they would convert their assets to crypto, which would make the crypto prices hike again. This did not happen to Russia, but many Ukrainians bought crypto assets, afraid their currency would also tank. Kuma, the Ukrainian crypto exchange, witnessed a 200 percent surge in trades as Russia invaded Ukraine.

But let’s go back to the original question in the light of the latest developments. Is it possible for Russia to use bitcoin and other cryptocurrencies to avoid sanctions?

Because bitcoin and other digital currencies are frequently decentralized, they aren’t controlled or issued by a central authority like a central bank. When crypto is transferred to others, it doesn’t follow the usual financial plumbing route.

Blockchain allows tracking the movement of funds

Because the technology that underpins bitcoin, blockchain, is a public ledger of activity, it’s straightforward to follow transactions from one account to another.

More liquidity is needed for oligarchs to convert assets to crypto

A tremendous amount of liquidity is needed to move the wealth of Russian oligarchs and companies to crypto. And since liquidity in crypto is still limited compared to other assets in the world, it would be very hard.

Many exchanges follow the rules

One would quickly say a situation like this would put cryptocurrency exchanges on high alert, especially for those functioning in the US. Sanctions laws apply to all US people and businesses. That is why sanctions would also help people who are using from Russia can be blocked on IP address level.

This week, a group of lawmakers asked the US Treasury Department to make sure that the crypto companies comply with Russia’s sanctions.

Other countries that regulate cryptocurrency

The most famous one is El Salvador. The government legalized bitcoin as a payment method and is attempting to make the country a crypto hotbed.

This month, US President Joe Biden signed an executive order, directing federal agencies to adopt a coordinated approach to digital assets regulation and oversight. The executive order is not a piece of legislation that would govern the cryptocurrency industry.

In certain nations without specific cryptocurrency legislation, such as Ukraine, governments have attempted to bring bitcoin and other digital asset businesses under the purview of financial authorities.

In the United Kingdom, cryptocurrency exchanges must register with the Financial Conduct Authority and are subject to existing laws regarding money laundering. In contrast, Ukraine’s approach was to develop legislation specifically tailored to the digital asset sector.

Cryptocurrency regulation is essential since it protects investors from market manipulation, internet fraud, and cybersecurity risk. It also allows governments to monitor criminal activities such as money laundering.

The Australian government has taken a favorable approach to Bitcoin, whereas Japan and other nations have established cryptocurrency exchanges. Commonwealth Bank in Australia has already launched cryptocurrency transactions. Banks, including NatWest, have already started doing so in other countries, such as the United Kingdom and Canada.

On the other side, several countries, including India and China, have yet to legalize cryptocurrencies like Bitcoin and Ethereum. Still, they have started taxing them, putting cryptocurrencies in a grey area.

As a concept, the metaverse had long existed before Facebook’s announcement that it was renaming itself to Meta came along. While most consumers would shrug it off as just another large-scale virtual reality gimmick that’s destined to fail (as it always has), major players are spurring it on. 

Monster Energy recently filed four trademarks related to NFTs and the metaverse. While potentially not good for the metaverse in general, Meta’s current progress and adaptation is encouraging and sparking mainstream interest, as are its strides in AI. It seems they could pull it off. 

If successful, it will expand and advance the digital economy, accelerating new opportunities for decentralized financing and the Blockchain. You can argue that these technologies will be the lifeblood of the metaverse. In this guide, we’ll explore how they’ll transform, hastening the arrival of the metaverse. 

Understanding the metaverse

There seems to be some ambiguity in the term metaverse. The idea of the metaverse has long been explored in science fiction. It describes an always-on collection of virtual 3D worlds that you can access through VR and AR headsets. It’s been considered the next logical evolution of the internet. Nevertheless, the term refers to the virtual reality worlds and the technology that makes them possible. 

Recently, the term ‘metaverse’ has been conflated to describe Facebook’s social VR product Facebook Horizon/Horizon Worlds. It can partially be blamed on dubious blogs and websites trying to get clicks by using recognizable buzzwords. The truth is Facebook is still working on most of its metaverse technologies, and Horizon Worlds will be its foundation. 

Of course, other big players such as Microsoft are currently implementing metaverse-esque features through their software and hardware products(see Microsoft Mesh and Microsoft HoloLens). Thus, we can surmise that Meta Platform’s metaverse isn’t the actual metaverse but a part of it.

Thus, each world (meta-world) in the metaverse will function as a website. The metaverse can be viewed as your browser or the internet connecting these virtual worlds and services. Again, much like Blockchain and crypto, the metaverse has the potential to reshape and change the shape of real-world finances and economies.

Real-world investments in an abstract world

Surprisingly, the latest real estate investments trends seem to be related to the metaverse. In fact, at the beginning of 2022, metaverse real estate sales topped the $500 million mark and were projected to double by the end of the year. Many investment groups learned from underestimating the impact of crypto and want to be early adopters of the metaverse. 

Purchased land in the metaverse can be used as an asset that investors can sell later for a profit. Alternatively, organizations can use it for potential virtual business ventures, such as hosting events or meetings for a fee. The metaverse has the potential to become a decentralized global economy. 

People from different countries can purchase land in the same meta-world with less red tape and bureaucracy than in the real world. Theoretically, a person in Ghana can buy land in the same meta-world that a person in Sweden can. Of course, this is dependent on the platform. 

However, this is the point of decentralized technology and financing. It’s there to facilitate less complicated and easier trade while connecting more people. Crypto will be the currency of the Metaworld. Some sellers on platforms such as OpenSea and Decentraland only trade through crypto. If you plan on venturing into the virtual real estate market, you’ll need to familiarize yourself with some of the options for storing crypto.

However, while the concept of total virtual immersion is exciting, there are still two elements of the metaverse that make potential adopters uneasy – privacy and security. 

Maintaining privacy and security in an interconnected world

When Facebook changed its name to Meta and introduced its plans for the metaverse (primarily through its Horizon platform), the news was met with a lot of skepticism, doubt, and a host of hilarious memes. 

Many commenters viewed it as a PR stunt. Mark Zuckerberg et al. were just trying to distance themselves from their spotty history with user data. Previously, Blockchain was considered as a solution to their privacy issues. Unfortunately, it wasn’t feasible at the time as it required additional layers for mass adaptation and use.   

Virtual land bought in the metaverse can be seen as an NFT (or at least its deed) as it can’t be copied and is non-fungible. Thus, it’s a virtual tokenized asset. Pop culture would have you think that NFTs are just poorly drawn digital art. However, we could use the technology for so much more. From social security, identification numbers, driver’s licenses to marriage certificates, the Ethereum blockchain can be used to keep all this information secure and unique.

These days, most internet users are concerned with protecting their privacy online. The Blockchain is innately private and secure. However, with the advent and use of Blockchain facilitated security tokens and self-sovereign identities, it seems that worrying about the security of the metaverse may be a waste of time. 

A fully realized decentralized global economy

We’ve covered how investors can use cryptocurrency to trade land in the metaverse. However, the goal of crypto was initially to create decentralized finance. However, because venture capitalists saw it as an asset that could potentially make you a millionaire overnight, it’s been held and traded as a commodity and used less for direct trade of goods. 

Mass adoption of the metaverse may change this. The metaverse will allow trade of virtual and physical between participants from different countries. Again, to do this as seamlessly as possible, we’ll require digital money independent of country and region. The cash or currency may be specific to the metaverse itself. 

But one way to acquire these metaverse tokens or coins is by purchasing them using fiat currencies and financial institutions. However, the metaverse will also have ‘jobs’ where its denizens can make money. These may be in tutoring, teaching, performing seminars, producing and selling art, etc.

Decentralized financial frameworks and networks will facilitate payment from these jobs. DeFi enables workers to create smart contracts to get paid when a task is complete. 

Energy and environmental start-ups are already using them, combined with AI, for smoother and more sustainable business transactions. Alternatively, users can securely sell and exchange products through P2P transactions. And, of course, it all works on a Blockchain foundation.

Summary

There is a good reason to hope for metaverse’s success. It isn’t just more virtual reality to satisfy our collective desire for escapism. If implemented correctly, it will release trade limitations and connect more people. It will create more jobs and more business opportunities. Virtual classrooms will allow children to sit in on lessons remotely. 

It will provide teachers with more resources and tools for effective teaching. Beyond that, it can revolutionize test-taking and home-schooling through AI teachers. VR and AR have practical uses that the everyday user may not know. Nevertheless, the future of these technologies, along with the metaverse, is encouraging.

Decentralized finance – DeFi – has exploded over the last couple of years. And with any fast-moving new tech sector, some people will attempt to take advantage of the industry, which means DeFi security is a booming sector as we protect against an ever-increasing amount of hacks, breaches, and exploits.

One startup – Immunefi – has gone from zero to protecting $50 billion in user funds within less than a year. A bug bounty platform, which offers significant rewards to anyone that can find a way to exploit blockchain and cryptocurrency projects, it has paid out over $5m in bounties so far. It is currently offering another $40m on behalf of its clients. 

That’s impressive, but the path to success hasn’t been easy. 

“I did not understand what I was getting into when I signed up for this.” Mitchell Amador, CEO at Immunefi, told me.

Like many startups, Amador had a mission, a lot of passion, and a plan.

“I knew that we were going to be able to help a lot of people with our work and that it was going to have a direct impact on the space,” Amador said. “I knew that it was going to be a major step for institutional players and for creating a more credible reflection for outsiders to appreciate the rise of cyber security specific to DeFi and crypto.”

But also – like many startups – Amador had no idea of the sheer scale of what lay ahead or the complexity of the issue. 

“I did not foresee that we would get pulled into war rooms,” Amador said. “I’ve been in a few of them throughout the last few years, being an executive for other startups and blockchain projects. But now we’re getting called into them on the regular, and if you know anything about what running a cybersecurity war room is like, it is a long, drawn-out, high-pressure environment.”

When someone, or a whole company, is thrown into these high-pressure environments, there are only two options; sink or swim.

“Our way of dealing with the challenge was to say ‘well, we have to steal the money ourselves,'” Amador said. “We have to preemptively exploit our own contracts and then return the capital to the users in order to protect them because there is no other way to make sure that hackers will not rob users in the future without revealing the existence of the exploit. And then you need to be able to have the stamina to deal with that situation for up to 24 to 72 hours.”

That’s a lot to deal with, but Amador kept a clear head, and his experience with other startups – which include helping to make Sophia the robot a worldwide sensation as CMO of SingularityNET and as the VP of Marketing at Steemit – came into play.

“The first time you have to deal with such a situation – well, you don’t really deal with it,” Amador said. “You just kind of you know how to do what you’ve already experienced, tread water, and look for leadership; someone who has done all of this before, and who knows how to navigate a crisis.”

As with all things in life, practice makes perfect.

“You know, after you do that a few times and start to get used to it, you realize we’re just cyber-firefighters,” Amador said.

These days, the Immunefi platform provides a scalable way for blockchain and DeFi projects to stay safe by offering bounties to those that can find vulnerabilities. Of course, those seeing these gaps in security are precisely the same people who would previously attempt to breach projects for personal gain. Still, with a high risk attached to that reward, “white hat” hacking is often a better, more lucrative, and safer path.

And unlike corporations, malicious hackers don’t need to wait for a lengthy purchasing process, implementation timeframe, and key stakeholders to buy and use the latest technology. That creates an imbalance computing arms race, so having hackers on your side is a significant advantage.

“In the white hat hacking community, as well as the startup community, you have smart people that are doing smart things,” Amador said. “The people best placed to help corporations are startups like us because we act as the middle people between the hackers and their systems.”

Immunefi is an excellent example of approaching a complex issue cleverly and having a big enough incentive to mobilize the most competent people in the field. Cybersecurity will continue to be a hot topic for some time, especially in DeFi as it continues to skyrocket, and the blockchain community will need approaches like this to protect the billions in play.

This article originally appeared on Grit Daily and is republished with permission.

Last week, Dataconomy’s Stewart Rogers served as master of ceremonies for a CogX Open Web Forum panel (curated by Fabric Ventures) I participated in along with Muneeb Ali (Stacks) and Josh Tobkin (Supra-Oracles). We were grappling with the question of how we inspire best-in-breed technical stars to join Open Web companies, particularly in the domain of distributed ledger technology (DLT) and blockchain talent.

Though global unemployment rates are high globally in the wake of the pandemic, labor shortages in areas such as like blockchain and cryptocurrency remain endemic. Labor supply is constrained, resulting in shortages likely to stay for the rest of 2021 and well into 2022. Although crypto’s $1.3+ trillion market cap has attracted a great deal of attention, it has not perhaps attracted as many of the top developers as the industry would like.

One CEO I know has all of the ingredients to move forward, with key stakeholders aligned, the regulatory environment sorted out, initial customers and investors ready to go, but an absence of the right CTO and engineering team to drive the project. Another CEO is just getting the project on its feet, with three of the world’s largest financial institutions prepared to use the platform, which does not yet exist because it requires the right technical team to build the prototype. In both cases, they are grappling with a question that I have seen come up time in again with my thousands of online students in blockchain and fintech. How do you bridge the blockchain talent gap?

How do you bridge the blockchain talent gap?

Blockchain talent essentials

We covered a good deal of ground in our fast-paced CogX discussion, more than can be summarized here. I can, however, extract for you three essential tips for how founders can attract the brightest minds to work on their blockchain projects:

1. Having exciting problems for engineers to work on. Top developers are attracted to interesting, knotty problems like moths to a candle flame. Are you addressing a fascinating area of computer science or a notable social issue? Highlighting this can draw in the very best.
   
2. Connecting with the employees. At the very earliest stages of a company’s development, the personality of the founder is paramount.  Investors, employees, and early adopters are making a bet on the founder, so heightening your awareness of this will allow you to let you hone your connection with people. They are joining you and buying into to your vision.
   
3. Inspiring people with narrative. You can accelerate your ability to get the best talent, raise money, attract users, sell to customers, and achieve your goals with your blockchain project if you find your essential, authentic story and learn how to communicate it with passion and conviction. Well-crafted narratives build an emotional connection with people, and whether or not they want to admit it, emotion drives decisions more than facts do. Find your story, learn how to tell it, and you will have a better chance of enticing and enlisting the top developers.

Expanding the pool

Bonus round: another way to get top talent for your blockchain project is to invest in it and develop it. Courses like Oxford Blockchain Strategy provide people the foundations for how to apply DLT in the innovation context. Every great business starts with a great idea, grounded in the art of the possible and an understanding of the impossible (or how to make the impossible possible).  The Oxford program and ones like it serve as a jumping-off point, on the one hand, on how to launch a new project, and on the other hand, as a vehicle for establishing a common vocabulary and framework for action.

As you progress from strategy to build out, you want to have the right technology applied to the right problem sets. An array of excellent boot camps have emerged to groom more specific technical capabilities to build blockchain systems. A rigorously grounded team will get you there faster and more effectively. You will want to carefully evaluate which boot camps provide the right mix of tools and techniques, and you may even find them fertile recruiting grounds if you build relationships with the host organizations.

The bright future

Of course, these are still early days in the evolution of blockchain. I see even larger scale problems being solved and even more exciting opportunity for developers in converging areas, where we bring technologies like artificial intelligence together with blockchain to solve critical problems in domains like digital identity and financial inclusion (helping over 3.5 billion people), health crisis data management (what happens when the next pandemic strikes), and supply chain.

Meet investors, Blockchain and crypto enthusiasts, a talent pool of developers and programmers  as they solve three Blockchain challenges over two days in Berlin. Here is why you should be a part of LongHash Cryptocon Vol2.

Berlin has been recognised as the cryptocurrency capital of Europe for more than half a decade. The city emerged as one of the first in Europe to accept digital currencies back in 2013 and the crypto revolution is now backed by over 100 blockchain companies based in Berlin. Jasmine Zhang, CEO, LongHash Germany, which is organising its second Blockchain Hackathon (part of LongHash Cryptocon Vol2) in the city on May 18-19 this year, rightly puts this in perspective, “Berlin, as many people have commented already, is a great place with infrastructure and talented, international people. We would like to leverage the strength and expertise we have from the East, and bridge with the West to make a positive impact on blockchain ecosystem. Our aim is to further accelerate the understanding and development of blockchain technology globally.”

LongHash is a platform for accelerating the development and understanding of Blockchain technology. LongHash incubators provide a full-range of support for start-ups working on blockchain-related projects.

As an early-stage blockchain investment and incubation firm, Longhash supports its portfolios long-term. Zhang says, “We are hosting different events including hackathons worldwide, like in Germany, Japan, Vietnam since last year to help their ecosystem grow. This edition’s three projects come from U.S, China and Germany with big potential and a healthy, strong developer community is what they are seeking at the moment and this belongs exactly to the post-investment management that LongHash is providing.”  

Back in Berlin:  With more challenges and ETH prizes for developers and Blockchain Geeks

The first edition of the Hackathon was last year during The Longhash Crypto Festival Berlin, which took place between October 26 and October 29 and promoted innovation among programmers, attracting participants from Asia, eastern Europe and the US. And this being the second edition, the competition will be more challenging yet rewarding at the same time. Winners of the second edition of hackathon have an opportunity to win upto 30 ETH equivalent prizes. Here is a look at the categories:

• Cybex Prize: 5 Eth
• MXC Prize: 5 Eth equivalent amount of MXC Token
• Taraxa Prize: 5 Eth

On top of this, one chosen winner will be  awarded Euro 2,000 equivalent amount of VET powered by VeChain and more prizes are to be announced soon!

The challenges have been carefully designed considering the needs of the Blockchain ecosystem and where the innovation is most desired. Here is a look:

Challenge 1: How to implement an Algo Order in Cybex Dex？

Cybex.io is a blockchain based decentralized exchange that supports crypto trading. When a user has an intention to perform a large trade, it is useful to have an algorithm to split the order into smaller slices and trade it over a longer period. This feature is referred to as ‘Algo Order’ and is widely adopted in regular exchanges.

In decentralized exchange, each sliced order must be signed by the user’s private key. This provides a new challenge to algo orders. In order the place orders automatically, while keeping the private key safe, a user typically has to write its own program and run it in its own machine. This makes it difficult for normal users to use algo orders due to the lack of programming skills.

Design a solution that allows a normal user to execute and manage algo orders.  

The following are some basic Algo order types:

• TWAP :http://empirica.io/strategies-catalog/twap
• VWAP :http://empirica.io/strategies-catalog/vwap
• Iceberg:https://www.investopedia.com/terms/i/icebergorder.asp

The solution should be using Cybex API, which is available at the following locations:

• Cybex API server documentation: https://apidoc.cybex.io
• Sample program to place an order:https://github.com/CybexDex/cybex-python

Solutions will be graded on :

• User interface friendliness
• The ideal solution should be easy enough to attract people without programming skills
• Security
• As trading involves using private key, the management and storage of the key is a crucial consideration.
• Framework Coding quality

Challenge 2: How do we automate the Smart Machine Bidding procedure for the LPWAN devices in order to reduce the costs of an IoT network?

MXC foundation focus on connecting Low Power Wide Area Network (LPWAN) technology with the blockchain as an infrastructure for Internet of Things (IoT). MXC automates machine-to-machine (M2M) transactions and provides a device data economy. The pricing policies of data transmissions through gateways in LPWAN are determined by MXC Smart Machine Bidding (SMB). In the SMB, based on the bidding strategies provided by the device owners, and the gateway owners, the payments for using downlink / uplink LPWAN resources will be determined.The following parameters are set by the device in bidding strategies of the SMB:

• max_bid: the maximum bidding price defined by the device owner shows the upper payment threshold of the device (in MXC tokens) for the downlink request.
• max_delay: this parameter defines, under certain circumstances, the maximum acceptable_delay (in seconds) for the packet to be sent. If max_delay is reached, the packet will not be sent and the cloud will notify the client about the rejection of the downlink request.
• accepted_delay: the tolerable delay defined by the client (or device owner) to indicate the time period a packet is willing to wait for the lowest possible price.
• Lowest possible bidding price is the current lowest bid of the available gateways for the device.

Each gateway provides a value on using its resources called min_bid. The device in order to use the gateway downlink resource, should bid at least min_bid value. If multiple devices in a same time wants to use a downlink resource of a gateway, the one which define more max_bid will be the winner. More details about bidding procedure are provided in MXC Smart Machine Bidding white paper (available in the repository stated below and the MXC website). Based on downlink / uplink data flow of the device owners and their requests, MXC cloud can provide data driven automated smart machine bidding.  max_delay parameter is mainly related to the application and the priority of the data which is known by the device owner/client and is defined by the requirement of the provided application by the device.

On the other hand, accepted_delay, and max_bid parameters should be provided by the device owner (or the client) in some way to make a balance between the priority of the related uplink/downlink data and the corresponding data transmission cost. These two parameters (accepted_delay, and max_bid) can be automatically provided for the device owner to make this balance. Your task is to develop an automated solution (e.g. based on Machine learning methods, dynamic algorithms or greedy algorithm) which provides near-optimum value for accepted_delay and max_bid parameters to reduce the total cost of the LPWAN for the user.

In the input file, you will receive max_delay, payment limit which the data owner wants to pay in total (for all of the transactions), and the downlink resource usage history of the device and other devices. Your program (preferably in Go) will be evaluated by output efficiency (based on the test cases of LPWAN data simulation), and solution explanation (provided in your documentation). Note that you can provide multiple solutions and do the implementation as much as you want/can. A sample input file and its details will be provided in the below repository:

https://gitlab.com/mxc-hackathons/smb

Challenge 3: How to implement an anonymous data collection scheme that allows the manufacturer to anonymously collect data from its end devices without knowing exactly which device it came from?

Data privacy and security has become an increasingly urgent concern worldwide. Large corporations cannot simply collect data from its end users without their knowledge or explicit consent. However, it would be nice if a manufacturer could still collect data generated by its devices without user consent, but do so in a way that’s cryptographically-guaranteed to be anonymous. In this scenario, the manufacturer would like to collect data from anonymous devices, but it would want to be sure the data it’s receiving is not garbage and is guaranteed to have come from a device it has manufactured. The end user would not mind that its device’s data is being harvested as long as it is impossible to trace that device’s data directly to the end user’s identity.This problem is broadly defined as direct anonymous attestation, and more narrowly defined as a membership proof. An earlier paper (https://infoscience.epfl.ch/record/128718/files/CCS08.pdf ) had been published with an open-source implementation published ( https://github.com/ing-bank/zkproofs ).

Assumptions :  We assume that the manufacturer has embedded within each device it made with a pair of asymmetric encryption keys, and that hacking the device on-premise to obtain these keys is prohibitively expensive to do. We further assume that the manufacturer is willing disclose the public keys associated with all of its products to the open.

The challenge: HOW to implement an anonymous data collection scheme that allows the manufacturer to anonymously collect data from its end devices without knowing exactly which device it came from?

• A device can prove to the manufacturer that it is indeed one of the devices it has created
• The manufacturer will construct a temporary X.509 certificate so that a proof does not need to be provided every time, temporary because the end user might want to stop even anonymous data collections

Bonus:

• Manufacturer & device both anchor the challenge & proof onto the blockchain
• Device anchors its data transmissions onto the blockchain with the temporary certificate

Does this interest you as well? Apply here for the Hackathon before the 12th of May – the event is free for all developers. Also, there is more. If you are a developer or aspiring entrepreneur in the blockchain/crypto space and  want to know about the investment perspectives from Top Asian & European Funds in the Blockchain segment or business use cases in real word adoption, get your free tickets for Hash Talk which will be an afternoon-long summit focused on discussions and creating insights on investment, business, and tech in blockchain curated and brought by LongHash Germany. More details here.

The rise of financial technology and digital payment solutions is helping the world go cashless. Cashless payment methods now cover a wide range of technologies – there are physical cards, online gateways, mobile apps, and digital wallets. Blockchain-enabled payments and cryptocurrencies are also on the rise.

Methods are enjoying varying rates of adoption but one thing is for certain – more people are willing to go cashless.

A Gallup poll showed that only 24 percent of Americans are using mainly or mostly cash. Another poll showed that 62 percent of people in the US think that they may see the death of cash within their lifetime.

Among these methods, it’s blockchain that’s driving the major disruption of financial services. At its core, blockchain is an immutable record book. It keeps a record of all transactions made on the system making it a fantastic tool for financial services.  With regard to payments, these developments are creating new ways for people to pay for their transactions.

Cryptocurrencies

Cryptocurrencies have emerged to challenge fiat currencies. Bitcoin is worth nearly $3,000 and those who have dismissed it as a fad might be feeling a tinge of regret not investing in it when it was just starting. A $50 investment in bitcoin in 2010 is worth millions today. Other currencies are on the rise as well. Ether and bitcoin cash, the second and third biggest cryptocurrencies, are worth around $270 and $380 respectively.

As more people invest and acquire these cryptocurrencies, merchants would do well accepting them for payments. More countries are declaring them legal. As such, cryptocurrencies are now finding use even in brick-and-mortar retail. In a major move, Japan declared bitcoin legal which prompted major retailer Marui to start accepting bitcoin for payments.

Mobile Wallets

Plastic cards remain relevant and not just because of how established they are in brick-and-mortar retail. They are also widely used as funding sources for many of today’s online payment gateways and digital wallets. For instance, PayPal, Apple Pay, and Android Pay are still funded mainly by credit or debit cards. Blockchain, however, can change this. Cryptocurrency-backed wallets don’t need to be linked to any other account which adds to their ease-of-use compared to these card-funded wallets.

In addition, blockchain mobile wallets could even serve as comprehensive platform for money management. UK-based bitcoin bitcoin wallet and debit card provider,Cryptopay offers a mobile wallet that lets users store and manage their bitcoin.

Users are able to send and receive bitcoin through their account and even sell bitcoins for euros or pounds. As an added option, they also offer users debit cards that are linked to their accounts. Thus, users can readily use their bitcoin to pay even if a merchant only accepts plastic cards and fiat currencies.

The company has big plans as the following illustrates.

“Many developments have already taken place that has accelerated the awareness and adoption of Bitcoin across the world. ATM’s, new currency exchanges, Bitcoin debit cards, educational programs, financial products being launched en masse and sensible regulations are all playing big roles in ramping up Bitcoin’s adoption.”

Companies like Cryptopay are truly banking on bitcoin and other cryptocurrencies as the de facto currency of global commerce. This type of radical futurism might indeed be the only way to drive mass adoption.

Cross-border Transactions

Blockchain and cryptocurrencies are also becoming valuable mechanisms for cross-border transactions and remittances. As blockchain technology matures, platforms are able to process virtually real-time transfers. Unlike traditional transactions that are often routed by payment processors through banks and clearing houses, blockchain transactions happen within the system so transactions complete quicker.

As a decentralized and distributed infrastructure, blockchain also costs less to maintain and operate allowing service providers the ability to charge less for their services. Bitcoin and blockchain remittance are proving to be popular in countries with deployed migrant workers. For example, the Philippines has an estimated 2.2 million overseas workers. Blockchain remittance services such as SendMoney.ph and Rebit.ph allow these workers to send money back home more affordably.

In addition, blockchain transfers can retain their full value in the cryptocurrency they were sent in. This is opposed to transfers in fiat currencies which are often converted to the destination country’s currency often with disadvantageous rates for the receiver.

Security

Among the appeals of going cashless is how it lets people avoid mishaps like getting their money stolen or physically losing bills and coins. In those cases, cash is often lost forever. Cashless users may also lose their phones but digital wallets are protected by several layers of security including the phone’s security and the app or service’s security measures so their money is kept safe.

One of the concerns regarding blockchain’s security is that it allows for pseudo-anonymity. Bitcoin users need not divulge their full identities in order to send or receive bitcoin. However, the great thing about blockchain is that all transactions are traceable. In addition, blockchain services are starting to be regulated by governments.

They have to comply with know-your-customer (KYC) and anti-money laundering regulations so using these platforms offer increased levels of security. Blockchain startup Civic even focuses on using blockchain to offer identity verification for businesses allowing for safer and verified transactions for everyone.

A Blockchain Payment Future?

Blockchain is set to change the way we handle money. Cryptocurrencies are currently enjoying a boom which means services can ride the high and gain traction. It only takes one service to reach critical mass in order to legitimize a technology and many of these startups are already showing promise. Consumers may have yet to fully warm to these blockchain services but the potential is truly there.

FinTech is disrupting the banking world—and bringing consumers along for the ride. Of course, such a major shift in policies and the way companies do business is bound to have equally powerful effects on legislature. Regulations have been strict since 2008, and many US banks have been hit with huge fines for not being compliant. New regulations are constantly popping up, and the entire process can seem like an uphill battle. That’s why this year has deemed the year of RegTech.

The idea behind Regtech is a simple one. In fact, Regulatory Technology sounds so obvious that it should already exist. In part, it does. But the recent shifts caused by FinTech have helped push it to the forefront. Since late 2015, Google searches for “RegTech” have skyrocketed, and it should come as no surprise. In a world where new disruptive technologies are almost the norm, regulatory measures need to be easy to grasp and to implement. FinTech is not the only reason for the shift, but it is a big reason. The financial services market is being upset around the globe. Startups are undermining, and also partnering with, big banks. Cryptocurrency has amassed a huge, evangelical following as well as skeptical detractors. The speed with which the market is changing is monumental, and regulations are beginning to catch up.

Major Uses for RegTech

RegTech could perform mundane tasks, like streamlining anti-money laundering checks. Some startups want to update how companies perform due diligence. Thanks to all the new ways people can send money, there is also a host of new ways to commit fraud. Thorough, reliable and easy to understand technology will be necessary to help companies keep track of all these new holes. Upcoming tech should also help expedite the KYC process, and ensure that financial inclusion can really happen. Another major goal is to help make use of data lakes. Banks are not only receiving absurd amounts of data, they are receiving it in all kinds of forms and formats. RegTech may not only make the regulatory process more data acquisitive, it will help companies fully grasp the data they possess. Cluttered data sets can be taken apart and reconstructed into something meaningful and accessible. RegTech will also mean the use introduction of analytic tools to mine existing data.

Agility is perceived as the single most important characteristic of new RegTech solutions. Regulations on data and reporting will continue to increase, and it will take a lot of effort to not only drown, but to turn it into a profitable scenario. By opening the area of RegTech to disrupters, new solutions can be creating to replace those old, unbearably slow and out of date one. Many large banks and companies are somehow chained to their old hardware. While big banks do spend a lot of money on technology, they don’t actually tend to buy entirely new systems. All of those fast and sexy new solutions out there are almost useless. Traditional tools may be powerful, but they are not readily adaptable, and often require work in a proprietary language. New solutions made specifically for these types of scenarios, however, will open up a lot of data, speed, and possibility that has thus far been locked away.

Advantages as a Cost-Saving Solution

After automating tasks, reducing risks, and putting data to use, the opportunity to utilize new technology to save money is a major factor in RegTech’s rise to the spotlight. It allows banks not only to save money by complying with regulations and avoiding fines, it could lead to totally new models for compliance. If startups can turn the compliance process into a paid service, banks can save money by cutting down on man hours spent dredging through data. Similarly, if startups can create new, more affordable software, they could save banks a lot of money wasted on updating their system.

RegTech also offers another level of practicality due to the fact it will most likely always be a cloud-based service. Cloud solutions offer a variety of advantages. It allows data to be shared quickly, easily and, most importantly, securely. By outsourcing the process, services can be customized, and companies have the option to easily add features or to scale. The cost of cloud services is usually usage-based, and that will be a major advantage for banks looking to cut back on regulation-related costs.

Can RegTech Really Make It? Or is it Just Another Buzzword?

One important question, given that the topic is regulation compliance, may be: How do governments feel about RegTech? A report published by the UK Government Chief Scientific Adviser tells us they might just like it. Governments, just like other companies, want banks to be compliant, and this paper outlines several reasons the RegTech movement should continue to developed, as well as suggestions. One of particular interest is the suggestion “regulators collaborate with FinTech.” Regulators need to know what kind of data is being collected in this new market, and how. Without the help of the FinTech scene, it could prove difficult for regulators to fully grasp what they are dealing with. Furthermore, that knowledge could be used to fuel a fully integrated analytics infrastructure for regulators.

Despite the power of this new, and likely lucrative, new field, the talent pool may be a huge problem. With the rise of this style of regulation, few are ready to actually deal with it. The UK government report suspects that the problem will become worse over time as regulation and compliance becomes exponentially more analytical. As a result, there are three suggested counter measures, including regulator-recognized qualifications courses and commercial training courses, as well as new university programs specializing in the new Financial Regulation. A RegTech/FinTech Training Academy was even suggested.

While FinTech has already made its root in the UK, the sudden appearance and power of the RegTech scene seems like a surprise. Of course, it not only makes sense, it might appear to be a godsend for those banks looking to keep up with the times. In the upcoming months and years, RegTech startups are expected to start popping up at FinTech hubs around the world.

image credit: Ken Teegardin

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Blockchain: the single most confusing term since Bitcoin. Everyone has a vague idea of what it does. It’s either the ultimate evolution of financial technologies, or a silly fad that can be summed up in the disconcerting phrase: “dogechain.” In reality, major companies around the world have already shown favor to the burgeoning money exchange system and it may become harder and harder to stay away from the financial dark art.

In reality, it is all relatively easy to understand. The Blockchain is a public ledger where transactions are recorded and confirmed anonymously. It’s a record of events that is shared between many parties. More importantly, once information is entered, it cannot be altered. So, if the blockchain is the public record, what is being recorded? What are all of these “transactions”?

Cryptocurrencies, like bitcoin, are currencies that exist solely in digital. There are no physical golden coins with a big “B” on them. Moreover, owning these non-real coins entails a new idea of “ownership.” You don’t literally have it in your hands, or even in your bank account, but you have the ability to transfer “ownership” to someone else simply by creating a record in the blockchain. Rather than using bills, your transfer is pure data.

Where exactly is this chain located? Due to the open nature of cryptocurrencies, and the importance of the public having access to other blocks, the blockchain isn’t located on just one guy’s large computer. For example, the bitcoin blockchain is actually managed by distributed nodes. These nodes all have a copy of the entire blockchain. Nodes will forever come and go, synchronizing their own copies of the chain with those of other users. By distributing copies and access, the chain can’t simply “go down,” or disappear. It’s a decentralized system that is both sturdy and secure.

All of your dogecoins are in a row, but what do you do with them? Whether you’re using them IRL or online, the blockchain makes it happen. There are many reasons people are falling in love with cryptocurrencies: it’s anonymous, decentralized, and there are no fees or third parties trying to grab a percentage. However, if there were absolutely no regulations in place, the new currency would quickly become a greedfest of users trying to screw each other over. The public nature of the blockchain means that anyone can check it. It is effectively anonymous, yet public, simultaneously, and it is in the best interest of users if it remains so.

You can accept and trade coins, or you can mine for them. Miners can spend thousands of dollars on the right equipment just to mine coin. But what do they really do? What miners do is quite similar to real-world miners in that they are actively looking for something. Their computer repeatedly works through complex calculations to find a very specific answer.

Miners solve problems, but how in the world is that helpful? Short story, miners are actually verifying that transactions posted by other users are legitimate, and the numbers all add up. Long story…

Miners collect transactions and put them into a single block. A block generally contains four pieces of information: a reference to the previous block, a summary of included transaction, a time stamp, and Proof of Work that went into creating the secure block. The blocks are strung together into a chain—a fluid chain that does not allow for any inconsistencies; this means there are no “bad cheques” in the system, and transactions entered are necessarily valid and can be processed. By checking the blockchain and confirming transactions, the entire system is effectively self-regulated and fully secure. No, that doesn’t mean some kid cooped up in a basement can just click “okay” and confirm a billion dollar transfer. Blocks generally need numerous independent confirmations, and the equations are intended to be hard to crack. Not to mention, the hardware required is far more specialized than the average laptop. Finally, what’s to stop someone from simply going back and editing existing blocks? Each block is securely hashed—meaning it is rendered into seeming gibberish and nearly impossible to invert or undo. Once it’s in the blockchain, it’s there forever.

So, why waste time and resources helping other people, or the blockchain? Why not let someone else do all that “confirmation stuff,” while you just mine? Because, you don’t necessarily have a choice. Confirmation of the blockchain is central to mining. It’s part of the actual mining process; however, miners are generally given incentives. For example, after solving a problem (and creating a new hash) they are rewarded with coins.

Will you be seeing a blockchain-styled ledger in your future? Short answer: oh yes. Blockchain and cryptocurrencies have caused quite a stir over the past years. However, it seems their real importance has yet to be fully realized. The future isn’t just in businesses around the globe sporting happy “Now Accepting Bitcoins” signs, but rather emerging companies (and revolutionary existing ones, too) finding new uses for the cutting edge technology. VC firms and investors are placing their bets on the blockchain because there is untapped potential. Identity management, international contracts, and all sorts of complicated bank transactions can be greatly altered with the public ledger system. The process could (in an ideal world) work seamlessly, crossing boundaries where banks, logistics or a plethora of other obstacles once existed. They could be combined with the Internet of Things to create a more connected and automated world. Future companies may be able to absorb mountains of new data, or even digitize real-world things that are hard to quantify. Unfortunately, many big companies are remaining mum on the studies in the blockchain field for obvious reasons.

However, it is public knowledge that nine major banks (including JP Morgan and Goldman Sachs) recently joined a partnership to develop blockchain technologies. That’s not to say major companies are getting in on the cryptocurrency game; rather, they realize that the blockchain system, itself, could be a powerful tool for efficiency. With a system as versatile and secure as the blockchain, there may many unexpected innovations in the coming months and years.

image credit: BTC Keychain, CC2.0)

A Hanover-based  tech startup has come up with a novel working bitcoin point-of-sale (POS) device dubbed PEY. The invention is made out of a 3D-printed casing,and is currently being offered free to local businesses to stimulate adoption of Bitcoin as a means of payment. The PEY team have also devloped a wallet app for iOS and Android which works in sync with the terminals, which has been downloaded 150 times in the last month.

The prototype of the PEY system runs on Android for the time being, but the team are investigating alternatives- with particular focus on Raspberry Pi.

Ricardo Ferrer Rivero, the man responsible for the terminal was inspired by the demand for  ‘low-cost bitcoin payment solutions,’ reports Coindesk.

“It’s a no-brainer,” Mr Rivero notes : “If you offer a merchant the possibility to accept payments without a fee and still have the benefits of electronic payments without using cash, it would be hard for them to say no.”

PEY faced its fair share of scepticism upon its release, but popularity and adoption of the device is on the rise. The device is currently free of charge, and being used in 50 establishments to facilitate Bitcoin payments. Plans to charge for the service in the future-and the overall business model- remain nebulous. Rivero highlights that “”bitcoin payments do not currently make up a large part of the shop’s revenue so we will have to wait for the market to develop before we assess how to proceed”.

PEY’s current model is similar to other schemes being rolled out in the US and Netherlands, such as snapCard’s #IntegrateSF campaign and Bitstraat/BitPay’s effort to distribute free terminals across Amsterdam last year. Will such schemes increase the ubiquity of Bitcoin as a means of payment? We certainly hope so.

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(Image credit: Jason Benjamin, via Flickr)