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  • Moongate Features Innovative NFT Solutions in Taipei Blockchain Week

    Moongate Features Innovative NFT Solutions in Taipei Blockchain Week

    Taipei Blockchain Week

    Taipei Blockchain Week, the largest Web3 event in Taiwan, was held last week from December 12-17, 2022. Similar to TOKEN2049 Singapore, the event features a series of keynotes, panel discussions, workshops, and meetups with some of the leading developers and entrepreneurs in the Web3 industry. Speakers of the event included core team members from Avalanche, Solana, Filecoin, Moongate and many more, where they talked about the real-world applications of blockchain technology and the future landscape of crypto.

    Moongate, in particular, has introduced an end-to-end solution for brands and businesses to create customized NFTs for ticketing and memberships. In fact, Moongate is the official ticketing partner of Taipei Blockchain Week, having issued 4000 tickets for the event’s attendees. Despite the NFT industry getting a bad rap, Moongate helps bring meaningful and productive application of Web3 into the Web2 world with real utility NFTs that can greatly benefit everyday retail consumers. Let’s take a look at what they have to offer.

    What is Moongate?

    Moongate provides an end-to-end, no-code solution for brands and businesses looking to transform their user engagement experience via Web3. Its user application covers (1) membership and loyalty programs, (2) events and conferences, and (3) NFT projects. All customers will be able to own their membership as NFTs which unlock token-gated rewards and access.

    CEO of Moongate Jonathan Mui told Boxmining that they have helped brands, businesses, conferences, and sports leagues with NFT-empowered memberships and tickets. So far, Moongate has 30+ live programs, 50+ ecosystem partners, and 5000+ end customers. Notable partners include Polygon, SimpleHash (backed by Y Combinator), DTTD (backed by Animoca Brands), Limewire and many more.

    How Does Moongate’s App Work?

    Moongate’s User App is very easy to use, catering to both Web3 and Web2 users. You can create an account, which is also your crypto wallet, with your email, phone number or social media account. For experienced Web3 users, you can instead use your self-custodial wallet such as MetaMask to sign up.

    Moongate App

    Private Key Security Features

    To onboard Web2 users more easily, there won’t be any traditional Web3 private key management such as seed phrases. Moongate understands that with traditional private keys, users can never get their NFTs back if they lose their key. This can be a problem for most Web2 users who are not used to Web3 interfaces.

    Instead, Moongate is collaborating with some of the top endpoint security solutions to implement a next-gen key management architecture. Its security infrastructure involves two independently-created mathematical secret shares, eliminating the single point of failure for traditional private keys. The wallet is still non-custodial as users have full control over their NFTs but it also allows them to restore their account safely if they delete the App or lose their phones.

    User App Interface

    In the App, users can enroll in membership programs via one-click join/redemption. Users can view and claim exclusive benefits tied to their NFT memberships. Tiered rewards can be earned, and benefits will increase overtime with increased spending/usage. Moreover, users can earn token rewards by completing promotions, and use tokens to claim extra rewards across partnered brands.

    Moongate App

    Mui said that it is important for Moongate to integrate blockchain technology with legacy systems so that it would require less steps and create less friction for Web2 users to get onboard while reaping the benefits of Web3. Since most retail customers are accustomed to Point of Sale (POS) systems, Mui said that adopting some of the Web2 approaches can help make their product scalable and viable.

    Merchant Setup for Moongate’s App

    Apart from retail customers, brands and businesses with no Web3 knowledge can also easily manage their Moongate account. NFT projects can keep track of the holders engagement for future rewards and airdrops, without requiring holders to reveal personal information.

    NFT Design and Minting

    Users can create, deploy, and mint their own NFTs without any coding knowledge. Moongate’s smart contract builder is a simple drag-and-drop deployment. It supports dynamic NFT integration and can be issued on multiple chains. Moongate’s mint site builder provides customized storefront design with personalized information. Users can checkout with fiat or crypto via Web2 social logins or crypto wallets.

    Moongate App

    Utility Management Dashboard

    No-code dashboards are available for merchants and projects to set the parameters of online or offline token-gated content, access, and discounts across different tiers of membership. There are also key applications on offline discounts, exclusive events, and online e-commerce stores. Additionally, off-chain data can be captured to support corresponding changes to dynamic NFTs.

    Moongate App

    NFT Ownership Verification

    Moongate has a one-scan solution to complete real-time, on-chain NFT ownership verification across multiple blockchains including Ethereum, Polygon, and Solana. Users will have their own ephemeral QR code for merchants to scan and verify as it supports whitelabel integration with other apps or third-party scanners. Moreover, it is also compatible with near-field communication (NFC) “phygital” gateways, which are essentially physical cards that hold the QR code verification.

    Moongate App

    NFT Usage Management and Analytics Portal

    Moongate provides data analytics for merchants and projects to monitor membership usage in real-time and post-attendance. It can integrate with traditional technology stack such as POS and CRM (Customer Relationship Management) marketing software. The portal also displays API for data integration with other sites, supporting tracking of spending credits.

    Moongate App

    Key Takeaway

    Moongate introduces a new paradigm in customer loyalty while maintaining positive business impact. It changes how businesses can build better branding and how customers approach purchasing goods and services.

    Since customers can truly own their NFT membership, they can also choose to sell the NFT along with all the rewards stored in it, as the NFT is a transferrable token. That way instead of “spending”, customers are actually investing because they are creating value for their NFT. This also helps businesses better connect with the next generation of customers, lowering their Customer Acquisition Cost (CAC). After all, that is what Web3 is all about — ownership by users.

  • Proof-of-Reserves Explained: Essential for Crypto Exchanges

    Proof-of-Reserves Explained: Essential for Crypto Exchanges

    In light of the FTX collapse, cryptocurrency exchanges are implementing proof-of-reserves (PoR) as a form of on-chain accounting that shows their entire holdings and customers’ assets. As centralized entities, this is a big step towards a more transparent crypto ecosystem, but some argue it might not be enough to regain investor trust. In this article, we will explain how PoR works and why it matters.

    What is Proof-of-Reserves (PoR)?

    Proof-of-reserves (PoR) is a cryptographic method to verify that an exchange has enough assets to cover all customers’ deposits. In doing so, the exchange ensures customers they have sufficient liquidity on hand to process all withdrawals, should a bank run occur.

    This came to light after FTX secretly used $10 billion of customer funds to prop up its sister company Alameda Research, which ultimately led to a liquidity crunch amidst mass withdrawals.

    This has left the crypto community wondering what other crypto exchanges might be doing with customer assets. As a result, Binance CEO Chengpeng Zhao (CZ) urged all crypto exchanges to do PoR, albeit Kraken was one of the first exchanges to prove their reserves in February 2022.

    How Does Proof-of-Reserves Work?

    Proof-of-reserves essentially involves taking a snapshot of all balances held on the exchange which are aggregated into a Merkle tree — a data structure designed to encapsulate and encrypt data. These Merkle trees, also known as hash trees, function as a map of the exchanges’ assets and liabilities (customers’ tokens).

    From there, a Merkle root is obtained, which is a cryptographic fingerprint that uniquely identifies the combination of these balances at the time when the snapshot was taken. Afterwards, digital signatures produced by the exchange are collected, which prove ownership over the on-chain addresses with publicly verifiable balances. To put it simply, the exchange discloses these addresses and provides proof that they have access to the associated private key.

    Because Merkle trees are part of blockchain technology, anyone can compare and verify if these balances exceed or match the customers’ balances represented in the Merkle tree. In the case of crypto exchanges, this process is either self-attested by the exchange or carried out by an independent third-party audit. As of now, most crypto exchanges have been working with Nansen, a blockchain analytics platform, for their PoR audit.

    Downsides of Proof-of-Reserves

    Although proof-of-reserves is certainly a step in the right direction, there are still several improvements that could be made to enhance transparency and trust.

    Proof-of-Reserves are Pointless without Proof of Liabilities

    A proof-of-reserve audit without disclosure of total liabilities, not just customers’ tokens, does not paint a full picture of an exchange’s solvency. This would include anything the exchange owes such as debts and taxes. Kraken CEO Jesse Powell expressed that Binance’s PoR is pointless without liabilities. This is also in reference to other platforms publishing their PoR without mentioning any liabilities. He also added that accounts with negative balances must also be included in the sum of total liabilities.

    However, the problem is that these liabilities are NOT on-chain, which means an independent auditor has to step in. At that point, crypto exchanges will have to provide the same proof as all public and regulated companies provide — audited financial statements. (Clonazepam) Coinbase is one of the few exchanges to do this. Since they are a public company subject to U.S. regulations, they have already been proving their reserves using balance sheets audited by the SEC.

    Therefore, the most reliable way to prove an exchange’s assets are more than its liabilities is via third-party auditors. In fact, CZ responded to Powell’s comments that Binance would involve third-party auditors to audit their PoR results.

    Proof-of-Reserves Audits Can be Falsified

    Although the cryptographic proof do not lie, it can be manipulated and framed to look healthy. There is the issue of crypto exchanges moving their funds right after the snapshot for the audit was taken. Recently, Crypto.com mistakenly transferred 280,000 ETH to a Gate.io address after it released its proof-of-reserves audit. Many speculated that exchanges were borrowing assets to show a healthy balance sheet, only to return them after the snapshot.

    Moreover, a PoR audit is only as good as its verifier. There is also the issue of exchanges colluding with third-party audits to produce false results. Unless the exchange is audited by a reputable source such as the Big Four accounting firms, we will just have to take their word for it.

    Proof-of-Reserves Do Not Prevent Customer Fund Misappropriation

    Even then, audits and attestations may not suffice. At its core, crypto exchanges are not the same as banks — crypto is not insured by government depositary schemes. Even if all the steps are done correctly, customers can still lose their crypto if mishandled.

    Merkle tree-based PoR would not prevent the misappropriation of customer funds completely. It only tracks the money, providing information. It does not provide customers with greater control over their funds. If the exchange is caught in the act, you would not be able to get your crypto back as it is likely to be tied up in litigation.

    Not your keys, not your crypto. We strongly suggest keeping your crypto on hardware wallets such as Ledger Nano X, Ledger Nano S Plus, Ledger Nano S, Trezor One or Trezor Model T.

    Why Proof-of-Reserves is Crucial

    At the end of the day, proof-of-reserves is the first step towards a more transparent crypto ecosystem. In effect, it functions as a verification tool to filter out fraudulent crypto exchanges, albeit not completely.

    By leveraging blockchain technology, PoR brings crypto exchanges closer to the treasuries of DeFi protocols, allowing anyone to trace funds on-chain at any time. However, there is much to improve in this aspect. But with on-demand, real-time tracking of exchange reserves, the industry is working towards a decentralized and trustless system, where customers do not need to trust the institution, only the math.

  • Key Similarities and Differences Between FTX.com and FTX.us

    Key Similarities and Differences Between FTX.com and FTX.us

    FTX operates two exchange domains, including “FTX.com” for users outside of the US, and the US-regulated “FTX.us” for traders in the US. Although both domains are quite similar, there are a few notable differences in their features and functionalities.

    FTX cryptocurrency exchange first came onto the scene in 2019 as FTX.com. Since then, FTX cryptocurrency and derivatives exchange experienced tremendous growth in trading volumes and the number of registered users. FTX has increasingly hit several milestones on these metrics by providing innovative financial products for all types of crypto traders. The exchange offers leveraged tokens, futures trading, and many more features, including reduced trading fees and multiple ways to earn passive income. In 2020, FTX.us was launched specifically to be US Regulation compliant and to cater to US customers. 

    FTX EXCHANGE (INCLUDING FTX INTERNATIONAL AND FTX.US) ARE NO LONGER IN OPERATION

    Both exchanges have filed for bankruptcy. Subsequently, the exchange was “hacked” and more than US$600 million worth of cryptocurrencies drained. The hacker is strongly rumoured to be a former FTX employee. For more about how this story unfolded and the latest news, check out these articles:

    FTX.com and FTX.us: Who Are They For?

    Although both domains belong to the same platform, they cater to different groups of users. FTX.com is not available for traders in the US due to securities and crypto asset trading regulations imposed by the US government. US customers can only use the FTX.us exchange, as it complies with regulatory requirements. All features users enjoy on FTX.us are also available on FTX.com.

    FTX.com is more suitable for experienced traders since it is strictly a crypto derivatives trading platform with a higher risk of fund loss. Most of the financial products offered by FTX require substantial knowledge of the market and the crypto assets up for trading.

    Similarities Between FTX.com and FTX.us

    FTX.com and FTX.us offers similar features, including user-friendliness and an easy trading experience. Like many exchange platforms, they both feature a trading chart that provides various trading features, charting tools, and in-built indicators.

    Many traders opt for the FTX exchanges because both platforms offer convenient ways to control and track open trading positions. FTX also provides more order types than most crypto exchanges. Available order types include:

    • Market order
    • Limit order
    • Stop limit
    • Stop market
    • Trailing stop
    • Take profit
    • Take profit limit

    Another interesting feature is that they both allow the integration of API keys to automate trading using crypto trading bots. Both domains require users to complete a KYC verification process to start trading and withdrawing funds.

    Differences Between FTX.com and FTX.us?

    FTX and FTX.us are run by different companies, hence previous negotiations to buy out FTX international did not include FTX.us as part of the deal.

    The major difference between the .us and .com FTX exchanges is that FTX.com is a crypto derivatives platform where users can’t trade any real crypto. Users can only trade derivatives, which are secondary products that derive their value from these assets. On the other hand, FTX.us allows users to trade the actual underlying cryptocurrency. Furthermore, the two domains have a few differences regarding the following:

    • Trading pairs and contracts
    • Leverage and margin trading
    • Deposits and withdrawals
    • Trading fees

    Trading Pairs and Contracts

    FTX.com supports futures contracts trading for over 80 cryptocurrencies. Unlike many of its competitors, FTX.com allows futures trading for coins with low market caps. It also supports many fiat currencies, including USD, EUR, AUD, SGD, GBP, TRY, HKD, TRY, CHF, BRL, and CAD.

    One unique feature of the FTX.com platform is its MOVE contract, which allows users to trade market volatility. MOVE contracts represent the absolute value of the amount a crypto asset moves over a period. Additionally, the platform allows its users to trade leveraged ERC-20 tokens, which give traders leveraged exposure to the cryptocurrency market.

    On the other hand, FTX.us does not support as many currencies and contracts as its .com counterpart. The US version only supports about 24 cryptocurrencies and has fewer financial products than FTX.com.

    Leverage and Margin Trading

    FTX.com currently offers its users up to 101x leverage, with an initial maximum leverage of 10x by default. Traders may expand this leverage if their user accounts meet the platform’s requirements. With FTX.us, crypto traders can only get up to 10x leverage subject to specific terms and conditions.

    Deposits and Withdrawals

    FTX.com supports deposits in many cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and various stablecoins. The exchange promptly processes all deposits and withdrawals and does not charge deposit or withdrawal fees for Ether and ERC-20 tokens. For Bitcoin, all withdrawals of more than 0.01 BTC are free. Smaller withdrawals incur withdrawal fees only after the first free one for the day.

    FTX.com also allows users to deposit and withdraw in their local fiat currencies using bank wire transfers. USD transactions take one business day, while other currencies may take longer. Although there are no charges on deposits with FTX.com, fiat withdrawals below $10,000 incur a $75 fee.

    Deposits and withdrawals on FTX.us are also very fast. However, depositing and withdrawing USD can take up to two weekdays. Like FTX.com, FTX.us also charges a fee for USD deposits completed via wire transfer. Users can make one free withdrawal of less than $5,000 per rolling week period. Additional withdrawals cost $25, but all withdrawals above $5,000 are free.

    Trading Fees

    FTX.com uses a 6-tier structure for trading fees. Like many other crypto exchanges, FTX.com gradually decreases the trading fees for its users based on their daily trading volume to encourage higher trading volumes. Tier 1 traders pay a taker fee of 0.07% and a maker fee of 0.02%, while traders in tier 6 only pay 0.04% in taker fees.

    As for FTX.us, the platform generally charges its users higher fees. Although it operates a similar fee structure, FTX.us has 9 tiers. Tier 1 traders pay a maker fee of 0.1% and a taker fee of 0.2%, while traders in tier 9 pay only 0.05% in taker fees and no maker fee.

    Is FTX.us affected by the collapse of FTX International?

    As of 10th November 2022, when users go to FTX international, there will be a banner warning: “FTX is currently unable to process withdrawals. We strongly advise against depositing.”

    Now, when accessing the FTX.us website, there is now an announcement banner warning that, “…trading may be halted on FTX US in a few days. Please close down any positions you want to close down. Withdrawals are and will remain open. We will give updates as we have them.”

    Banner on FTX US website
    Banner on FTX US website

    However, Sam Bankman-Fried, Founder of FTX has tweeted that FTX US is unaffected by the crisis surrounding FTX International and that it is “100% liquid”.

    Nevertheless, many members of the crypto Twitter (CT) community are warning users to withdraw their funds from FTX.us as soon as possible. Given the current situation with FTX International, users of FTX.us are indeed urged to exercise caution and keep updated on any news from the team.

  • Will Terra Luna Classic (LUNC) Make a Comeback? USTC Repeg?

    Will Terra Luna Classic (LUNC) Make a Comeback? USTC Repeg?

    Everyone loves a good comeback story. With Luna Classic now in the hands of the community, they are doing everything in their power to revive the ecosystem. Several crypto heavyweights such as Binance have also joined their cause. The question is, “will Luna Classic succeed long-term?” In this article, we will take a look at the recovery plan proposed by the Classic community and share some insights on the future direction of Luna Classic.

    History of Terra Luna

    The collapse of the Terra ecosystem in May 2022 was one of the most devastating black swan events in crypto history, wiping at least $60 billion off the market which triggered a dangerous domino effect across the industry such as the fall of Three Arrows Capital and Voyager Digital.

    Terraform Labs (TFL) developers shortly abandoned the Classic chain in support of Luna 2.0, the new Terra blockchain. This led to an overhaul of the community demographic, leaving only the validators and true believers of Luna Classic behind, not to mention millions of investors who are still holding onto LUNC or USTC with no exit opportunity.

    Luna Classic’s Chance at Redemption

    Despite its unfortunate history, there might be a glimmer of hope for Luna Classic. The technology and blockchain infrastructure are still there, and developers can still build on it. In fact, there are numerous DApps that have expressed an interest to return and build on Luna Classic. However, the ecosystem faces the opposite problem of most layer-one protocols. Instead of incentivizing user adoption with tokens, Luna Classic has hundreds of thousands of active users but no additional token incentives.

    This means that Luna Classic’s native tokens do not offer much utilities for developers to build off of, due to trillions of LUNC tokens in circulation and the USTC depeg. Therefore, in order to attract developers and builders to the Classic chain, the token situation must be addressed, and that is exactly what the community is doing right now.

    Luna Classic – Community-Driven Blockchain

    Community volunteers have self-organized into multiple groups to help build and restore the Luna Classic blockchain. Terra Rebels is one of the larger communities with seasoned developers and business professionals that is leading the recovery plan. None of the groups have any affiliation with TFL nor work under any central organization or established entities at this time. Essentially, the communities are filling the developer void impartially and in accordance with community proposals that pass the voting process. All codes are open to audits and feedbacks, and all community members have a say in vetting and implementing the code base.

    On August 26th 2022, after two months of disabled proof-of-stake validation in response to the collapse, governance was restored as citizens of Luna Classic could delegate, stake, and vote for the future of the ecosystem. As of now, proposals and the associated implementations are being passed by the Terra Classic Decentralized Autonomous Organization (DAO). When adopted, a new wave of delegators and validators from the community would stake on Luna Classic, built by community developers. This would be the beginning of a truly community-driven blockchain, but the path to that is still long and arduous.

    Recovery Plan of Luna Classic

    Deflationary Token Mechanism (Tax and Burn)

    On September 15th 2022, Terra Classic governance proposal 4661 passed with a 99.88% “yes” vote to enable a 1.2% tax and burn on all on-chain transactions. With more than 6 trillion LUNC in circulation, the main goal is to reduce the hyperinflated total supply until it reaches 10 billion LUNC. After that, the mechanism will be disabled via smart contract, and the total supply will not be changed. Based on the law of supply and demand, this creates scarcity which inherently increases the value of LUNC tokens. However, it takes more than just burning for LUNC to maintain a relatively stable price. There has to have a mechanism for LUNC to capture some of the value brought to the blockchain, otherwise it would be another exit race for all investors.

    The main concern for the tax and burn is that it would likely reduce on-chain activities, as core users and projects are affected. Terra Rebels addressed this in their white paper, stating that the community can structure the implementation to be flexible as time progresses. The tax rate can be changed via parameter proposal at any time and adjusted after every epoch. Nevertheless, the community has voiced with unity that they are willing to play their part.

    The bigger play here however is to reach out to major centralized exchanges (CEX) and implement the same tax and burn for all LUNC trades on their platform, since it only applies to on-chain transactions. As a result, several major CEXes such as Binance, KuCoin, Kraken, Huobi, MEXC Global, and more have joined the cause. Moreover, a petition has been filed on change.org to relist LUNC on Coinbase. It is important to note that the Terra ecosystem is still under strict government regulations as a result of the collapse. But if it succeeds, the help from the U.S. market would greatly accelerate the burning process.

    This goes to show the power of a unified and driven decentralized community, and perhaps the potential crypto heavyweights see in a Luna Classic comeback.

    USTC Repeg Proposal

    In October 2022, two factions of the Terra community proposed their own approach to repeg USTC. As both plans are new, there are no specific timings outlined. It is up to the community to debate these proposals and decide which approach is better.

    Proposal #1 – Algorithmic Fungible Token Debt Restructuring

    The first one jointly published by Alex Forshaw, Edward Kim and Maximilian Bryan presents the idea of minting 500 million LUNC to purchase Bitcoin as collateral for a new algorithmic fungible token (AFT) called USTN. The whole point of it is for current USTC holders to receive compensation meaningful relative to the current USD value of their holdings, making them as whole as possible under current legal constraints. It is akin to a debt-for-equity swap in traditional finance.

    However, this proposal was met with a lot of criticisms from the community, since minting more LUNC defeats the purpose of the tax and burn initiative. Although it would create a short-term growth cycle, it would most likely be unsustainable medium to long-term, due to the oversupply of LUNC.

    Shortly afterwards, Forshaw announced that the updated plan will not involve minting LUNC. Instead, USTN’s Bitcoin collateral will be managed by a tranche-based decentralized reserve system as outlined in section 5 of their original white paper. However, most of the community still do not like the idea of creating a new token. Why not just create mechanisms around USTC, bringing value to the ecosystem, instead of phasing it out? This is where the second proposal comes in.

    Proposal #2 – Quantitative Tightening to Incentivize New Businesses

    In response to Forshaw’s proposal, core developer Tobias Andersen (aka Zaradar) developed a different solution that focuses on improving USTC, instead of substituting it. Andersen believes that a USTC repeg could be accomplished by incentivizing new businesses to use Luna Classic’s existing blockchain infrastructure. The plan to achieve this however is a more “painful” journey as quoted by the author, but is more organic and sustainable in the long run.

    The plan adapts a form of quantitative tightening (QT), a traditional finance technique used by central banks to decrease liquidity in the economy. For Luna Classic, it would involve installing burn taxes and increasing interest rates on staking rewards. Rewards would be lowered and lock-up periods increased. The whole point is to significantly reduce the circulating supply of both USTC and LUNC, making the value networks sustainable long-term.

    As for incentivizing new businesses on the blockchain, the features include partitioned pools, where DApps can create their own commodity token which is captalized via LUNC and traded via USTC. Based on each pool, this brings another utility to USTC as a “value transfer”, with investors using the stablecoin to swap between pools. To help keep partitioned pools stable, a swap tax is applied when commodity tokens exit the partitioned pools into USTC. This process would be measured and regulated by the ABS keeper, which is a range of volatility guards and tax policies governed by the DAO.

    However, some things are unclear in the proposal. Andersen did not explain exactly how a successful implementation of these would help USTC regain its peg, and more importantly maintain the peg. He only explained a way to appreciate the price of USTC with increased network activity on the blockchain. Unless there is a way to successfully prevent another death spiral, we would see $10 billion worth of USTC debt tear down any bull run with an avalanche of speculative mercenary capital.

    Rebuilding the Project Ecosystem

    In order to restore DApp and project support on the Luna Classic, Terra Rebels will restore inter-block communication (IBC) between Osmosis and Terra, re-enabling and unlocking the transfer of token and data between chains. Currently, more than 150 million USTC is stuck in Osmosis alone. Opening up the channel will allow users to transfer funds from Osmosis’ LUNC and USTC liquidity pools for use in other DApps.

    Moreover, on June 24th 2022, Terra Rebels launched “Rogue-1” TestNet to test governance parameter proposals and ensure the tax burn code is working. It also has the necessary upgrades in Cosmos smart contracts and IBC to communicate with the rest of the Cosmos ecosystem. Based upon the Luna v2 core, other projects built on Luna v2 will not require additional development as it is compatible with both blockchains. The core implementation is expected to be completed in 2023.

    Verdict on Luna Classic Comeback

    For Luna Classic, there is a sense of justice that is unprecedented in the history of crypto. People around the world have literally lost their life savings because of the collapse. Similar to how volunteers help rebuild communities who were hit by natural disasters, we are seeing the crypto community and even crypto powerhouses step in to help revive a project with a failed reputation and fix a problem they did not create.

    There is a reason why LUNC is still performing relatively well, ranking top 35 in market cap at the time of writing. Whereas LUNA is barely in the top 100, since it is more associated with Do Kwon and the TFL. This goes to show that the Classic chain is entirely governed and driven by the community, which is the essence of decentralization in the first place.

    Despite the communities’ effort, there is no way to be sure that the comeback of Luna Classic is written in the stars. As of now, the proposed plans of the community solely focus on reducing the hyperinflated token supply and attracting new businesses to the blockchain. And even if Luna Classic does make a comeback, we cannot know for certain that their token price and network activity will remain stable long-term. But it is reasonable (or optimistic) to assume that the plans being debated and deployed now are just the first step to recovery.

  • Blockchain Attacks Explained: Understanding Network Vulnerabilities

    Blockchain Attacks Explained: Understanding Network Vulnerabilities

    Based on principles of cryptography, decentralization and consensus, blockchain technology offers one of the strongest securities against traditional cyber attacks. However, it is not foolproof, even the strongest blockchains like Bitcoin and Ethereum have inherent vulnerabilities due to their infrastructure. In this article, we will look at the different types of attacks possible on a blockchain.

    51% Attack

    What is a 51% Attack?

    A 51% attack, also known as a majority attack, is when a single person or a coordinated group controls over 50% of the hashing power on proof-of-work blockchains OR more than half of the validating power (staked cryptocurrencies) on proof-of-stake blockchains.

    How does a 51% Attack work?

    Since transactions on a blockchain are validated via consensus, owning 51% of the blockchain’s hashing power or staked crypto gives the attacker majority rule, effectively allowing them to take control of the network. In such a scenario, the attacker has the final say in the validation process, even if the other 49% are against it. This potentially causes network disruption in a number of ways:

    • The attacker could reverse their own transactions, leading to a double-spending problem.
    • They could rewrite parts of the blockchain protocol, deliberately modifying the ordering of certain transactions.
    • They can even prevent some or all transactions from being confirmed, denying other miners or validators from earning rewards, which results in a monopoly.

    Limitations of a 51% Attack

    On the other hand, a 51% attack does have its limits in the amount of disruption it can cause. While the attacker could reverse their own transaction, they cannot reverse other users’ transactions on the network. Moreover, given the immutable nature of the blockchain, the attacker cannot alter the functionality of block rewards nor create coins out of thin air (unless there is a bug in the smart-contract coding).

    How likely will a 51% Attack happen?

    While possible, a 51% attack is unlikely as it is extremely expensive to execute. Owning more than half of the network’s computing power or staked crypto could potentially cost millions or billions of dollars depending on the user population of the blockchain. This is why the bigger the network, the stronger the protection. A majority attack is virtually impossible to occur in leading blockchains such as Bitcoin, Ethereum and Binance Smart Chain.

    But it is worth noting that the blockchain should be truly decentralized, on top of having a large userbase. This is because organizing a 51% attack would most likely be a coordinated effort. If several malicious actors collude and pool their resources together, then the network would be more centralized, which could potentially lead to a majority attack. This is more prevalent amongst smaller altcoin blockchains. Ethereum Classic (ETC), Bitcoin Gold (BTG), and Verge (XVG) were notable victims of the 51% attack.

    Sybil Attack

    What is a Sybil Attack?

    A Sybil attack is when an attacker uses a single node to create and operate multiple fake accounts in order to gain disproportionate influence over decisions made in the network. It is a smaller variation of a 51% attack. The main difference is that a Sybil attack largely focuses on manipulating the number of accounts or nodes rather than already owning them. It also targets smaller areas in the blockchain, whereas a 51% attack is capable of taking over the entire network. However, in some cases, a successful large-scale Sybil attack can transition to a 51% attack.

    The word “Sybil” derives from a case study about a woman named Sybil Dorsett, who was diagnosed with a Dissociative Identity Disorder, also known as Multiple Personality Disorder.

    How does a Sybil Attack work?

    A Sybil attack is quite difficult to detect and prevent, because most public blockchains do not have trusted nodes due to its decentralized nature. This means that the system perceives all nodes and accounts as real, even the fake ones. There are two scenarios of a Sybil attack:

    1. By creating numerous fake identities (or Sybil identities), the attacker will have enough capacity to out-vote the honest nodes on the network, allowing them to perform unauthorized actions in the system.
    2. The attacker can also control the flow of information in a network. If the attacker manages to obtain information about your IP address, they can create many fake nodes to surround you. They can then prevent you from receiving or transmitting blocks, effectively blocking you from using the network.

    How to prevent Sybil Attacks?

    Although a lot of time and research went into figuring out a way to detect and prevent Sybil attacks, there is still no guaranteed defense as of today. But there are some ways to help mitigate Sybil attacks:

    1. Identity validation techniques such as phone number, credit card or IP address verification can help reveal the true identity of hostile entities. This is a secure way to suss out fake accounts or bots for most types of peer-to-peer networks. However, this relies on a central authority to perform these identity validations which sacrifices anonymity for accountability. Moreover, this means that the validation authority could become a target for attack.
    2. Social trust graphs, on the other hand, can limit the extent of damage by a specific Sybil attacker, while maintaining anonymity. You can analyze connectivity data in social graphs like SybilGuard or SybilLimit to identify suspected Sybil clusters in distributed systems. But this technique is not perfect either, as small-scale Sybil attacks are more difficult to detect.

    Blockchain Denial of Service Attack (BDoS)

    Denial of Service Attack (DoS)

    Before we go into Blockchain Denial of Service attacks (BDoS), let’s take a look at its predecessors.

    Traditionally, a Denial of Service attack (DoS) or a Distributed Denial of Service attack (DDoS) when multiple computers are involved, is a malicious attempt to disrupt real users’ access to a website or network service by overloading its servers with a massive amount of traffic, causing the website or application to slow down its functionality or even crash entirely.

    But for blockchains, a DoS or DDoS attack is difficult to execute, especially if the network’s userbase is large and decentralized. This is because a decentralized network distributes computing power worldwide, eliminating single points of failure such as servers or apps. Even if several nodes are down, the blockchain is able to continue operating and validating transactions, unless…

    What is a Blockchain Denial of Service Attack (BDoS)?

    With the rise of blockchain technology, a new type of DoS attack emerged — a Blockchain Denial of Service attack (BDoS). These attacks focus on the protocol layer of a blockchain, usually PoW blockchains, with the biggest threat being transaction flooding.

    Since most blockchains have a fixed block size, there is a limit to how many transactions can fit into a block. Attackers can exploit this by spamming transactions to the blockchain, filling the blocks to prevent legitimate transactions from being added to the chain. The legitimate transactions remain in the public mempool waiting for the next block.

    When this happens, the throughput capacity of the network is drastically slowed down, and in some cases shut down. It happened to Solana in January 2022, where the network went offline for four hours as a result of a BDoS attack.

    How to prevent a Blockchain Denial of Service Attack (BDoS)?

    Penetration testing is a core security auditing process that helps identify potential vulnerabilities before the mainnet is deployed. By simulating in-dept attacks, penetration testing offers traffic analytics tools that can help blockchain developers spot some of the telltale signs of a DoS attack such as unusual traffic patterns from a single IP address or IP range.

    In our previous article, we have covered some of the top blockchain security auditing firms that offer the best penetration testing services.

  • Ethereum ($ETH) Merge: What is it and everything you need to know

    Ethereum ($ETH) Merge: What is it and everything you need to know

    As Ethereum is steadily approaching the transition to a Proof-of-Stake mechanism, one notable thing that has changed, aside from further protocol development, has been the change in terminology.

    We have already covered Ethereum 2.0 extensively in one of our ongoing blogs where we go in-depth on everything you need to know about Ethereum’s transition to PoS:

    Let’s take a closer look at the rebranding from Ethereum 2.0 to the Ethereum Merge, as well as go over the most recent developments in Ethereum’s roadmap as of May 2022.

    Check out our latest video- Ethereum Merge: ALL you need to know (including ETHPOW)

    Ethereum Merge: ALL you need to know (including ETHPOW)

    And check out our video- Ethereum Merge: Things you don’t (but need) to know as an investor

    The Ethereum Merge: Why the shift from Eth2.0?

    The move away from using the former term “Eth2.0” that signified the final transition from PoW to PoS was a result of several different developments and considerations, both technical and cultural.

    On the technical side, the use of Eth2.0 started to become an inaccurate representation of the PoS transition. Originally, the Ethereum 2.0 roadmap envisioned that both the Phase 0 (Beacon Chain) and Phase 1 (Sharding) would be completed before the final transition. (Clonazepam) But the Beacon Chain was developed faster than expected, making researchers realize that the final migration to a PoS mechanism would be delayed by years due to the focus on sharding. In addition, the ever-growing pressure from the masses about the environmental impact of PoW chains made the migration to PoS that much more pressing.

    As the Beacon Chain was deployed, Ethereum L2 rollups started gaining popularity, demonstrating significant scalability potential even for a non-sharded Ethereum blockchain. This released some pressure on solving the scalability challenges that Ethereum’s L1 has faced for years, allowing the R&D team to focus on the remaining Ethereum’s upgrade plans both for the PoW chain, as well the Beacon Chain.

    From a cultural perspective, the use of the old terminology would’ve further perpetuated confusion about the nature of Eth1.0 and Eth2.0, making it seem like once Eth2.0 is launched, Eth1.0 will be gone, which is not the case. In addition, scam prevention was another consideration that favoured the rebrand, as the distinction between Eth1.0 and Eth2.0 would’ve likely resulted in scammers trying to convince users to swap their ETH tokens for fictitious ETH2 tokens.

    The result of all of this was a decision to move away from the confusing Eth1.0 and Eth2.0 terminology, and rather call the transition to the PoS mechanism on the mainnet The Merge. By choosing to name the process instead of the final outcome (which in reality remains, in essence, the same), a lot of headache and confusion has been avoided.

    Progress Towards The Ethereum Merge: Current status 

    Public testnets being battle-tested

    Deployed in late December 2021, the Kintsugi testnet was a public testnet meant to allow execution and consensus client developers and application developers to become familiar with the post-Merge environment. The testnet was bombarded with transactions, bad blocks, and chaotic inputs to battle test it and find bugs.

    A new specification for the proceeding public testnet, called Kiln, was published after edge cases from Kintsugi had been discovered. It’s expected to be the last new public testnet to be created before the existing ones are upgraded. Continued extensive testing of the Kiln has been taking place since The Merge took place on it on March 15th 2022. The Ethereum community practised running their nodes, deployed contracts, tested infrastructure, and threw everything they had at it to see if it breaks.

    Mainnet shadow forks

    Although a lot had been learned since deploying and testing Kintsugi and Kiln testnets, they were still very young testnets with little activity, which prevented proper stress testing of assumptions regarding syncing and state growth. And this is where shadow forking came in. Shadow forking makes it possible to fork an existing testnet, such as Goerli, and the mainnet (with a lot more activity), and add merge related properties to its config, thus allowing the fork to inherit the state of the original testnet.

    These shadow forks are short-lived, allowing for testing on them only for a few weeks until a new beacon chain has to be spun up.

    Three Goerli testnet shadow forks took place in January and March, and the first mainnet shadow fork happened on April 11th 2022, with the second one following on 23rd April.

    The results of the latest mainnet shadow fork have been described by Adrian Sutton from ConsenSys in his twitter thread. The team will continue stress testing main forks, and collaborate with client developers to make them even more robust against edge cases. From now on the main theme as we approach The Merge has been and will be – testing, testing, and even more testing.

    Wen Merge? The Triple Halvening, And Price Predictions

    As to when The Merge will happen is still somewhat up in the air. No one has, understandably, given any specific dates, but the general consensus is that late Q3 is the time when we are likely to see it finally happen. The dev team’s sole focus is on The Merge, with very little else discussed, as can be seen in the latest AllCoreDevs session update by Tim Beiko.

    Price predictions are also under hot debate, as, once The Merge is complete, two factors will influence ETH’s price, one emotional, the other baked into the protocol. Realistic estimates of the fair price of ETH fluctuate around $5000.

    The emotional aspect, as experienced by the market, will result from The Merge successfully completing, which will mark the end of the most significant change in the protocol in Ethereum’s history, and solidify the incredible technical competence of Ethereum core devs and researchers, further giving the market confidence in ETH as an asset and the ecosystem as a whole, driving up the price further.

    The technical reason for why price is likely to pump is due to the Triple Halvening, which will reduce Ethereum’s annual inflation rate from 4.3% to 0.43%. Following last year’s EIP-1559 upgrade, Ethereum now burns about 70-80% of the fees, with the rest going to PoW miners. Post Merge, these fees will go to the PoS validators. This means that ETH stakers will see their rewards rise to about 8-10%. Staking will lock in significant amounts of ETH, as staked ETH cannot be moved or used in the markets, making enormous amounts of ETH illiquid, further driving up the price. EIP-1559 and The Merge combined are predicted to cause the equivalent of 3 bitcoin halvenings, reducing ETH sell pressure by up to 90%.

    In addition, the move to an environmentally friendly PoS mechanism, which will reduce energy consumption by up to 99.95%, will make the asset much more appealing to institutional investors who might’ve been kept away from investing due to public’s pushback on Ethereum’s current energy consumption.

    Great progress is being made by the Ethereum team, and the continued successful merges of mainnet forks clearly demonstrate the culmination of 6 years of back-breaking work, and give hope that The Merge truly is just around the corner. For those interested in the nitty-gritty of The Merge preparations, it’s worth checking out The Merge Mainnet Readiness Checklist which lists in detail all of the various tasks that need to be worked through to make The Merge ready for Mainnet release.

    Why is the Ethereum Merge so important to crypto traders?

    Many cryptocurrency and particularly Ethereum ($ETH) traders are eagerly anticipating the Ethereum Merge because afterward, the issuance of ETH is expected to be reduced by about 90%. This means there will be less ETH in circulation, and in turn, the lower the supply, the higher the demand- potentially resulting in Ethereum prices going up.

    ETH Merge is a huge success!

    On 15th September 2022 at 06:42:42 UTC at block 15537393, the Merge was completed.

    Missed our historical LIVE Merge party? Check it out here!

    Ethereum Merge Party – Watch the Merge live!

    How have Ethereum ($ETH) prices reacted to the Merge?

    Ethereum ($ETH) prices showed a slight pump in the hours following the Merge. Prices hit a peak of over US$1,640 before coming back down to just under US$1,600. The next crucial point in terms of where ETH prices would go would depend on whether there is any hard fork.

  • PetaRush: The New Blockchain Rush-To-Earn Game for Players to Show Off Their Mad Driving Skills

    PetaRush: The New Blockchain Rush-To-Earn Game for Players to Show Off Their Mad Driving Skills

    Gaming has come a long way and slowly evolved from basic traditional gaming to vast options in the burgeoning GameFi space. The average gamer will find a million and one different types of games with diverse storylines, themes, styles, and proposed selling points. However, anyone looking for that extra touch of unique gaming in the blockchain space should check out PetaRush.

    What is PetaRush?

    PetaRush is a fast-paced racing blockchain game that offers an easy and addictive arcade-style gaming experience. The play-to-earn game focuses on helping gamers earn without losing sight of the critical features and mechanics of gameplay.

    PetaRush players can play for fun or compete using attractive 3D animal characters. Each player may choose an available character and simply click a button during the race to activate any of the many functional skills to help them win the race. But activated skills along will not lead you to victory. Players must also navigate the challenging weather conditions, race landscape, and the time of day. All of these factors can considerably affect speed and stamina.

    How to Play PetaRush

    Fast-paced and exciting, PetaRush is very easy to understand and play. The game has two modes, including a free-to-play mode and the PetaToken Qualifier mode. The free mode lets anyone play in the “Marscoin” Qualifier Arena for fun, against friends, or to earn in-game currency. Players also looking to compete in the advanced PetaToken Qualifier mode (further expanded on later) may practice to get acclimated to the game and hone their skills. Participants can use the in-game currency earned in the free mode to buy props and tools in the PetaRush store.

    Players can also try the second mode – the PetaToken Qualifier. However, the game restricts this mode to players with Peta NFTs. The mode takes place in the PetaToken Qualifier Arena and rewards the first four racers with PetaTokens ($PT). Winners can then exchange their PT for the METASENS governance token ($MSU) and trade them on supported exchanges. Players in the bottom four are also not left out. PetaRush awards these racers with Diamonds, another in-game currency players can use to purchase props. Players can also use Diamonds to level up their Peta NFTs, buy PT, and purchase a race pass for automatic access to the PetaToken Qualifier Arena.

    PetaRush Demo

    Gamers who can’t wait for this thrilling game can participate in a live PetaRush demo starting on the 8th of September, 2022. The demo will last for one week, until the 15th of September, and is open to everyone. Moreover, players do not need any native tokens or NFTs to join the demo and earn in-game rewards. Features of the upcoming demo include:

    • The Marscoin Qualifier Arena
    • Peta NFT Whitelist Spot, Blindbox, and Race Pass rewards
    • A public leaderboard for rankings and rewards
    • Free play without worrying about ranking and rewards
    • Free in-game gear

    The demo is available to iOS and Android users. PetaRush has 10,000 spots for iOS players and an unlimited number for Android users who download the APK.

    How to Join the Demo

    Participating in the PetRush demo requires three easy steps:

    • Register on METASENS
    • Wait for an email with a Testflight or APK download link
    • Log in with your METASENS account to play

    Closed Beta 2

    PetaRush will also launch a second beta testing round in the fourth quarter of 2022. People who join the closed beta can participate in the Marscoin Qualifier and also be one of the first to see the PetaRush on-chain derivation system. Also, all rewards earned from the demo will be available for use in the second closed beta. If PetaRush’s game style attracts you, watch out for more announcements on CB2, future partnerships, and game expansions.

    Learn more about PetaRush on their socials:
    Website | Twitter | Telegram | Discord

  • 10 Best Crypto Marketing Agencies in 2022

    10 Best Crypto Marketing Agencies in 2022

    For the past decade, we have seen the rapid growth of the cryptocurrency industry, with new innovations emerging every now and then. But with thousands of crypto brands out there, standing out among the rest becomes more difficult by the day. Having a unique concept and building it out is one half of the battle, the other half is marketing and presenting it to the world.

    Crypto projects, like any other businesses, require strategic marketing and exposure to attract potential investors and partnerships. Crypto marketing agencies can fill this vital role while crypto ventures can focus on their business and development.

    Cinchblock

    Cinchblock

    Website: https://www.cinchblock.com/

    Cinchblock is one of the leading crypto and blockchain marketing firms based in Hong Kong. They specialize in growth hacking and influencer marketing, and are extremely efficient in expanding the brand of web3 startups. They achieve this by leveraging their vast network of influencer power worldwide. As such, they have worked with over 2,500 influencers who cover promotional content that would support the long-term growth of their clients.

    Since their launch in 2017, Cinchblock has around 160 clients, holding more than 3,800 marketing campaigns so far. Compared to other crypto marketing agencies, Cinchblock performed exceedingly well in promoting play-to-earn and NFT projects during the GameFi boom in 2021. The agency contributed to the success of several notable GameFi and NFT projects such as MetaWars (9,582% ATH) and Refinable (25,233% ATH). This is largely attributed to the experienced development team that Cinchblock has who understands every aspect of smart contract programming, game development, tokenomics ecosystem design and more.

    Solutions and Services Provided:

    • Influencer Marketing
    • Growth Hacking
    • Social Media Management & Marketing
    • Community Moderation
    • Blockchain Development
    • Smart Contract Programming
    • Art Production
    • Game Development
    • Tokenomics Ecosystem Design
    • Product Design

    Wachsman

    Wachsman

    Website: https://wachsman.com/

    Founded in 2015, Wachsman is a New York-based strategic communications consultancy firm that has worked alongside some of the largest corporations across the Americas, EMEA, and the APAC regions. Their clients span those operating in heavily-regulated environments, such as institutional banking, insurtech and fintech giants, financial service providers, and even national governments.

    Apart from experience and expertise in the traditional financial and policy circles, Wachsman is also highly competent in the blockchain landscape, providing services and solutions for web3 businesses and innovators. They are trusted advisors to numerous leading blockchain networks, payment gateways, cryptocurrency exchanges, DAOs, DeFi protocols, innovation labs and more.

    Solutions and Services Provided:

    • Market Strategy & Consulting
    • Corporate Narrative & Messaging Frameworks
    • Profile Raising
    • Media Relations & Publicity Management
    • Content Development
    • Influencer Marketing
    • Campaign Management
    • Social Media Marketing
    • Strategic Positioning

    Major Clients:

    Coinbound

    Coinbound

    Website: https://coinbound.io/

    Established in 2018, Coinbound has worked with some of the biggest names in web3 such as MetaMask, TRON, and Cosmos. The company specializes in thought leadership marketing and influencer marketing, managing one of the largest network of crypto influencers in the world across Twitter, YouTube, TikTok, Instagram, and more. Its clients saw a 60% increase in organic traffic following successful social media campaigns.

    Coinbound also delivers public relations expertise with contacts at some of the largest crypto publishers such as CoinTelegraph, Decrypt, and Forbes. This helps their clients secure organic coverage from the biggest names in the blockchain industry, reaching a wider audience worldwide.

    Solutions and Services Provided:

    • Influencer & Thought Leadership Marketing
    • Social Media Management
    • Public Relations
    • Search Engine Optimization
    • Web3 Blog Management
    • Fractional Web3 Chief Marketing Officer (CMO)
    • Web3 Executive Networking

    Major Clients:

    Crypto PR

    Crypto PR

    Website: https://crypto-pr.io/

    Founded in 2017, Crypto PR is a global Web3 marketing and PR agency. The strength of this agency comes from the former experience of its founder as a PR consultant for Fortune 500 companies, along with long term experience in Web3. They are well known for their solid narrative building, creative strategy, and trend creation within the Web3 ecosystem.

    On the creative front, Crypto PR established a production house to create entertaining video commercials, known to be the only crypto agency with such service, it has launched its first crypto video commercial earlier in August 2021, The Crypto Fortune Teller. Shortly after launching the campaign, many other crypto projects followed this video commercial trend, such as FTX, Crypto.com and Coinbase.

    Solutions and Services Provided:

    Digital Transformation Advisory
    Public Relations
    Investor Relations
    Influencer Marketing
    Social & Community Management
    Creative Advertising

    Major Clients:

    NinjaPromo

    NinjaPromo

    Website: https://ninjapromo.io/

    When it comes to tailored crypto marketing services, NinjaPromo is perhaps the best agency in engaging with clients by establishing personal connections. Their team understands all industry principles and practices very well, specializing in helping B2B firms, blockchain infrastructures, FinTech companies, software vendors, and various start-ups with global promotion.

    NinjaPromo is characterized by flexibility and innovation, hence their name as ninjas are quick and deadly. They have demonstrated the ability to keep up with the times, adopting the latest developments, technologies and methods of crypto marketing. As such, the agency is highly proficient in helping clients reach their target audience.

    Solutions and Services Provided:

    • Social Media Marketing
    • Influencer Marketing
    • Community Building and Management
    • Digital Advertisement and Content Creation
    • Search Engine Optimization
    • Organic Social
    • Public Relations
    • Website & Mobile App Development
    • Video Production
    • FinTech Marketing

    Major Clients:

    Lunar Strategy

    Lunar Strategy

    Website: https://lunarstrategy.com/

    In the past year, we have seen GameFi, NFTs, and Metaverse projects take off to the moon, breaking all-time high records. Sticking to the theme of crypto moonshots, Lunar Strategy is an award-winning crypto market agency that specializes in the aforementioned fields, and has helped several popular NFT platforms like Pixel Pix and JPEGvault break into the mainstream. As a result, the company has received quite a few awards, namely the “Top Digital Strategy Company Award” from DesignRush and “Top Rated ICO Marketing Agencies Award” from SoftwareWorld.

    Solutions and Services Provided:

    • Blockchain Public Relations
    • Social Media Management
    • Community Management
    • Influencer Marketing
    • Search Engine Optimization
    • DEX Listing
    • Landing Page Optimzation

    Major Clients:

    Coinpresso

    Coinpresso

    Website: https://coinpresso.io/

    Founded in 2021, Coinpresso is a very young crypto marketing agency within its startup phase. But what they lack in age, they make up for with outstanding data-driven results. Within a year, Coinpresso is regarded as the best agency in terms of search engine optimization, search engine marketing, and content marketing.

    Their marketing model is based on a click funnel approach and ROI-based hypotheses. In other words, they have a team of talented copywriters and technicians that provide engaging content for users, optimizing click-through rates to drive traffic across a variety of platforms and search engines. This is a very cost-effective way to support the growth of their clients. According to their website, increasing the click-through rate of websites “by as little as 2% can increase revenue by millions of dollars.”

    Solutions and Services Provided:

    • Search Engine Optimization & Marketing
    • Social Media Marketing
    • Web Development & App Optimization
    • Optimized Press Releases & Distribution
    • Google Ads by Qualified Specialists
    • Community Management
    • NFT Marketplace Development
    • NFT Marketing and Launch Packages

    Major Clients:

    Blockwiz

    Blockwiz

    Website: https://blockwiz.com/

    Blockwiz was established in 2019 by Dev Sharma who has previously held executive leadership roles with some of the biggest crypto companies, such as OKX and Paxful. The company was founded upon Sharma struggling to find a crypto marketing agency he could trust.

    Because of Sharma’s connections, Blockwiz specializes in developing big, active communities with a number of marketing services and solutions, from influencer marketing campaigns to search engine optimization. As of now, the agency holds one of the largest marketing portfolios with 250 high-profile names including KuCoin and Bybit.

    Solutions and Services Provided:

    • Influencer Marketing Campaigns
    • Social Media Management & Marketing
    • Brand & Strategy Consulting
    • Crypto Content Writing
    • Crypto Educational Videos
    • Press Releases
    • Search Engine Optimization
    • Paid Marketing Campaigns

    Major Clients:

    Crowdcreate

    Crowdcreate

    Website: https://crowdcreate.us/

    Since 2017, Crowdcreate has been one of the pioneers in blockchain marketing and strategy. The agency is also a global leader in NFT and GameFi marketing, amassing one of the largest communities of crypto influencers and thought leaders. Solana, Axie Infinity, and The Sandbox are some of the world famous names that Crowdcreate has worked with.

    Crowdcreate is one of the few marketing agencies who has the resources to host global conferences and events to gain international exposure for their clients. As of today, they have raised $250 million in total across 500+ successful projects.

    Solutions and Services Provided:

    • Advisory & Strategy
    • Web3 Marketing
    • Influencer Marketing
    • Public Relations
    • Investor Marketing
    • Growth Audit Score
    • NFT Consulting
    • Outreach Marketing

    Major Clients:

    Blockchain App Factory

    Blockchain App Factory

    Website: https://www.blockchainappfactory.com/

    Blockchain App Factory offers more than just marketing services. With multi-chain support, they create blockchain-based solutions for their clients, helping them streamline development, production, and research. According to their website, they can work with various blockchain networks, including Ethereum, TRON, and EOS. Moreover, all of their services are compliant with existing regulations, and they even provide legal consultations for their clients.

    Solutions and Services Provided:

    • NFT Marketing
    • Social Media Marketing
    • Equity Token Offering
    • Stablecoin Development
    • Asset Tokenization
    • Web3 Development
    • IDO Launchpad
    • DAO Solutions
    • P2P Lending Software
    • Crowdfunding Platform Development

    Major Clients:

  • Common NFT Scams and How to Avoid Them

    Common NFT Scams and How to Avoid Them

    NFTs (non-fungible tokens) have become very popular amongst cryptocurrency traders and are drawing a lot of attention from several industries. The world of art has greatly benefitted from the sector, more than other industries (so far) because it opens creators and potential buyers to an ever-expanding marketplace. Generally, this stems from NFTs’ non-fungible nature, meaning that each one is unique. 

    What makes NFTs special?

    Anyone can trade one Bitcoin (BTC) or Ether (ETH) for another and end up with the same asset they traded in terms of value and usability. However, non-fungibility means that no two assets are alike. If you trade one NFT for another, the newly-received asset will be fundamentally different. In the art sector, this allows people to buy directly from the creator, with the assurance that there is no duplicate anywhere. NFTs have also created a whole asset class and industry of NFT speculators which buy, sell and trade them for profit. There are estimates that in 2021 alone, there were over US$23 billion worth of trades in NFTs. In fact, the most expensive NFT sold in 2021 was Beeple’s The First 5,000 Days, which sold for US$69.3 million.

    Some Common NFT Scams

    However, as with most up-and-coming industries, the NFT space is rife with its fair share of scams. Malicious players find ways to take advantage of buyers pumping money into the industry. Scammers are also becoming more sophisticated with their methods and will go to any lengths to swindle NFT holders, especially since some NFTs are worth millions. Here are some common NFT scams.

    Fake offers

    Scammers frequently entice NFT holders with false offers. Known methods include phishing emails, fake links, and service offers that require people to sign malicious contracts. Sometimes, people willingly give up their signatures for seemingly legitimate reasons, such as a paid offer to help animate your NFT. Tokens and NFTs may get stolen after you sign the transaction. In December 2021, scammers hacked the NFT marketplace Fractal, pushing a link to prospective buyers through the platform’s official Discord. Within 10 minutes, around 370 users lost 862 SOL, worth more than US$150,000 at the time.

    False NFT projects

    The NFT space has seen several rug pull scams where a known or unknown creator publishes an NFT for sale. For many reasons, including the possibility of high returns, people may skip adequate due diligence and quickly sink money into a new NFT with growing popularity. In many cases, these projects eventually lose their value and can’t be sold for a profit or the initial capital. The unknown creators then take all the money and are almost always unreachable. A popular example is the Frosties rug pull and scam. In January, buyers who purchased pieces of the cartoon ice cream digital collection lost a total of . (https://inboundrem.com) 3 million after the creators and funds disappeared from OpenSea.

    Counterfeit NFTs

    Scammers can create fake NFTs that resemble originals, especially when the original is not very popular. The forger would then list the fake NFT on a marketplace where an unsuspecting buyer may purchase what they think is the authentic version. Since no one wants a plagiarized or counterfeit NFT, the buyer is left with a worthless asset.

    Pump and dump scams

    Here, a group of scammers artificially pump a worthless NFT collection which eventually drives price and demand from speculators. Within a short period, the collection garners enough attention that people consider it valuable and start buying. However, the group will pull the plug and disappear as soon as they make enough money from the sale. The price of the NFT eventually tanks, leaving holders unable to resell their worthless NFTs. A relevant example of a pump-and-dump scam is the Squid Game token. Last year, unknown creators launched a token that exploited the popularity of Netflix’s Squid Game series. The SQUID token pumped past $2,800 and eventually crashed to $0. The scammers made away with more than $3 million in total and have still not been found.

    Fake Holder Verification Bots

    Scammers may create programs that impersonate authentic verification bots used with discord servers. Owners then allow approvals for these fake bots that transfer sensitive information to scammers who steal the NFTs.

    How to Avoid NFT Scams

    All players in the NFT marketplace should know how to avoid scams. Due diligence often does the trick, as fake projects or assets usually have features that stick out. Generally, avoiding scams requires a lot of caution from NFT holders. Owners looking to sell their NFTs must set approvals. The process requires the seller to set an approval so that the marketplace can transact on the owner’s behalf if, for example, someone else buys the asset. While popular marketplaces like OpenSea are relatively safe, there is still a significant risk with setting approvals.

    Approvals give the receiving contract or address the authority needed to transfer tokens. If a malicious bot or contract has the approval, your funds are not safe. To avoid these scams, there are a few things to note.

    Setting approvals and verification

    The blockchain is a public ledger and does not need permission for people to read stored information. However, executing transactions on the blockchain requires gas. When transacting with a third-party bot, marketplace, or address, any verification requiring gas fees is likely illicit. In the same way, setting approvals should cost some gas. There might be a serious problem if a transaction to set an approval is gasless.

    Due diligence

    It is important to do intensive research into an NFT collection or project before purchasing it. Trustworthy projects should have verifiable teams compromised of members without fraudulent histories. Depending on the project, a whitepaper might also be necessary. For phishing scams, buyers must double-check email addresses and links to ensure authenticity. Buyers must also do their due diligence to avoid plagiarized or counterfeit NFTs by confirming verification ticks on marketplaces or sticking to links posted on the project’s official Discord.

    Discord Notes

    Buyers using Collabland for management can attach specific notes to authentic bots in a server. This note will be available anywhere you see the bot, making it easy to avoid corrupt bots. 

    Personal Safety

    All wallet credentials should only be in safe locations that are not easily accessible by third parties. It is inadvisable to keep this information on a mobile phone or with someone else. All owners should also consider unique passwords in addition to two-factor authentication (2FA).

    Conclusion: Staying Safe

    Avoiding NFT scams requires continuous effort. Buyers who have done their due diligence should consider taking further steps, including actions not listed above. Since the NFT space is still somewhat nascent, buyers should expect that scammers may come up with newer ways to steal NFTs or swindle unsuspecting users. Therefore, traders must take additional protective steps when buying, selling, or setting approvals for NFTs.

  • Layer-1 vs Layer-2 Blockchain Scaling Solutions: What are the Differences?

    Layer-1 vs Layer-2 Blockchain Scaling Solutions: What are the Differences?

    What are Layer-1 and Layer-2 Solutions?

    Layer-1 refers to the base level of the blockchain’s underlying infrastructure. Bitcoin, Ethereum, Binance Smart Chain, and Solana are examples of layer-1 blockchains. These networks can process and finalize transactions on its own blockchain.

    On the other hand, layer-2 refers to a network built on top of a layer-1 blockchain. Its main purpose is to help offload computational work from layer-1s by processing transactions off-chain, increasing transaction speed and throughput. Polygon, for example, is a layer-2 solution that runs on top of Ethereum to facilitate transactions away from the mainnet.

    Layer-1 Overview

    Underlying Problems of Layer-1

    Scalability is the biggest issue that has been plaguing most layer-1 blockchains. As more users carry out increased simultaneous transactions, the blockchain becomes slow and expensive to use. Ethereum, for example, is the most used decentralized network, but its gas fees and process time are high.

    Blockchain Trilemma

    This is known as the “blockchain trilemma” — an impossibility for blockchains to simultaneously achieve decentralization, security, and scalability. As such, a decentralized and secure layer-1 blockchain cannot provide scalability. And a scalable, secure network lacks decentralization.

    This happens because of the fundamental nature of a blockchain. All transactions require the independent verification of the nodes who are running the blockchain’s software. The verified data will then be logged and stored on the blockchain.

    Transaction Confirmation Time

    However, depending on the network, this entire process takes time. For Bitcoin, all transactions require six confirmations in the blockchain from miners before being processed. The completion time varies between ten minutes and an hour. A node can only handle so much at a time. In times of network congestion, users will experience longer confirmation times and higher gas fees due to high demand.

    How do Layer-1 Solutions Work?

    There are several ways to increase throughput and overall network capacity of layer-1 blockchains.

    Transition to Proof-of-Stake

    For blockchains using proof-of-work as their consensus mechanism, they may switch to proof-of-stake to increase transactions per second while reducing gas fees. Ethereum is a great example of this as they are undergoing a transition to proof-of-stake called the “Merge.”

    The blockchain’s development team can also introduce a hard fork or soft fork of the network for their community to vote and approve:

    Soft Fork

    A soft fork is when new features are implemented to the protocol at a programming level. It is a backward-compatible upgrade, which means that the non-upgraded nodes will still see the chain as valid and can still communicate with other upgraded nodes. In other words, the addition of a new rule will not clash with the older rules.

    An example of a soft fork is Bitcoin’s SegWit update in which signatures are separated from transaction data, freeing up more space for transactions to be stored in a single block, increasing the throughput of the network.

    Hard Fork

    On the other hand, a hard fork is a major change to the blockchain’s protocol that results in the splitting of the blockchain, creating a second blockchain that inherits all of its history with the original, but is on its own towards a new direction. The new rules conflict with the rules of the old nodes, which means upgraded nodes cannot communicate with non-upgraded nodes.

    In July 2016, the Ethereum network hard forked into two blockchains: Ethereum and Ethereum Classic. Ethereum Classic is the old Ethereum with a completely seperate cryptocurrency (ETC). They have different technological and philosophical goals.

    Layer-2 Overview

    How do Layer-2 Solutions Work?

    Layer-2 solutions are built on top of a layer-1 blockchain to increase its throughput and overall network capacity. They work in parallel or independent of the main chain. Rollups and sidechains are two of the most common layer-2 solutions that help offload computational load from layer-1s:

    Rollups

    Rollups scale layer-1 blockchains by processing transactions on layer-2 platforms before submitting the results back to the layer-1. The term “rollup” refers to the way that the chain bundles many transactions to be submitted to the main chain.

    There are two types of rollups: Optimistic Rollups and Zero-Knowledge Rollups (ZK Rollups). The difference is in how they validate transactions.

    In short, Optimistic Rollups assumes that the transactions are valid, hence an “optimistic” outlook, whereas ZK Rollups attempt to prove that the transactions are valid.

    See also: Understanding Layer 2 & Scaling Solutions: Arbitrum, Boba, Optimism, Polygon, Ethereum 2.0

    Arbitrum, Optimism, and Boba Network are examples of layer-2 projects employing optimistic rollups. On the other hand, Starknet and zkSync are among the Ethereum layer-2s that leverage ZK Rollups.

    Sidechains

    Sidechains are secondary blockchains that run parallel to the layer-1 blockchain. Since they have their own virtual machine and validators, they can operate independently. In short, the sidechains validate the transactions and then send them back to the main chain via bridges.

    Polygon is the most popular sidechain that aims to scale Ethereum by building and connecting Ethereum-compatible blockchain networks. Polygon operates on its own consensus mechanism and also has its own native token known as $MATIC.

    Are Layer-2 Solutions Viable Long-term?

    Although layer-2 provides a quick solution to improve scalability, questions have been raised as to whether layer-2 will be irrelevant once scalability issues are solved on layer-1’s end.

    Ethereum 2.0 will ultimately be able to speed up transactions while drastically reducing gas fees. This not only affects layer-2 solutions but also impacts other competing layer-1 blockchains like Solana or Avalanche.

    However, as of now, because of the upcoming Merge in September, we still see bullish sentiment surrounding competing layer-1s of Ethereum and several other layer-2 projects. Perhaps the completion of Ethereum 2.0 will indirectly foster other layer-1 and layer-2 ecosystems, instead of the other way around.

    Key Takeaway

    If you are new to crypto, it may be confusing to distinguish between layer-1 blockchains and layer-2 solutions. It is helpful to understand the differences between the two as well as the different approaches to scaling that they offer.

    Layer-1 blockchains are networks that can validate and finalize transactions by themselves, and their scaling solutions involve improvements to the existing protocol. On the other hand, layer-2 solutions are built on top of a layer-1 blockchain to help scale its throughput and overall network capacity.

  • Crypto Bitcoin Horror Stories to Give You Nightmares

    Crypto Bitcoin Horror Stories to Give You Nightmares

    You’d be surprised at how people, loaded with Bitcoin and other crypto, managed to lose their ticket to retirement.

    One Wrong Click – $120,000 Crypto Gone

    A phishing attack is the oldest play in the book, the bread and butter of web3 scammers.

    They work by tricking victims with fake error messages, wallet pop ups, or flashy hyperlinks. They will then lead you to unofficial websites or extensions that would expose your wallet seed phrase or other sensitive information. 

    You’d think people would be more careful about connecting to shady websites, but the truth is both crypto newbies and veterans still fall victim to these to this day!

    Reddit user PowerofTheGods shared his story of how he lost $120,000 after clicking on a malicious link. While his ledger was unlocked, a Trojan malware took control of his computer and wiped all of his wallets in a matter of minutes. The sight of all his assets being transferred to the hacker’s wallet address still haunts him to this day.

    The story went viral and countless people also shared their unlucky experience. They reported to the authorities, but there was nothing they could do as cryptocurrency is still largely unregulated.

    Always be cautious when encountering suspicious links especially from an unknown source. Also always double-check the link that you are clicking is indeed the right one. Some scammers can even copy the domains of well-known DApps with slight moderations to it, and you won’t even notice the difference.

    Crypto Exchange CEO Died – All Users’ Assets Locked

    This case is the literal sense of the phrase, “taking secrets to the grave.”

    Canadian exchange QuadrigaCX’s CEO Gerald Cotten allegedly passed away in India in 2018. He was the sole custodian of the exchange’s crypto store, which is all held in cold storage.

    No one has ever been able to unlock the digital wallet passwords on his encrypted laptop. As a result, over 115,000 users’ assets are locked indefinitely, including 26,500 Bitcoin, 11,000 Bitcoin Cash, 200,000 Litecoin, and 430,000 Ethereum.

    In fact, in early 2022, Netflix released a documentary, Trust No One: The Hunt for the Crypto King, about Cotten’s life and his death in India.

    The morale of the story is never store your crypto on exchanges, especially if you have large holdings. Consider holding your funds in hardware wallets like Ledger Nano X, Ledger Nano S or Trezor Model T.

    Forgotten Password to 7,002 Hard-Earned Bitcoin

    About 20% of all Bitcoins are lost in circulation. That is a lot of money that is unlikely to be recovered. This happens when users forget their private key or even the password to the hard drive containing the private key.

    German engineer Stefan Thomas was given 7,002 Bitcoin in exchange for creating an animated video in 2011 called “What is Bitcoin?” However, he has forgotten the password to his encrypted hard drive called IronKey, which stores the private key to the Bitcoins.

    IronKey allows users 10 attempts to input their password correctly before the funds are encrypted forever. Thomas only has two attempts left before his Bitcoins are gone forever.

    Always remember to write down your password and seed phrase on a piece of paper and store it securely. Or it would be a lifetime of regret.

    Spring Cleaning Gone Wrong – 8,000 Bitcoins Lost

    Remember when some of your stuff would go missing, only to find out your mom had thrown them away because she thought it was useless? An action figure with sentimental value? No big deal!

    But for James Howells, it was life-changing. He had two identical laptop hard drives — one was blank and the other contained 8,000 Bitcoins. Howells had meant to throw out the blank one when he was clearing out the office, but instead the drive containing the crypto ended up in a landfill in Newport, Wales!

    This unlucky disaster continues to haunt Howells to this day. He has repeatedly petitioned Newport City Council if he can dig up the landfill site, which were all denied.

    10,000 Bitcoins for 2 Pizzas

    May 22 is known as Bitcoin Pizza Day. It is a well-known story in the crypto world. It was the day Laszlo Hanyecz paid 10,000 Bitcoins for two Papa John’s pizzas in 2010, which was worth $30 at the time. Now they are worth nearly $230 million!

    We can’t blame him for not knowing the future. Since Bitcoin did not have that much value back then, it was more like redemption points for pizza. Had he held his Bitcoins, he would not have to work a day in his life again.

    Amazingly, Laszlo said that he had no regrets about it, and was happy to be a part of the early history of Bitcoin. In fact, Hanyecz is the first person to use Bitcoin in a commercial transaction.

  • The Future of GameFi – Why are Firms Still Investing?

    The Future of GameFi – Why are Firms Still Investing?

    During a bloody period in the crypto industry when liquidity is drying up, the developers keep on developing, and the investors keep on investing. With all of the turmoil happening around us, it can be difficult to see positive developments happening in the space, one of which is the increasing investments in and the gradual evolution of the blockchain gaming (GameFi) industry.

    After the NFT craze of 2021, many metaverse projects saw a dramatic uptick in users and revenue during that time. However, as the bear market has ensued from the start of 2022, the GameFi space has also taken a hit, with many popular Play-to-Earn games reporting record low revenues, as indicated by GameFi NFT trade volumes for Axie Infinity and others.

    If you are interested in learning more about Axie Infinity, you can visit our review here on Boxmining.com.

    NFT game trade volume has dropped significantly over the past year (The Block)

    Although there are some real challenges to be solved, it’s clear that VCs see beyond short-term hurdles, as is indicated by the accelerated investments in the space. In Q2 of 2022 alone, $2.5 billion was invested in GameFi, indicating a huge leap compared to 2021’s aggregate investment of $4 billion – and this year is still not over!

    So then the question needs to be asked – is GameFi dead, or is there true potential for blockchains to revolutionize the gaming industry and absorb at least some of the current $220 billion (and rapidly growing) gaming market?

    What is GameFi?

    GameFi is a portmanteau of the terms “game” and “decentralized finance,” and it refers to a financial system in which users can earn money by participating in video games. While most play-to-earn projects place emphasis on the “gaming” aspect, the most critical aspect of GameFi at its foundation is “money”. Its beauty lies in the financial opportunities provided by a highly viewed form of entertainment – gaming.

    While GameFi has shown a slight decline compared to its popularity earlier in the year, it was definitely the highlight of 2021, growing from 658 projects to over 1,100 projects in one year. The gamification of blockchain made the technology more approachable, appealing and acceptable for the public,

    GameFi – Challenges Abound, But So Are Opportunities

    Before we discuss the future prospects of GameFi, we have to acknowledge the challenges currently faced in the GameFi sector. For anyone involved in crypto, it won’t come as a surprise to find out that the public perception of GameFi is not great – hostile even. And a good amount of that negativity is not without merit.

    Public Image Issues

    The biggest challenge, by far, will be to convince traditional gamers of the underlying true value of NFTs. Not for their perceived and oft-reported highly speculative value, but for their digital scarcity, provable ownership, security and programmability that enables in-game assets to be used far beyond their main purposes. The 2021 NFT Cambrian explosion led to an immense crypto adoption and made a lot of people wealthy. But it also left some pretty big scars after the market cooled down; countless stories of project rug pulls by anonymous operators and celebrities, and NFT newcomers getting scammed are still circulating the news. 

    Mainstream gamers still need to be convinced that the web3 space can tackle the challenge of building a self-sustaining game economy. One that gives the players a chance to decide whether they want to play the game for free and for fun, or whether to take it to the next level and earn an income from it.

    Free-to-Play – Adjusting Course for the Better

    To draw inspiration for how to structure and monetize a game, the web3 gaming industry need not look further for its most ideal strategy than the one that’s been right in front of their eyes for more than a decade – Free-to-Play. Countless titles, such as Candy Crush, Farmville, Roblox, Pokemon GO, League of Legends and many more, have proven to the world that free-to-play games can be highly lucrative without setting up paywalls for their users, sometimes even more so than paywalled games.

    The F2P mechanism flips P2E on its head – instead of letting whales hoard all of the in-game assets and generate passive income, F2P games let them bring in 80% of the revenues through Pay-to-Win (P2W), which allows players to pay for in-game advantages. These P2W features are typically low-cost small advantage boosts such as resource packs, gacha characters, healing boosters and more. But in the aggregate, these small payments compound into enormous profits for the game. It works for everyone – most players get to play the game for free, big players get to accelerate their in-game success, and the game itself generates more revenue than it knows what to do with.

    And this realization is one of the reasons why more and more investments are flowing into GameFi. Though it had a rocky start, the value proposition of NFT-based games is clear – every single aspect of traditional F2P games is made simpler and safer. In addition, every in-game NFT asset can be added to a highly liquid global market of all NFT assets, offering ways to trade NFTs from different games, as well as build in utility for them in order to grant unique capabilities, access rights, invites and more. And if that’s not enough, on-chain data also shows a clear trend – gaming activity currently accounts for 52% of all Unique Active Wallets (UAW), a 232% increase from last year. The numbers speak for themselves — the opportunity offered by blockchain gaming is immense, and investors are paying attention.

    The Path Forward for GameFi – Keeping It Simple

    In the past years, the approach taken by many blockchain game projects has been to advertise their games to crypto-natives, typically with the express aim of offering earning opportunities for players. As a result, we’ve mostly gotten games of subpar quality that have served players mainly as profit extraction vehicles with limited long-term sustainability, especially during bear markets when hype and liquidity are low.

    This may not be the end of the GameFi sector just yet, however. The newer form of web3 gaming has started to practice patience, build a great, addictive game, and quietly build all of the exciting and innovative web3 features into the backend of the game without making too much fuss about it. The industry is steering away from P2E, embracing Free-to-Play with Pay-to-Win as a sustainable means of monetization. Attracting talent from traditional gaming and finally forcing large game studios to build blockchain tech into their backends are all crucial pathways to making a blockchain-based gaming future a reality.

    However, these great leaps will not happen out of thin air — a lot of capital will need to be deployed over many years. Luckily, companies such as Immutable X, the NFT-gaming optimized Ethereum L2 startup, have launched a $500 million development fund to invest in GameFi. Solana Ventures has also amassed a $100 million fund to invest in GameFi and DeFi targeting South Korea. And they’re not alone. More than $10 billion is expected to flow into GameFi this year alone. 

    The amount of capital invested by these renowned firms perfectly demonstrates the potential these firms see in the upcoming, more improved version of GameFi. With this amount of capital, and GameFi’s tendency to revamp, improve, and further develop its new generation of play-to-earn games, it’s a matter of when, not if, blockchain gaming will become the norm in the future.

    To see our selection of the top 5 Play-to-Earn NFT games, visit here.