The initial idea behind the emergence of cryptocurrencies is to ensure anonymity and security when paying for goods and services with the associated depersonalization of finances; ensuring decentralized financial operations and eliminating the possibility of the existence of regulatory bodies as such.
The main problem of cryptocurrency availability for users is a high entry threshold. At the moment, an ordinary user who wants to plunge into the world of cryptocurrencies has only two main options:
1. Understand in detail the technological process of the currency of interest, deploy the node, synchronize the blockchain and learn how to receive / send funds through uncomfortable, complex or congested interfaces / consoles / API
2. Immediately start using “hot” wallets, for the most part completely destroying the pillars on which the idea of cryptocurrency stands
If the complexity of the first paragraph is clear, then what’s wrong with hot wallets, you ask?
Let’s get a look:
1. Hot wallets require data for authorization, at least email, often other, even more personal and personal information. This completely breaks the anonymity of the cryptocurrency user, opening the easy way to personalize your transactions and accounts.
2. Hot wallets store the secret keys to your cryptocurrency on their servers. In this case, you risk immediately in many directions – the server can be hacked and funds stolen; one of the service employees may turn out to be dishonest, or the entire service itself may unexpectedly close without explanation; your secret keys can be transmitted over the Internet without your knowledge and without the necessary conditions to ensure their safety. All these events can be combined and multiply the risks. This centralizes part of the system and breaks the security of cryptocurrency, depriving you of control over your finances – your funds are controlled by the wallet, not by you.
Not all web wallets are the same! After all, the requirement of e-mail, username and password, as well as verification is not an inevitable need, but only an approach that certain developers decided to take.
We found exceptions to the rule, carefully checked them all, talked with the developers, clarifying the nuances, and found an unequivocal leader providing a level of security of access to currency at a level comparable to “cold wallets” like Trezor!
Meet the best «hot» crypto wallet!
PRIZM Light Wallet
Crypto wallet PRIZM Light Wallet got rid of all the shortcomings of hot wallets and provided the best web wallet on the cryptocurrency market.
Security is ensured by the fact that the wallet is just a set of cryptographic encryption and hashing functions, sufficient to perform any actions associated with the secret key directly in the user’s browser without transmitting sensitive information.
To gain access to the wallet, you must use a mnemonic phrase that is optimized for easy memorization by a person
1. Mnemonic phrase – words encoded secret key
2. The raw transaction is signed with the secret key in the browser and only the raw transaction with the finished signature is sent to the server
3. The encrypted data inside the transaction comes from the server, and is decrypted in the browser by the user key
4. The secret key is deleted from memory when you close the tab with the PRIZM Light Wallet.
5. The secret key is not stored on the server and is never sent to the server.
6. New secret keys are created using a complex algorithm in which three objects take part: a browser, a user, and a server hardware random number generator
Details on generating a mnemonic phrase
A new mnemonic phrase for a new wallet is created in several stages:
1. The browser generates a set of random numbers using a secure generator
2. The server generates a second set of random numbers with the Intel RdRand hardware generator and sends it to the browser
3. The browser combines both sets of numbers and creates a basic mnemonic phrase of 17 words (“prizm” plus 16 random)
4. The user adds his own additional 16 characters in the mnemonic phrase
5. A new wallet with a new phrase is ready
This approach makes it impossible for an attacker to reproduce the algorithm to generate identical password phrases, because for this it is necessary to reproduce the state of three systems: a hardware number generator, a user’s computer, and a user’s brain. If with a computer it’s even more or less clear, then fantastic problems await the hacker’s brain and hardware generator.
The created phrase consists of 17 basic words (16 effective, since the first word is always “prizm”) and 16 additional characters entered by the user.
The total size of the dictionary for creating a mnemonic phrase is 1626 words.
In total there are 1626¹⁶ (1626 to the 16th degree) = 2.387419079 × 10⁵¹ possible basic mnemonic phrases, and about 2.857942575 × 10²⁷ possible combinations of an additional 16 characters from the user
The potential number of possible mnemonic phrases created by wallet.prizm.space is 2,387419079 × 10⁵¹ * 2.857942575 × 10²⁷ =
6.82310663 × 10⁷⁸ (6.82310663 times 10 in the power of 78)
pieces, which makes collisions impossible even theoretically, like brute force of a passphrase (if you start breaking a passphrase with brute force, it will end after the heat death of the Universe).
An example of a mnemonic phrase:
prizm opposite crimson both shower precious hopefully here keep trace barelymany upset give image scream movement peaceful reveal
Cryptographic technologies used by wallet.prizm.space:
– Key exchange: Diffie-Hellman protocol on elliptic curves
Well-established and secure protocol
– Symmetric encryption: AES-256 GCM
It is used by the military to transmit classified data of the “Top Secret” class.
– Hashing: SHA-256
– Reed-Solomon Code
It is used for a human-friendly representation of the wallet identifier and correction of user errors when entering it
Security is guaranteed by the approach used to work with the wallet – the online wallet works as a standalone client, using the server only as a source of information and a way to transmit transactions.
A truly outstanding method of creating mnemonic phrases is used.
Security Rating: 10/10
Anonymity and Depersonalization
There are two ways to enter your wallet:
1. Enter the identifier of your wallet – this allows you to view current balances and transactions without placing a secret key, even in browser memory
2. Enter a mnemonic phrase – this allows you to decrypt the contents of transactions and make an outgoing transaction to another wallet
Given that the mnemonic phrase and secret key are not sent over the Internet, the only information that the user reveals is wallet id. No other information is required that violates the anonymity of the wallet – there is no connection between the user’s wallet and his email and / or name. This approach also provides 100% protection against the “man in the middle” attack!
Anonymity is guaranteed by the lack of personal data.
Anonymity rating: 10/10
Decentralization and control
When each user is anonymous and contains his private keys, it is impossible to exercise control over users and there is simply nothing to centralize. However, the IP addresses of visitors can be tracked just like on any other site, however, the success of trying to associate IP with a specific wallet is extremely unlikely.
Decentralization score: 9/10
To start using PRIZM Light Wallet to manage a personal wallet, you need to understand only 3 concepts:
1. Mnemonic phrase – wallet password
2. Public key
3. Wallet ID
The meanings of these concepts are close to intuitive for an ordinary user. This is the lowest entry threshold on the cryptocurrency market to date.
The interface is as minimalistic and conservative as possible, providing access to the necessary information – transactions, messages and balance – without distracting the eye with tinsel. The absence of “excesses” and “luxury” allows us to provide the maximum wallet performance – we have not yet met a web wallet for cryptocurrency without periodic juggling and loading. Even the same giant https://blockchain.com/wallet periodically raises performance questions.
We believe that minimalism increases accessibility for users – and cryptocurrencies are actively gaining popularity among non-IT people.
And that is important.
Availability Rating: 10/10
Final grade: 39/40
PRIZM Light Wallet is a real cryptocurrency wallet in its purest form, that is how direct access to cryptocurrency should be. He is quite capable сompete with hardware wallets regarding usage safety.
Let’s hope that other wallets will go in the same direction and increase not additional fields to fill in personal data, but cryptographic functions directly in the browser and try to ensure anonymity of users.
When using wallet.prizm.space, you temporarily place your wallet key in the RAM of your computer / phone / tablet – for your part, you should take care of the safety of your devices. In the ideal case, the mnemonic phrase is stored permanently in only one place – in your head, which is the safest, but sometimes not the most reliable repository.
The threats that await while using wallet.prizm.space are only on our user conscience; You can lose your key in the following situations:
1. Lose the mnemonic phrase
2. Make the root of your phone or turn off the antivirus on the computer and have specialized viruses on the device
Let’s see what risks exist if you use the Trezor hardware wallet – the list of threats is identical:
1. Lose Trezor
2. Flash Trezor with unofficial “custom” firmware and have specialized viruses on the device
On the PRIZM Light Wallet side, all possible measures have been implemented in reality to provide the best service to cryptocurrency users, and we believe that other wallets should focus on it.
ZenLedger Announces BitPay Partnership to Accept Cryptocurrency Payments
ZenLedger, the global leader in cryptocurrency tax software and blockchain analytics, today announced the company is accepting cryptocurrency as payment for goods and services using BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services. The ability to accept cryptocurrency enables ZenLedger to offer end to end functionality for crypto traders globally. More consumers are turning to crypto with 56% reporting they want to purchase crypto, nearly half viewing crypto as an investment and more than 40% wanting to use it to make payments, according to the latest “Paying With Cryptocurrency” report from PYMNTS.
“As a brand designed to support traders and those on the cutting edge of Web3 Innovation, the decision to accept crypto payments using BitPay was easy,” said Pat Larsen, CEO and Co-Founder of ZenLedger. “Our ultimate goal is to always facilitate the crypto experience for our users in order to save time and money. That means everything from tracking their transactions, to offering them the chance to use those funds for our services. We believe in the long-term growth and innovation in the industry and so this is the next step in making things easier for our customers.”
By adding cryptocurrency to its payment options ZenLedger reduces transaction fees while increasing payment transparency and efficiency. BitPay pioneered blockchain payment processing to enable payments using cryptocurrencies including ApeCoin (APE), Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) XRP, 5 USD-pegged stablecoins (BUSD, DAI, GUSD, USDC, and USDP) and one Euro-backed stable coin (EUROC). BitPay’s business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency. With quick settlements in US Dollars, ZenLedger avoids any cryptocurrency price volatility or risk to the company.
“As the leading Crypto Tax Software, ZenLedger is filling a need for consumers who want to buy, invest and spend crypto alongside other investment vehicles and still keep track for accounting and tax purposes,” said Merrick Theobald, Vice President of Marketing at BitPay. “Our goal at BitPay is to make accepting crypto for ZenLedger a seamless process and to help promote crypto adoption as we believe crypto is the future of payments.”
ZenLedger is the leading cryptocurrency tax and accounting suite for investors and tax professionals. ZenLedger collects, analyzes, and accounts for your transaction information across thousands of exchanges, NFTs, DeFi, wallets, and tokens in one simple dashboard. The company leads the industry in number of blockchains and tokens supported while also offering fast, friendly customer service. Crypto investors can gain easy, valuable portfolio and cash management insights while also saving time and stress. ZenLedger supplies blockchain protocols, investment funds, corporations, and governments with the tools needed for taxation, accounting, investigation, and audits. ZenLedger’s investors include blockchain venture funds, crypto founders, and leading crypto & fintech venture capital firms including Parafi, Mark Cuban, AVAX Blizzard fund and ALGO Borderless Capital.
Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
Polygon Partners With Blockchain Founders Fund to Empower Web3 Entrepreneurs
Blockchain Founders Fund (BFF), a Singapore-based Venture Capital Fund that focuses on early-stage Web3 and blockchain startups globally, today announces that Polygon, an Ethereum scaling platform onboarding millions to Web3, has made a strategic investment into their Fund II to diversify the company’s holdings and advance the mainstream adoption of blockchain technology.
Blockchain Founders Fund boasts an impressive portfolio of over 100 companies in the Web3 space with an equally impressive track record of effectively scaling them to targeted audiences. These companies include blockchain-powered no-code gaming studios (GRID), social intelligence for cryptocurrencies (LunarCrush), and various other applications built on top of blockchain infrastructure.
The fund II, which focuses on promising Web3, and metaverse startups, launched in January after raising $75 million from a host of leading crypto investors. Included among participating investors were NEO Global Capital (NGC), Appworks, Sebastien Borget, COO of The Sandbox, and Polygon co-founder Sandeep Nailwal.
This latest partnership marks another successful collaboration between BFF and Polygon. Previously, BFF has co-invested alongside Polygon in top blockchain companies such as Splinterlands and Altered State Machine to accelerate and empower decentralized applications. This collaboration will enable both companies to offer exceptional value propositions to web3 founders and entrepreneurs with high potential to disrupt industries.
Sandeep Nailwal, Co-Founder of Polygon said, “To bring the vision of Web3 to realization and help garner mainstream adoption, it’s vital that we support entrepreneurs in building innovative products and infrastructure. We look forward to working alongside Blockchain Founders Fund, who share our vision and believe in the transformative potential of Web3.”
Boasting just over 37,000 decentralized applications (dapps), Polygon is fast becoming the de facto platform for Web3. The network offers an array of blue-chip services ranging from decentralized finance (DeFi) dapps such as Aave, Curve, Balancer, and Uniswap, to the best gaming and metaverse platforms, including Decentraland, Somnium Space, and The Sandbox. Polygon also powers the mass market, helping major global brands, including Starbucks, Adobe, Clinique, and others, integrate Web3 functionality.
“The addition of one of the biggest crypto firms such as Polygon as a partner will expand our investment profile and ability to invest in a wider range of early-stage companies,” commented Aly Madhavji, Managing Partner of Blockchain Founders Fund. “Their expertise in the industry will greatly assist us in connecting with the best breed of high-potential companies that are building real solutions to real problems.”
Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 37,000+ decentralized applications hosted, 1.94B+ total transactions processed, 164M+ unique user addresses and $5B+ in assets secured. The network is home for some of the biggest Web3 projects such as Aave, Uniswap, OpenSea and well-known enterprises including Meta, Stripe and Adobe. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.
About Blockchain Founders Fund
Blockchain Founders Fund (BFF) is a Singapore based early-stage Venture Capital Fund which invests in top-tier Blockchain startups globally. Their industry leading go-to-market focused Venture Program aids seasoned and first-time entrepreneurs across key business functions to fast-track growth. BFF has scaled many of the leading Blockchain startups and is always looking to connect with exceptional founders across the Web3 and Blockchain ecosystems.
Wanchain Launches Cross-Chain USDT XFlows With Bridge Upgrade
Wanchain has announced its new ‘XFlows’ cross-chain bridge upgrade which will revolutionize trading of the world’s number one stablecoin, USDT, against many other widely used tokens. This new upgrade brings native-to-native USDT cross-chain transfers for Ethereum, BNB Chain, OKC, Polygon, Arbitrum, and more to be announced soon.
What are USDT XFlows?
USDT is minted natively on more than a dozen blockchains. Until now, the easiest way to move USDT between these chains has been to use centralized exchanges. Users can now use Wanchain’s industry-best cross-chain bridges to execute decentralized, non-custodial native-to-native USDT cross-chain transfers between Ethereum, BNB Chain, OKC, Polygon, and Arbitrum – colloquially referred to as XFlows. USDT XFlows are native-to-native USDT cross-chain transfers between blockchains where USDT is natively minted by Tether.
What Happens to Pre-Existing USDT Bridges?
Wanchain previously developed Direct Bridges, a method that uses a ‘lock-mint-burn-unlock’ method in which native tokens (like USDT) on the source chain would be locked before a mirrored copy, or wrapped token, is minted on the destination chain. To unlock the original token, the wrapped token is then subsequently burned.
Powered by Wanchain’s cross-chain bridges, XFlows offers a seamless experience that exists in concert with these pre-existing bridges. When bridging USDT to another network, users will automatically receive native USDT if native USDT exists on the destination chain. However, if USDT does not exist on the destination chain, users will receive wrapped USDT.
The Mechanics of XFlows
When bridging an asset that is minted natively on both the source and destination chains, a lock-mint-burn-unlock mechanism is not a viable option as users will undoubtedly want to receive the native asset, rather than a wrapped version.
With this new solution, when someone bridges their USDT from Ethereum to Polygon, their USDT is first added to a native liquidity pool on Ethereum before the same number of USDT is removed from the pool on Polygon.
Wanchain bridge nodes balance pools of native USDT on Ethereum, BSC, OKC, Polygon and Arbitrum to enable native USDT cross-chain transfers; all without sacrificing security and decentralization. USDT XFlows are executed using the same secure multi-party computation (sMPC) architecture that distinguishes Wanchain’s interoperability solutions.
Who Provides the USDT liquidity?
With these new native USDT cross-chain transfers, Wanchain is introducing a new method of liquidity provision that avoids the trappings of centralized liquidity and incentivized liquidity alternatives.
The USDT liquidity that powers Wanchain’s USDT XFlows is provided by users who bridge their USDT to another network using the lock-mint-burn-unlock mechanism. The USDT that is locked on a source chain, before wrapped USDT is minted on a destination chain, doubles as the liquidity powering native-to-native USDT cross-chain transfers.
The combination of the lock-mint-burn-unlock and liquidity pool methods is a major innovation in the field of cross-chain technology. The number of wrapped USDT in circulation is always equivalent to the total native USDT locked in liquidity pools across all chains.
As more wrapped USDT is minted, regardless of the network, more native USDT is added to the liquidity pools. These new USDT XFlows are both owned and powered by the users giving them more control over their money, and the network.
Current & Upcoming Bridges
USDT XFlows are currently supported by direct bridges connecting Arbitrum, BNB Chain, CLV P-Chain, Ethereum, Moonriver, OKC, Polygon, Wanchain, and XDC Network. In the future, Wachain’s USDT XFlows will support native USDT on Avalanche C-Chain and Tron. Additionally, Wanchain is working towards launching XFlows for the second biggest stable coin, USDC, which would give users coverage for almost all of the stablecoin market.
Bictory Finance launches web3 domains on Concordium to simplify transactions on the blockchain
Bictory Finance, a web3 software technology company, tackling safety & regulatory problems across chains in the DeFi & NFT space, has launched the Concordium Name Service (CNS), a wallet naming system that maps human-readable names to blockchain addresses for a more friendly on-chain experience.
The Concordium Name Service (CNS) enables users to mint blockchain domains to replace the lengthy string of alphanumeric characters, which serves as wallet addresses, with human-readable and memorizable names, like john.ccd. This allows to simplify transactions and dapp interactions by giving it human-friendly names.
CNS domains can also serve as a decentralized website domain name. The names on this service have the “.ccd” top-level domain derived from Concordium’s token ticker, and it supports single digit and character combinations, such as a.ccd or 0.ccd.
“The top level domain market (TLD), like .com and .io extensions, which are issued and controlled by a centralized authority is now being challenged by the open and free market of blockchain domains. For example, unlike TLD domains, a CNS user has full control over the domain, with all records live on the public ledger, and the ability to earn royalties from secondary sales,” says Joha Sulaymonov founder at Bictory.
Besides, the advanced CNS domains on Concordium enable a person’s unique ID to have an authentic, web3 identity, which could be the dominating factor when decentralized domains become widely adopted.
Registering a domain name on CNS attracts two fees; a yearly subscription fee and network fees. CNS domains start at $10 per year for a 6+ character domain. Domain names with fewer characters are priced higher in subscription fees, the priciest being a two characters domain which costs $150 per year. Single characters will be auctioned out. Mint one today at ccd.domains.
Magpie secures $3M in funding to enable seamless cross-chain swaps
The team at Magpie Protocol is pleased to announce that its $3-million Seed round has been completed. With Jump’s assistance, Magpie Protocol is poised for success and is additionally supported by notable investors, such as Sandeep Nailwal, GSR Markets, ParaFi Capital, Republic Capital, Big Brain Holdings, Serafund, Faculty Group, MH Ventures, D1 Ventures, ArkStream, Apollo Capital and more.
After seeing what Magpie Protocol is developing and offering to the crypto space, Jump Crypto — which looks for projects full of passion for decentralized finance (DeFi), focused on innovation and is full of engineers, investors and traders consumed by building the future of DeFi — made the decision to cement itself as the lead investor in the project.
“As the crypto infrastructure landscape expands multichain, Magpie’s cross-chain liquidity aggregation protocol and array of other cross-chain microservices offer the much-needed abstraction layer and seamless execution for the end-user.” — Saurabh Sharma, head of investments at Jump Crypto
Next is GSR Markets, which partners with brave and brilliant entrepreneurs who are building the future of ﬁnance. GSR works with cryptocurrency projects at crucial points in their life cycle, providing robust liquidity that helps enable their technology. Together, we’re going to change the landscape of DeFi and the global economy. We’re very excited to be supported by them.
“We’re excited to be working with the Magpie Protocol team as they continue expanding decentralized liquidity provision to clients through bridgeless, cross-chain liquidity aggregation.” — GSR Markets
Republic Capital selects investments based on business fundamentals with a focus on unit economics, strategy and the opportunity to disrupt a market. Everyone believes in Magpie Protocol to be a part of this changing of the future of DeFi and the global market.
“We are thrilled to be early backers of Magpie and its team. Interoperability is a key component of the crypto ecosystem, and we believe Magpie’s solution is one of the most elegant and easiest to use in the space.” — Republic Capital
Magpie Protocol is a decentralized liquidity aggregation protocol for cross-chain swaps aiming to provide the best deal on any asset across top blockchains without the need to bridge assets independently. Instead, our novel architecture uses bridges primarily as a data transfer layer to communicate swap signals between chains. The result is an extremely fast and secure solution to cross-chain swaps.
Bridge security concerns are at the forefront of DeFi at this time, being a crucial component in promoting the trustless and inclusive foundations upon which DeFi is built. Most bridges are custodial, meaning users must entrust their tokens with the security of the bridge by locking assets in a smart contract. This centralization of bridged assets creates single points of failure, which can put multiple ecosystems in danger if they are exploited. A recent report by Chainalysis, a blockchain data platform, estimates a total of $2 billion in cryptocurrency has been stolen from cross-chain bridges in 2022 alone. This goes to prove that creating a secure cross-chain bridge solution is a must in DeFi.
Magpie is a project that was incubated by Saxon, which helps idea-stage crypto entrepreneurs to launch game-changing DeFi and infrastructure projects. They provide holistic support, spanning from product market ﬁt and business development to tokenomics and fundraising.
“It’s been a pleasure working with Ali and the wider Magpie team to bring this disruptive approach to cross-chain swaps to market. With the launch of a new generation of L1s just around the corner, the timing could hardly be better.” — Ultan Miller, Saxon managing partner
Magpie’s architecture uses bridges to communicate swap signals between chains, without the need to lock, burn or mint assets on or within a bridge. By combining an off-chain liquidity network and bridge liquidity with a proprietary liquidity aggregation protocol, Magpie is chain-agnostic, meaning it is compatible and able to initiate swaps for the desired token on any chain, without limiting factors as other aggregation protocols, and whether or not the chain is Ethereum Virtual Machine-compatible or not. Not only does this result in near instant ﬁnality for users but it also enables Magpie to be fully noncustodial by keeping assets in control of the user rather than a third party or bridge, which greatly improves the security of users’ assets.
“I’d like to personally thank all of our investors and team members for your support in Magpie. We’re all incredibly proud of the work the team has done thus far, but it’s only the beginning. Now the work begins for the next round of funding as well as preparing to launch our private and public alpha testing events in the coming weeks. It has been an amazing journey so far, and we have a lot in store for us in the coming years.” — Ali Raheman, CEO and founder of Magpie Protocol
At the time of writing, Magpie Protocol is compatible with many established chains and DeFi protocols, including Ethereum, Polygon, Avalanche and BNB Chain. Additionally, we have announced plans to expand to Fantom, Solana and other blockchains in the near future.
On the back of this successful raise, Magpie Protocol will continue expanding strategic relationships and partnerships once its private alpha testing has concluded.
RFOX Launches the RFOX Metahack 2022, a Web 3.0 Hackathon Presented by Padang & Co
Metaverse company RFOX has introduced the RFOX Metahack 2022, a hackathon that will foster the development of creative Web 3.0 solutions to important challenges in the quest to shape the future of the Internet. Interested innovators can submit their applications to the hackathon on the RFOX Metahack 2022 website until September 30, 2022, at 11:59pm (GMT+8).
The RFOX Metahack 2022 aims to bring together innovative, talented individuals and teams who understand technologies like blockchain, crypto, and DeFi. The hackathon also serves as an avenue through which the RFOX ecosystem can help empower everyone to play, create, and earn in an immersive metaverse without borders.
The RFOX Metahack 2022 welcomes innovators to work with existing tools within the RFOX ecosystem and build new products and services to expand it. This virtual hackathon, presented by Padang & Co, and in partnership with AIKON, invites innovators to solve business problems and address new opportunities with the AI, blockchain, augmented reality, virtual reality, and Internet of Things spaces that can be incorporated into RFOX product roadmap.
Challenge Statements for RFOX Metahack 2022
There are six challenge statements featured in the RFOX Metahack 2022, representing the focus areas for innovation that hackathon participants can work on:
1. Mobile Games. Create mobile games – puzzles, arcade games, platformers, table-top games (checkers, chess, etc.) – implementing a play-to-earn mechanism using the blockchain and RFOX token.
2. Games SDK. Build a software development kit (SDK) that enables the creation of mobile games for players. Special consideration will be given for games that provide utility for KOGs NFTs (Keys to Other Games) and Choobs. KOGs can be represented in various ways: as cards, characters, miniatures, etc.
3. NFT Factory SDK. Create an NFT factory will enable anyone to create and share an NFT collection on a known marketplace.
4. RFOX Companion. Develop an RFOX mobile companion on Android or iOS. This app will be used by RFOX ID holders and will be a way to keep users connected to RFOX, anywhere and everywhere.
5. RFOX VALT (Metaverse) Connected Worlds SDK. Construct 3D worlds using the Unity Game Engine and demonstrate how to move resources between different 3D worlds.
6. RFOX VALT (Metaverse) SHOP Construction Set. build a user interface (UI) using the Unity Game Engine that will enable users to build their own shop. This shop will later be part of the RFOX VALT metaverse.
Prizes and Opportunities for RFOX Metahack 2022 Participants
Successful participants and teams in the hackathon will receive go-to-market support worth US$35,000 for their solution, a job opportunity with RFOX, revenue-sharing opportunities, NFTs, RFOX tokens, Oculus VR headsets, and more.
In addition, our hackathon official partner AIKON is sponsoring a giveaway of 50,000 ORE tokens and one year of ORE ID service free for the winners.
Ben Fairbank, Co-Founder and CEO of RFOX, said, “The launch of the RFOX Metahack 2022 is an important milestone for our team and a concrete step in our continuous mission to move the metaverse forward. We’re excited to work with promising tech builders during this event, and we look forward to empowering them in creating solutions and features that will enrich the RFOX ecosystem and the overall blockchain industry in general. We’re also happy to collaborate with Padang & Co on this game-changing event.”
“AIKON is thrilled to be the official partner of MetaHack 2022 – RFOX’s first hackathon,” said Marc Blinder, the CEO at AIKON and a core contributor to the ORE Blockchain. “We expect this partnership to drive and scale the AIKON developer community through co-hosting hackathons, bring more funding and technological resources to ORE decentralized funding programs for ORE devs, and ultimately accelerate ORE ID’s integration in the years to come.”
RFOX Metahack 2022 Events and How to Apply
The RFOX Metahack 2022 is divided into four parts:
1. Registration. The hackathon welcomes innovative individuals and teams to sign up for the event through this form.
2. Info Session. During this segment, RFOX introduces the hackathon’s overall program challenge statements to participants. Watch the info session here.
3. Virtual Hackathon. This segment includes technical workshops about the RFOX ecosystem, as well as mentoring and networking opportunities from key figures in the blockchain industry. After these sessions, hackathon participants are expected to submit their proposed projects.
4. Evaluation and Pitch. Following an evaluation process, a select few projects will qualify for Pitch Day, during which the qualifying teams will present their solutions before a panel of judges. Each participant that is shortlisted for Pitch Day will be given coaching and further advice before their presentations. At the end of Pitch Day, winning participants will be declared.
For more details about the RFOX Metahack 2022, please go to this website.
Shemaroo partners with Seracle for Web 3.0 Expansions
Shemaroo, one of India’s leading Media & Entertainment players with 60 years of enriching history has created another milestone by entering the Web 3.0 space in partnership with leading blockchain technology company Seracle, thus leading the Web 3.0 initiatives in the media and entertainment industry. The rising demand for enhanced user experience and increasing advancements in connectivity are the key factors driving Web 3.0 market revenue growth and with this new partnership, Shemaroo has taken giant strides to create a strong foundation.
Since its inception, Shemaroo has fostered a culture of innovation and technology that has enabled the brand to stay ahead and cater to the evolving needs of the consumers. Web3 technology is expanding at a breakneck speed and is going to favourably impact the entertainment sector as well. Seracle is a Web 3.0 full stack infrastructure company, building decentralized applications globally. With their enterprise blockchain expertise, Shemaroo will be unleashing the value of intellectual properties to democratize creativity, ownership, and applications in the new frontier using Blockchain technology.
Hiren Gada, CEO – Shemaroo Entertainment, said, “Web 3.0 provides limitless opportunities, especially for the entertainment industry. Shemaroo’s expansion into this space is a strategic decision and to be the innovator which will lead the transformation in the ever-evolving M&E industry. We are happy to partner with Seracle for our Web 3.0 expansions and keep the brand future-ready to capture this emerging space by creating a fresh alternative for our tech-savvy consumers.”
Rahul Mishra, Head – Web 3.0 Initiatives, Shemaroo Entertainment, commented, “With this partnership, we look at cementing our position as the chosen entertainment platform at the national and global level and extend the value-added experience for consumers in the Web3.0, NFT, and Metaverse. With evolved virtual-reality experience, we aim to connect the traditional fandom with the Web3.0 ecosystem and uncap the huge growth potential for the brand.”
Shrikant Bhalerao, CEO, Seracle, Web 3.0 Infrastructure, commented, “We are proud to partner with Shemaroo in realising their vision and business goals in the Web3.0 space. Web3.0, NFT, and Metaverse will open avenues for the entertainment sector – keeping up with the digital burst, elevating the individual experience in personalised entertainment content space. We are happy to be instrumental in levelling up the industry standards through this partnership.”
As per recently published data, the global Web 3.0 market size will reach USD 81.5 Billion in 2030 with a compound annual growth rate of 43.7%. Another research data predicts the NFT transaction will rise from 24 million in 2022 to 40 million by 2027, globally. Web 3.0 and Blockchain market is projected to add USD 1.1 Trillion to India’s GDP by 2032 and most certainly Media & entertainment industry will be a key player in driving this growth.
Free-to-Use Blockchain Koinos Reaches Major Milestone
Koinos, the first blockchain with the same free-to-use experience that originally allowed the internet to reach mass adoption, achieved a major milestone with the release of a feature complete testnet on August 23rd.
“The internet went mainstream because it was free-to-use. Koinos is the first and only blockchain to do the same thing. This is truly historical because there’s never been a blockchain anyone could just use without first having to buy tokens, and the performance so far has been spectacular,” said Andrew Levine, CEO and Co-Founder of Koinos Group.
Jesse “Aggroed” Reich, CEO and Co-Founder of Splinterlands, the top play-to-earn blockchain game, said “Koinos could be revolutionary for gaming because there are a lot of additional costs that come from building on a blockchain, like account and NFT creation costs, all of which Koinos will eliminate.”
Unlike Ethereum, Solana, and Polkadot, Koinos users don’t have to buy tokens to use the blockchain because KOIN (the currency of Koinos) contains “Mana” which gets spent instead of tokens. Unlike token fees (“gas”), Mana regenerates, allowing for indefinite free usage and it can be delegated to others for truly frictionless onboarding.
Splinterlands was originally built on Steem, the Koinos team’s previous blockchain, famously the victim of an exchange attack. That incident inspired the creation of Koinos and its novel consensus algorithm; proof-of-burn.
Steve Gerbino, Co-Founder and CTO of Koinos Group explained, “That’s what motivated me to create an alternative consensus algorithm. After discovering proof-of-burn as described by Iain Stewart, I knew we could use these concepts to implement an algorithm that’s more efficient than proof-of-stake and more decentralized than proof-of-work.”
Proof-of-burn has no wasteful hardware mining. Users simply destroy (“burn”) KOIN for “virtual hash power.” This doesn’t just make Koinos more efficient and environmentally-friendly, it means the token supply dynamically adjusts to network conditions. When there’s heavy usage, the token supply decreases to discourage overuse. When there’s low usage, the token supply increases to encourage participation.
The next milestone for Koinos is the ERC20 snapshot, followed by the fully decentralized launch of mainnet before year-end.
About Koinos Group
Koinos Group helps people build great Koinos applications. Book a free consultation at koinos.group. Learn more about Koinos at koinos.io
Quidd Launches Artist in Residence Program for the Public
New York, NY: Quidd, the digital collectibles and NFT marketplace of Animoca Brands, today announced the launch of its Artist in Residence Program, debuting with the world-famous and commercially successful artist Todd Goldman. The initiative, a first of its kind for Quidd, offers creative and strategic partnerships between Quidd and notable creators from both traditional and NFT media across a wide range of styles. Quidd Artists in Residence will partner on multiple exclusive projects, specifically structured for Quidd’s innovative gamification, unique Mintables technology, and audience of over 8 million collectors.
Since its founding, Quidd has collaborated with large, global media companies and brands like Disney, CBS Interactive, the Jim Henson Company, and others to bring digital collectibles and accessible NFTs to market through fun and rewarding collecting experiences. The Artist in Residence program expands on these celebrated launches by leveraging the creative powerhouses of these artists and building custom, collectible-focused drops that will be having increasingly large influences on how Quidd and the digital collectibles and NFT market evolve.
“The Artist in Residence program is one of the most important initiatives at Quidd, one that is going to have a profound impact on how the growing population of digital collectors finds and fall in love with new collections,” said Sam Barberie, VP of Content at Quidd. “Everyone has artists and creators that they love, but rarely do those artists get to be intimately involved in the future of platforms where they are. It’s as if YouTube creators got to help craft the future of YouTube, rather than being stuck as things change around them.”
Todd Goldman’s first collection on Quidd was an instant success, quickly selling out and setting a new standard for Quidd collections with unique, physical awards from creators.
“It made perfect sense to launch the AIR program with Todd,” said Barberie. “He’s a creative genius with an infinite number of ideas, and someone who truly gets the digital collectible and NFT market. He wants to push the envelope of what Quidd does.”
Goldman, in his usual fashion, quipped, “I am super excited to be working with Sam and his team as I’m a huge fan of Squid Games. I binge-watched the whole season in one day. I had no idea they did NFTs so I jumped at the opportunity to work with them. I love creating fun collectible characters and Quidd helps me reach an audience I’ve never had before. It’s a great match and I hope to be working together for years to come.”
Quidd will soon be announcing more artists joining the program. Artists wishing to get involved can apply at https://gleam.io/9rA94/quidd-artist-in-residence-sign-up
About Todd Goldman
Todd, like everyone else, had a childhood dream. His dream was to become a Brazilian Olympic figure skater. But unfortunately for Todd, he wasn’t Brazilian and didn’t know how to ice skate. That and Brazil didn’t even have an ice skating team. Sure Todd looked great in sequin tights, but he had to hang them up for the time being and find something else to do with his life.
But Todd always knew he was special. Not “wear a helmet and ride the short bust” special, just special in a unique kind of way. And that uniqueness was reflected in Todd’s humor and drawings. So that’s what Todd did, he became an artist. A different kind of artist…One that makes people laugh with his art. And believe it or not, people actually took a liking to it. So much that Todd’s art can be seen on all kinds of cool products. From t-shirts and mugs to pajamas and greeting cards, to pillows to tote bags, and soon-to-be NFTs.
In addition to merchandise, Todd’s paintings and prints are sold in art galleries all around the world. Plus, Todd has over 40 books published and several animated TV shows and movies in development. So as you can see Todd keeps himself busy. Sure, Todd sometimes ponders what his life could have been as a Brazilian figure skater…but honestly, he is quite happy making people laugh with his art. And yes, Todd still wears his sequin tights around the house.
Quidd, a subsidiary of Animoca Brands, is the original digital collectibles and NFT marketplace. Since 2016, Quidd has worked with the world’s most prominent brands, including Disney, HBO, Funko, and over 300 others, to bring fan-first collecting to digital and blockchain platforms. The Quidd marketplace is the most innovative, robust, and accessible platform for digital and NFT collecting experiences.
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse. The company develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E. It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Grease Monkey Games, Eden Games, Darewise, Notre Game, and TinyTap. Animoca Brands has a growing portfolio of more than 340 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook.
Quidd: [email protected]
Oases launches the mainnet of the NFT marketplace, with INO platform Seedpad coming soon
NFT marketplace Oases announced its mainnet launch on August 24, 2022. Oases is a non-custodial, on-chain NFT marketplace built on Ethereum that supports truly decentralized trading and facilitates the minting and trading of NFTs between creators and investors.
Oases v1.1 features the Advanced Trading Mode, allowing sellers to list their NFTs on Ethereum and buyers to trade directly by calling a smart contract, reflecting the decentralization spirit of the Web 3.0 space.
Oases v1.1 also guarantees Instant Royalty Payment. The customizable royalties from sales of NFT will be distributed via on-chain transfers immediately after a deal is executed. It also provides Batch Order Cancellation, allowing users to delist multiple NFT orders all in one transaction.
Democratized NFT experience
Oases is set to bring its main feature of Oases Seedpad to NFT projects and buyers shortly after its mainnet launch.
NFT creators issue more “tickets” than the number of NFTs in the collection. Users buy tickets, the platform initiates a decentralized draw, then some lucky user gets the NFTs while the others share the royalties from secondary market sales of the NFT collection. The winners can obtain expensive digital art with ultra-low cost, and the ones missing out can still get a proportion of the following royalties on this item, which, for all everyone, is a combination of fun and income opportunity.
The Seedpad feature is designed to solve the current issue around NFT drops. Setting an alarm for a flash sale usually involves a lot of gas war and disappointment; the whitelist selling mode, on the other hand, is constantly criticized for being centralized, without transparency.
What to expect
Among many plans on its roadmap, Oases is preparing an NFT deposit-to-earn feature which will allow users to gain passive income by depositing NFTs and farming rewards. To build its community, it provides a creator verification system to reward active creators with long-term incentives such as reduced fees and personalized service, etc.
To celebrate the mainnet launch, Oases is rolling out a one-month transaction fee & gas fee reimbursement event to thank early adopters. A weekly mission program is being implemented to give engaging users points in the form of Palm Coins, which could be exchanged for rewards and benefits or converted into native tokens in the future.The Oases genesis NFT collection, which features hundreds of hand-drawn animals, as disclosed on Oases Twitter, will be released after the mainnet launch with exclusive benefits for its holders being finalized.
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