Posted on

Young Monday: Gucci and ApeCoin, Mercedes and Polygon, Tinder

Gucci ApeCoin, Mercedes with Polygon, Tinder’s Metaverse

Gucci accepts payments in ApeCoin, Mercedes Benz relies on Polygon for artificial intelligence and Tinder backs down on the Metaverse

These days, you will not have missed the hack targeting Solana’s wallets. Despite huge losses, the blockchain was not compromised. Beyond this, the past week has been crowned with important collaborations between brands and Web3. Gucci will now accept payments in ApeCoin, the crypto of the BAYC (Bored Ape Yacht Club). Mercedes Benz will use Polygon’s blockchain to develop a data sharing platform. Tinder on the other hand is backing off, it will not be launching its metaverse and crypto (for now).

The Bored Apes go shopping at Gucci

Bored Apes holders, and ApeCoin holders in general, will be able to redo their wardrobe in style! The announcement came via a tweet on Gucci’s official page on Tuesday, the 2nd August 2022. The iconic brand described the decision as a further step into exploring Web3. Gucci had already made itself available to accept payments in twelve different cryptocurrencies a few months ago.

APE, the Bored Apes Yacht Club’s DAO governance token, is an ERC-20 token that was distributed to holders of BAYC and MAYC (the Mutant Ape Yacht Club’s NFT collection) on the 17th of March 2022 through an airdrop. For now, it will only be possible to pay with APE tokens at Gucci stores in the US. But the news about the Bored Ape Yacht Club doesn’t end there! Recently, Artsy Monke was created! An art project whose pieces were created thanks to Google’s artificial intelligence, Google Cloud Neural Networks. Their protagonists are the precious NFT monkeys. The AI has in fact transformed the 10,000 NFTs into abstract works of art using textual descriptions of the Bored Ape. This new type of art, commonly called generative art, is becoming very popular recently in the Web3 world. Pieces from the Artsy Monke collection have already been launched on OpenSea. If you are expecting exorbitant prices comparable to BAYC, you will be disappointed. The initial price was only 0.0001 ETH, or about $1.40!

Mercedes and Polygon: collecting data for artificial intelligence

What a memorable time for Polygon! After announcing a collaboration with Disney, a new partnership arrives this week with Mercedes. This time, however, it is not about entertainment on blockchain, but rather the collection and management of data for artificial intelligence and machine learning. The partnership will lead to the launch of the Acentrik platform. The main function of the platform will be the sharing and selling of data, Acentrik can be used to exchange information of various kinds depending on the company using it. Mercedes, for instance, will use Acentrik to exchange automotive data. Acentrik could help the car manufacturer overtake, or at least catch up with Google in the development of self-driving cars. Google is obviously far ahead when it comes to data collection, which is the bread and butter of Big Tech. Mercedes on the other hand is trying to make its way in the sector thanks to Polygon.

But what is Polygon’s role in the project with Mercedes? Polygon will handle all transactions on the platform. In addition to the native MATIC asset, users will also be able to use the most popular stablecoins such as USDC and USDT to register and thus freely consult a multitude of data recorded on Acentrik. For Polygon, this is a real coup in terms of image. The company proves once again, very shortly after the last time, that it is the ideal partner for big brands.

Has Tinder given up its Metaverse?

The Metaverse and crypto have not yet won over Tinder’s heart! The brand owned by Match Group has in fact decided to scale back the funds previously allocated for the development of Web3 projects. This is not an outright rejection of the project. The current CEO of Match Group, Bernard Kim, has stated that he does not want to abandon Web3 projects for good, Tinder will probably have a metaverse, but its putting into place may take longer than expected. The CEO explained that his intention to explore the digital goods sector is real, and that he is excited about the idea of being able to make dating and love possible in the metaverse. As is often the case in relationships, it is not always good to rush things. Kim believes that a lot of study and observation is needed to be ready to make the most of this new technology. Tinder’s plans were originally to develop a Metaverse in which users would get to know each other and socialise, and to launch a coin that would be dedicated to in-app purchases, the TinderCoin. So for now, no match between Tinder and the Web3, but don’t worry, nothing is lost. In love and in the Metaverse, whoever runs away wins?

Posted on

What happened to Solana during the recent hack?

Solana hack: what happened exactly?

What happened to Solana during the recent hack? Here are the possible causes, and how other crypto projects reacted

In the late evening of Tuesday, the 3rd of August 2022, several wallets on the Solana network were hacked. The attack lasted several hours and its main target was the most popular hot wallet in the Solana ecosystem: the Phantom wallet. Hackers allegedly took possession of the private keys of some users. It was later reported that the hack may have originated from Slope, another Solana wallet. Although this attack was a blow to the network, the blockchain itself was not damaged and continues to function. Many engineers and developers, including from other blockchain projects, are working together to understand what happened to Solana during the hack and what the real cause of the attack was.

Did the hack compromise Solana’s blockchain?

Small spoiler: no. The hacker attack targeted Solana’s browser wallets, and in particular those that had been inactive for more than six months. These include Phantom, Slope, Solfare and TrustWallet. The attack would appear to be linked to the vulnerability of online wallets and thus compromised users’ private keys. In fact, if we look at Solana’s blockchain explorer, Solscan.io, the transactions appear to be signed by the ‘real’ owners.

Not only were SOL tokens stolen, but also other cryptocurrencies and tokens. The USDC stablecoin was affected in particular, and the stolen amount appears to be higher than that of SOL. The good news? Funds held on cold wallets and exchanges such as Young Platform, were not affected by the attack. In short, the hack did not compromise Solana’s blockchain but it did do so for several hot wallets.

How to protect yourself from attacks: differences between cold and hot wallets

The issue of security is central, especially when interacting with DeFi protocols as in this case. As a user, it is essential to know all the available wallet options and their specificities. Each type of wallet has both strengths and weaknesses. For instance, self-custodial wallets are wallets in which private keys are totally managed by users.  They can be hot wallets or cold wallets. A hot wallet is ready for use on any Dapp as it is always connected to the Internet. The convenience of having an always-online wallet is offset by a lower degree of security than other wallet types. Hot wallets are either browser extensions or desktop and smartphone applications and, if not kept offline, they are vulnerable to viruses or attacks. Some examples of this type of wallet are: Metamask, Trust Wallet or even the targets of the recent hack.

The other type of self-custodial wallet, on the other hand, is more like a safe: cold wallets. While they are somewhat more cumbersome to use, they are also more secure. Cold wallets are only connected to the internet while the holder wants to use their contents. Once the transaction has been sent, the wallet is disconnected both from the network and from other devices and is thus again safe from potential online attacks. If you want to learn more about the pros and cons of all the wallets out there, check out the dedicated Young Academy article.

Solana’s most famous Dapp statements

Solana’s most famous Dapps were quick to speak out about the recent hack. Magic Eden, the main NFT marketplace, just announced yesterday that it would become cross-chain, starting to also accept offers in Ethereum for NFT collections. While the hack was underway, they reiterated the procedure to follow in order to avoid losing your tokens.

In summary, the NFT marketplace recommended creating a new Solana wallet and transferring your NFTs there first, and then your crypto. This advice is to be taken of course if a cold wallet is not at your immediate disposal.

In the hours following the attack, the Phantom team informed the community that they are working closely with the Solana team and other protocols. What is their objective? To understand what happened and why Solana’s wallets were hacked. The blockchain company also stated that it did not believe it was a Phantom specific problem. On Twitter, the wallet company stated: ‘Phantom has reason to believe that the reported exploits are due to complications related to importing accounts to and from Slope. We are still actively working to identify if there were other vulnerabilities that contributed to this incident.”

Emin Gün Sirer, CEO and founder of Avalabs, also commented on the Solana wallet hack. In the thread posted on his Twitter profile, he provided his community with some insight into trying to understand and explain what happened, reassuring those who held funds on centralised exchanges and cold wallets. Finally, he expressed solidarity with those affected by the hack.

We await new developments and information regarding the hacking attack on Solana’s wallets. Please check our blog for updates on this issue.

Posted on

According to Vitalik Buterin, Meta, Facebook’s metaverse, is destined for failure

Vitalik Buterin: Facebook's metaverse has no future

According to Buterin, the Metaverse is on its way, but not as Meta intends it. Why is the founder of Ethereum so sceptical?

Vitalik Buterin doesn’t mince words! The founder of Ethereum stated on Twitter on the 31st of July 2022 that he does not believe in any of the attempts by established companies to build a metaverse. Buterin spoke out, responding to a tweet by Dean Eigenmann, a young developer of smart contracts on the blockchain. The statement concerns the concept of the metaverse. In fact, Eigenmann stated that he supports the abstract idea of the metaverse, but that in his opinion, he is convinced that the transition of people into the ‘virtual world’ will not happen through the way traditional companies are promoting it.

Vitalik Buterin agreed with the developer’s assertions, adding that already established tech companies that are now trying to create their own metaverse, such as Facebook with Meta, are not going anywhere! The Metaverse is generally described and imagined as a 3D online world centred on social sharing, which will be able to establish itself through the use of innovative technologies such as virtual and augmented reality. But according to Vitalik, it is so far impossible to imagine the use cases and predict the problems that the metaverse will have to solve. Paraphrasing Buterin’s thesis, any attempt to build a metaverse today is a step in the dark and pure experimentation, and as with anything new, the risk of failure is high.

Meta’s initiatives and the issue of decentralisation

Meta is going through one of the most difficult times since its founding. For the first time in its history, the company recorded a 36% drop in profits in the last year. It is nevertheless continuing to develop new software, with the aim of guaranteeing users a fully immersive experience. Meta Horizon World for example, is the first embryo of the Facebook metaverse. It currently takes the form of a virtual reality video game/social network in which users can create their own worlds. Meta is also working on a new physical product that will facilitate interaction with the Metaverse: the Meta smart glasses. With this new product, which should be released by 2024, it will be possible to record videos and interact with the virtual world through virtual and augmented reality technologies. Vitalik’s criticism, however, revolves around the issue of centralisation. According to the founder of Ethereum, it is precisely the very nature of companies such as Facebook and Microsoft that is at odds with the Metaverse concept. The strong centralisation of these companies does not fit at all with the basic ideas of these virtual worlds, and more generally of Web3, such as digital ownership and the total decentralisation of protocols. For Vitalik Buterin, the Facebook metaverse has no future precisely because it will not be on the blockchain.

An alliance for the decentralised Metaverse: OMA3 is born

In order to reflect on the decentralisation of the Metaverse, the Open Metaverse Alliance was created, a decentralised organisation composed of the major players in the field. The OMA3 is a DAO that operates as a consortium. The DAO is guided by principles of inclusiveness, transparency and decentralisation and is based on the important concept of real-time interoperability. Interoperability means the ability to interact with multiple protocols simultaneously and easily in a system where digital ownership is universally recognised. Let’s say we own, for instance, an avatar on The Sandbox; in a system where interoperability is guaranteed, we will own that avatar in whatever metaverse we are in.

Among the members of the organisation are established realities in the Web3 world such as: The Sandbox, Animoca Brands, Alien World and Decentraland. OMA3 is thus a body that verifies and promotes the decentralisation of metaverses, with the aim of creating a unified Web3 universe in which the ownership of digital assets (such as NFTs) is universally recognised and controlled by users. At the opposite end of this vision stands Meta, Facebook’s metaverse, with its centralisation of resources, data and platforms. The decentralisation-oriented work of OMA3 could avoid the failure of the ‘metaverse’ concept as envisaged by Vitalik Buterin. The future of the metaverse will play out on one feature: blockchain yes or no?

Posted on

How much do cryptos pollute? Stellar’s answer

Stellar Foundation: how much do cryptocurrencies pollute?

How much do cryptos really pollute? With Stellar and Pwc we can finally quantify the blockchain’s environmental impact

How much do cryptocurrencies pollute? Or rather, how much do blockchains pollute? The debate on this thorny question has been going on for some time now. The peak of media coverage was definitely reached in May 2021, more precisely on the 13th, when Elon Musk, in one of his frequent exploits, tweeted that Tesla would no longer accept Bitcoin because of the strong environmental impact of mining.

The tycoon’s sensationalist statements aside, the pollution generated by blockchains – particularly those that still possess Proof-of-Work type consensus mechanisms – is a hot topic in the industry. For example, Ethereum, through its upcoming update “The Merge”, is in the process of switching to another mechanism, used by most blockchains, Proof-of-Stake. This consensus mechanism, in fact, does not require the large amount of computing power generated by mining rigs composed of very powerful and energy-intensive hardware, but, instead, relies on the staking of cryptocurrencies. Like Ethereum, other blockchains are striving to solve this problem once and for all. PwC – Pricewaterhouse Coopers, a multinational providing management, strategic consulting, financial statement auditing and legal advice – and Stellar have started collaborating on this. The aim is to develop a framework to assess blockchain protocols’ electricity consumption and emissions.

Stellar’s performance

SDF (Stellar Development Foundation) and PwC US analysed data on electricity use, greenhouse gas emissions and electronic and organic waste. In addition to the environmental impact, the framework also assessed the different consensus mechanisms’ performances. The research showed that Stellar’s network consumption is low compared to the average. Thanks to the Stellar Consensus Protocol (SCP), a low energy consensus mechanism based on the proof-of-agreement algorithm, the Stellar grid currently uses an estimated 481,324 kilowatt hours (kWh) of electricity per year. This translates into approximately 173,243 kilograms (kg) of CO₂ emissions per year, which is equivalent to the average CO₂ emissions produced by the electricity use of 33.7 US homes in one year. Despite the already low energy consumption of the Stellar blockchain, SDF has committed to offsetting the carbon dioxide emissions generated since 2015, the year of its foundation. 

Task.io and Biochar Life’s venture – how is biochar produced and used?

Task.io. is another Stellar initiative aimed at reducing environmental impact beyond blockchain technology. It is a mobile-first project built on the Stellar blockchain that helps social organisations collect data, provide incentives and report on their environmental impact. Among other partners, Task works with the impact venture Biochar Life to educate and engage smallholder farmers in developing countries on how to produce and use biochar. Biochar, or charcoal, is a substance obtained by burning organic agricultural waste (also called biomass) in a process in which very little oxygen is used. At the same time, when the materials burn, they release a reduced amount of carbon dioxide. Biochar is then used as fertiliser, compost and animal feed.

Stellar’s role: Data immutability and the STS token

How is the blockchain used in this process? The data collected by Task.io mainly includes the following variables – how the biochar was produced, how much biochar was produced and how it was used. Once submitted, the data is verified by the Biochar Life team and placed within the Stellar blockchain to ensure that it is immutable and publicly available.

For every tonne of carbon used in the charcoal production process, a Stop the Smoke (STS) token is issued on Stellar, which is later sold to people who want to offset their carbon footprint. A portion of the funds is then returned to farmers to incentivise the production of more biochar. To date, 34 STS tokens have been minted, meaning that 34 tonnes of carbon have been disposed of through the Biochar Life and Task partnership.

More and more blockchains are starting to take action to reduce their environmental impact. Polygon and Algorand, in particular, have implemented a plan to make their networks green.

Posted on

Solana, Polygon and HTC: the smartphone challenge to win over the Web3

Which is the best crypto smartphone? Solana, Polygon or HTC

The best crypto smartphone? Solana, Polygon and HTC launch their smartphones in a challenge to lead the Web3 sector

A flaw often attributed to Web3 platforms is their lack of usability. Finding a solution to facilitating processes such as buying and selling NFTs, interacting with play-to-earn games, and making this all happen securely, is a challenge crypto companies are forced to tackle.

Polygon, Solana and HTC are presenting possible solutions and are ready to venture into an area still unexplored by blockchain companies – the crypto smartphone sector. 

Polygon & Nothing – the Web3 in the palm of your hand

Which will be the best crypto smartphone around? Let’s take a look at the MATIC blockchain’s plan – Polygon has announced a collaboration with Nothing, a London-based start-up that is making quite a splash with its environmentally friendly smartphone Phone (1). Nothing has already shown an interest in interacting with the Web3 universe. For the launch of its first product, it created an NFT collection on Ethereum, the Nothing Black Dot, which will be distributed by airdrop until the 26th of September to people who have pre-ordered the product. These NFTs will grant holders certain benefits, such as early access to all the brand’s products and the chance to participate in exclusive events.

As far as integrating Ethereum’s Layer 2, Polygon’s Phone (1) will allow easier access to Dapps, Web3 games, and greater security for cryptocurrency payments. Nothing’s product is in a mid-range price bracket, the technical specifications are intermediate, and it can be found on Amazon at the price of €579 (in Italy). 

HTC Desire 22, the key to the metaverse

HTC has always been committed to intercepting and developing new technology trends. Indeed, through its Vive side-brand, it was one of the first companies to develop virtual reality products, releasing a visor with revolutionary features in 2015.

With the new HTC Desire 22 smartphone, HTC continues in the same direction: the device will be able to interact with applications built on both Ethereum and Polygon. The main goal the development team has set is not so much to offer a supersonic smartphone; in fact, the technical specifications are not mind-boggling. Instead, HTC’s target was to develop a cheaper device that allows seamless integration with Viverse, the metaverse owned by the Taiwanese company and which allows its customers to hold NFTs and crypto in a simple and secure manner. The release price is expected to be around €380.

Solana Saga, it’s time for crypto

During NFT week in New York, Solana announced the arrival of its new mobile product in early 2023 – the Saga smartphone.

In addition to the Android smartphone, the blockchain platform presented the Solana Mobile Stack (SMS) software kit. The kit will enable the development of native Web3 applications for Android devices integrating the Seed Vault secure storage protocol. Seed Vault facilitates the instant signing of transactions while keeping private keys separate from wallets, applications and the operating system. Of the three solutions, the one proposed by Solana appears to be the most versatile and innovative. Thanks to the Solana Mobile Stack, anyone can develop optimised and secure applications. Its software superiority, however, inevitably reflects on its price. Indeed, the smartphone, which can already be pre-ordered, will be sold for $1,000.

So, to draw a conclusion, which is the best crypto smartphone? Saga is unbeatable from a technical point of view, but HTC’s phone delivers value for money. Will Phone (1) become the easiest way to use dapps on Polygon? These joint initiatives by both blockchain and ‘traditional’ companies certainly could be a turning point in the mass adoption of Web3 technologies. Making dapps, as well as every aspect of cryptocurrency in general, more user-friendly is perhaps the last big roadblock before mass adoption. We look forward to discovering what horizons will open up thanks to this new type of device and whether other brands will pursue similar projects.

Posted on

CryptoPunks become Tiffany jewellery

CryptoPunks: NFTs become Tiffany jewellery

Tiffany & Co. announces a jewellery collection for CryptoPunk holders. Find out the details of the luxurious collaboration

On the 31st of July, The Web3 community went wild, particularly on Twitter, following an official announcement by luxury jewellery brand Tiffany & Co. The brand will launch its first NFT collection, NFTiff. These non-fungible tokens will depict jewellery in the pixelated style of CryptoPunks. The NFTiffs, only 250 in number, will only be purchasable by holders of CryptoPunks. They will later become customised pendants corresponding to their digital version.

CryptoPunks become Tiffany jewellery

Let’s take a look at the jewellery design and the materials from which Tiffany’s NFTs will be made. The goal of Tiffany’s artisans will be to create jewellery as similar as possible to the pixel version. The challenge will be to transpose the 87 attributes and 159 colours, with which the CryptoPunks are composed in their digital version, into the closest possible gem or enamel colour. According to Tiffany’s official website, each piece will consist of at least 30 gemstones and diamonds. The New York-based company also stated that owners will receive a rendering of their pendant by October.

How much will Tiffany’s NFTs cost and where can you buy them?

The purchase of Tiffany’s NFTs will only be possible via the official website, and will obviously be made in crypto, more precisely in Ether. The recommended wallets for payment are Meta Mask or Trust Wallet. The sale of NFTiffs will begin on the 5th August 2022 at 3pm UK time and it will be possible to purchase a maximum of 3 items per individual.

The ‘package’ that includes the cost of the NFT, the customised pendant and the shipping of the latter will cost 30 ETH, which at current value corresponds to about 50,000 euros. In short, CryptoPunks have breakfast at Tiffany’s, but will the owners of the iconic NFT collection be so interested in luxury jewellery?

Luxury brands and Web3 increasingly in tune

With this move, Tiffany & Co. joins the ranks of luxury fashion companies trying to establish themselves in the Web3 world, with the aim of engaging a new generation of customers. Brands such as Gucci, Louis Vuitton, Balenciaga, Philipp Plein and others have, over the past year, made themselves available to accept cryptocurrency payments. Tiffany’s initiative, however, goes beyond simply accepting crypto as a payment method, it is instead a true collaboration with one of the most famous and recognised brands in the industry. CryptoPunks are a true symbol of Web3 culture!

There had already been some indications of Tiffany’s willingness to enter this new market. On the occasion of the last April Fool’s Day, the company had posted an announcement on its social media that it was ready to launch its own cryptocurrency: the TiffCoin.

A lot of users fell for the April Fool’s trick, but not everything announced by the brand is completely made up: the TiffCoin has in fact been re-presented as a limited collector’s edition (in the form of a physical object) on the Tiffany & Co. website. So if one might have initially assumed that the brand had concocted the prank to “mock” the Web3 world, we now have proof that it’s quite the opposite. In short, the CryptoPunks will become Tiffany jewellery, we are curious to see if the famous holders including Jay Z, Steve Aoki and Serena Williams will be able to win them!

Posted on

Star Atlas: a galactic DAO!

Star Atlas announces the launch of its DAO

Star Atlas, the highly anticipated play-to-earn video game on the Solana blockchain, announces its DAO and a revamped marketplace

Star Atlas is a play-to-earn video game being developed on the Solana blockchain.

The team on 22 July 2022 announced the launch of its DAO , on Twitter, within the community space 426LIVE. The decentralised autonomous organisation of Star Atlas will use the POLIS token as its governance token.

“I am excited to announce the launch of the platform that will give users the opportunity to participate in the governance of Star Atlas in the future through the mechanisms of the DAO,” said Michael Wagner, the CEO of ATMTA (lead developer for Star Atlas) and co-founder of the metaverse.

The political nature of Star Atlas

By its very nature, Star Atlas is a game of conquest: players, regions and factions fight for dominance of the galaxy and control of resources. With the DAO of Star Atlas, the community will finally get the tools to make its voice heard and be able to determine the future development of the play-to-earn video game.

The noun POLIS, which in ancient Greece defined a form of government, retains its meaning of participation in community life. The amount of POLIS tokens one possesses will in fact determine the amount of ‘political rights’ one will enjoy within the Metaverse. These rights will be used to vote on proposals vital to the development of the project but also to control the institutions of the galaxy and, in general, aspects internal to the dynamics of the game.

The development team aims to gradually increase the truly political elements within the metaverse, with players being able to propose motions and vote on universal measures in the future. The final step is to make Star Atlas an immersive simulation of a political system, in which the different factions will be represented in the form of planets and solar systems. This feature will allow players who are passionate about politics to engage in discussions and negotiations that will define the future of the Star Atlas metaverse.

The POLIS token

The Star Atlas metaverse is based on two main tokens. The ATLAS token is responsible for providing liquidity to the game, allowing players to receive value for the goods and services they provide to the ecosystem. It is the POLIS token, however, that grants those who hold it decision-making power in the metaverse; the more POLIS you hold, the more influence you will have on political decisions at all levels: at the macro level for the entire DAO of Star Atlas, and at the micro level for factions and regions. You can already block your POLIS in the governance protocol: the voting power of each player’s ‘PVP – POLIS Vote Power’ will be determined not only by the amount of tokens, but also by the time for which you decide to lock them.

By locking POLIS in the dedicated Dapp, users receive POLIS with voting rights, also called vePOLIS, which are neither transferable nor exchangeable.

For example, blocking a POLIS token for six months grants one vePOLIS, while a five-year block grants ten vePOLIS.

This model is aimed at favouring community members with a long-term vision, who will be willing to lock up their POLIS in exchange for political power.

The revamped marketplace

Another point on which the team has been working is the Galactic Marketplace. The first version was released in August 2021, and in recent months many improvements have been made, especially with regard to decentralisation.

Unlike many other play-to-earn games built on other blockchains, the transaction load on the marketplace will be fully managed on-chain, which will be possible thanks to Solana’s ability to process up to 65,000 transactions per second.

All that remains is to wait for further updates from the team on the official release date of the game, which, given the premise, could be the gaming metaverse event of the year.