Is the US the closest country to crypto adoption? Here are 3 use cases of cryptocurrencies!
According to trading industry data collector and processor Forex Suggest, the US is the second best prepared country for mass adoption of cryptocurrencies. The parameters they used for the research was the number of crypto ATM facilities in proportion to the size of the population and the number of blockchain start-ups per 100,000 people. Mass adoption, however, goes beyond this. For cryptocurrencies to become truly mainstream, there must be supporting infrastructures in place, both technological and, above all, regulatory.
In this regard, a legislative decree recently passed will allow Californian political candidates to accept donations in cryptocurrencies. The city of Miami, whose mayor, Francis Suarez, has never hidden his passion for Bitcoin, continues with its pro-Web3 initiatives. Miami will unveil an NFT collection produced by a partnership between Mastercard, TIME and Salesforce in December 2022. Is the US a model for mass adoption? Let’s look at 3 use cases of cryptocurrencies in the US!
The country with the most ATMs in the world
Leaving aside the state of Hong Kong, which due to its very limited geographical extension and particular political nature can be considered a borderline case in the research, the US is the most crypto-friendly, mainstream adoption-oriented state. In fact, the country has about 10 crypto ATMs for every 100,000 inhabitants, one for every 271 km. 88% of existing crypto ATMs are located on American territory. As for the number of start-ups, the US scores around 0.6 for every 100,000 inhabitants.
California approves cryptocurrency donations for election campaigns
On 21st July 2022 the State of California announced that it will allow candidates for state and local political office to receive donations in cryptocurrency. The previous legislation, which banned political promoters from raising or receiving funds via blockchain, is thus permanently repealed. The law had been promoted during the bear market of 2018, more precisely in November. However, the donations recipients will be obliged to immediately convert the amount of crypto received into fiat currency. The legislation also states that the political candidate is obliged to work with a registered exchange to handle the transaction. The exchange must have confirmed the identity of the donor through KYC (Know Your Customer) practices by verifying name, address, occupation and employer.
California to allow state and local offices to raise funds using crypto
Some might frown upon the compulsory instant conversion into fiat currency. However, when we consider that only four years ago California was so strongly against the practice that it was made illegal, this is certainly a step forward. Political funding using cryptocurrencies is one of the most interesting use cases in the US.
Miami teams up with Mastercard, TIME and Salesforce for an NFT collection
In terms of city initiatives, the United States also proves to be the most virtuous country when it comes to mass adoption. The city of Miami recently announced a Web3 project to experience the city at 360° with the support of major brands Mastercard, TIME and Salesforce. The project specifically entails the creation of 5,000 NFTs designed by 56 local artists. The number 56 was not chosen randomly, it actually represents Miami’s size in square miles.
The NFT holders will have access to the Priceless Miami Mastercard programme, which includes exclusive art experiences and events in the city such as gourmet dinners, private visits to museums, stays in luxurious resorts or spas and much more. The NFT minting process and secondary market will be all managed by Salesforce – a software, automation services and digital marketing analytics company founded in 2000. Third player in this partnership is the publishing giant TIME, which has been active in the Web3 world since March 2021 and has been a major player in the industry ever since, with its own NFT community called TIMEPieces. You might remember its iconic cover depicting Vitalik Buterin, Ethereum‘s founder. In August 2021, the city of Florida had already launched Miami Coin, a token intended as a sustainable funding tool for projects that support the city’s most disadvantaged communities. With these initiatives taken at both state and local level, the US seems to really want to become a model for mass adoption. So, is the adoption of cryptocurrencies overseas closer than we think? These 3 use cases of cryptocurrencies in the US seem to confirm that this is indeed the case.
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.
These transactions are being signed by the actual owners, suggesting some sort of private key compromise. pic.twitter.com/UTMq4NWErd
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-custodialwallets 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.
🚨🚨🚨There seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem
Here's what you can do right now to best protect yourself 1. Go to >Settings on your @phantom wallet 2. >Trusted Apps 3. >Revoke Permissions for any suspicious links
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.”
1/ Phantom has reason to believe that the reported exploits are due to complications related to importing accounts to and from @slope_finance.
We are still actively working to identify whether there may have been other vulnerabilities that contributed to this incident. https://t.co/W5B19gbMJX
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.
There's an ongoing attack targeting the Solana ecosystem right now. 7000+ wallets affected, and rising at 20/min. Because it's very early and the attack is ongoing, there's a lot of misinformation and speculation. So here are a few thoughts and clarifications.
What happens when the largest NFT marketplace meets the Web3 promoter of the moment? Chris Dixon of a16z joins OpenSea!
Chris Dixon is one of the most prominent figures in the crypto industry. He is best known for being a partner in a16z – the venture capital fund set up in 2009 by Marc Andreessen and Ben Horowitz – and for his commitment to promoting Web3. Dixon is by background a developer with a degree in philosophy, and has been involved in emerging technologies since the beginning of his career. The largest NFT marketplace OpenSea announced on 30th July 2022 that Dixon had joined its board of directors.
Chris Dixon, why Web3 is so important
Forbes named Dixon the No. 1 venture investor in 2022. He has backed projects such as Uniswap, Avalanche, and Dapper Labs, which launched CryptoKitties. Uniswap’s CEO and founder Hayden Adams praised Dixon for his ability to bring the worlds of traditional finance and DeFi together, while Dapper Labs CEO Roham Gharegozlou credits Dixon with predicting the rise of NFTs, ‘Chris saw this industry before it started’. In fact, Dixon’s blog and Twitter profile have been a reference for in-depth coverage of Web3 topics since the dawn of the crypto world. Dixon’s insights are both technical and theoretical, his contributions discussing the birth of ideas, the fundamental questions of Web3, and the social, economic and technological changes we are experiencing. ‘Why Web3 matters‘ from 2021 is one of his most famous tweets that built the narrative of the internet phases, user-centricity and ownership.
To date, OpenSea is the largest and best known NFT marketplace, with over 2 million collections and billions of dollars in sales. It is also one of the first marketplaces on Ethereum, and indeed it was founded in 2017 just as CryptoKitties were exploding and the world was starting to hear about blockchain. OpenSea was the brainchild of Devin Finzer and Alex Atallah, who in 2017 began engaging with users and early adopters on Discord. In addition to investment funds like a16z, OpenSea is backed by funding angels like actor and producer Ashton Kutcher, Ben Silberman, CEO and Co-founder of Pinterest, and Justin Kan, Twitch co-founder. OpenSea features all kinds of NFT, ranging across art, virtual experiences, music and virtual property certificates. Creators and artists have the possibility to create NFTs for free on OpenSea without necessarily having to know the technical workings of the blockchain. OpenSea was granted a new funding round in January 2022 and reported to have reached a valuation of USD 13.3 billion.
Chris Dixon joins OpenSea!
Dixon officially joined OpenSea’s board of directors at the end of July, taking over from Katie Haun, who left a16z to establish another fund, Hain Ventures. Dixon was welcomed by Devin Finzer, OpenSea’s current CEO.
I’m excited to formally welcome @cdixon to the @OpenSea Board of Directors! He’s been extremely influential through our early days, and in this new position we’ll work even more closely together as we build the future of the NFT space. https://t.co/LpNtqbL7zR
— Devin Finzer (dfinzer.eth) (@dfinzer) July 30, 2022
Commenting Dixon’s arrival on OpenSea Finzer wrote, ‘Anyone who has spent time with Chris knows he is a principled, rigorous, and intellectually honest thinker, and he consistently pushes us to zoom out and make sure we’re solving for the long term arc of the NFT space.’
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.
Learn how the Stellar Consensus Protocol (SCP) functions and why it's unrivaled by other blockchain networks. https://t.co/XEW2D3co9G
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.
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.
This is Nothing Community Dots.
We are all Nothing. Dots in the huge improbable scheme of everything. But let these seemingly small, insignificant dots connect. Then something begins.
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.
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.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN#NFTiff#TiffanyAndCopic.twitter.com/pyKlWejHv4
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!
The crypto world’s growth in recent years has been supported financially by venture capital funds. So, how do they work? Which are the main ones?
In 2021, the crypto sector raised huge funds from corporations and venture capital companies. Due to the loose monetary policy and the economic crisis caused by the pandemic, the shareholders’ tendency has been towards high-risk but high-potential sectors such as crypto, the Metaverse and Web3. However, in 2022 investments dropped by 35 per cent compared to 2021, to around USD 415 billion in the last year, the recession has driven away investors more accustomed to risk, and this is likely to be the trend in 2023 as well. But what are venture capital funds in the crypto world and how do they work?
Crypto Venture Capital: what it is and how it works
Venture capital funds are funds or companies dedicated to the high-risk financing of activities in innovative sectors with high development potential. The business ideas financially supported by them are generally in the early stages of development as in the case of start-ups, operate in technological fields and offer cutting-edge services, and are characterised by high financial and operational risk. Some Venture Capital companies or funds specialise in funding crypto projects.
How does a Crypto Venture Capital fund work? Be it a standard or a Crypto VC, it all starts with a group of investors deciding to fund the growth of a newly founded company with their own money, expecting it to multiply their profits soon. In terms of venture capitals, the extent of the risk is directly proportional to the profit if the business is successful.
Venture Capital Investment Stages
Venture capital funding can take place at different moments in a start-up or business development.
Pre-seed :The project is at a very early stage – often no more than an idea – and the initial financial backing comes from family and friends.
Seed round:The project is testing its feasibility. This stage includes a potential market and competition analysis, as well as the development of a product that can generate revenue.
Series A :The project has passed all initial checks, is growing and is supported by a strong community. Investments at this stage are beginning to become less risky for investors.
Series B :The project has a large user base and is expanding. The investment focus is no longer directly on services and products but instead on marketing, sales, human resources, business development and customer service – all areas that can enhance the project’s growth. The business is normally in the scale-up phase at this point.
Series C: When a venture capital firm decides to invest at this stage, it means that the project is now commercially viable and is focused on expansion into new products or international markets.
The top 10 Crypto Venture Capitals
So, which are the 10 crypto Venture Capitals you should know?
1. a16z – Andreessen Horowitz
Founded in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz, known as ‘a16z’, is a Californian venture capital firm with a special interest in crypto start-ups and the Web3. Currently, a16z has stakes in many of the leading cryptocurrency companies such as Compound, Phantom, Lido, MakerDAO, Yield Guild Games and many others.
2. Fenbushi Capital
The name ‘Fenbushi’ comes from the combination of the Chinese words: ‘fen’ meaning ‘dust’ and ‘bushi’ meaning ‘warrior’ and is intended to describe Venture Capital as an army of blockchain warriors. Fenbushi Capital was founded in 2015 by Bo Shen and Vitalik Buterin, the co-founder of Ethereum. Who as of 2018 no longer works full-time on the project but plays the role of advisor. Among the Chinese fund’s investments are crypto companies from around the world, including blockchain firms Flow and Kusama, analytics and research firm Messari, and USDC stablecoin company Circle.
3. Jump Crypto
Jump Crypto is a section dedicated to the development of Web3 services and infrastructure of the Chicago-based Jump Trading Group. Some examples of the crypto companies in which Jump Crypto has invested are Acala, a parachain of Polkadot, Amp, Chiliz and Solana.
4. Framework Ventures
Framework Ventures claims to be “the reference system for the global transition to decentralised technologies”; it was founded in 2018 by Alex Kolicich and Jake Medwell and its goal is to foster and accelerate the development of Web3 projects. This crypto Venture Capital fund also invests in companies developing systems for artificial intelligence, and for the Internet of Things. Among the various crypto projects it has financed are Aave, Optimism and The Graph.
5. Paradigm
Among the top 10 Crypto Venture Capital funds is also Paradigm, an investment company that specialises in crypto and Web3. Paradigm supports ‘disruptive’ projects with funding from a minimum of USD 1 million to a maximum of USD 100 million. “Every now and then a new technology comes along that changes everything. The Internet has defined the last decades of innovation. We believe cryptocurrencies will define the next decades” – which is precisely why Paradigm has chosen to help blockchain projects reach their full potential. Cosmos, dYdX, Optimism are some of the projects that have been funded.
6. Multicoin Capital
Multicoin Capital has been active since 2017 and considers itself a pioneer of token-based economic models. The fund was created with the aim of devoting itself entirely to the crypto world. As well as owning a wallet composed of different cryptocurrencies, it is involved in funding blockchain-based projects from the seed stage, with a focus on the more technical aspects of the sector. Multicoin has funded Audius, Solana and The Graph.
7. Pantera
Pantera is an American Venture Capital fund that has been funding blockchain companies since 2013. It is one of the longest-running funds in the industry, when it was launched Bitcoin was only worth $65! Pantera has invested in 1inch, Ankr and Ripple.
8. Draper Associates
Draper Associates is a historical Venture Capital firm that has been operating since 1985. The fund focuses mainly on companies in the early stages of their development. After having contributed to the success of companies such as SpaceX, Draper Associates has also opened up to funding crypto companies.
9. Polychain
Based in San Francisco, Polychain is one of the leading Crypto Venture Capital funds. The Polychain team values ‘long-term vision, combative intelligence, a data-driven and open-minded mentality and humility’. Polychain has funded Ava Labs, Celo and NuCypher.
10. Animoca Brands
Animoca Brands is the leading VC fund in the field of the Metaverse and digital entertainment. It has funded the Web3 projects Axie Infinity, Splinterlands and The Sandbox.
All in all, crypto VC funds work like traditional VCs. The crypto sector, however, brings its own peculiarities – being a young market, processes and funding are often flexible. Most crypto projects are funded in the pre-seed and seed stages via ICOs and IPOs, Crypto Venture Capitals generally come in at the A and B stages. This is the case for Dune Analytics or Palm NFT Studio.
Illuvium is a Pokémon-style play-to-earn video game. Explore the alien planet, capture the Illuvials and discover their secrets!
A vast and wild alien world to explore with your jetpack and scout drone here is Illuvium, the crypto game that has nothing to envy of off-chain games! Built with the Unreal Engine 5 graphics engine, Illuvium features excellent graphics quality that catapults you to a planet inhabited by Illuvials, creatures of unimaginable power that can be domesticated. Illuvium is based on the Immutable X blockchain, which specialises in play-to-earn video games thanks to its low fees and speed. The planned release date for the open beta is late 2022. Want to know more? Read on to learn what IlluviumPokémon-like crypto game on Immutable X is all about!
Illuvium’s story and gameplay
Illuvium is an as yet uncharted alien planet inhabited by some strange creatures, the Illuvials. In the game, your character is a space explorer stranded on Illuvium with your team after responding to a distress signal. The landscape before you is a boundless environment with many different ecosystems, often subject to extreme weather events such as storms and hailstorms. The planet emanates a mysterious radio signal that disables spaceships but at the same time turns animals into Illuvials, giving them almost divine powers.
Together with the other explorers, you decide to become a Ranger and capture Illuvials using Shards – items created from materials found on Illuvium, and used to capture the creatures and tame them so they can be used in combat, the main part of the game’s gameplay. Basically, every captured Illuvial becomes an NFT in your wallet! But besides fighting, you can do a lot more with your Illuvials.
If you want to enhance your creatures, you can trigger a Fusion between three of them to create a second-level Illuvial. Fusing three second-level Illuvials creates a third-level Illuvial, the top level. Since these creatures are NFTs you can either use them in your adventures or sell them for ETH on Illuvium’s decentralised exchang IlluviDEX. Besides making your Illuvials more powerful, Fusion makes NFTs deflationary. According to the developers, this system should create an economy that increases in value over time.
Gather resources and build weapons and armours
Illuvials are not the only NFTs you can trade for ETH. The planet of Illuvium is rich in resources that you can sell in exchange for crypto on IlluviDEX. With your jetpack and scout robot, you can explore the vast 3D world without limits! In fact, your futuristic technology allows you to glide over gorges, or perform double jumps to reach the highest peaks. Exploration is a fundamental element of Illuvium’s gameplay and the developers are working to make it dynamic and fun.
Among the most valuable resources are the minerals, which you can use to build weapons and armour for your character. Your explorer fights alongside your Illuvials in battles, and the weapons determine their role in the fight. Choose a plasma rifle to make them a sniper, or equip them with energy blades and let them throw themselves into the fray! To prevent them from being easily defeated you can also build armours that increase their hitpoints and make them harder to take down. Of course, you can also choose to sell weapons and armour in exchange for ETH on the Illuvium exchange.
Illuvium: Overworld Gameplay Footage Release – Work in Progress
The second type of resource is Illuvium’s flora. Your scout drone can collect alien flowers and fruits, which are indispensable for creating special potions and jewellery. Potions are used to support your Illuvials during combat. You can use them to heal wounded creatures, or to make them temporarily stronger. Jewellery, on the other hand, can be applied to your weapons and enhance the Illuvials around you. These items are also NFTs, and can be conveniently traded for ETH on the IlluviDEX.
Resources can be refined by building technological facilities directly on the planet. To do this, you first need to buy LAND. There are 100,000 LANDs, and during the first pre-sale that began on 2 June, 20,000 have already been sold. Considering that it will be crucial to refine resources in the play-to-earn videogame, owning LAND will play a very important role in the Illuvium universe!
Train your Illuvials and fight!
Combat is at the heart of Illuvium’s gameplay. Although exploration is a very important aspect of the crypto game, Illuvium remains an autobattler. Your task is to build a balanced team of Illuvials by exploiting their strengths and minimising their weaknesses, just like in Pokémon. Illuvials are in fact divided into classes and can have elemental affinities.
There are five classes of Illuvials. The first are Fighters, who are versatile and attack using claws and fangs. Bulwarks are very resistant and have high defences, making them perfect as tanks (in a nutshell, they are suitable for staying in the front line and protecting less resistant comrades). Rogues, on the other hand, are not very resistant, but their attacks hardly miss their target and they can easily eliminate already weakened enemies from combat. Psions are Illuvials with psionic powers and have special abilities that weaken enemies at a distance, they can also monitor the battlefield with telekinesis. Empaths, on the other hand, are back-up Illuvials and can heal and protect the team from the back.
They also have 5 elemental affinities. Air Illuvials are agile and difficult to hit. Earth Illuvials are tough and difficult to knock down. Fire Illuvials hit hard and their offensive special abilities are more powerful. Water Illuvials can use their special abilities more often. Nature Illuvials, on the other hand, have natural regenerative abilities.
Affinities and classes can become stronger during a Fusion, or even combine to create hybrid Classes and Affinities! For example, fusing three Earth Illuvials will create an even stronger and more imposing Granite Illuvial. Conversely, merging a Fire Illuvial and an Air Illuvial will give your creature the Electric affinity. Ready to get your crypto Pikachu?
When creating your team, always keep an eye on their Affinities and Classes: the more members of your team have these two aspects in common, the more advantages your Illuvials will have. Conversely, putting opposite Affinities together will give your beasts disadvantages, so be careful!
Illuvium’s Tokenomics
Illuvium is a play-to-earn video game, where everything you gain – Illuvials as well as raw resources – has value outside of the game. You can buy and sell all your NFTs in exchange for ETH on IlluviDEX. All trading among players is done with ETH and the fees end up in the Illuvium Vault, the game’s treasury.
ILV is Illuvium’s proprietary crypto. You cannot trade with other players using ILV, but you can purchase special items directly from a computer-managed market, such as the Shards needed to capture the Illuvials, or cosmetic items such as costumes and jewellery, which do not directly impact Illuvium’s gameplay. ILV’s primary use is as a utility token. For instance, you can use it to vote on community proposals and utilise it as a classic governance token. In this way, Illuvium’s development follows the path the crypto world wants, without changes and modifications imposed ‘from above’.
Staking is ILV’s second use. Whoever holds this token can stake it from a minimum of one month to a maximum of twelve months directly on the Illuvium site. ILV staking’s special feature is that the rewards can be received in two different ways of your choice. If you choose to receive the classic token, you will have to wait a vesting (i.e. lock-in) period of 12 months before you can sell it. Alternatively, you can choose to receive a synthetic token, sILV. This token is pegged to ILV, but can immediately be used in-game to purchase Shards or cosmetic items.
Sent to a vault. Smart contract purchases $ILV using the $ETH from the Illuvium Vault. Contract distributes $ILV to stakers proportionally based on what they have staked.
When Illuvium will be released, ILV owners will get additional rewards directly from the Illuvium Vault. The game developers, in fact, will not earn anything from the marketplace fees: all revenue will end up in the wallets of people who had staked their ILVs. This will allow the community that has believed in the crypto game to earn money and continue to increase the value of the game.
When will Illuvium be released?
Illuvium’s roadmap is going full steam ahead, and the closed Beta phase is already available for the lucky ones who have been selected. In the coming months, there will be an open Beta phase in which everyone will be able to try out the crypto game. Judging by the videos released directly by the developers, Illuvium is already well underway, with only the finishing touches remaining. Given that the LAND sale which took place on the 2nd of June 2022 was a success, the developers of Illuvium themselves must have geared up to let the public try out their game!
So, the Pokémon-style crypto game on Immutable X, Illuvium, is coming soon. According to its founder Kieran Warwick, a videogame of this kind is set to last at least 10 years, thanks to its deflationary economy and the updates already planned by the development team. Will Illuvium succeed in conquering the crypto world with its gameplay and innovations, or will it be unable to undermine the primacy of other play-to-earn video games such as DeFi Kingdom and Axie Infinity?
This is the 3rd in a series of articles covering the world of crypto gaming and blockchain games. Follow us to stay updated on the most exciting crypto games of 2022!
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 itsDAO , on Twitter, within the community space 426LIVE. The decentralised autonomous organisation of Star Atlas will use the POLIS token as its governance token.
We are LIVE!!
Join @Ashes_LS & @Santiacc_ for a chat with OG team members of StarPath & the Galactic Marketplace 2.0
“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 tothe 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.
The Galactic Marketplace 2.0 is officially live for you to explore!
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.
Thanks to DeFi, Stellar wants to make the digital economy accessible to all, with new smart contracts and integration with Moneygram
Decentralised finance on Stellar is to all intents and purposes a novelty. Since its foundation, the peer-to-peer network for payments had never integrated smart contracts. However, things have now changed and the network is preparing to offer DeFi services and solutions. Discover the new smart contracts, Moneygram and DeFi on Stellar!
It’s smart contract time for Stellar!
Stellar‘s blockchain was launched in 2014 (shortly before Ethereum) with the ambition of improving the payment system that Bitcoin already offered in terms of speed and affordability. At the time, smart contract technology was in its infancy and did not seem useful for achieving the Stellar Development Foundation’s goals. Tom Weller, from Stellar’s development team, uses this analogy to explain the initial reluctance in the face of smart contract integration: “Imagine you are in the 1980s (am I a bit old-fashioned?) and you have to do some scientific calculations. Option one is to buy an expensive, slow and buggy PC. Or option two is to buy a fancy, purpose-built, simpler, faster and cheaper TI calculator. In other words, at the beginning of our industry, Bitcoin and Ethereum were more like PCs and Stellar was more like calculators’.
The SDF (Stellar Development Foundation) was very pragmatic. At the beginning of its journey and in light of its early goals, it was not worth working on building smart contracts. Over the years, however, technology evolved and 2021 was the year that Stellar entered DeFi with the introduction of the automated market maker (AMM) functionality in the protocol. With the huge success of this functionality, came the need for decisive growth and innovation for the network. In March of 2022, the SDF announced the development of Project Jump Cannon: native smart contracts for Stellar.
Tomer's back! On the latest episode of Tech Talk with Tomer, @tomerweller sits down with Jake Urban, Senior Software Engineer at SDF to discuss @MoneyGram access and Project Jump Cannon.
The strategy is to build smart contracts that ‘enable developers to grow the Stellar ecosystem and create new financial instruments to promote inclusion’, learning from all the innovations and research that has already been done. The cornerstones of Stellar’s smart contracts will be security, scalability and fair access: ‘with smart contracts, we will see more use cases on Stellar that will give more access to the digital economy,’ comments Weller. Project Jump Cannon is named after Annie Jump Cannon, a Harvard scientist whose contributions were essential to the understanding of the universe and the participation of women in science. Currently, the SDF is working on building a smart contract platform according to the WebAssembly model (WASM) also used by Polkadot and Elrond.
We need a name for the new @StellarOrg smart contracts platform/runtime. Ideas?
On 21 July 2022, the Lumen (XML) network reached 7 million accounts. The network is now used in more than 16 countries and handles hundreds of millions of dollars of transactions per year. In 2021 alone, the Stellar network processed more than 2 billion transactions, including 155 million payments. The digital economy that Stellar champions, however, is not yet widespread enough. It is said that the digital economy is for everyone, but who is included in “everyone”? Everyone who has an identity? Worldwide, however, 1 billion people have no official identity. Does this mean everyone who is a participant in the economy at present? One has to consider that 1 in 4 women do not have access to banking services, 60% of workers worldwide belong to the ‘cash economy only’. In light of this data, Stellar proposes to think of simple ways to include all the people who are cut off from the traditional economy into the digital economy. One of these ways is to facilitate the conversion of cash into cryptocurrencies and vice versa, in other words, to facilitate the use of digital money.
To expand global access to cryptocurrencies and decentralised financial services, in January this year, Stellar entered into a partnership with Moneygram, one of the world’s most widely used peer-to-peer money transfer services. For Denelle Dixon, CEO of the Stellar Development Foundation, “the much-needed solution to the problem of switching from cash to crypto has arrived. Today, nearly 2 billion people rely on cash for their livelihoods, with no access to the digital economy”. By using Moneygram on Stellar, you can convert your crypto to fiat currency and vice versa, without necessarily having a bank account or credit card. This facilitates access to digital services for people who only use cash and is at the same time a quick and convenient way to convert crypto for those who routinely use blockchain as a payment system.
DeFi on Stellar is still to be fully built, the turn towards smart contracts will give the project a new face and set increasingly ambitious goals for the network that aims to be a global system for payments. Borderless and open to all!
