People Over Profits by OhGee

19/06/2023

04/04/2023

Decentralized Identity🧵

One of the most promising applications of blockchain technology is centralized identity. Individuals may be empowered as a result of having complete control over their digital identities and personal data.

Decentralized identity provides a way for individuals to verify their identity without relying on a centralized authority in a world where digital identity theft and data breaches are becoming more common.

Individuals can use decentralized identity to create unique digital identities that are stored on a blockchain, making them tamper-proof and resistant to hacking.

This technology has the potential to transform the way we interact with the digital world by providing individuals with increased privacy, security, and control over their personal data.

Furthermore, decentralized identity has the potential to enable new business models based on trust and transparency, thereby creating a more level playing field for both individuals and businesses.

Several decentralized identity projects, including IDHUB , BLOCKSTACK, are currently in development. These initiatives are working to develop decentralized identity solutions that are simple to use and available to everyone.

While decentralized identity is still in its infancy, it has the potential to transform the digital world and give people more control over their personal data. Stay tuned for more information on this fascinating technology!

29/03/2023

Arbitrum Shows Just How Messy (and Tricky) Crypto Airdrops Can Be.

It’s been around a week since the Arbitrum airdrop, when the largest Ethereum layer 2 platform by transaction volume distributed its long-awaited governance token to community members.

What’s clear by all accounts is that while users managed to successfully claim over $1 billion worth of tokens, the process was anything but smooth – mired by bugs, frustrations and scammers looking to take advantage of the chaos.

Bugs, server crashes and scammers continue to plague crypto airdrops. Will regulatory pressures be next?

29/03/2023

Privacy Coins🧵

Privacy coins are a type of cryptocurrency that is intended to protect their users' privacy and anonymity. To ensure that transactions are completely private and untraceable, these coins employ advanced cryptography, ring signatures, stealth addresses, and zero-knowledge proofs.

Monero is one of the most well-known privacy coins (XMR). Monero employs ring signatures to conceal the sender and receiver's identities, stealth addresses to conceal the transaction amount, and ring confidential transactions to conceal the transaction history.

Zcash is another popular privacy coin (ZEC). Zcash employs zero-knowledge proofs to enable selective information disclosure. This means that users can demonstrate the validity of a transaction without disclosing any information about the transaction itself.

Other privacy coins include Dash (DASH), which uses a combination of techniques such as PrivateSend and InstantSend to ensure privacy and speed, and Verge (XVG), which anonymizes transactions using both Tor and I2P networks.

Some have criticized privacy coins for their potential use in illegal activities such as money laundering etc. Proponents, on the other hand, argue that privacy is a fundamental right and that privacy coins are required to protect users from surveillance and censorship.

It should be noted that not all cryptocurrencies offer the same level of privacy. Because all transactions are recorded on a public ledger, Bitcoin, for example, is not completely anonymous.

There are, however, ways to improve privacy when using Bitcoin, such as by using a mixing service or a privacy-focused wallet like Wasabi.

Overall, privacy coins provide a unique and important solution for cryptocurrency users who value their privacy and anonymity. Before investing in any cryptocurrency, it is critical to conduct your own research and understand the risks involved.

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28/03/2023

https://medium.com//is-cryptocurrency-mining-still-a-profitable-venture-ac40ddaad7e5

The crypto mining industry since its inception has continued to make giant strides making it a profitable venture in the crypto space. But given the bearish times facing the crypto market some crypto fans and enthusiasts wonder if crypto mining can still make them good cash in 2023. It will interest you to note that the first ever cryptocurrency to be mined was Bitcoin in 2009. But it’s a surprise to know that fourteen years after the genesis block was mined, most people have only heard about cryptocurrency mining in the last 1–2 years. For newbies and other players in the crypto space who wants to explore cryptocurrency mining this year, this article is for you. Read till the end to get the full gist.

The crypto mining industry since its inception has continued to make giant strides making it a profitable venture in the crypto space. But…

28/03/2023

DeFi Liquidity Pools🧵

Liquidity pools are a key feature of DeFi, or decentralized finance, which has gained a lot of attention in recent years. Liquidity pools are simply token pools used to facilitate trading on decentralized exchanges.

Users deposit two different tokens of equal value in a liquidity pool. These tokens are then used to provide liquidity to the decentralized exchange, allowing users to trade them without having to rely on a centralized authority.

Users who trade on the decentralized exchange pay a small fee, which is distributed proportionally to the pool's liquidity providers. Users are encouraged to contribute liquidity to the pool because they can earn a portion of the trading fees.

The market's supply and demand determine the value of each token in the pool. When one token in the pool is in high demand, the price of that token rises, while the price of the other token falls, preserving the pool's balance.

Overall, liquidity pools have become a popular way for defi users to generate passive income. They add liquidity to the decentralized exchange, allowing for smoother trading, and users can earn a portion of the trading fees for participating in the pool.

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15/03/2023

Cryptocurrency communities are groups of people who are interested in cryptocurrencies and blockchain technology.
They can be found online or in person, and they provide a place for people to share ideas, ask questions, and collaborate on cryptocurrency-related projects.

Here are some steps you can take to join a crypto community:

1. Research online: Look for cryptocurrency communities on social media platforms like Twitter, Reddit, Facebook, Telegram, Discord, and LinkedIn. Join groups that are relevant to your interests.

2. Attend Twitter Space: Attend cryptocurrency or web3 spaces hosted by community members.

3. Participate in social media: Engage with cryptocurrency enthusiasts on social media platforms. Follow prominent members of the community on Twitter and engage with their tweets. Comment on cryptocurrency-related posts on Facebook and LinkedIn.

4. Start your own community: If you can't find a community that meets your needs, consider starting your own.

Remember, joining a crypto community is a great way to stay up-to-date with the latest developments in the world of cryptocurrencies and blockchain technology.

By actively participating in these communities, you can gain valuable insights, meet like-minded individuals, and potentially even contribute to the development of new projects.

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14/03/2023

UK Bank NatWest Limits Daily Crypto Payments to $1,200

NatWest has joined the ranks of U.K. banks imposing restrictions on its customers making payments to cryptocurrency exchanges.

Customers will be limited to payments of 1,000 British pounds ($1,218) per day and 5,000 British pounds ($6,090) over a 30-day period, NatWest announced via email on Tuesday.

"NatWest is increasing customer protection against crypto-criminals after 329 million pounds was lost by consumers last year," the bank said.


Read more:

Customers will be limited to payments of 1,000 pounds ($1,218) per day and 5,000 pounds ($6,090) over a 30-day period.

14/03/2023

Security Tokens 🧵

Security tokens are digital assets designed to represent ownership of a real-world asset, such as shares in a company, real estate, or commodities. They are a type of blockchain-based token subject to regulations and securities laws and are issued and traded on specialized security token exchanges.

Security tokens differ from utility tokens, used to access a specific service or product and are not subject to securities regulations. Security tokens, on the other hand, are issued in compliance with securities laws and are often used to raise capital for businesses or to provide investors with a way to invest in assets that were previously inaccessible or illiquid.

Security tokens offer several advantages over traditional securities, including lower transaction costs, faster settlement times, and increased transparency and efficiency. They also offer greater accessibility and global reach, as they can be traded on a 24/7 basis and are accessible to investors all around the world.

However, security tokens are subject to regulatory requirements and must comply with securities laws, which can make the process of issuing and trading them more complex and costly. Additionally, security tokens may face challenges in terms of liquidity, as they may not be as widely traded as traditional securities.

Despite these challenges, security tokens are a rapidly growing area of the blockchain industry and are expected to play an increasingly important role in the future of finance and investing.

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14/03/2023

Relationship Between Blockchain and Web3🧵

Blockchain and Web3 are closely related concepts, as Web3 (also known as Web 3.0 or the decentralized web) is essentially built on blockchain technology.

Blockchain technology is a decentralized and distributed ledger that allows for secure and transparent transactions between parties without the need for intermediaries. This makes it a key component of Web3, which aims to create a more decentralized and user-controlled internet.

Web3 enables the creation of decentralized applications (dApps) that run on top of blockchain networks, enabling users to interact with them directly without the need for intermediaries or centralized authorities. These dApps can be built on various blockchain platforms, such as Ethereum, Polkadot, and Cardano, among others.

In essence, blockchain provides the foundation for the decentralized infrastructure that powers Web3, enabling the creation of secure, decentralized, and trustless applications that can be accessed and used by anyone, anywhere in the world. As such, blockchain and Web3 are tightly intertwined, with each supporting and enhancing the other's capabilities.

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01/03/2023

Breaking: Chainlink Targets Web 2.0 Developers With New Platform Launch

Ethereum based blockchain network Chainlink is all set to launch a new platform for developers to build linkage between web 2.0 APIs and web 3.0 applications.

Importantly, the new platform will allow making customizable computations on web 2.0 APIs very quickly. It is expected that this addition will go a long way in the adoption of Chainlink, which is focused heavily on the smart contracts space. Very recently, the blockchain’s core team also revealed plans to pivot to the artificial intelligence way, to tap the AI related use cases.

Read more: https://coingape.com/chainlink-news-new-platform-for-web-2-0-linkage-price-rally/?utm_source=24hrsupdateall

Chainlink, the blockchain network based on Ethereum, is launching a new platform to help developers connect web 3.0 to web 2.0 APIs.

28/02/2023

Stablecoins and their features🧵

Stablecoins are cryptocurrencies that aim to maintain a stable value, often pegged to a fiat currency like USD. There are several types of stablecoins, each with its own features and characteristics.

Fiat-collateralized stablecoin:
These stablecoins are backed by a reserve of fiat currency, such as USD or EUR, held in a bank account. The value of the stablecoin is maintained by the issuer's promise to redeem it for the underlying fiat currency.

Crypto-collateralized stablecoin:
These stablecoins are backed by a reserve of cryptocurrencies, such as Bitcoin or Ether, held in a smart contract. The value of the stablecoin is maintained by the smart contract's ability to liquidate the reserve in case the value of the collateral drops.

Algorithmic stablecoin:
These stablecoins do not have a reserve and instead rely on an algorithm to maintain a stable value. For example, the stablecoin's smart contract may increase or decrease the supply of tokens to stabilize the value.

Each type of stablecoin has its own advantages and disadvantages. Fiat-collateralized stablecoins offer stability but rely on trust in the issuer. Crypto-collateralized stablecoins offer decentralization but are subject to the volatility of the collateral. Algorithmic stablecoins offer flexibility but can be complex to understand and may be subject to manipulation.

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27/02/2023

Can I Recover My Stolen Crypto From a Centralized Exchange?

Read More: https://medium.com//can-i-recover-my-stolen-crypto-from-a-centralized-exchange-3b1e3789608c

You’ve most likely read about it, an infringement happens, and hackers steal billions of dollars worth of cryptocurrencies from crypto…

27/02/2023

Stablecoins in DeFi🧵

Stablecoins are cryptocurrencies designed to maintain a stable value relative to a specific asset or basket of assets. They're often used in decentralized finance (DeFi) applications as a way to provide stability and predictability to users.

Stablecoins can be backed by different assets, such as fiat currencies, commodities, or cryptocurrencies. This backing ensures that the stablecoin's value remains stable and predictable, even as the value of other cryptocurrencies fluctuates.

In DeFi, stablecoins can be used for a variety of purposes, including as a means of exchange, as collateral for loans, or as a store of value. They can also be used to facilitate cross-border payments or to hedge against market volatility.

The most popular stablecoins in DeFi are US dollar-pegged stablecoins, such as Tether (USDT), USD Coin (USDC), and Dai (DAI). These stablecoins are backed by US dollars held in reserve, making them more predictable and stable than other cryptocurrencies.

Overall, stablecoins play an important role in DeFi by providing stability and predictability to users. As the DeFi ecosystem continues to grow, we can expect to see even more use cases for stablecoins in the future.

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24/02/2023

Smart Contracts🧵

Smart contracts are the backbone of , powering everything from lending and borrowing to trading and yield farming. But did you know that there are different types of smart contracts used in DeFi? Let's take a look!

First up, there are collateralization contracts. These contracts are used to secure loans in DeFi. They work by allowing users to deposit collateral (usually in the form of cryptocurrency) into a smart contract, which then issues a loan in return.

Another type of smart contract used in DeFi is the automated market maker (AMM) contract. These contracts power decentralized exchanges (DEXs) by facilitating trades between different cryptocurrency pairs.

Yield farming contracts are also becoming increasingly popular in DeFi. These contracts allow users to earn a yield on their cryptocurrency holdings by staking them in liquidity pools, where they are used to facilitate trades on DEXs.

Finally, there are governance contracts, which are used to manage decentralized autonomous organizations (DAOs). These contracts allow token holders to vote on proposals and decisions related to the DAO's operations.

These are just a few examples of the many different types of smart contracts used in DeFi. Each type serves a unique purpose and helps to power the growing ecosystem of decentralized finance.

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23/02/2023

Sam Bankman-Fried Hit With New Criminal Charges Over Political Donations

Prosecutors today hit disgraced crypto mogul Sam Bankman-Fried with new criminal charges relating to political donations he made while running the now-collapsed digital asset exchange FTX.

A superseding indictment Thursday alleges that the ex-FTX boss made more than 300 illegal political donations in the United States to "try to purchase influence over cryptocurrency regulation in Washington, D.C."

Read more: https://lnkd.in/eT6QEhuq

Sam Bankman-Fried allegedly made illegal political donations, totaling tens of millions of dollars, a Thursday indictment shows.

23/02/2023

Web3 Music Streaming Platform Audius Integrates TikTok

Web3 music streaming platform Audius is adding support for the popular social media platform TikTok, the company said Thursday.

With the integration, users new to Audius can simply create accounts by linking their TikTok profile. From there, listeners can automatically import their handle, information and carry over their TikTok verification status to Audius.

Additionally, users can share Audius songs in their TikTok videos. As TikTok sounds are a popular feature of the app that can help creators’ videos go viral, the integration may further amplify the reach of the Audius.

Read more: https://lnkd.in/d2E59UYw

Audius users can sign up for the application with their TikTok profiles and use the streaming service’s songs in their videos on the social-media platform.

23/02/2023

Just In: Coinbase Unveils New Product “Base” To Rival Layer-2 Networks

What comes as a surprise to many, the cryptocurrency exchange Coinbase, which has the largest user base in the United States, has now officially ventured into the Layer-2 game. During the ETHDenver event, the California-based crypto giant unveiled “Base”, a testnet version of its newly developed Ethereum Layer 2 network.

Read more: https://lnkd.in/dVM8cqad

As per latest crypto news, Coinbase's Base network is intended to serve as a Layer 2 developer sandbox that is free & open-source for Dapps.

23/02/2023

Crypto Trade Group Files Brief Urging Court to Dismiss Coinbase Insider Trading Case

The Chamber of Digital Commerce, a non-profit trade association that engages government officials on the use of crypto and blockchain, has urged a federal court to dismiss a case brought by the U.S. Securities and Exchange Commission (SEC) against former Coinbase employees accused of insider trading.

In an amicus brief filed Wednesday, the Chamber of Digital Commerce argued that “the SEC currently lacks the authority to seek the adjudication of digital assets as securities, particularly in the context of an insider trading case like this one.”

Read more: https://lnkd.in/e5_WFdbR

The Chamber of Digital Commerce called the SEC's action against an ex-Coinbase employee a "stealth attempt" to expand the agency’s reach.

23/02/2023

Defi applications and Use Cases🧵

Decentralized Finance (DeFi) is an emerging industry that aims to transform traditional finance by leveraging the power of blockchain technology.

One of the most popular DeFi applications is Decentralized Exchanges (DEXs). These are platforms that allow users to trade cryptocurrencies without the need for a centralized intermediary. Examples include Uniswap, SushiSwap, and PancakeSwap.

Another key DeFi application is Decentralized Lending and Borrowing. These platforms allow users to lend and borrow cryptocurrencies without the need for a middleman. Examples include Aave, Compound, and MakerDAO.

Decentralized Stablecoins are another important DeFi application. These are cryptocurrencies that are designed to maintain a stable value relative to another asset, such as the US dollar. Examples include Dai, USDC, and Tether.

Yield Farming is a DeFi application that involves earning rewards for providing liquidity to decentralized exchanges or lending platforms. This has become a popular way for users to earn passive income on their cryptocurrency holdings.

Decentralized Insurance is another growing DeFi application. These platforms allow users to purchase insurance coverage for their cryptocurrency holdings or intelligent contracts. Examples include Nexus Mutual and Opyn.

Finally, Decentralized Identity is an emerging DeFi application that aims to provide users with more control over their personal data. These platforms allow users to create and manage their own digital identities on the blockchain. Examples include Civic and uPort.

In summary, DeFi is an exciting and rapidly evolving industry that offers a wide range of applications and use cases. From decentralized exchanges to lending platforms to stablecoins, there are many ways to participate in the DeFi ecosystem and potentially benefit from its advantages.

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22/02/2023

Australian Crypto Gaming Firm Immutable Cuts Staff By 11%

Australian crypto gaming company Immutable is cutting 11% of its workforce, according to a letter to employees from the CEO shared with CoinDesk by the platform.

The news was first reported by The Sydney Morning Herald (SMH).
Chief executive and co-founder James Ferguson announced the job cuts in the note blaming the layoffs on a need to maximise how long its cash reserves will last and put its resources towards the most important projects.

Read more: https://lnkd.in/dt5rmpBx

The CEO blamed the layoffs on a need to maximise how long its cash reserves will last.

22/02/2023

The Concept of Decentralized Finance (DeFi)🧵

At its core, DeFi is about creating a more accessible, open, and transparent financial system. It's built on the principles of decentralization and blockchain technology, which enables anyone to access financial services without the need for intermediaries.

With DeFi, users can borrow, lend, trade, and invest in a variety of financial instruments directly on the blockchain. This eliminates the need for traditional financial institutions like banks and brokerages, which can be costly and slow.

DeFi is open and transparent, it can offer more competitive interest rates and fees, as well as greater control over your financial assets. Plus, it's available to anyone with an internet connection, regardless of their location or financial background.

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22/02/2023

NFT Use Cases🧵

NFTs are the hottest trend in the crypto world right now, and for good reason. These unique digital assets have a wide range of use cases, from art and gaming to real estate and finance.

Art is one of the most popular NFT use cases, as it allows creators to sell their work as unique digital assets. This has opened up a new world of opportunities for artists, collectors, and investors alike, as it allows for verifiable ownership and provenance of digital artwork.

Another exciting NFT use case is in the gaming industry. NFTs can be used to represent in-game items, such as weapons, skins, and avatars. This allows players to truly own and trade their virtual assets, adding a new layer of value and immersion to gaming.

Real estate is also an emerging NFT use case, as it allows for fractional ownership and trading of property. This has the potential to revolutionize the real estate industry, making it more accessible and liquid than ever before.

Finance is another area where NFTs are starting to make an impact. NFTs can be used to represent financial instruments, such as bonds, stocks, and derivatives. This has the potential to make finance more transparent and efficient, while also reducing costs and intermediaries.

These are just a few of the many exciting NFT use cases that are driving innovation and growth in the crypto world. As the industry continues to evolve, we can expect to see even more innovative applications of NFTs.

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22/02/2023

Custodial vs. Non-Custodial Wallets🧵

Interested in storing your cryptocurrency but unsure about the best way to do it? Let's take a look at custodial and non-custodial wallets, two popular options in the crypto world.

Custodial wallets, like those offered by exchanges, are managed by a third-party service provider. They take care of your private keys, and you can access your funds through their platform.

The advantage of custodial wallets is that they are easy to use and often come with insurance against losses. However, you don't have full control over your assets, and there is always the risk that the service provider could be hacked or go bankrupt.

Non-custodial wallets, like hardware wallets or software wallets, give you complete control over your private keys. You are responsible for securing your own assets, but you have the peace of mind knowing that no one else can access them.

The downside of non-custodial wallets is that they can be more difficult to use and require some technical know-how. If you lose your private keys, you could lose access to your funds forever.

In summary, custodial wallets are more user-friendly but come with the risk of loss or theft. Non-custodial wallets give you more control over your assets but require more responsibility on your part.

In summary, custodial wallets are more user-friendly but come with the risk of loss or theft. Non-custodial wallets give you more control over your assets but require more responsibility on your part.

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21/02/2023

Polygon Labs Cuts 20% Workforce, Almost 100 Jobs

Polygon Labs, the Ethereum scaling platform, has cut around 100 jobs or 20% of its workforce, the firm said on Tuesday.

The job cuts come at a time when the crypto industry is reeling from the impact of the FTX implosion and subsequent downturn.

"Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions," the company said in a release.

Source: https://lnkd.in/dskvkBtX

The firm said that the job cuts are part of its consolidation earlier this year.

21/02/2023

The Benefits and Drawbacks of decentralization in crypto🧵

Decentralization in crypto provides several benefits, such as increased security and transparency. By removing intermediaries, transactions can be validated directly by the network, making it more secure and reducing the risk of fraud or hacking.

Decentralization also allows for greater user control and privacy. With no central authority, users have more control over their data and can maintain their anonymity. This can be especially important for those in countries with strict government surveillance.

However, there are also some drawbacks to decentralization. One of the main concerns is the lack of regulation and oversight. With no central authority, it can be difficult to ensure compliance with legal and ethical standards, leading to potential risks for investors and users.

Without a clear governance structure or unified vision, it can be challenging to coordinate updates or new features. Overall, while decentralization has many benefits, it's important to be aware of the potential drawbacks as well.

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21/02/2023

The Risks and Security Concerns of Crypto Exchanges🧵

Cryptocurrency exchanges have become a popular way to trade digital currencies.

While they offer many benefits, there are also potential risks and security concerns that users should be aware of.

One of the most significant risks is the possibility of hacks or theft. Crypto exchanges are a prime target for hackers, and many have fallen victim to attacks in the past, resulting in millions of dollars in losses.

Another concern is the lack of regulation in the industry. Unlike traditional financial institutions, many crypto exchanges operate without oversight or accountability, leaving users vulnerable to scams, fraud, and other malicious activities.

Additionally, some exchanges may not have robust security measures in place, leaving user data and funds at risk. It's essential to do your research and choose a reputable exchange with strong security protocols to minimize your exposure to potential threats.

As with any financial investment, it's crucial to weigh the risks and rewards carefully. While crypto exchanges offer exciting opportunities, it's essential to proceed with caution and take steps to protect your assets. Stay informed and stay safe.

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