A few months later, FixedFloat shared the details of these incidents and ongoing investigation with BeInCrypto.

FixedFloat has been hacked twice this year. How did this happen?

The first hack occurred on the night of February 16-17. This was an external attack caused by vulnerabilities in our security structure. A hacker exploited a vulnerability in our security and was able to gain access to some of FixedFloat’s functions. The second breach took place on March 31, where the hacker exploited a vulnerability in a third-party service we were using at the time.

Was the second hack committed by the same hacker who committed the previous hack, or was it a different attacker?

We believe the same hacker committed both hacks because the attacks originated from the same IP address. We cannot provide all the details at the moment. However, we can report that hackers possess a large number of compromised servers.

On some of these servers, they have deployed the infrastructure for attacks. They likely did not store evidence on their own devices, instead using third-party servers. The hackers utilized numerous unique IP addresses; however, some were used to launch both attacks.

Do you have information about who exactly is behind the hacks?

We have been using Time4VPS hosting for a long time. This is a fairly large web hosting provider in Europe, operating since 2012. We chose Time4VPS for our purposes, since this hosting offers fairly cheap servers with low performance. This was a convenient and profitable option for implementing some technical solutions at the initial stage of development of our project.

Over the past years, we have migrated our subservers and wallets. At the beginning of 2024, several low-power nodes with wallets and some subsystems remained on the Time4VPS server. After the first hack, the hacker discovered the IP address of one of our technical servers rented from Time4VPS.

How did the hacker use the information?

The hacker logged into all our servers, rented from Time4VPS hosting, simultaneously, despite knowing only one IP address. We immediately changed all passwords on servers and accounts, but the hacker quickly changed the passwords again. We found a solution to prevent server authorization and started transitioning from this hosting provider.

However, the hacker gained access to all hoster functions, including global access to all servers, rendering our solutions ineffective. The hacker changed the account email to an invalid one, preventing us from logging in or receiving password change notifications. They connected to the servers without authorization.

At this point, we realized the need to destroy the servers and remove them from the whitelists immediately. Our delay in doing so allowed the hacker to send requests that enabled them to steal funds.

Have you contacted Time4VPS support?

On March 31, immediately after discovering unauthorized access to our servers, we contacted Time4VPS to report the hack. We were extremely surprised by their inaction. Technical support informed us that the technicians had the day off and could not assist us. The following day, the Time4VPS team remained inactive. They merely advised us to change the passwords on our account.

We eventually convinced them to verify that certain actions could not be performed through their personal account. Only then did they confirm the hack and promise to provide a report on the incident the next day.

Have you received a hack report from Time4VPS?

More than three months have passed, and there is still no report from Time4VPS. Instead, they requested that we provide some documents through their system. We refused because Time4VPS representatives have not confirmed that they found and fixed the vulnerability. Their demands have created the risk of another information leak.

We agreed to cooperate only with the direct involvement of law enforcement or after they confirmed the vulnerability had been corrected. Additionally, our lawyer was prepared to provide the necessary documents directly at the company’s office to receive reports and assistance. However, Time4VPS management rejected this offer.

Why do you think Time4VPS was inactive at the time of the hack and did not provide assistance after it?

We do not exclude the possibility that a hoster’s employee could have facilitated the hacking. However, we are more inclined to believe that Time4VPS and the Lithuanian company behind it are simply careless. We believe the hoster’s critical vulnerabilities remain unfixed, leaving all their clients’ data unprotected from hacker attacks.

Did the hack impact your customers?

This incident caused problems not only for us but also for our users. As soon as we detected the hack, we turned off FixedFloat and suspended all ongoing exchanges.

FixedFloat is an automated, non-custodial, decentralized cryptocurrency exchange service, so we don’t store our users’ funds. Additionally, FixedFloat is not a cryptocurrency mixer. We send funds to exchanges only from our addresses, and this information is public.

Due to the hack, we had obligations to clients who made exchanges at that time. We have since fulfilled all obligations to our users, and completed all orders that stopped due to the service outage. Only our service suffered from the hacking and theft of funds.

What measures did you take after the hack?

The first breach was due to a security vulnerability, which we have since fixed. Unfortunately, we did not anticipate an attack from third parties. Following the second hack, our service was under maintenance for over two months. During this period, our specialists worked extensively to enhance our infrastructure and protect against such attacks.

We have radically revised our security system. This included conducting a comprehensive audit, implementing additional security measures, and improving our threat detection and prevention systems.

Have you completed the technical work?

Yes, FixedFloat has resumed operations. Most cryptocurrencies are already available for exchange, and our specialists are working on adding new currencies. We have been providing high-quality, convenient, and fast cryptocurrency exchange services for six years, and we intend to continue our work.

From a hack survivor perspective, can you give a few recommendations to other platforms and its users on how to increase security?

As a service that has experienced two hacks for different reasons, we’d recommend the following:

• Conduct frequent audits of your security systems. Identify and address all vulnerabilities promptly.
• Plan for Provider Vulnerabilities. The second hack exploited a vulnerability in our hosting provider, Time4VPS. Platforms should anticipate such scenarios and have a robust procedure for dealing with service provider hacks.
• Always prioritize user safety. Implement strict security measures and protocols to protect user data and funds.

What steps are you taking to regain the trust of your users following these accidents?

We are actively engaging with our users through various communication channels, including social networks and forums. This allows us to inform them about the changes we have made. Currently, not all users are aware that FixedFloat has resumed operations, but we are working to spread this information.

We understand that many were concerned about the hack’s impact on our users. However, we emphasize that we are a non-custodial service and do not store user funds. Orders that were not fulfilled due to the emergency shutdown have been completed. At present, we have no financial obligations to our users.

The post Two Hacks Later: FixedFloat’s Survival Story appeared first on BeInCrypto.

RareSkills, founded in September 2022, focuses on providing advanced blockchain training, filling the gap in high-quality, in-depth educational resources in the complex field.

The Genesis and Mission of RareSkills

Scholz’s transition into the blockchain space began in 2021 after leading a machine learning group at Yahoo. His decision to move to Asia and subsequently work for himself opened up numerous opportunities in Web3. “What really convinced me to get into education was my work and research on Medium, which performed exceptionally well, and the success of my Solidity courses on Udemy,” he explained. 

This success stressed out a demand for high-quality blockchain education, prompting Scholz to establish RareSkills. The platform aims to provide in-depth training, particularly in advanced and less documented areas of blockchain technology.

“If you’re just trying to learn how to make a smart contract, there’s an abundance of material to work from. But for more sophisticated or recently developed topics, the resources are still lacking. RareSkills addresses this gap by focusing on advanced topics where existing materials are scarce or inadequate. Our work on Zero-knowledge proofs has been crucial. We wrote what is probably the most popular resource on the subject, filling a significant knowledge gap,” he observed. 

RareSkills addresses this gap by focusing on advanced topics where existing materials are scarce or inadequate. This commitment to high-level education helps students move beyond the basics and develop a deeper understanding of blockchain technology. RareSkills aims to equip learners with the knowledge and skills they need to succeed.

“We want to ensure that our students are not only able to perform basic tasks but also understand the underlying principles and complexities of the technology,” Scholz added.

Challenges in Blockchain Development

Scholz highlighted several challenges developers face when transitioning into Web3. One of the main issues is that there aren’t many resources that really push people to deeply understand blockchain. For web programming or app development, there are plenty of resources. If your non-critical app crashes, it’s not a big deal. You can restart the system if needed. Even if users leave bad reviews, you can fix the problem by finding and deactivating the faulty code.

“When dealing with other people’s crypto, you can’t be cavalier. You have to know all the situations where a transaction might fail. You need to know all the possible ways a transaction might fail. Most educators don’t cover this comprehensively, explaining how to fully understand the system and where it could go wrong. Documenting this is tough because every system is different,” Shholz commented. 

RareSkills focuses on thorough education, making sure developers understand the details of blockchain systems. This is different from many other resources that only give a basic understanding, which can be risky in the important field of blockchain development. “Many resources don’t stress the need to understand every detail. We make sure our students are ready to foresee and handle any possible issues,” Scholz added.

BeInCrypto could not ignore the role of AI technology in education. Discussing this, Scholz acknowledged that AI is useful for answering basic questions but warned against depending on it too much. “For basic questions, AI is a good tool. But for more advanced topics, it often provides hand-wavy answers and lacks the depth needed,” he noted. While AI, like ChatGPT, can help with simple queries, it struggles with more complex and specialized subjects, highlighting the need for detailed, human-led instruction.

Market Dynamics and Demand for Devs

Scholz explains the demand for Web3 developers to fluctuate with venture capital funding cycles. “The demand for developers follows VC funding in the space. During bear markets, layoffs are common, but in bullish periods, the demand for skilled developers increases,” he explained. This cyclical nature of demand means that developers must be adaptable and continuously update their skills.

He advised aspiring blockchain developers to specialize in niche areas to stand out in the job market. Developers should build a personal brand around their expertise, participate in hackathons, and publish their work to increase visibility and credibility.

“The core principles of blockchain don’t change much, but new tools and techniques are constantly being developed. If you’re able to become really knowledgeable about a niche subject, you become part of a very small group of people, and that differentiates you,” Scholz advised,” he noted. 

Speaking of specific trends, Scholz highlighted a growing demand for developers with expertise in Zero-knowledge proofs. This is an area where RareSkills offers specialized training. He noted that this is a challenging field because it is relatively new and has few experts. Employers often seek candidates with near-PhD level expertise, making these positions difficult to fill regardless of the market phase.

He also pointed out a noticeable increase in demand for Rust developers, particularly those with real-world experience. Employers are looking for developers who have used Rust in a production environment, not just those who have taken a course.

RareSkills plans to expand its offerings with new bootcamps focusing on concentrated liquidity and advanced Zero-knowledge proof applications. Whatever the market requests, RareSkills strives to stay ahead of the curve by continuously updating its curriculum to reflect the latest developments in blockchain technology, helping developers build the specialized knowledge needed to stand out in.

RareSkills Partnerships and Future Plans

RareSkills collaborates with leading companies in the blockchain space to strengthen its educational offerings. These partnerships not only provide students with access to their resources but also help them build valuable connections in the industry, offering the students insights and opportunities that would be difficult to achieve independently. 

“Our most prominent partnership is the one with OpenZeppelin. They maintain the largest and most widely used smart contract library in the Ethereum ecosystem. OpenZeppelin is primarily an audit company; they review smart contracts for security vulnerabilities. Another significant partnership is with Matter Labs, the company behind ZK Sync. Additionally, we have a content partnership with Solana. They sponsored our Solana course, allowing us to invest time in it and offer it for free. You can access the course on our website without even providing an email,” Scholz said.

RareSkills has seen numerous success stories from its graduates. One notable example is a student who, with no prior Web3 experience, secured a position at Coinbase through connections made during the program. Another graduate became a security engineer at Matter Labs, a leading company in the Zero-knowledge proof space. The platform’s success stories demonstrate the real-world impact of its educational programs. Graduates have gone on to secure positions at leading companies, leveraging the skills and knowledge gained through RareSkills to advance their careers. “We are proud of the achievements of our graduates and are committed to continuing to provide the best possible education to help more students succeed,” Scholz remarked.

RareSkills aims to develop more free resources to support a wider range of learners. “We believe in making education accessible to everyone, regardless of their financial situation,” Scholz said. This commitment to accessibility ensures that RareSkills can reach a broader audience and have a greater impact on blockchain education.

Jeffrey Scholz’s RareSkills is making great progress in blockchain education, filling gaps in advanced training and preparing developers for the future of Web3. With its focus on high-quality, detailed education, RareSkills is set to play an important role in the ongoing growth of blockchain technology. The need for skilled blockchain developers increases, so platforms like RareSkills will be key in training the next generation of Web3 professionals.

The post How RareSkills is Leading Blockchain Education Forward appeared first on BeInCrypto.

BeInCrypto sat down with TON Ecosystem Lead Alena Shmalko to discuss the profound impact of these partnerships, the challenges of expanding a non-EVM compatible blockchain, and the strategic initiatives that catapulted TON into a major player in the space.

TON’s Key Projects and Partnerships

Alena begins by highlighting the explosive growth within TON’s ecosystem. “The ecosystem right now is experiencing a real boom,” she says, noting an impressive 2,000% increase in Total Value Locked (TVL) in recent months. This surge is largely attributed to the launch of The Open League, an initiative aimed at both TON users and builders, which has fostered massive growth and engagement.

One of the cornerstone partnerships bolstering this growth is with Telegram. Officially termed a strategic partnership, this collaboration integrates TON’s Web3 infrastructure into Telegram’s ecosystem. 

“We’re aligned on the growth and development of Web3 elements within the Telegram ecosystem,” Alena explains. “As a result, we’ve seen the introduction of a wallet created by an independent team, which is now being rolled out as a native feature inside the messenger across various regions. Additionally, other independent products are being developed within Telegram, such as the Telegram App Center, which aggregates all decentralized applications launched on TON in the form of mini apps as well as Web2 Telegram mini apps.”

Read more: 6 Best Toncoin (TON) Wallets in 2024

The launch of Tether’s USDT on TON, announced at TOKEN2049, is also set to play a large role in driving mass adoption. It facilitated numerous joint campaigns with centralized exchanges such as OKX, Bybit, and KuCoin and offered users various opportunities to earn rewards. Introducing the world’s largest stablecoin to TON’s ecosystem represented a major step toward establishing a more consistent and reliable financial environment, providing easier transactions and fostering greater trust in the platform.

Alena notes ongoing partnerships with prominent Web3 players such as Animoca Brands, Fireblocks, and HashKey Group. Such allies validate TON’s technological advancements, boost its credibility, and appeal to a broader audience.

Developer Support and Community Engagement

TON Foundation and TON Society focus on supporting developers and boosting community engagement. They regularly organize hackathons, workshops, webinars, and online courses to equip developers with the knowledge and skills to build on the TON blockchain. These programs are globally accessible, ensuring anyone can contribute with the right resources and support.

One of the major initiatives in TON’s ecosystem is The Open League, a long-term incentive program designed to reward builders and users. The initiative started in March with 18 projects participating in the beta season and has now grown to embrace around 40 TON applications, 57 tokens, and 22 NFT collections. The Foundation has already distributed more than $45 million in rewards, allocated $150 million in total, and plans to scale the program further.

Alena also highlights the potential of the gaming sector within the ecosystem, noting that Web3 gaming offers new opportunities for value exchange, true ownership, and financial benefits for gamers. Coupled with Telegram’s potential — its 900 million monthly active users — this positions TON as the blockchain of choice for mini game developers.

“Web3 gaming empowers gamers to do things that they can’t currently cannot do, offering a better form of value exchange, true ownership and attractive financial opportunities,” she explains. “People can now access fun, simple and viral games in their favourite messenger, without the need to set up a separate Web3 wallet and leave the interface”.

Read more: Tap-to-Earn: What to Know About the Crypto GameFi Trend

TON is also exploring other product areas such as SocialFi, e-commerce, onboarding and education tools, and DeFi. These sectors have significant potential to attract large numbers of people. Future developments may include RWA tokenization, supply chain management, decentralized identity (DID), decentralized physical infrastructure networks (DePIN), and AI. Blockchain will ultimately spread across all those, but the low-hanging fruit here are products that will easily become appealing to retail users and offer them some clear, direct value.

The Road to 500 Million Users

Looking ahead, Alena outlines the primary objectives of TON’s ecosystem. The long-term mission of bringing 500 million users on-chain by 2028 is central to these goals. To achieve this, the Foundation will continue implementing The Open League. “This initiative has already borne a lot of fruit, but we want to scale it to more teams and users,” she explains.

Improving user experience (UX) and onboarding processes will be a significant focus. TON Foundation commits to supporting developers in creating valuable and user-friendly decentralized applications.

However, Alena recognizes the challenges ahead. One primary hurdle is that TON is a non-EVM blockchain, so developers must learn new programming languages like Tact and Fun-C. To mitigate this, TON provides comprehensive documentation, technical support, and educational resources.

“We are constantly improving our documentation and offering support to help developers transition smoothly into our ecosystem,” Alena notes. “Given that they need to learn new languages, we provide very comprehensive documentation in multiple languages. Now we’re translating it to Mandarin because we have a very strong focus on Asia. Then Arabic as well. We have documentation for CIS regions, of course, and obviously for English speakers”.

Read more: How to Achieve EVM Compatibility in Non-EVM Blockchains

Moreover, scaling the infrastructure to support a growing user base presents technical challenges. Ensuring that the network remains secure, efficient, and capable of handling increased traffic and transactions is a continuous effort. Alena points out that the team is dedicated to overcoming these obstacles by building a collaborative environment where developers can share insights and innovations.

As the conversation concludes, Alena reiterates her belief in the future of a fully tokenized world. “The future will be tokenized 100%,” she states, drawing parallels to the digital revolution many doubted at the turn of the century. Strategic partnerships, initiatives like The Open League, and a strong focus on user experience position TON to lead this transformation.

The post How TON Foundation Plans to Onboard 500 Million Users On-Chain appeared first on BeInCrypto.

David Lee, with his extensive expertise in business development, plays a pivotal role at Cerus Markets. His efforts aim to foster partnerships across various regions and enhance the trading environment for a diverse array of traders. 

This interview will examine how Cerus Markets aims to connect cryptocurrency and traditional financial markets. 

How Cerus Markets is Bridging Crypto and Traditional Markets

Trading on Cerus Markets allows users to buy and sell cryptocurrencies alongside more conventional financial assets like stocks, indices, commodities, and foreign exchange. 

David emphasized, “Cerus Markets is a unique trading platform that allows crypto trading against all major financial instruments. David emphasized this as a way to revolutionize the financial landscape. By combining cryptocurrency and more conventional financial markets, this offering gives traders access to previously unavailable opportunities.”

One of Cerus Markets’ standout features is its ability to accommodate both crypto enthusiasts and traditional traders. This dual approach offers significant benefits for affiliates and introducing brokers. 

According to David, this strategic positioning allows them to appeal to a wide range of customers, including crypto enthusiasts seeking more diverse trading options and traditional traders curious about the crypto market. 

This broader audience base increases potential referrals and commissions, providing affiliates with a new product to offer their clients.

Advantages of Using Crypto as Base Currency

The conversation moved to the benefits of using cryptocurrencies as the base currency in trading. 

David underlined, “Using cryptocurrencies as the base currency in trading opens up untapped opportunities by allowing unique trading pairs against conventional asset classes. This creative approach gives traders access to a wider spectrum of market dynamics and possible profit paths by allowing them to diversify their portfolios in ways not possible with traditional trading approaches.”

Moreover, trading cryptocurrencies in CFDs (Contracts for Difference) has clear benefits. 

David said, “CFDs let traders go long or short on positions easily since they let them gamble on price swings without owning the underlying asset. Together with the leverage provided in CFD trading, this adaptability helps traders to maximize their possible returns and better control risk.”

Metatrader 5 (MT5) Is Enhancing the Cerus Markets System 

Recently Cerus Markets included MetaTrader 5 (MT5) into their system, greatly improving user interface. 

“The advanced trading features of MetaTrader 5 greatly improve the user experience through integration into our platform,” David said. 

MT5 offers traders a range of advanced tools including better charting, several order kinds, and quick execution speeds. These tools enable traders with more control and accuracy in their trading plans, so appealing the platform to both new and seasoned players.

Partner Program and Cellxpert Integration

Cerus Markets is committed to enhancing the partnership experience for affiliates and introducing brokers. The integration of Cellxpert is a testament to this commitment. 

David shared, “The integration of Cellxpert is a direct response to the valuable feedback and recommendations from our existing partners. This enhancement significantly improves the partnership experience by offering advanced system capabilities and substantial user benefits.”

Partners gain access to a robust analytics portal, enabling real-time tracking of client activity and campaign performance. Additionally, the new commission structures and tailored rewards ensure that affiliates and introducing brokers can maximize their earnings. 

David emphasized, “This integration reflects our commitment to continually improving our platform based on partner insights, ensuring their success and satisfaction.”

Future Developments of Cerus Markets

Looking ahead, Cerus Markets has several exciting developments in the pipeline for the next six months. 

David revealed, “We are gearing up for a significant transformation that will bring major enhancements to our platform, presenting a fresh new look and feel that reflects our commitment to innovation and excellence in trading services.”

Cerus Markets plans to expand its unique offering of crypto trading pairs and provide in-depth analysis through its “Pair of the Week” series. To keep traders informed and ahead of the market, they will also start a series of trading webinars available in several languages. 

David reassured, “These projects, combined with our constant efforts to innovate and improve our platform, ensure that our partners and traders have the tools and information they need to make informed trading decisions and achieve their financial goals.”

Conclusion

David Lee concluded the session by reiterating Cerus Markets’ dedication to providing a secure, simple, and convenient trading platform that bridges the gap between cryptocurrency and traditional financial markets. He invited potential partners to join Cerus Markets on their journey to innovation and success. 

“We continually seek partners who share our vision of integrating these two dynamic sectors, working together to achieve success,” David stated.

The post Bridging Finance Worlds: Cerus Markets VP David Lee on Merging Crypto with Traditional Trading appeared first on BeInCrypto.

In an exclusive interview, Bob Ng, the Chief Technology Officer of UXLINK, shared his insights on the competitive field, user metrics, and the future of SocialFi.

Enhancing User Verification for Authentic Interactions

BeInCrypto: The SocialFi sector is a hot topic now. What unique value proposition does UXLINK offer that sets it apart from other social platforms in the market?

UXLINK’s unique value proposition lies in its focus on authentic social interactions and its robust user verification process. By emphasizing “registered users” instead of just unique wallet addresses, UXLINK ensures that the interactions on its platform are genuine and meaningful. This approach helps to build a trustworthy community, which is essential for social platforms. Additionally, UXLINK vets new users through its invitation-only registration process, enhancing the quality of the user base.

BeInCrypto: What advantages does this provide in understanding your user base?

UXLINK focuses on “registered users” to ensure that its user base reflects real individuals engaging with the platform. This approach addresses issues of fake or sybil wallet addresses that can distort data. By using registered users as a metric, UXLINK can better understand and cater to its actual user base, fostering more meaningful interactions and improving the overall quality of the community.

BeInCrypto: Can you walk us through the process and criteria for verifying and registering a user on UXLINK? How does this ensure the authenticity of your user base?

The verification and registration process on UXLINK involves three stages:

• Invitation-Based Registration. New users must be invited by existing users or partners, ensuring that new members are connected to the community.
• Human Interaction Verification. Users must engage in human interaction to prove they are not bots.
• Product Usage. Users must utilize UXLINK’s products to complete their registration.

This multi-stage process ensures that each user is a real person, significantly reducing the likelihood of fake accounts and enhancing the authenticity of the user base.

Addressing Challenges in SocialFi

BeInCrypto: What are your thoughts on the current trends in SocialFi, and how can UXLINK take advantage of these trends?

Current trends in SocialFi include a focus on decentralization, user privacy, and community-driven growth. UXLINK can take advantage of these trends by leveraging its strong community verification processes and commitment to user privacy. Our approach to incentivizing community contributions through UXUY and its emphasis on authentic social connections align well with these trends, making it a leader in the space.

BeInCrypto: Where is the SocialFi sector currently lagging, and what innovations or improvements are needed to advance the field?

The SocialFi currently lags in addressing sybil attacks and ensuring genuine user interactions. This sector needs innovations in user verification, such as multi-stage registration and human interaction requirements, to improve authenticity.Additionally, enhancing user privacy and security while maintaining transparency is crucial. Developing tools and protocols that make it easier for users to interact and contribute to the community can also advance the field.

BeInCrypto: What measures does UXLINK implement to detect and prevent sybil accounts, and how effective have these measures been?

UXLINK implements a three-step process to detect and prevent sybil accounts:

• Step one. Based on human verification or access compliance validation, we will identify wallet addresses as false and exclude them from the system. These accounts will not be counted as registered users, and they will not generate UXUY rewards from “link-to-earn”. While this step can block the majority of false accounts, it must not be too stringent to avoid inadvertently harming genuine users.
• Step two. Upon entering the UXLINK network and generating UXUY rewards, we will further filter based on community contributions and activity levels. For example, if an account remains inactive for six months or fails to successfully claim UXUY, UXLINK will reclaim the rewards and redistribute them within the community to incentivize high-quality users. This reallocation process helps to insure that only users who truly contribute value to the community receive incentives.
• Step three. Before TGE, the community will conduct another round of anti-sybil measures and announce the methods. They will reintroduce the reclaimed UXUY rewards into the community to incentivize high-quality users.

These measures have been effective in maintaining a high-quality user base and ensuring that community incentives are directed toward genuine users.

BeInCrypto: How does UXLINK ensure user privacy and data security, particularly given the platform’s emphasis on social interaction and connection?

UXLINK ensures user privacy and data security by implementing robust encryption protocols and privacy-preserving technologies. The platform respects user privacy by allowing users to interact without necessarily revealing their identities. UXLINK also follows strict data security practices to protect user information from unauthorized access, ensuring a safe and secure environment for social interactions.

UXLINK Brings the Mass Adoption Closer

BeInCrypto: How does UXUY function within the UXLINK ecosystem to encourage community growth and interaction?

UXUY functions as an on-chain Proof of Work (POW) score within the UXLINK ecosystem. It incentivizes community growth and interaction by rewarding users for their contributions to the community. Users earn UXUY through defined POW activities, and these rewards can be claimed on-chain. This system encourages active participation and rewards genuine contributions, fostering a vibrant and engaged community.

BeInCrypto: How does UXLINK maintain high levels of user engagement and retention, especially in comparison to other platforms?

UXLINK maintains high levels of engagement and retention through its focus on social connections and community contributions. By fostering real-world social relationships and group activities, UXLINK creates a strong sense of community. The platform also incentivizes active participation through UXUY rewards and ensures that contributions are recognized and rewarded. These strategies lead to higher user stickiness and retention rates compared to other platforms.

BeInCrypto: What do you see as the biggest barriers to mass adoption of SocialFi platforms, and how is UXLINK working to overcome these obstacles?

The biggest barriers to mass adoption of SocialFi platforms include user trust, privacy concerns, and the complexity of blockchain technology. UXLINK addresses these obstacles by building a trustworthy community through rigorous verification processes, prioritizing user privacy, and providing user-friendly interfaces. By simplifying interactions and making blockchain technology more accessible, UXLINK aims to overcome these barriers and drive mass adoption.

BeInCrypto: How does UXLINK assess and reward community contributions, and what impact does this have on fostering an active and engaged user base?

UXLINK assesses community contributions through its UXUY POW score, which records and rewards user activities. Contributions are evaluated based on predefined community activities, and users earn UXUY as a result. This rewards system encourages active participation and fosters an engaged user base by recognizing and incentivizing valuable contributions to the community.

Future Prospects and Strategic Collaborations

BeInCrypto:  What upcoming projects or features can UXLINK users look forward to, and how do these align with your vision for the platform’s future?

UXLINK users can look forward to new features that enhance social interactions and community engagement. Upcoming projects include collaborations with ecosystem partners to establish a socialized layer for asset generation and distribution. These developments align with UXLINK’s vision of creating a trustworthy social platform and infrastructure that empowers users and developers alike.

BeInCrypto: How does UXLINK plan to collaborate with other ecosystem partners to enhance its platform and user experience?

UXLINK plans to collaborate with ecosystem partners by integrating their services and technologies into its platform. This will enable users to access a wider range of applications and services seamlessly. By leveraging these partnerships, UXLINK aims to enhance the user experience and provide more value to its community, driving growth and innovation within the SocialFi sector.

The post SocialFi Revolution: Insights from UXLINK’s CTO Bob Ng appeared first on BeInCrypto.

The entrepreneur duo’s journey shows their ability to adapt, overcome, and evolve, as they create a space for themselves in DeFi’s changing environment.

From Wall Street to Web3

Salim, an AI and big data engineer by trade, found his calling beyond the corporate world. With a background in engineering, mathematics, and statistical modeling, he expanded his expertise to include marketing and sales strategies for online ventures, becoming the marketing mastermind behind a combined $100M in sales in these industries.Yet, his real breakthrough came in 2022 when a tweet by Elon Musk sparked his interest in Bitcoin (BTC), propelling him down the cryptocurrency rabbit hole.

“I participated in many Web3 projects, the most famous being MetaLegends, where I was managing the marketing side of things. This project sold out for $20 million. That’s when I realized things are happening way faster in the Web3 world”, Salim says. “And by that time, I met Tan. At the peak of the last bull market we chose to launch something together. And that’s how Decentralized Masters came to be.”

Tan, on the other hand, began his journey in the world of finance, climbing the investment banking ladder. From the suburbs of Paris, he navigated a traditional path, securing a role on Wall Street, where he witnessed the inner workings of the banking industry. But Tan’s experience with crypto conferences and witnessing the potential of blockchain technology led him to shift gears. He recognized the power of DeFi, particularly in comparison to traditional banking systems, and made the transition to the crypto space.

“At 21 I passed my CFP1 and got access to Wall Street. I did an internship there as an investment banker, and it really opened my eyes,” Tan adds. “I saw behind the curtains of the big investment banks how the game was rigged. And I saw true use cases of crypto, how it could make everything better.”

Turning Adversity into Opportunity

The inception of Decentralized Masters came at a crucial moment. The company launched just before a brutal market crash: one of the biggest centralized exchanges in the US, FTX, collapsed, triggering a domino effect throughout the industry. The downfall of Sam Bankman-Fried’s empire led to widespread fear, eroded trust in CEXes and intensified the challenges for a freshly launched company.

Despite early success, their journey took a steep turn when their payment processor unexpectedly blocked transactions and banking partners temporarily froze funds. Plus, social platforms restricted their content and it was as if everyone was against them. However, Salim and Tan saw an opportunity in the adversity.

“We were starting to sell really well. It was a massive success. But after one or two weeks of sales, the FTX crash happened,” – Salim reflects. “And from there, everything went downhill. We almost gave up, it felt like the whole Universe was conspiring to make sure we wouldn’t win. But by the end of the year we were like – you know what, if we manage to do this during a bear market, imagine how amazing it will be during a bull market? And from there, it has been a crazy ascension.”

The duo’s resilience paid off, as they secured new banking partners and payment processors, and Decentralized Masters grew from zero employees by the end of 2022 to over 80 team members in just a year. 

Both entrepreneurs now look back to late November 2022 as a turning point for the whole DeFi space. People recognized that centralized exchanges were not safe and reaffirmed the value proposition of DeFi platforms.

Tan notes centralized exchanges function like traditional banks, using clients’ assets to make money and offering crypto products without leveraging blockchain technology. According to him, this leads to issues such as limited transparency and lack of security, as seen in the FTX case.

“What centralized exchanges do? They pay clients 3-4% and use their crypto to make 20-30-40% in DeFi protocols. That’s exactly what the bank does when you leave your money in savings,” he recalls. “What we want to teach people is to self-custody their funds to hedge against the monetary system, so they can control it and make the profit instead of giving it to the third party.”

The Decentralized Approach

Decentralized Masters provides comprehensive education on DeFi and crypto markets. The platform’s value lies in its multifaceted approach, from portfolio management and asset selection to technical analysis and strategy development.

As for now, the company boasts a team of 10 full-time analysts who conduct in-depth research into various projects, comparing them across a range of variables. They provide a full overview of each asset, incorporating fundamental, technical, on-chain, and team analyses. The projects are then graded based on these variables, resulting in a ranking system to assess their success potential.

“We’re lucky to be surrounded by a team of people who are all experts in their different narratives. They conduct due diligence on a daily basis,” Tan explains. “That allows us to basically rate different protocols, different projects, and make sure that we only invest in projects that have a high potential of staying alive.”

But the team’s vision extends beyond analysis, encompassing community building and mentoring. Decentralized Masters offers a mastermind community and a platform for members to connect and share knowledge. This extensive ecosystem has fostered a thriving community, where members proudly display their credentials.

“We gather high-value individuals with the same sophistication and values,” Salim notes. “Сommunity in crypto is everything: it can make or break one’s success. At the end of the day, when you’re surrounded by the right people, things tend to work pretty well.”

Bridging TradFi and DeFi

Decentralized Masters’ narrative was designed to act as a bridge between traditional finance (TradFi) and DeFi. Their strategies leverage portfolio management principles from Tan’s CFA background, while also incorporating decentralized finance tools. This convergence of two worlds is pivotal to their mission.

“We teach people to stay away from risk while optimizing potential rewards. It’s all about the portfolio allocation principles that we have and the rules that we follow to make sure we avoid the downside,” Salim comments. “Once you have decided which 10 to 12 assets you want to hold, you can use DeFi tools to juice up the returns with a long term mindset. When the market is going red, you can add some delta-neutral strategies and more elaborate strategies on top.”

The founders draw a parallel from the TradFi world to the current DeFi space, where concepts such as restaking and liquid restaking echo the derivatives ideology from traditional finance. They highlight that this transition represents a broader shift, with all the innovation from TradFi moving to DeFi, where everything can be tokenized.

“While TradFi currently holds more capabilities due to decades of development, DeFi is quickly catching up, particularly with finance experts joining the pace. This space needs real finance people to jump ship and help the devs,» Tan asserts, highlighting the need for collaboration between financial and technical expertise.

This union is embodied in the Decentralized Masters team, with Salim’s engineering prowess and Tan’s finance acumen driving the platform’s growth. The project is poised to expand further, led by its dedication to education, innovation, and community building. Decentralized Masters’ vision reflects the evolving crypto space, as they merge the old and new financial worlds, offering nuanced insights and strategies.

The post Building Bridges: Decentralized Masters and Their DeFi Journey appeared first on BeInCrypto.

BeInCrypto sat down with Suji Yan, the founder of Mask Network, to explore the current state of this narrative and the Mask Network’s role in shaping the future of decentralized social networks.

Early Development and the Evolution of Mask Network

Suji begins by tracing the origins of his company to the early ideas sparked by the limitations of traditional finance. «Bitcoin is great… it saves the money, right? Bitcoin is the peer money and digital gold. And Ethereum is the programmable machine, the infinite machine on a smart contract», he articulates. 

His vision, however, extends beyond these pioneering technologies towards a grander aim of creating a fully autonomous digital society.

“My bigger dream, my bigger perspective for our industry is that we eventually can become an independent cyberspace”, he explains, envisioning a new kind of governance, society, and communication platform grounded in blockchain technology. “If you want to create a society, you will need your own platforms where people can gather and talk without worrying that one day AWS is going to kill the Facebook server and you will be de-platformized”.

Suji enthusiastically recounts the early days when Mask Network was still taking shape. The team was officially assembled in 2016, with the company forming in 2017 amidst a bull market with its ICO craze. Mask Network, however, was keen on building a sustainable long-term vision. “We did a lot of research. We write a lot of codes. And we built something that people never seen before”, he says, emphasizing the innovative spirit of his team.

Mask Network quickly garnered support from key figures in the blockchain community. Ethereum co-founders Vitalik Buterin and Mihai Aliesie were early users of the Mask extension. This period of subsequent adoption of their technology laid a solid foundation for Mask Network’s ambitions, setting the stage for further development and continued evolution toward a decentralized digital society.

The Long Road to Social Networks Decentralization

Suji recognizes the journey toward decentralizing social networks as a long-term endeavor. Reflecting on discussions in 2018, he noted how major platforms like Facebook initially flirted with decentralization before stepping back. Interestingly, they are revisiting these ideas, paralleling X/Twitter’s intermittent experiments with decentralization strategies, including during Jack Dorsey’s tenure and more recently under Elon Musk’s direction, who has shifted his focus towards integrating AI.

This narrative underlines that developing a comprehensive suite of technologies for decentralized social networks presents significant challenges. Unlike more straightforward financial applications in the blockchain space, such as DeFi or cryptocurrency exchanges, which benefit from clear, measurable success metrics like trading volume or total value locked (TVL), social platforms require nuanced, complex solutions that must evolve to meet the diverse needs of users and the nature of social interaction online. This complexity makes the path to decentralization innovative and fraught with continuous learning and adaptation.

Despite all hurdles, Suji remains optimistic about the future, drawing parallels with the early days of DeFi, which also faced skepticism and slow initial growth. He anticipates a similar trajectory for decentralized social networks, with gradual acceptance leading to more significant breakthroughs.

“Social [networks] is very different… it needs a series of events to make people realize we really need decentralization”, he explains, citing pivotal moments such as the Cambridge Analytica scandal and recent regulatory actions against TikTok. “For DeFi, it took 7 years: from the BitShare story, BitUSD story, and then EOS, then people moved to Ethereum, then the DeFi summer. If history repeats itself, we’ll see decentralized social networks boom in 2028, maybe 2029”.

Suji believes that these foundational shifts in the digital field, catalyzed by major public events, serve as critical moments that will eventually drive widespread adoption. The awareness and understanding of the importance of user control over personal data increase, so will the demand for decentralized solutions.

Strategic Initiatives and the Ecosystem Support

Beyond developing its proprietary technology, Mask Network has played a crucial role in supporting decentralized social networks and infrastructure projects. In 2021, the team initiated the Bonfire Union – the venture arm involved in funding various initiatives, including social platforms, blockchain infrastructure projects, and other innovative technologies that align with the decentralized ethos of Mask Network.

Bonfire Union has invested in a diverse array of projects, including:

• Lens Protocol — a blockchain-based open source social graph created to reshape the future of social media concepts. 
• Orbiter Finance —  a decentralized cross-rollup bridge for transferring Ethereum native assets.
• Alt Layer — an open and decentralized rollup service provider.
• GoPlus — an open, permissionless, user-driven security service platform.
• Sonorus — a decentralized music voting & rewards protocol.
• Oasys — an eco-friendly blockchain built for the gaming community.
• RSS3 — a decentralized network indexing and structuring open information.

“Bonfire Union’s AUM is over a $100 millions now, but when we launched it, it was just  $42 millions”, Suji reflects. “There are many other social things we invest in: decentralized social networks,  infrastructure. Financial VC, they don’t see what’s going on. But we’re early and true believers, so we know there are many things that are lacking in this industry”.

Mask also became one of the largest contributors to Mastodon, a decentralized and federated social network, and a key shareholder of Lens Protocol, demonstrating a strategic approach to nurturing the ecosystem’s growth.

The commitment of Mask Network extends beyond financial investments. In December 2023, Mask established a non-profit entity, Mask Network Academy, which provides financial and technological support to the world’s top universities and journalism programs to promote Web3 research and story-telling.

“We actively engage with educational institutions worldwide to foster a deeper understanding of blockchain and decentralized technologies”, Suji explains. “For instance, we’ve partnered with the Hong Kong University of Science and Technology and supported Korea University, focusing on encouraging young students to explore decentralized applications. We find it crucial to support these educational endeavors through donations, such as the one we made to the UOPI Foundation, using cryptocurrency to facilitate these contributions. Our goal is not just to fund, we want to inspire and collaborate with the next generation of innovators who can carry forward the vision of a decentralized future”.

This dedication to education and development highlights Mask Network’s holistic approach to advancing the Web3 ecosystem. By providing both financial backing and hands-on opportunities, they ensure that emerging talents have the resources and knowledge needed to succeed in shaping a more decentralized and transparent digital future.

New Era of Social Interactions

Suji believes it is still too early to fully assess the impact of their efforts, noting that many in the industry still need APIs, infrastructure, or SaaS solutions. In response, Mask Network plans to offer significant support by providing free infrastructure to their ecosystem, which has yet to be publicly announced. This initiative will cover server and gas costs, allowing emerging projects within their network to develop without financial barriers during their first year.

Mask Network’s founder explained that while the company cannot cover excessive costs for projects that secure substantial funding, the team i committed to opening a gateway for those still in the early financial stages. This support includes free SaaS and other resources from Mask Network and its DAO, removing the burden of gas fees and allowing developers to focus on innovation and learning.

In the broader narrative of blockchain and decentralization, under Suji Yan’s leadership, Mask Network aims to be more than just a technology provider. They are deeply involved in crafting a decentralized framework for social interactions, where privacy, security, and user autonomy are paramount. Suji emphasizes the importance of this mission in his own words:

“Our vision at Mask Network is to foster an environment where digital sovereignty is the norm, not the exception. We’re building tools that allow individuals to control their own data, communicate freely without censorship, and transact securely without intermediaries”.

Through ongoing product development, community initiatives, and strategic partnerships, Mask Network is laying the groundwork for what Suji believes will be the next major evolution in how we interact online. Integrating advanced blockchain solutions into everyday social media functionality is paving the way for a future where digital interactions are as secure and private as they are ubiquitous. Suji’s commitment to this vision is clear as he steers Mask Network towards a world where decentralized technologies redefine our digital interactions, making them safe and user-centric.

The post Decentralization Unleashed: How Mask Network is Rethinking Social Media and Privacy appeared first on BeInCrypto.

The conversation explored a variety of topics, including the challenges of scalability and speed in blockchain technology and Diamante’s approach to creating a sustainable and efficient ecosystem.

Jetani highlighted how Diamante Net, described as a “layer-1, state-of-the-art hybrid blockchain platform,” is aiming to redefine financial transactions with seamless interoperability.

The Core Capabilities of the Diamante Network

At its core, Diamante Network stands distinguished by its layer-1, hybrid blockchain infrastructure, crafted to address some of the most pressing issues faced by traditional blockchains: scalability, speed, and environmental impact. 

By implementing a Federated Byzantine Agreement (FBA), Diamante enhances transaction processing speeds without compromising on security, a critical feature for modern enterprises and financial institutions.

This strategic choice in consensus mechanisms allows Diamante to outpace conventional blockchains significantly. 

“Our latest deployment reduced energy consumption by 40% through optimized consensus algorithms,” Jetani highlights.

Furthermore, Diamante’s architecture supports a wide range of applications, from financial services to supply chain management, making it a versatile platform for various industries seeking blockchain solutions. Its strong design ensures that as the network scales, it remains efficient and secure, paving the way for a new standard in blockchain technology.

The Role and Impact of DIAM Coin

Central to the Diamante ecosystem is the DIAM Coin, a utility token designed to streamline the operations within the Diamante network and enhance user engagement. DIAM Coin serves multiple functions, from facilitating transactions with reduced fees to granting access to exclusive features within the Diamante suite of applications. 

“DIAM Coin streamlines transactions, facilitating access to premium ecosystem features and driving user engagement,” Jetani explains.

DIAM Coin is particularly pivotal in operating Diamante’s flagship applications, such as PayCircle, CreditCircle, MudraCircle, and MetaCircle. For instance, in PayCircle, DIAM is used to handle transaction fees and reward mechnaisim, which broadens its utility and acceptance from across the globe.

Moreover, the economic model of DIAM Coin is strategically designed to be deflationary, where a portion of the coins used in transactions is burned, thus reducing the total supply and increasing scarcity. This mechanism supports the coin’s long-term value proposition, aligning with the ecosystem’s growth and sustainability goals. 

“The strategic integration of DIAM across these platforms significantly propels its utility and engagement,” states Jetani.

Key dApps and Their Contributions to the Ecosystem

Diamante Network’s strong ecosystem is powered by a suite of decentralized applications (dApps) that leverage the core capabilities of the blockchain as well as AI to deliver unique solutions across various sectors. 

At the forefront of these innovations are PayCircle, DiamCircle, MudraCircle, and MetaCircle, each designed to integrate seamlessly with the DIAM Coin, enhancing the blockchain’s utility and user experience.

PayCircle: Streamlining Financial Transactions Across Currencies, Fiat & Crypto

PayCircle serves as a comprehensive financial application and a super app that facilitates blockchain-based transactions, supporting fiat transactions and multi-currency digital assets trading. The app offers AI-curated and customized rewards and cashbacks based on individuals’ and businesses’ transactions.

This dApp uses DIAM Coin to efficiently handle transaction fees, with a portion of the coin being burned to enhance network stability and ensure a sustainable supply. Chirag Jetani articulates the broader vision for PayCircle:

“We are evolving our platform with our native digital asset, DIAM, broadening its utility as a strong payment method accepted by an expanding network of merchants.”

MudraCircle: Enhancing CBDC Solutions with DIAM Coin

MudraCircle focuses on central bank digital currency (CBDC) solutions, where DIAM Coin plays a crucial role in fee processing, network access, and governance participation. 

This dApp enhances liquidity and interoperability between various digital currencies, enriching the financial ecosystem and providing users with reduced transaction fees and access to exclusive features.

MetaCircle: Facilitating Transactions in the Virtual World

MetaCircle, set in a virtual environment, uses DIAM Coin as the primary currency for purchasing digital assets, such as virtual real estate and exclusive metaverse experiences. Its integration into MetaCircle’s virtual banking features simplifies asset management and financial transactions, making virtual financial services seamless and user-friendly. 

Jetani notes, “MetaCircle uses DIAM Coin to create a comprehensive virtual economy, where users can engage in transactions as easily as they would in the real world.”

These dApps are pivotal in driving growth and engagement within the Diamante Ecosystem, offering increased utility and incentivization through DIAM Coin and fostering a network effect that attracts more users and stakeholders, thereby accelerating ecosystem growth.

Comparative Advantage Over Competitors

Diamante Network stands out from other blockchain platforms because it seamlessly combines speed, security, and environmental friendliness. 

Federated Byzantine Agreements (FBAs) are used for consensus, which guarantees fast transaction speeds and high security without the energy inefficiencies of traditional Proof of Work (PoW) and Proof of Stake (PoS) systems. By using FBAs, this is achieved.

Diamante also offers predictive and analytical capabilities that automate complicated processes through the integration of blockchain technology with artificial intelligence (AI). This integration reduces the need for manual intervention and enhances the platforms. It also offers:

• Better efficiency
• Lower costs
• Faster decision-making

In addition, Diamante allows for smooth communication with other blockchain networks, which greatly increases the reach and utility of its platforms.

Diamante also stands out in an industry that is frequently criticized for its environmental impact thanks to its commitment to sustainability, which is another key component of its strategy. 

“Our latest initiatives include participating in carbon credit markets and exploring renewable energy sources for our data centers, aiming to achieve a net-zero carbon footprint by 2025,” According to Diamante’s Co-founder & COO, Chirag Jetani.

This showcases Diamante’s commitment about being an environmentally responsible business.

Diamante’s Global Strategy and Future Outlook

As Diamante Network sets its sights on global expansion, the eyes are on markets such as the UAE, USA, and India, focusing on sectors ripe for digital transformation through blockchain & AI technologies. 

“We are poised for aggressive expansion into new markets, focusing on sectors such as digital finance, smart contracts, dApps, gaming, CBDC and more,” Jetani states.

A key component of Diamante’s strategy involves understanding and adapting to these regions’ unique cultural, economic, and regulatory landscapes. This involves conducting extensive market research, forging strategic partnerships with local entities, and engaging directly with regulatory bodies to ensure compliance and foster trust. 

The Dynamic Community and Strong Partnerships

Diamante has been actively involved in various collaborations, forging partnerships with various Web3 projects and crypto events across the globe. With these collaborations, the company is paving the way for a seamless integration of technologies. 

Diamante’s dynamic community of over one million showcases its strong commitment towards building a robust technology ecosystem, driving the evolution of blockchain, AI and Web3.

Through these efforts, Diamante aims to tailor its technology to meet local demands, thereby facilitating smoother entry and stronger adoption.

Looking ahead, Diamante is not only expanding geographically but also focusing on the integration of latest technologies, such as AI, IoT, and Metaverse, with its blockchain solutions. The future roadmap includes launching blockchain-based platforms for industries like pharmaceuticals to combat counterfeiting and enhance transparency. 

“Our future plans are centered around harnessing blockchain and AI to address pressing global challenges in sectors including healthcare, finance, and supply chain management,” Jetani remarks.

Links:
Diamante Blockchain | DIAM Website | X (Twitter) | Telegram | Discord | Instagram | YouTube | Reddit | Facebook

The post Founder & COO Chirag Jetani on Diamante’s Vision for High-Speed, Secure Blockchain Solutions appeared first on BeInCrypto.

The event gathers executives and founders from leading Web3 companies, where they share views on the industry and give updates about their particular projects. This allows Web3 enthusiasts to become aware of the recent global developments and widen their perspective on the entire ecosystem.

The latest TOKEN2049 event in Dubai saw more than 20,000 attendees and over 300 speakers. The event also attracted over 5,000 Web3 companies. Despite Dubai recording the heaviest rainfall in 75 years, the TOKEN2049 team and their co-founder Alex Fiskum made the event possible.

The event’s biggest highlight came from Telegram as their CEO and founder, Pavel Durov, and Tether’s CEO, Paolo Ardoino, revealed on stage that $USDt and $XAUt launch in the TON and Telegram ecosystem.

Key Insights From TOKEN2049

Pavel Durov

Founder

Telegram

Integration of Blockchain Technology

During the discussion, Pavel highlighted the importance of blockchain technology for Telegram because it allows developers to build apps Telegram Mini Apps. Telegram Mini Apps are apps integrated directly into Telegram, allowing the user to interact with them without ever leaving the popular messenger platform..

In fact, as per Pavel, this is one of the reasons why Telegram has adopted blockchain technology at such a deep level: it helps with the values of the platform by giving power to the people and enriching our ecosystem.

The result of this is already visible because out of 900 million active users of Telegram, 360 million of them already interact with these mini-apps every day, and the number is expected to grow.

Utilizing $TON for Creator’s Program

While talking to the audience, Pavel highlighted the importance of blockchain technology when it comes to supporting Telegram’s creator program, in which Telegram shares 70% of ad revenue with creators. This is one of the most generous revenue-sharing models in the history of social media.

Pavel talked about the importance of remaining transparent with the users, which is not the case with other social media platforms.

He highlighted how Telegram’s algorithms are designed to support creators and help them reach out to their target audience. Something unique in its kind because other platforms use shadowbans when their narrative is not shared.

Furthermore, Pavel stated that utilizing Toncoin for payments is the best way possible as it comes with the ease of withdrawals and transfers to creators who are present in different parts of the world. With the help of the creator’s program, Telegram’s goal is to is to create is create a true internet of ownership and reward users for their creativity.

Owning Usernames and NFTs

Another thing Pavel talked about while addressing the audience was how Telegram utilized blockchain technology by tokenizing usernames and launching “anonymous number NFTs.”

With the initiative of Telegram, it was the first time that users could “own” their usernames and do whatever they would like, which generally includes selling their usernames to other users. In fact, users who bid their usernames got 95% of the revenue, and combined with Telegram’s anonymous number of NFTs, $350 million was generated in sales.

Moving forward, Pavel stated that Telegram will offer a lot more NFTs that will have some form of real-life value because there is so much that the world can do with NFTs that has not been discovered yet. Telegram will unleash a new era of non-fungible tokens by giving millions of users easy access to NFTs.

Marcin Kazmiercza

Co-Founder

Redstone Oracles

Announcement of Partnership with Telegram & Tether

Similar to Tether, RedStone is also collaborating with The Open Network. The collaboration is extremely exciting for the entire ecosystem as RedStone is the only Oracle that supports Decentralized Finance’s expansion on the TON blockchain. This will give room for more DeFi development on Telegram.

Currently, RedStone secures almost $2 billion in assets on-chain and has ample scalability to grow this number. The announcement did not come from Marcin but rather from Paolo Ardoino, CEO of Tether, who ensures the partnership is well underway.

Partnership With EtherFi

While moderating a panel on Liquid Staking and Re-Staking, Marcin and other founders made three notable announcements.

The first announcement was made by Mike, the CEO of EtherFi. EtherFi is a renowned liquid re-staking on Ethereum. During the talk, Mike confirmed EtherFi’s focus on EigenLayer expansion, with also a door open to launching on the new re-staking platforms.

During the discussion, the second announcement was made by Brian, who is the CEO of Chorus One. Chorus One is a renowned staking solution that works on more than 50 decentralized networks. Brian talked about the complexity of node operation with versatile Actively Validated Services (AVS) while also reassuring that Chorus will use its 6-year-long experience to navigate the space.

Lastly, Marcin made the third announcement, in which he confirmed rumors about RedStone’s $500 million deal with EtherFi. The deal will allow RedStone to provide what it does best, which is to help EtherFi validate Oracle data on AVS.

Marcin stated that the timeline of the deal will depend on the rollout of M2 (withdrawals) and M3 (slashing) on EigenLayer. However, the work will be completed somewhere around Q3 to Q4 of 2024 for the entire mainnet implementation.

Paolo Ardiono

Chief Executive Officer

Tether

Growth of Tether

During the presentation, Ardiono talked about the reasons behind the growth Tether has achieved so far and where it plans to go in the coming years.

The first reason behind Tether’s growth is its’ secure network, which is amongst the best. The security ensures that the Tether will remain pegged to the US dollar, and its value will not decrease in the coming years. Tether has an excess equity of $6 billion and is over-collateralized by 106%.

Furthermore, Tether holds $90 billion in US t-bills, more than Australia and Spain. All of these things ensure stability and, therefore, are the reasons behind the growth of Tether.

Secondly, Tether has a perfect market fit. Unlike banks, they welcome people with as much money as they have, which is ideal for economies that have high inflation and do not have a large capital to get started.

Tether’s Upcoming Integration With TON

Another thing Ardiono talked about was Tether’s upcoming integration with The Open Network. This is a big step forward for Tether because it will give easy access to hundreds of millions of users on Telegram.

Utilizing TON will result in low fees, so Tether has decided on a fixed fee that will be under 15 cents. There will be no traffic-based fluctuations as it will be scalable for billions of users.

Ardiono stressed that they chose Telegram because of the ecosystem that Telegram built, which is one of a kind. It already has a massive community and is ready to welcome even more users.

Additionally, as other companies are utilizing banks and fiat to support their creators, this system is not scalable, nor is it empowering, as banks can withhold payments whenever they want to. This can be resolved by utilizing Tether, making it a truly win-win deal for the two.

The goal is to give users a safe and instant way to send or receive money. Additionally, with this latest partnership, there is a great chance for growth for both companies.

Final Thoughts of the TOKEN2049 Event

As TOKEN2049 concludes, the insights from industry pioneers like Pavel Durov and Paolo Ardoino highlight a transformative future for Web3 and a high potential for mass adoption. Their groundbreaking work with TON, Telegram and Tether is paving the way for a more decentralized and user-centric digital ecosystem.

The successful integration of $USDt and $XAUt into the TON framework promises enhancedliquidity for the TON Ecosystem, marking a significant advance in Web3 user onboarding and creators’ economy.

The post Global Web3 Titans Gather at TOKEN2049: Key Insights From Experts appeared first on BeInCrypto.

As a seasoned professional with a rich background in Web3, tech, and finance, Milton discussed the unique challenges and opportunities Fintopio is encountering on its innovative journey.

The interview covered a range of topics, from user accessibility to competitive positioning, emphasizing Fintopio’s strategic deployment on Telegram and its aspirations to simplify and democratize crypto payments for the masses.

Fintopio’s DeFi Wallet: Simplifying Crypto for Mass Adoption

Fintopio’s introduction of its DeFi Wallet marks a big milestone in its mission to simplify the crypto payment process. 

This innovative wallet allows users to send and receive digital assets directly through Telegram chats, leveraging the app’s massive user base of 900 million monthly active members. Steve Milton emphasized the strategic integration, stating, 

“We are committed to adopting the straightforward standards common in Web 2.0 payments, which is exactly what we’ve designed Fintopio to offer. Our platform provides easy access and simplifies sending money through chat messaging, significantly lowering the barriers for those who aren’t as technically savvy.” 

This approach aligns with Fintopio’s strategy to simplify crypto payments and make access to crypto more accessible, aiming to reach a broader audience beyond the tech-savvy early adopters. Steve Milton articulates this mission clearly: 

“Our main goal at Fintopio is democratization of access. We are focused on simplifying and democratizing crypto to foster mass adoption by simplifying the user experience for non-crypto folks,” he explains. 

By integrating crypto transactions into Telegram, a platform already familiar to millions, Fintopio removes several layers of complexity typically associated with blockchain and digital wallets. The design philosophy behind Fintopio’s wallet focuses on intuitive interfaces that users can navigate with ease, mirroring the simplicity of sending a chat message. 

The unique chat message style UI feature is vital for promoting broad adoption because it removes the substantial entry barriers that have previously discouraged everyday consumers from using blockchain technologies.

Building on Telegram and Strategic Market Positioning

Choosing Telegram as the launch platform for the Fintopio DeFi Wallet was a strategic decision that leverages the messaging app’s wide reach and technological abilities. 

Telegram is not only one of the most downloaded apps globally but also has a young and technologically adept demographic, which aligns perfectly with Fintopio’s target audience. 

“We chose to build on Telegram because it is still growing rapidly and is technologically advanced compared to other platforms,” Steve Milton commented on the decision. 

This foundational choice sets the stage for Fintopio to integrate deeply into the daily routines of millions, making the transition to using crypto for payments as smooth as possible.

However, integrating Fintopio’s wallet into Telegram also places it directly in competition not just with Telegram’s primary existing wallet, developed by the TON team, but also with several smaller crypto wallets. 

Despite this competition, Fintopio takes pride in its comprehensive, holistic approach to financial freedom via the Fintopio app, which is currently available as a Telegram mini-app and a web-based app, with mobile apps slated for future release. 

Nevertheless, Milton sees this competition as an opportunity rather than a setback. Fintopio’s entry into a market dominated by a well-established competitor drives the company to enhance and innovate its products in order to deliver exceptional value. 

“We don’t need to be first to the market; we just need to be better. Our advantage lies in superior technology and user experience, which are crucial for outcompeting others,” says Milton. 

This mindset reflects a strategic focus on quality and user satisfaction, which are critical in winning over users who may already be familiar with Telegram’s native wallet.

Moreover, the fact that Fintopio is one of the two wallets verified on Telegram adds a layer of trust and legitimacy, setting it apart from numerous unverified alternatives. This verification is vital as it assures users of the safety and reliability of using Fintopio over other options, providing a significant competitive edge. 

By focusing on these strengths, Fintopio aims not only to coexist with existing solutions like Telegram’s wallet but to outperform them by enhancing the user experience and building a strong, secure platform that resonates with the needs and preferences of today’s crypto users.

Steve Milton’s Role at Fintopio

Thanks to Steve Milton’s strategic direction, Fintopio is well-positioned to disrupt the cryptocurrency payment industry. Milton’s leadership style at Fintopio is influenced by his extensive background in global corporations and his in-depth understanding of Web3 and e-commerce. 

His previous roles at Binance and Shopify gave him a deep understanding of the digital marketplace and consumer behavior, driving Fintopio to prioritize security, user experience, and market adaptability.

“I’m really keen on disrupting technology, but I’m even more focused on mass adoption of technology. From what I’ve learned in my career, the sweet spot is bringing together great technology, simplicity, and market opportunity. That’s what we aim to achieve at Fintopio,” Milton states.

This philosophy is evident in how Fintopio approaches its product development and market strategy, emphasizing the importance of building a strong and scalable platform. 

Achieving such ambitious goals requires not just good leadership but also a dedicated team that resonates with the company’s mission. 

Milton believes that building such projects demands a special kind of team, one that is as innovative and flexible as the technology they are working with. He emphasizes the importance of diversity in skills and mindset among his team members.

“To build something truly revolutionary, you need team members who are not just experienced in the crypto space but who are also ready to challenge norms and think independently. Our team’s ability to adapt and embrace a fluid working environment is crucial,” Milton elaborates.

Vision and Future Directions of Fintopio

As Fintopio continues to innovate within the cryptocurrency payment sector, its long-term ambitions extend beyond the current functionalities of its DeFi Wallet. Steve Milton envisions a broad expansion of services that will integrate more seamlessly with various messaging and social media platforms. 

“Fintopio is not just targeting to be a Telegram bot; we’re already working on Android and iOS apps and have a web app. Our aim is to make sending payments as simple as sending a chat message, which will appeal broadly to users accustomed to mobile communication.”

Beyond this, Fintopio is setting its sights on expanding into Centralized Finance (CeFi) and Fiat payments, aiming to become a comprehensive financial infrastructure that bridges various payment methodologies.

The drive towards integrating payment features into major social media and messaging platforms recognizes the shifting dynamics of the fintech and crypto solutions sectors. 

With the global volume of cashless payment services expected to surge in the coming years, Fintopio is well-positioned to tap into this growth by providing innovative solutions that cater to an increasingly digital and mobile-first consumer base.

To keep up with the Fintopio developments and roadmap, follow along with the project here. 

The post Sending Money as Simple as Texting: Fintopio CEO Steve Milton on Transforming Crypto Payments appeared first on BeInCrypto.

New Era in AI Development

Historically, AI development has been shackled by a monolithic approach to monetization, heavily reliant on proprietary models and subscription-based services. This model restricts the free exchange of ideas and places significant financial and resource-based barriers for developers. Wong’s ORA vision addresses the critical challenges AI innovators face — primarily, the monetization and accessibility of AI models.

«The biggest issue with AI models today is that they’re not yet powerful enough to fully solve the problems they’re meant to tackle. For widespread use, the technology has to be top-notch, like ChatGPT, which required hundreds of millions of dollars in investment to develop a high-performing language model. Most AI companies, especially within their specific fields, struggle with not having enough funds to launch their products successfully. This lack of funding is a significant barrier for many AI companies wanting to bring their products to market».

Recognizing the need for a new model that balances open-source collaboration with financial viability, ORA has introduced the concept of “IMO”, which stands for Initial Model Offering. At its essence, the premise of IMO is clear. If tokenization applies to everything, then AI models are no outliers and can be tokenized for asset issuance. This allows creators to recoup their investment and potentially profit directly from their developments.

For instance, after investing $5m in a high-quality AI model, a creator might open-source it to enhance its capabilities. By tokenizing the model and offering the tokens for sale immediately upon launch or selling a majority to the community, creators can anticipate a rise in token value. This strategy promptly returns significant liquidity to the model’s creator after the launch of a successful model.

From the users’ point of view, such a tool also looks very attractive. Individuals who have confidence in a specific AI model can invest in its associated token. Should the model yield economic gains from its application, investors may receive a share of those benefits.

«For example, I put down an AI model on-chain, and every time a smart contract or user wants to use it, they pay me like 0.01 ETH. After a week,  about  10 000 people call it on-chain, so the income for the protocol is now  100 ETH in a week. This ETH will go to the model’s token holders according to the size of their investment».

ORA Protocol’s founder stresses the importance of educating people on IMOs and their impact on AI project funding. When a model offering is successful, and the value of its token rises sharply, it draws people’s attention. This increases interest and investment in future IMOs, boosting liquidity in the AI sector.

Understanding the Paradigm Shift

Kartin acknowledges the journey toward a fully decentralized and permissionless ecosystem is fraught with technical challenges. These include ensuring model integrity, maintaining performance standards, and achieving true decentralization without compromising user trust or model quality.

ORA tackles hurdles using two ERC standards, ERC-7641 and ERC-7007, alongside their onchain AI oracle. Let’s look at each of these components separately.

• ERC-7641 is a token standard compatible with ERC-20. To launch an IMO, developers link the model to an ERC-7641 asset and set token numbers in the smart contract. Investors buy these tokens, gaining ownership in the AI model proportional to their token share, similar to shareholders. The ERC-7641 protocol sets profit distribution rules in the contract, enabling automatic profit sharing based on token holdings.
• ERC-7007 is a token standard for AI-generated content, safeguarding authenticity and origin traceability. It maintains AI-generated content metadata on the blockchain and uses smart contracts for automatic verification. Developers can apply technologies like zkML or opML to confirm if the AI-generated content (AIGC) for a specific NFT truly originates from a certain machine learning model and inputs.
• ORA’s Onchain AI Oracle authenticates and operationalizes AI models on the blockchain, ensuring the deployment and functioning of AI models occur entirely on-chain and enhancing the transparency and authenticity of their operational process.

ORA has also integrated an additional Optimistic Machine Learning (opML) technology. AI models frequently represent crucial competitive advantages, and fully revealing them could undermine their commercial value — opML can employ zero-knowledge proofs or similar cryptographic techniques to confirm the accuracy of the model’s results without revealing the model’s details. This method maintains the model’s credibility and efficiency while protecting its confidentiality and unique advantage.

Nevertheless, Kartin recognizes that the protocol still has a lot of work to do to achieve its main goal. 

«The major problem of tokenizing AI models is that we want it to be permissionless and fully decentralized. We spent 18 months on the R&D to make it a real thing; it’s very revolutionary. But the problem is that we are the only ones that can operate an opML library because we invented it. So right now, if you want to tokenize an AI model, you have to go through ORA protocol — we take the model, cross-compile it and then share the Docker image to all the nodes, etc. In the future, we will make it fully decentralized and permissionless. Right now, it’s decentralized, but it’s not fully permissionless».

Ethical Implications and the Path to Regulatory Alignment

Tokenizing AI models raises significant ethical questions, particularly concerning misuse and accountability. ORA Protocol approaches these challenges with a dual strategy focusing on ethical guidelines and regulatory compliance. Kartin emphasizes the importance of creating a governance framework that aligns with global standards, making sure that the potential of tokenized AI models does not outpace societal and regulatory norms.

«The biggest ethical challenge in IMO is that, actually, it’s not IMO itself. It’s actually the AI Oracle. Once you put an AI model on the blockchain, it cannot be shut down as long as people use it. So it will raise some concerns — for example, people can generate unethical content with an AI model. But blockchain itself has the same concerns. Some people use it to launder money and you have no way to stop it. Once you do it on Bitcoin or Ethereum, it’s fully decentralized. Then you just have no control on it».

ORA’s founder notes that when an AI model company undertakes an IMO, they ensure full compliance by tokenizing their model, which is not classified as a security, particularly adhering to regulations in the United States. The approach is to have each AI company, regardless of their global location, assume responsibility for compliance due to the varying laws and regulations across different countries. Since the primary beneficiary of an IMO is the AI company itself, it falls upon them to navigate and adhere to the specific legal frameworks of their respective countries.

As for example, Singapore’s regulations on AI and tokenization may differ significantly from those in the U.S., requiring companies in Singapore to independently manage and mitigate any potential ethical concerns related to their AI models. This could involve implementing governance mechanisms within the tokens or embedding a blacklist in the smart contract to prevent unethical uses of the AI model. This principle of localized responsibility and compliance applies universally across all jurisdictions.

New Industry Standard 

The current intersection of cryptocurrency narratives with the AI sector stems from AI’s impact on production. This convergence is particularly relevant because blockchain technology can address two significant challenges within the AI industry. The first is liquidity, which Initial Model Offerings (IMO) have begun to tackle by providing a platform for financing AI models. The second challenge involves ensuring transparency to prevent IMOs from being perceived as opaque or untrustworthy. Utilizing blockchain technology can verify the authenticity of these offerings, helping to solve issues of trust and transparency.

Kartin firmly believes that all industries utilizing AI in their production processes will see advantages from tokenized AI models, particularly through what is referred to as an ”on-chain supervisor”. This concept addresses a common issue in AI production models — not the fear of AI turning against humans but the frequent occurrence of operational glitches. A larger language model (LLM) detects and resolves such glitches. If a user suspects a glitch, they can report the issue to this LLM, assessing whether the original AI model is experiencing a glitch. 

The most effective supervisor for this purpose exists on the blockchain. Despite the higher cost, the key advantage is that this supervisory AI model is operational around the clock, ensuring constant performance monitoring of AI models deployed in local devices. Therefore, every AI model that operates locally could benefit from being linked to a tokenized, on-chain AI model that serves as a perpetual supervisor.

In his closing thoughts, Kartin notes the enthusiasm surrounding the AI crypto space is expected to continue as long as new developments and breakthroughs exist. Given these dynamics, the momentum within the AI sector, fueled by both advancements and the integration with blockchain, is likely to sustain for a considerable period.

«AI is here to stay, and what we’re doing here is resolving the major concern of all AI companies in the world. So this will bring tons of value into crypto and also tons of value to all the AI companies. I think IMO will be the story of the year, of the whole cycle. I think after this year, it will 100% become the industry standard to do things, to launch an AI model».

The post AI, Tokenized: Exploring the Initial Model Offering with ORA Protocol appeared first on BeInCrypto.

Several industry experts discussed key challenges and opportunities in the blockchain space. Let’s take a look at insights from some of the speakers.

Key Insights From Blockchain Life 2024 in Dubai

Lennix Lai

Chief Commercial Officer

OKX

Okx’s Education Initiative to Support Derivative Traders

On the question of how OKX is helping derivative traders execute successful trades, Lai says their first goal is to help minimize the persistent educational gap.

This gap is minimized by the introduction of easy-to-understand courses on trading. Lai says OKX understands derivatives are, by nature, relatively niche-oriented and are highly leveraged. This means that it is relatively riskier than other forms of trading.

Therefore, to minimize this risk, OKX puts extra effort into educating their users so their capital is protected against at least avoidable losses. Secondly, OKX also puts extra effort into simplifying the User Experience and Interface, thereby ensuring the process of executing trades is as simple as it can be.

Regulations and OKX

When asked how OKX responds to the shifting nature of crypto regulations, Lai says it is challenging because all countries offer different types of regulations.

Therefore, it does not mean “one size fits all” when it comes to responding to regulations; you have to work with the authorities to come up with a solution. As a result, it is a very time-consuming process, but it’s a process that OKX is prepared for and has a lot of data that it can share with regulators to come to a settlement.

So, regulations cannot speed up; they will take their course to be completed, and OKX is prepared to do whatever it takes to reach a successful dialogue between the stakeholders.

Importance of Altcoin Options Market for OKX

On the question of how big the altcoin options market is right now, Lai says that while the importance of Bitcoin cannot be overruled, the altcoin market is also becoming stronger.

In fact, at the current status, the liquidity market status of altcoins is sufficient, and as far as their trading on OKX is concerned, their trade execution comprises a fair number. But in the coming years, it is difficult to project because a lot of altcoin trading happens in a two-way bilateral agreement instead of trading on exchanges.

So, considering this, the current underlying altcoin options market is sufficient and has room for growth in the coming years.

Ben Zhou

Chief Executive Officer

Bybit

The Reason Behind 2024’s Bull Run

During the discussion, Zhou was asked what his views were about the latest bull run, which started in February.

As per Zhou, one of the leading driving forces behind this bull market is institutional money, which started to flow once there was clarity from the regulators. As institutions started to enter, others followed and entered the space they previously did not.

Therefore, the main driving force is the institutions, and the second reason includes the development of financial infrastructure, which was completed after the fall of FTX because earlier, there simply was not any appropriate infrastructure for institutions to enter the space.

Good infrastructure means improvement not only in exchange improvement but also in risk management and system resilience. Considering this, the current bull run had all the reasons to come into effect, and so it did.

Future of Bybit in Light of European Restrictions

When asked about the upcoming MiCA regulations impact on Bybit, Zhou said it is going to be an industry thing which means not only Bybit will be impacted but all the other platforms as well. The MiCA regulations will start to effect at the end of this year.

To overcome this, Bybit’s first step is to seek licenses in different parts of the world, which is why we have already applied for a license in Hong Kong.

Furthermore, Bybit’s next step is to build web3 products, which is also something many other platforms are doing, including OKX and Binance.

This will allow European users to explore different options that Web3 offers in general, and for that, Bybit will offer a self-custody wallet. These self-custody wallets will offer a lot of things that are relevant to web3.

Derivatives Market and Bybit

When asked how Bybit sees the derivatives market and its role as the leader in the coming two to three years, Zhou says the biggest challenge is liquidity.

This is because it is now not very difficult to build a product that is comparatively easy to use. However, the main problem starts with liquidity, and users only come to top exchanges because they provide liquidity to users, which means more security for their assets.

To become one of the top exchanges, Bybit is working on shortening the latency, which helps us to become more institutional grade and, therefore in return, helps us to grow our liquidity.

Vivien Lin

Chief Product Officer

BingX

Award

Best Crypto Exchange

Blockchain Technology Beyond Trading

On the question of what role blockchain technology can play beyond trading, Vivien said there is a lot of room for blockchain technology or Web 3 as a whole in the entire space.

Vivien said blockchain technology should not be viewed as just Bitcoin or something that supports trading. There is a lot of technological advancement happening in the space of AI. Crypto can be a force of good as it can help to form more meaningful and real-life implementations.

Apart from this, the whole gaming sector, or GameFi, is another example of how blockchain technology is used in ways other than trading. With the help of blockchain technology, the world of gaming is not just for entertainment; it also provides real-life use cases in the form of NFTs.

Implementation of Web 3 Technology by BingX

When asked how BingX implements new Web 3 technology on its platform that has a growing user demand, Vivien said BingX is constantly looking at growing Web 3 projects that its users are enjoying.

BingX has an entire research team that focuses on what kind of Web 3 projects should be adopted that will complement the platform. BingX is working with a lot of developers and other project owners to increase its listing services.

So as a whole, depending on the user and community requirements, BingX sees itself as someone responsible for bringing those projects to the masses. From another angle, this also helps to improve the overall prosperity of the industry.

How BingX Ensures User Safety

When asked how BingX ensures the user’s safety in light of growing cyber threats, Vivien said BingX is adopting AI technology that monitors the platform against any suspicious activity.

The AI is trained in threat detection and before anything goes wrong, it will alert us, and from there, experts can take over. This is done because BingX is not a very big company; it has over 400 employees, so considering this it is nearly impossible to spread out all the resources.

Therefore, by adopting a third-party technology service solution, which in this case is a smart AI, that does the job really well for us and as the model is constantly learning from the entire industry, it will only improve.

Jeremy Firster

Global Head of Enterprise

Cardano Foundation

Award

Best Layer-1 Solution

Jeremy’s Experience at the Cardano Foundation

Jeremy was asked about his role at the Cardano Foundation and what potential he believes Cardano has in the coming years, especially as its mission is to support developers.

As per Jeremy, his main job is to lead utility with the real-world industries and understand the underlying frameworks that help Web 2 to function. By monitoring their frameworks, Jeremy helps to understand and work towards how those frameworks can be included within the Web 3 applications and blockchain technology in general.

Jeremy believes that as more and more applications coincide between Web 2 and Web 3, the growth is likely to be incredible.

Regulatory Space of Web3

During the panel, regulatory space was discussed between Jeremy and other panelists, with the main question being where the space is headed in the coming years in terms of regulations.

One of the biggest reasons behind the US taking a strict stance over cryptocurrencies is that securities regulations are having a difficult time understanding the crypto world as a whole.

The main reason is the whole ICO mania way back in 2016, where no one knew where things fell and under whose jurisdiction.

While this is not the case anymore, as there is some clarity on what powers SEC has, however, the biggest issue is that the US Senator and Mr Gensler want to kill the technology altogether as they want to nationalize the financial supply.

So, at the moment, the main challenge is not the laws but the people who are making those laws. Which is also a reason why the future is bleak.

Charmaine Lim

Head of VIP Client Services

HTX

Growth of HTX in Different Countries

During the discussion, Charmaine was first asked which countries HTX is looking forward to growing its business while also remaining compliant with the local regulations.

According to Charmaine, HTX has already registered for an FMP license to operate in Dubai and is working to ensure it remains aligned with MiCA regulations in Europe. Both these initiatives guarantee that HTX continues to lead together with other exchanges while also ensuring it provides true secure services.

Furthermore, as per Charmaine, HTX is also constantly looking toward other potential markets; however, as regulations are not clear in most parts of the world, it is difficult to work with the regulators and be certain.

How HTX Is Ensuring User Security

On the question of how HTX is ensuring the security of users’ assets, Charmaine said the first thing is the development of our reserve, which acts as insurance in case things go sideways. Despite the fact that a breach has never happened before with HTX due to powerful and up-to-date security measures.

Having a reserve guarantees that if things somehow manage to go wrong, HTX will still have more funds to make sure that none of its customers suffer. Regardless, at the end of the day, this ensures peace of mind, which is very important to users.

For large volume traders of HTX who often decide to work with third-party custodial services, HTX has already integrated with fire blocks and is continuously working with partners alike to bring such services.

Also, HTX welcomes those who feel safer using third-party custodial services and want to integrate with HTX for trading, as we are happy to connect and meet the requirements.

HTX vs Decentralized Finance: The Future

When asked how a centralized exchange like HTX compares with Decentralized Finance (DeFi) in the future, Charmaine said it is not a competition between the two rather, there should be some form of partnership.

As opposed to what many think, centralized exchanges, in general, should coexist with decentralized finance because when both grow together, the potential is immense.

Therefore, there should not be any competition between the two rather, customers should be given these two choices and they should choose the best for themselves based on what suits them the most. Doing so will allow both sectors to grow together and help bridge the gap that exists between traditional and decentralized finance.

Sebastien Badault

Vice President

Ledger

Web3 and Freedom

When asked how Web3 guarantees freedom, Sebastien said one of the biggest freedoms that Web3 brings is the freedom to do things that you want to.

Because at the end of the day, no person or entity is going to ask you why you send your $2k to someone because there is no one controlling Web3 other than the community.

According to Sebastien, this is perhaps one of the biggest reasons why, despite all of the reasons, Web3 is still here because there are genuine people who believe in its mission and power to change the world.

Sure, some people want to make money out of it, but there is indeed a good chunk of people who want freedom, which is why Web 3 is a force to reckon with.

Importance for Scalability

On the question of what’s the most important thing for the future development of Web 3’s adoption, Sebastien said it’s all about scalability and that is also something Ledger is working on.

It is important to note that scalability is the reason why assets can move incredibly fast and also cheaply. Without that, it is almost impossible for institutions to adopt cryptocurrencies. If that does not happen, there simply will be no more ETFs.

Therefore, the biggest challenge right now is to make sure the entire ecosystem is scalable so users from around the globe can truly feel they are part of the magic and the blockchain revolution.

Future of Security Through Regulation vs Technical Availability

On the question of how Sebastien views the growing adoption of ETFs, which does not give users power over their Bitcoin or Ethereum but rather gives them governmental security.

As per Sebastien, having ETFs is in itself a great way forward, however, it is unclear what the future holds. One can argue that there will come a time when exchanges will start to offer them, and their users will move towards self-custody.

So, there is a good chance that it will be a journey because people will realize the main power of an ETF is not that institutions offer them but rather the freedom of truly owning them yourself.

But at the moment, it is a bit complicated, and with time, perhaps things will move in a different direction because, eventually, you need hardware wallets to secure your funds.

Final Thoughts of the 2024 Blockchain Life Awards in Dubai

With the 2024 Blockchain Life Awards coming to a close in Dubai, it was evident that the event had done more than just honor the accomplishments and innovations of current blockchain industry heavyweights; it had also laid the groundwork for what’s to come in Web3, cryptocurrency, and mining.

From Ben Zhou’s bull run analysis to Charmaine Lim’s user security strategies, the insights shared by industry experts highlight a dynamic industry that is ready for significant growth and transformation in the future.

The post Highlights From the 2024 Blockchain Life in Dubai: Key Insights From Industry Leaders appeared first on BeInCrypto.