If you know Web3, you know OpenSea. Since its launch at the end of 2017, the NFT marketplace has largely been the poster child for the world of Ethereum and crypto art, and its got the numbers to prove it.

OpenSeas total historical trading volume sits comfortably at just shy of $41 billion, according to Dune analytics. To put that in perspective, KnownOrigin, one of OpenSeas competitors that launched around the same time, has a total trading volume of just over $30 million.

Having dominated the market for almost six years, OpenSea has been as influential to the NFT ecosystem as any project, artist, or builder. However, this outsize impact hasnt always been for the better, as the company has increasingly begun to clash with NFT community members over some pretty significant issues related to Web3.

The last six months, in particular, have presented the marketplace with several challenges with which its still grappling, as well as the first real contender with a shot at replacing it as NFT marketplace ruler. With that in mind, heres a look at everything you need to know about OpenSea.

OpenSea is one of the most well-known, peer-to-peer NFT marketplaces in existence. Users can buy, sell, trade, and create NFTs on the platform in various categories ranging from photography and PFPs to gaming, membership tokens, and fine art projects.

OpenSea is the all-around hitter of NFT marketplaces. Its easy to navigate and provides a limited but versatile suite of analytics tools and sorting options for users looking to dig a little deeper into collection histories or NFT trait rarities. Rather than honing in on a particular niche of Web3 users, the platform is a solid one-stop shop for a broad range of Web3 enthusiasts, including newcomers, experienced traders, and low-volume retail NFT buyers.

Its difficult to overstate the magnitude of OpenSeas rise over the last few years. Having been founded in 2017 by software engineer and entrepreneur Devin Finzer and programmer Alex Atallah, the marketplace hit a $1.5 billion valuation by the summer of 2021. By January 2022, that number surged to $13.3 billion after the company raised $300 million in a Series C funding round.

While NFTs had been around in some form or another since 2011, they had yet to hit an inflection point and gain significant traction in the publics eye, even in 2017. In creating OpenSea, Finzer and Atallah had identified a need to build a platform that could function as a focal point for the then largely disparate communities of Web3 enthusiasts.

At first, Devin and Alex set out to create a marketplace to unite siloed communities during the early days of NFTs, said an OpenSea spokesperson while speaking to nft now on the companys origins. While embracing a range of potential outcomes, the upside was always there: becoming a destination where people could interact with NFTs, and thus explore a brand new economy on the internet.

That economy has grown substantially since the platforms late-2017 launch, even considering Web3s most recent crypto winter. As of September 2022, trading volume in the Ethereum NFT sphere hit 8.22 million ETH ($11.5 billion). Furthermore, a recent report by research and consulting firm Verified Market Research predicted the market cap for the NFT industry could reach $231 billion by 2030.

OpenSea has played a crucial role in helping that market mature. From May 2021 to November 2022, the platform was responsible for the majority of trading volume in the NFT space.

OpenSea rolls out new features and tools on the platform with some regularity, all aimed at increasing trust in the platform, user safety, and improving infrastructure for the larger ecosystem.

One of the platforms recent and significant updates came in June 2022 with the introduction of Seaport, a Web3 marketplace protocol that enables users to more safely and efficiently buy and sell NFTs. Before Seaport, OpenSea used Wyvern, a less-efficient protocol created by a third party. In comparison, Seaport cuts down on redundant transfers and, according to a company blog post on the development, reduces gas fees for users by 35 percent. Seaport is open source; OpenSea doesnt control or operate it, and the company has encouraged smart contract developers to improve the protocol with them.

The marketplace has introduced several features in the last year, including a copymint detection system, a way to hide suspicious NFT transfers to users wallets, and an ability for creators to launch collections with dedicated drop pages directly on OpenSea called Drops. But not all of its product launches have been well-received.

Throughout the years, OpenSea has launched or made changes to products and services it offers that connect to Web3s most pressing issues and not always gracefully. The platform has frequently clashed with artists and creators, who castigate the marketplace for what they perceive to be offenses to the health of the NFT community and the individuals that form its bedrock.

The critiques can be difficult to weigh fairly. Due to its stature and long history in the space, OpenSea makes for an easy target, whether or not its detractors arguments are legitimate. Regardless, like every marketplace in the ecosystem, the company has had its share of difficulties and shortcomings over the years. The platform has struggled with developing a fair and effective stolen items policy, has a history of site functionality issues during times of high traffic and following periods of intense growth, and has taken a rather centralized approach to implementing rules relating to its user base.

But the highest-profile issue that the Web3 community takes with OpenSea is its inconsistent stance on creator royalties. Royalties (also known as creator fees) enable artists to be compensated for a work well beyond its primary sale, giving them a cut of the profits every time their NFT changes hands. Royalties have helped artists and builders in Web3 create a rich, varied, and thriving art ecosystem and play a major role in its sustainability, providing a crucial income source for the funding of future projects.

Until the recent development of on-chain enforcement tools, royalties werent originally enforceable on a technical level. Even so, some collections on OpenSea werent created on upgradable smart contracts, preventing them from being able to use the newly developed tools. For collections built on upgradable contracts, however, its up to the marketplaces facilitating the buying and selling of their NFTs to implement and enforce those royalties payments through these new tools.

Until recently, OpenSea had done a great deal to support artists in this way. As of October 2022, the marketplace was the platform that had paid out the most creator royalties by a significant margin. And in November of the same year, the marketplace announced that it would introduce a tool for new collections to enforce royalties on its platform.

The announcement marked OpenSeas first crack at an on-chain solution for royalties enforcement. And while this was hailed as a positive, creator-friendly move, users were unsettled by the fact that such royalty enforcement wasnt going to apply to existing collections on OpenSea the very collections that helped establish the platform as a leading Web3 force.

After severe backlash from nearly every prominent NFT artist and project head in the space, OpenSea announced it would continue to enforce creator fees on legacy collections, a move that many at the time saw as both a win for creators and an event that catalyzed a kind of unionization movement in Web3.

In February 2023, however, OpenSea altered its position on royalties once again. In a Twitter thread, the company announced that it would be moving collections that dont use on-chain enforcement tools (the vast majority of collections on its platform) to optional royalties. And once again, many artists in the community took umbrage with this.

OpenSea has cited a sea change in marketplace dynamics as the main reason for its move to optional royalties on its platform, and theres some credibility in that claim. Collectors in Web3 simply dont want to pay royalties if they can avoid it, and marketplaces have to listen to the collectors that make up their target audience. This trend isnt theoretical marketplaces are increasingly abandoning royalties enforcement, and zero-royalty platforms like Blur have begun siphoning off massive amounts of trading volume from OpenSea, usurping the companys previously-held majority market share.

The rise of Blur is one of the most significant developments in NFT marketplace history and has everything to do with what OpenSea is trying to achieve with its royalties moves in recent months. Blurs strategy of appealing to a small but robust demographic of pro traders by rewarding its users with free airdrops of its own token has proven widely effective in its current goal of optimizing for market share. Since November 2022, Blur has either sat neck-and-neck with OpenSea or completely outpaced it in terms of trading volume (although OpenSea still retains the higher count of active users).

However, OpenSea may bear some responsibility for partially catalyzing the market shift it is now lamenting. The royalty policy it recently canned had forced creators to choose between earning full royalties on either OpenSea or Blur, setting royalties to optional upon detection of a collections trading on royalty-optional platforms. Ironically, it was OpenSeas own Seaport that enabled Blur to sidestep this very policy, drawing even more users to Blurs shores. Regardless, the move put creators and collectors in an uncomfortable position.

OpenSeas attempts to uphold royalties as long as it did are worth appreciating, and the platform isnt the artist-hating behemoth that some make it out to be. But as it and others vie for dominance in the NFT ecosystem, creators are caught in the middle in what many see as a race to the bottom of one of Web3s founding principles: empowering and properly compensating artists for their work.

Ultimately, as some have argued, it may be the case that Web3 platforms are simply more concerned with gaining market share, as success in this goal allows them to secure more financing through venture rounds. Either way, the current market dynamic sits poorly with the community of artists that generates the wealth the NFT ecosystem swims in and who sincerely believe in the ability of Web3 tech to foster a more equitable future for creatives.

Several of the problems OpenSea gets criticized for have no easy solutions. The platforms stolen item policy, which has previously led to the inadvertent punishment of users who unknowingly purchased a stolen NFT on the marketplace, is one example of this. Its worth noting that OpenSea listened to community feedback and consequently updated its policy to better disincentivize theft and improve the accuracy of stolen item reports. Its also implemented malicious URL detection and removal and a system that aims to prevent the reselling of stolen items.

While there is an argument that OpenSea can and should have done more to develop as fair and effective a policy as possible for stolen items earlier than it did, its also not a stretch to say that dealing with security in a decentralized world remains an inexact science, especially when an organization is trying to ensure legal compliance in the U.S.

The platforms March 2022 hiccup in how it approached U.S. sanctions law requirements likewise falls under this category. Balancing a largely anonymous and international user base with potentially ruinous legal repercussions is difficult.

All of these issues live under the banner of one of Web3s founding tenets: decentralization, the idea that broad authority to make changes affecting a community should be dispersed throughout that community rather than vested in a single individual or organization. Massive NFT platforms like Opensea are in an unenviable position here. Calls for a truly decentralized marketplace will be familiar to anyone who has been in the NFT space for more than a few weeks. Those calls, however well-intentioned, tend to be ill-thought-out.

OpenSea believes that the centralization debate is a crucial and compelling one that, like every controversial issue in the space, evolves over time and requires an approach that can be adjusted if necessary. And while its easy to argue that OpenSea is a centralized entity, its also worth noting that most Web3 entities are.

Centralization is a spectrum. Nifty Gateway, for example, is a custodial platform that stores its users NFTs in a wallet from which they need to be withdrawn to be traded on other platforms. And even the founders of SuperRare have recognized that decentralization is a work in progress and that decentralization by centralized means may be one of the best ways of fullying realizing the promise of this particular tenet of Web3.

OpenSea believes that coordinated action on some authoritative level is sometimes necessary to keep things running smoothly and its users safe in an environment full of risks and unknowns. Web3 is a volatile landscape that shifts by the hour. Expecting any one individual to keep up and respond perfectly to it is unreasonable; having the same expectations of an unwieldy, multi-billion-dollar organization is unreasonable.

None of which is to say that OpenSea cant do a better job on the things the NFT community often rebukes it for; it must if it wants to maintain its spot as a top Web3 marketplace. It owes creators not just collectors innovation that they can use and that upholds their rights as Web3 citizens. Likewise, it can do more to clearly communicate sudden changes in policy to its users and implement decisions in a more transparent and precise way.

We believe that eventually, the physical economy will shift in this direction, and its possible that one day, nearly everything we own will be owned and transferrable on the blockchain in the form of an NFT, CEO Devin Finzer underscored of the companys approach to the evolution of Web3 in a November 2022 blog post. We have conviction that this technology will eventually power the biggest markets on the planet and fundamentally transform society. Thats the vision were rallying around at OpenSea.

All of which sounds rhetorically on the money. But rhetoric is easy; how the marketplace decides to execute that vision fairly while facing rapidly shifting market dynamics, increasing competitive pressure, and a movement of creators coalescing around the royalties issue remains to be seen.

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OpenSea: The Ultimate Guide to Its Tools, Features, and ... - nft now

NFT domains are unique domain names that are stored on a blockchain as non-fungible tokens (NFTs). In this article, we will explore what NFT domains are, how they work, and how to create one.

NFT domains are a new type of domain name that is stored on a blockchain, just like other NFTs. They are unique domain names that are created and managed using smart contracts on a blockchain. The smart contract ensures that the domain owner has complete control over the domain and can transfer ownership or sell it just like any other NFT.

Unlike traditional domain names, NFT domains are unique and cannot be replicated. They are stored on a blockchain, which makes them immutable and resistant to hacking or cyber-attacks. Also, the ownership of the domain is tied to the owners blockchain wallet, which ensures that the owner has complete control over the domain.

Creating an NFT domain is a straightforward process. However, it requires some knowledge of blockchain technology and a basic understanding of smart contracts. Here are the steps involved in creating an NFT domain:

The first step in creating an NFT domain is to choose a unique domain name. The domain name should be something that is easy to remember, easy to spell, and relevant to your business or brand.

Now that you have a domain name, the next step is to get a smart contract. The smart contract will define the rules for the domain, such as the ownership, transferability, and pricing. You can use a smart contract platform like Ethereum to create your smart contract.

Once the smart contract is created, the next step is to mint the NFT domain. This involves creating the NFT token and linking it to the smart contract. You can use a blockchain platform like OpenSea or Rarible to mint your NFT domain.

Once the NFT domain is minted, the final step is to list it for sale. You can list your NFT domain on a marketplace like OpenSea or Rarible and set the price. Once someone purchases your NFT domain, the ownership will be transferred to their blockchain wallet.

NFT domains offer several benefits over traditional domain names. Here are some of the key benefits of NFT domains:

NFT domains are unique and cannot be replicated, making them more valuable and secure than traditional domain names.

NFT domains are owned and controlled by the owners blockchain wallet, which ensures complete control and ownership over the domain.

NFT domains can be transferred or sold just like any other NFT, making them a valuable asset for investors and businesses.

NFT domains can be a lucrative investment opportunity for individuals and businesses looking to invest in the blockchain industry.

Conclusion

NFT domains are a new innovation in the world of blockchain technology and offer several benefits over traditional domain names. Creating an NFT domain requires some knowledge of blockchain technology and a basic understanding of smart contracts. However, with the right tools and platforms, anyone can create an NFT domain and own a valuable asset. As the world of blockchain technology continues to evolve, its becoming clear that NFT domains are the way of the future. By creating an NFT domain, you can secure a unique and valuable digital asset that is resistant to hacking and cyber-attacks.

However, its important to note that creating an NFT domain requires a basic understanding of blockchain technology and smart contracts.

In addition, its important to keep in mind that while NFT domains offer several benefits over traditional domain names, they are still a relatively new and untested concept. As with any investment opportunity, its essential to do your due diligence and carefully consider the risks and potential rewards before investing in an NFT domain.

Overall, NFT domains represent an exciting new development in the world of blockchain technology and offer a unique opportunity for businesses and investors looking to stay ahead of the curve. With the right tools and knowledge, anyone can create an NFT domain and own a valuable and unique digital asset.

An NFT domain is a unique digital asset that is created on a blockchain network using smart contracts. It represents a unique and secure domain name that cannot be duplicated or hacked.

Unlike traditional domain names, which can be purchased and registered through a domain registrar, NFT domains are created using smart contracts on a blockchain network. They are also unique digital assets that can be bought and sold like any other cryptocurrency.

Yes, you can use an NFT domain to host a website just like a traditional domain name. However, it's important to note that the process may be slightly different, and you may need to work with a web developer who is familiar with smart contracts.

The cost of creating an NFT domain can vary depending on a number of factors, including the blockchain network you use and the complexity of the smart contract. However, you can expect to pay a fee to create and register your NFT domain.

Continued here:

.NFT Domain Explained: What is an NFT Domain? - NFTgators

One of the biggest challenges to crypto adoption is the annoying wallet creation process, which requires you to write down a series of seed phrases you'll need to log in or recover your account. In addition, the types of transactions possible in crypto are limited compared to those possible in existing systems, let alone the places you can use crypto as payment.

While this has been the case for a long time, things are about to change.

The Ethereum development community has been working on ERC-4337, a new Ethereum standard that makes crypto wallets more user-friendly with better functionality.

ERC-4337 is a standard for Ethereum that aims to make user accounts work more like smart contracts, a phenomenon called "account abstraction."

Currently, creating a wallet and using it can be complex for people venturing into Web3. We have to use externally owned accounts such as Metamask and Coinbase Wallet to interact with blockchain-specific smart contracts.

Processes such as securing seed phrases and making transactions are a bit fiddly in our digital age. In addition, the lack of user-friendly security features could easily deter users, considering the precarious state of the crypto space.

ERC-4337 introduces a standard interface for the Ethereum network's deposit contracts, which allows different applications and wallets to interact with smart contracts in a standardized way.

It makes the wallets act as breathing, self-executing smart contracts, i.e., as efficient as hardware wallets with a cleaner UX and multiple account recovery options, more secure and censorship-resistant.

With a simple code update of a wallet, you can expand its functionality to handle multi-factor authentication, make and sustain transactions, and perform multiple tasks.

In essence, ERC-4337 brings the convenience of banking systems to the blockchain. According to CoinTelegraph, Ethereum Foundation security researcher Yoav Weiss said:

It gives you the same features a bank would without having to trust a bank.

ERC-4337 irons out a number of common cryptocurrency problems.

This is one of the biggest barriers to crypto adoption. No one today enjoys typing or writing down a seed phrase containing 12 or 24 words, which they know, if lost, will prevent them from accessing their crypto assets.

With ERC-4337, you'll be able to open an account on your smartphone using only a fingerprint or face scan. If you think about it, an intuitive account opening process that takes less than 30 seconds is a great incentive that could pull the next billion crypto adopters.

The current system of using smartphones as hardware wallets presents a security risk. First, the security module uses a cryptographic signing system different from the one used in crypto. Also, they come with the risk of being hacked or tricked into making transactions.

ERC-4337 enables easy communication between the two cryptographic systems, which enhances security. More importantly, it enables you to set up two-factor authentication for transactions and spending limits.

Another problem in crypto is the lack of account recovery options on most platforms. As a result, if you lose your seed phrase, you're toast. Isn't that a sad state in a world where losing a phone is a common incident?

Account abstraction helps you regain your seed phrases if lost, so you can recover your hard-earned crypto assets. This will be made possible through a time-locked recovery process (around four days) that involves a group of trusted friends or a commercial service.

With more improvements, you'll soon be able to recover your account in the normal "forgot password" style.

One major deterrent to NFT adoption are NFT minting fees, which can range from a few cents to hundreds of dollars depending on the blockchain. For instance, if you're a DApp developer who wants to allow some test subjects to try your app, your experiment will be limited by how willing your test subjects are to incur gas fees.

With ERC 4337, it's possible to allow users to go gas-free for a certain period, say 30 days, using a paymaster. A paymaster is a smart contract that executes logic to decide whether or not it should pay for transactions for its users.

Using paymasters, you can sponsor users while having the gas fee extracted from an address you set upon confirmation of the logic. As such, zero-gas fee minting makes it easier for people to try your DApp or new NFT project.

Lastly, ERC-4337 will enable crypto users to do away with iterative low-value transaction approvals. This feature is particularly valuable to gamers who need to use their tokens across sessions and crypto traders who need to be hands-on with collecting and trading crypto assets.

As for gamers, you can load a simple piece of code into your account, for instance, to automatically perform a transaction based on your terms and session keys. Meanwhile, automating trading by setting monthly limits and adjusting yield farming positions with the help of AI will make trading easier and more accessible.

These are just some of the major issues ERC-4337 solves, but there could be more.

ERC-4337's integration into Ethereum is a great deal for the blockchain's users, the EVM-compatible chain ecosystem, and the whole crypto space. For crypto users, it means:

In addition, considering its potential, it might cause a little frenzy among crypto investors. By virtue of making wallets better, i.e., smart wallets, it signals more possibilities, which means more people might get on board.

On the other hand, introducing more complex terminologies such as "account abstraction" will mean regular people may find the space too complex to venture into unless a simpler way to demystify the concepts is available.

ERC-4337 transforms a complicated digital bankless payment system into a simplified one that most people can relate to and thus be open to adopting. As such, it's a pretty powerful proposition for the next generation of crypto adopters. While most current users would be bullish about it, we can only wait and see where it takes us.

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What Is Ethereum ERC-4337 and What Does It Mean for Crypto ... - MUO - MakeUseOf

Blockchain will simplify the travel industrys complex web of fragmented technologies in much the same way as Tesla has simplified the motor vehicle, the Travolution Summit was told.

Anke Hsu, head of business development at Chain4Travel, said one connection to a single network can supply retailers with all the product and content they need while verifying each transaction.

Chain4Travel is building the Camino blockchain network specifically for the travel industry and aims to launch its main net within weeks following the successful introduction of a test net last year.

Hsu said blockchain has the potential to do away with the many product APIs and aggregators travel firms have to integrate with which add costs to the distribution and retail of travel products.

And she said it will support new business models like C2C where consumers can trade products stored on the network as immutable digital assets, opening new revenue opportunities to suppliers.

Today we talk about B2B, and we know and B2C, but now we can talk about C2C and secondary markets.

Customers that cannot travel can sell their trip to another customer or even back to the original company. With smart contracts you can define the conditions about how that can be sold.

This is possible now with the enablement of blockchain and digital assets that are protected.

Web 3.0 is all about read, write and own and blockchain is the enabling technology because for the first time you can actually protect digital assets with a smart contract.

In the travel industry we have a lot of data. Every trip is a digital asset until departure. For us its very important that we can protect those digital assets.

Why is that important? We can trade. And we can actually decide whether we want to share anything of our identity.

What was missing in Web 1.0 and Web 2.0 is the ownership of our contributions. The big platforms [like Twitter, Google and Facebook] they make the money with our data.

Hus added: In tourism everything is on a leash, we have a lot of APIs a lot of data going to different pools, to different distribution systems a lot of ways to connect, a lot of aggregators.

Mostly aggregators dont have all the content you want to have. Its impossible to sell, for example, small ancillaries because its too complex to connect.

With blockchain it could be very different. You have, in the network, the possibility to connect with your offers.

Imagine a lake where you throw your offers in and everybody can fish for the offers they want as a tour operator with just one connection to the network. Sell to may or buy to many.

Chain4Travel has won the support of 120 travel companies including major players like Lufthansa, Tui and Der Touristik.

But Hsu said the concept is to give sector players of all sizes equal say on how the network develops and the transactions it validates.

We have designed the blockchain so the smaller and medium sized companies have the same voice, the same vote on decisions as the big companies. Unique for the whole industry, she said.

Hsu added: Its not another app, its an endeavour to actually move away from the legacy systems we have and establish a joint shared infrastructure where every travel company can take part in.

With blockchain and smart contracts travel will be able to react instantly to disruption with any delay sparking the terms in a smart contract and initiating a rebooking.

It will also mean compensation for delays can be paid directly and instantly to the customer improving service and satisfaction levels.

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Travolution Summit 2023: 'Blockchain will... - Travolution

Sector & Thematic Strategy Briefing - Wednesday 29th March 2023 - The Berkeley, London Please join us for our annual sector and thematic investing event, featuring DWS Xtrackers, First Trust, MSCI, Redburn and Sprott Asset Management. Please register now if you would like to attend.

Global X has launched three new crypto ETPs in Europe providing directly backed exposure to LINK, UNI, and AAVE, the native tokens underpinning the Chainlink, Uniswap, and Aave networks.

The listings represent the first crypto ETPs to be launched in Europe in 2023.

The Global X Chainlink ETP (LI0X GY), Global X Uniswap ETP (UNIX GY), and Global X Aave ETP (AVMX GY) have been listed on Deutsche Brse Xetra in euros.

The ETPs are passported for sale in Austria, Denmark, Finland, Germany, Netherlands, Norway, and Sweden.

Each ETP provides 100% physically backed exposure to its underlying digital asset while maintaining the added oversight, security, and liquidity inherent in the ETP structure. The underlying crypto holdings are custodied by Coinbase Custody International.

Each ETP comes with an expense ratio of 0.99%, notably cheaper than rival products such as the VanEck Chainlink ETN and CoinShares Physical Chainlink, both of which are priced at 1.50%; the Valour Uniswap ETP, which has an expense ratio of 1.90%; and the 21Shares Aave ETP, which costs 2.50%.

The new listings represent the first digital asset ETPs to be introduced in Europe in 2023 after new product launches ground to a halt last year amid plummeting values in the crypto sector, a period that has become known as crypto winter.

Chainlink

Chainlink is a decentralized oracle network a blockchain abstraction layer that enables blockchains to interact with external data and systems through entities known as oracles.

Oracle networks have been instrumental in the evolution and proliferation of hybrid smart contracts which are smart contracts that combine blockchain-based code with off-chain oracles.

By also utilizing blockchain-based technology, oracles ensure the correct data is retrieved from a high-quality data provider, is verified, and then delivered onto the blockchain without manipulation from hackers.

LINK, which is used to pay oracles for their services, has a total market capitalization of $3.6bn, making it the 21st-largest crypto asset.

Uniswap

Uniswap is one of the largest decentralized cryptocurrency exchanges globally. Operating on the Ethereum blockchain, Uniswap uses smart contracts to facilitate automated transactions between any pair of Ethereum-compatible tokens.

Uniswap users may create liquidity pools of tokens they are willing to trade. Other users who then wish to trade with a liquidity pool enter into a smart contract that uses automated market-making technology to algorithmically determine the best execution price.

UNI is a governance token, allowing holders to vote on project developments, while the token may also be used to fund liquidity mining pools, grants, partnerships, and other growth-driven initiatives.

Although UNI serves as a governance token on the Uniswap platform, investors can also trade the token on exchanges and treat it as a speculative investment.

With a total market capitalization of $4.8bn, UNI is the 18th-largest crypto asset.

AAVE

Aave is a platform for borrowing and lending crypto assets. The platform uses smart contracts to automate the lending process with pre-set rules on how funds are distributed, collateral is handled, and fees are assessed.

Aave specializes in overcollateralized loans, a feature that protects lenders from losing money due to loan defaults and allows the Aave protocol to liquidate the collateral if it drops too much in value.

AAVE is used as collateral for taking loans and for paying loan fees. With a total market capitalization of $1.1bn, it is currently the 48th-largest crypto asset.

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Global X rolls out three new crypto ETPs - ETF Strategy

Circle faced its toughest week so far this year after USD Coin [USDC] lost its dollar peg. It has since recovered, but the stablecoin issuer just released a new update regarding its USDC operations.

According to the update, Circle redeemed 2.9 billion USDC and minted 700 million USDC on 14 March. Those efforts were part of its action plan to aid the peg recovery. More importantly, Circle announced that it was securing new transaction banking partners. The companys goal is to facilitate round-the-clock transactions that will not be limited by regular banking hours.

Circle further revealed that it had limited funds held by its transaction banking partners to support redemption and minting. It also revealed that it held a cash position of its reserve at BNY Mellon. Thus, at press time, it had on-ramps for users looking to move their funds into the crypto segment.

The move by Circle underscored plans to bypass regulators efforts to prevent banks from working with crypto companies. It also came just days after multiple banks collapsed, adding more pressure to the fiat system. As a result, more people were losing their trust in the fiat system, and this was a key factor that fueled the rally in the last three days.

The aforementioned factors and the fact that USDC has regained its test have restored some confidence back into the stablecoin. The supply of USDC in smart contracts recently bounced back to a new four-month high.

But what about actual market demand? Well, a look at address characteristics revealed that USDC receiving addresses were slightly higher than sending addresses. Another key observation is that both metrics dropped substantially since 11 March, as people moved to other stablecoins.

However, addresses began leveling out at press time, suggesting that USDC trading activity is recovering. This is evident in the stablecoins exchange flows. Both exchange inflows and outflows have been on the rise for the last three days after previously tanking because of the depeg.

The exchange outflows remain higher than inflows, hence confirming that USDC is yet to regain full confidence. This may also be due to the recent crypto rally, which meant that investors have been buying crypto for stablecoins.

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Can Circle [USDC] turn things around with new plan? All you need to know - AMBCrypto News

Wisekey International Holding SA

Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte Spnola Gold Medals on the WISe.ART Platform and showcased in Times Square in NYC

Click here to see the video: https://www.youtube.com/watch?v=SzzxsubqkLw

New York / Madrid March 16th, 2023: WISeKey International Holding Ltd. (WISeKey) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, AI, Blockchain, and IoT company, in partnership with Grupo Pro Arte y Cultura, announced today the winners of the 2022 Mayte Spinola Gold Medals through the WISe.ART platform, showcased in Times Square. The ceremony will take place on June 13, 2023.

Mayte Spnola founded The Pro Arte y Cultura Group in 1990. Over the past few years, she has been presenting awards to recognize the works of outstanding people in fields such as culture, art, technology and solidarity.

This year, the medal ceremony will be combined with NFTs minted on the WISe.ART platform, the Entrusted Next-Gen NFT Marketplace secured by WISeKey technology that guarantees an authenticated and signed version of the actual digital asset, providing proof of ownership, provenance and a set of terms and conditions of smart contracts that describe future usage and monetization streams.

WISeKey's innovative security technologies enable the authentication of phygital assets in a secure end-to-end process, proven by its 20-year experience and work in this domain. The trust is enabled by the OISTE/WISeKeys Swiss based cryptographic Root of Trust (RoT).

The Mayte Spnola 2022 Gold Medals have been awarded, in their VIII edition, by a panel chaired by Mayte Spnola, and made up of:

Pedro Sandoval, President

Prince Flix de Merode, Vice President

ngela Mara de Ulloa, Duchess of Ganda, Director

Alicia Pardo, Countess of Valle de Suchil, Vice President in the U.S.

igo Lpez de la Osa, Delegate in Monaco

Solita Cohen, art collector and Delegate in Miami

Paula Lpez, author and Delegate in Colombia

Carlos Moreira, Founder of WISeKey and CEO of WISe.Art

Antonio Snchez de Len y Cotoner, Delegate in Valencia

Julia Sez-Angulo, Secretary of the panel.

Story continues

The Medals, which will be delivered at the Hacienda de San Antonio, Valencia, owned by Antonio Snchez de Len y Cotoner, on June 13, 2023, have been awarded to:

Archduchess Catherine of Habsburg-Lorraine, Medal in Literature

Esther Monterrubio, Ambassador to the UN in Vienna, for her diplomatic career

Carmen Gimnez Martn, corresponding academic from San Fernando, Medal in Fine Arts

Prince Franois of Orleans, Medal in Landscaping

Mara Bestar, actress, Medal in Interpretation and Communication

Jos Luis Acosta Salmern, Medal for his career as a screenwriter and producer

Ramn Lpez-Vilas, Medal in Law

Ricardo Gmez-Barrera, Medal in Tax Law

Doctor Juan Lpez-Quiles Medal in Medicine, Maxillofacial specialty

Doctor Luis Hidalgo Togores, Medal in Urology

Doctor Marin Rojas Estap, Medal in Psychiatry

Paloma Porrero de Chvarri, Medal in Art and Diplomacy

Alicia Viladomat, Medal in dissemination of her artistic family

Miguel Mas, Medal in Jewelry and Design

Gallerist David Bada, Medal in Art, for his promotion of visual artists

Inma Merino, Medal in Painting

Jos Mara Fayos, Portrait Medal

Carlos Teixid, Medal as Art Gallerist

Nicols Corts, Medal as Antique Dealer

Jorge Coll, Medal as Antique Dealer

Paloma Cuevas, Medal in Wedding Dress Design

Esperanza Tern, Medal in Textile Design

Mara Jess de Frutos, Medal in Artistic Career

Rogelio Snchez Molero, Medal in Poetry

Carlos Baute, Medal in Music

Silvia Lodares, Medal in Gastronomic Restoration

Astrid Misrahi, Medal in Philanthropy

Marisa Nufro, from Smylife, Solidarity Medal, in favor of Messengers of Peace

Father Jos Luis Snchez, Medal in Sustainable Development, at the Ambassadors for Development Foundation.

Mara Moreno, president of the Esperanza y Alegra Foundation, Medal in Altruism

Paco Arango and the Aladina Foundation, Medal in Solidarity in favor of children

Elas Lpez Montero, Medal in Oenology

Blessed Cardinal Marcelo Spnola y Maestre (1835-1906), Medal in Journalism, In memoriam

Marqus de Spnola, enterprising man, pioneer of journalism, founder of the newspaper "El Correo de Andaluca" in 1899, Archbishop of Seville and favoror of the humble. John Paul II beatified him in 1987.

About WISeKey: WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping todays Internet of Everything. WISeKey IoT has an install base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.

About WISe.ART: WISe.ART is a fully-fledged marketplace. It can connect all actors of the arts industry. Our white-labeling options and special NFT designs ensure that besides an authenticated and signed version of the actual digital asset, creating an irreversible link to the physical object, providing proof of ownership, provenance, and a set of smart contracts describing future use and monetization streams.

The WISe.ART NFT platform is fully secured by WISeKeys innovative security technologies enabling the authentication of digital assets, in a safe end-to-end process based on our experience and proven expertise in this domain.

Press and investor contacts:WISeKey International Holding LtdCompany Contact: Carlos MoreiraChairman & CEOTel: +41 22 594 3000info@wisekey.com

WISeKey Investor Relations (US)Contact: Lena CatiThe Equity Group Inc.Tel: +1 212 836-9611lcati@equityny.com

Disclaimer: This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

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Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte ... - Yahoo Finance

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The IOTA Foundation has continued to expand its market footprint with new initiatives such as the launch of the Shimmer network. However, the IOTA community has been eagerly looking forward to the launch of ShimmerEVM along with the launch of IOTA 2.0 in the latter half of the year.

On the other hand, new players within the ecosystem continue to build new stuff for Shimmer and IOTA. Tanglechains.org is one such interesting new platform from SPYCE.5 that exclusively lists and shows EVM and smart contracts chains built atop the Shimmer blockchain.

It serves as an easy-to-use platform for developers to showcase their projects as well as connect with other developers within the Shimmer ecosystem. As we know, the Shimmer network is a high-performance, feeless, and scalable DAG-based ledger which serves as a testnet for the IOTA ecosystem. Unlike other blockchain networks, the good thing about Shimmer is that it can handle transactions in parallel.

Tanglechains.org is a Shimmer-dedicated platform due to its unique characteristics and advantage for developers. The official announcement from SPYCE.5 notes:

Tanglechains.org serves as a hub for information on smart contract chains, offering details on their RPC endpoints, one-click wallet connect and other key information. It is fully open source and we invite and encourage developers from the ecosystem and the community to enhance the platform with their own ideas, utility and functionality.

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Over the last year, there have been several hacks with other blockchain ecosystems due to faulty implementation of bridges leading to the loss of several hundred million dollars.

The IOTA team has designed the Shimmer network in such a way that it allows bridgeless asset transfers and composability without relying on any untrusted relays and bridges. Every chain listed with Tanglechains will be able to exchange tokens and digital assets natively with other chains present on the Shimmer network.

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Thus, it will make it extremely easy for developers to create decentralized applications that are more secure, faster, and more easily accessible than ever before. Tanglechains.org will make it extremely easy to find chain partners, interact with them natively, and create a streamlined customer experience. The other key benefits involve:

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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Discover Tanglechains.org: Your go-to source for EVM and Smart Contract Chains on Shimmer and IOTA - Crypto News Flash

(Kitco News) - Under new rules adopted by the European Parliament, smart contract developers may be required to implement kill switches in their contracts that would allow a reset of activity.

On Tuesday, the European Parliament voted in favor of the Data Act by a wide margin, with 500 votes in favor of the legislation versus 23 against it. While the legislation wasnt specifically crafted to target the crypto industry, its provision on smart contracts focuses on data from connected devices, also known as the Internet of Things (IoT).

While the measure is intended to give people more control over information from smart devices, it is also generating concerns in the Web3 community over fears that it will be used to target certain types of transactions.

According to Pilar del Castillo Vera, a centrist-right MEP and rapporteur on the Data Act, the legislation has the potential to contribute to optimizing existing business models and processes, boost the development of new ones, and by doing so creating new values and jobs. Castillo Vera made the comments while opening Tuesdays plenary in the European Parliament in Strasbourg.

The new rules will empower consumers and companies by giving them a say on what can be done with the data generated by the connected products, Castillo Vera said during a debate.

Based on the text of the legislation, smart contracts fall under Article 30 of the Data Act, which relates to essential requirements regarding smart contracts for data sharing.

The provision that is worrying crypto proponents is the rigorous access control mechanisms and protection of trade secrets integrated into the design of smart contracts. The legislation is looking to require a mechanism that could terminate or interrupt transactions, and it will be up to lawmakers to decide which conditions would make it permissible.

Experts worry that including such functionality the ability to stop or reset a smart contract could undermine their purpose.

The immutability of smart contracts is key to their survival (i.e., immutability is their main differentiating feature), Thibault Schrepel, an Associate Professor at VU Amsterdam University, tweeted ahead of the vote. Article 30, as currently drafted, goes a step too far in addressing the issues raised by immutability. Instead of enacting "practical immutability" (where immutability remains the principle and alterability the exception), it makes alterability the principle. In doing so, it endangers smart contracts to an extent that no one can predict.

According to Schrepel, who is a specialist in blockchain legal issues, the legal text is unclear as to who would be responsible for triggering the kill switch on a smart contract, which interferes with the fundamental principle that the automated programs cant be altered by anyone.

As currently drafted, Article 30 does not provide clarity as to who should be able to terminate the continued execution of transactions, Schrepel wrote. Is it the creator of the smart contract? Public authorities? Courts? If the EP wishes to proceed with Article 30, future versions should at least make it clear that only the creator of a smart contract can terminate it.

The Data Act will now move on to trialogue negotiations where each EU institution will defend its position and lawmakers will work with national governments to settle on a final version of the law.

According to a tweet from the developers at Curve Finance, a decentralized stablecoin liquidity protocol, it is impossible to comply with the stipulations outlined in the proposal.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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EU Parliament approves the Data Act, which requires - Kitco NEWS

Blockchain technology has taken the world by storm, transforming various industries by offering decentralized and transparent solutions. At the heart of this technology are smart contracts, which have garnered a lot of attention for their ability to automate processes and increase efficiency. But are smart contracts integral to blockchain? This question has been the subject of debate, with some arguing that smart contracts are a necessary component of blockchain, while others believe that they are merely useful tools.

To truly understand the role of smart contracts in blockchain technology, it is important to first grasp what smart contracts are and how they work.

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts contain rules and regulations that are automatically enforced, removing the need for intermediaries and reducing the risk of fraud.

Imagine you are buying a car from a seller, and you want to use a smart contract to ensure a secure and transparent transaction.

First, you and the seller agree on the terms of the sale, such as the price of the car and the conditions of the sale. These terms are then coded into a smart contract using a programming language.

Next, you and the seller both deposit funds into an escrow account that is managed by the smart contract. They held the funds in the account until they meet certain conditions.

You can configure the smart contract to release the funds to the seller you received and have confirmed that it is in good condition. The smart contract could be set up by you to release the funds if they do not deliver the car within a certain timeframe or if it does not meet the agreed-upon conditions.

The smart contract releases the funds from the escrow account to the third party, with no intermediaries, such as banks or lawyers, once its conditions have been met.

One of the key benefits of smart contracts is their ability to automate processes, which can increase efficiency and reduce costs. For example, in the case of a supply chain management system, smart contracts can be used to automate the process of verifying and tracking shipments, eliminating the need for manual checks and reducing the risk of errors.

Another benefit of smart contracts is their ability to execute complex business logic in a trustless and decentralized environment. This means that they can conduct transactions with no intermediaries, such as banks or lawyers, reducing costs and increasing transparency.

Smart contracts are also an essential component of decentralized applications (DApps), which are built on top of the blockchain. They design these applications to operate in a trustless and decentralized environment, with smart contracts for the infrastructure to facilitate transactions and enforce rules.

However, it is important to note that smart contracts are not infallible and can be vulnerable to bugs and vulnerabilities. This is why it is important to thoroughly test and audit smart contracts before they are deployed.

Smart contracts are a relatively new concept in the world of blockchain technology, having emerged in 1994 with the publication of a paper by computer scientist and cryptographer Nick Szabo titled Smart Contracts: Building Blocks for Digital Markets.

Szabo defined smart contracts as a set of promises, specified in digital form, including protocols within which the parties perform on these promises. However, it wasnt until the emergence of blockchain technology in 2009 with the creation of Bitcoin that smart contracts began to gain traction as a viable solution for various industries. The Bitcoin blockchain was primarily designed to enable secure peer-to-peer transactions, but it also enabled the creation of programmable contracts through the use of scripts.

In 2013, Ethereum, a new blockchain platform, was created with the primary goal of enabling the development of decentralized applications (DApps) through the use of smart contracts. Ethereum was designed to be a more flexible and programmable blockchain than Bitcoin, allowing developers to create and execute more complex smart contracts.

Ethereums introduction of smart contracts paved the way for a new era of blockchain technology, enabling the creation of decentralized applications with programmable contracts that can execute automatically when certain conditions are met. These applications are built on top of the blockchain and are designed to operate in a trustless and decentralized environment, with smart contracts providing the necessary infrastructure to facilitate transactions and enforce rules.

Blockchain is a distributed ledger system that allows for secure storage and transmission of information without the need for intermediaries. One of the key features of blockchain technology is decentralization. Unlike traditional systems, where data is stored on centralized servers, blockchain technology allows data to be distributed across a network of computers. This makes it extremely difficult for any single party to manipulate the data or corrupt the system.

Another key feature of blockchain technology is transparency. The data stored on the blockchain is visible to all participants in the network, providing a clear and transparent record of all transactions. This transparency ensures that all participants in the network are held accountable and reduces the risk of fraud.

Immutability is another critical feature of blockchain technology. Once data is stored on the blockchain, it cannot be altered or deleted. This ensures that the data remains tamper-proof and provides a clear and verifiable record of all transactions.

Blockchain technology has numerous applications in various industries, from financial services to supply chain management. In finance, blockchain technology can be used to facilitate cross-border payments, reduce the risk of fraud, and increase transparency. In supply chain management, blockchain technology can be used to track and verify the origin and authenticity of goods, reducing the risk of counterfeit products.

Smart contracts and blockchain technology are closely intertwined, with smart contracts playing a critical role in the functioning of the blockchain. Smart contracts are stored and executed on the blockchain, which provides the necessary infrastructure to facilitate transactions in a decentralized and trustless environment. The blockchain serves as a ledger of all transactions, with each block containing a record of all the transactions that have occurred.

When a smart contract is deployed on the blockchain, it becomes part of the distributed ledger and is executed according to the terms and conditions set out in the contract code. The contract code is stored on the blockchain and cannot be altered, ensuring that the contract remains immutable and tamper-proof.

Smart contracts are particularly useful in industries that require transparency and accountability, such as finance and supply chain management. By using smart contracts, businesses can reduce the risk of fraud and increase transparency by providing a clear record of all transactions.

One of the most exciting applications of smart contracts is in the area of decentralized finance (DeFi). DeFi is a new and rapidly growing sector of the blockchain industry, which uses smart contracts to automate financial transactions and eliminate the need for intermediaries. DeFi applications include lending and borrowing platforms, decentralized exchanges, and prediction markets, among others.

Smart contracts are a natural extension of blockchain technology, enabling the execution of complex business logic in a trustless and decentralized environment. They offer numerous benefits, including automation, increased efficiency, and reduced costs. However, smart contracts are not infallible and are vulnerable to bugs, errors, and security vulnerabilities. Despite the potential drawbacks, smart contracts have enormous potential to transform various industries, from finance to healthcare. The rise of decentralized finance (DeFi) is a testament to the power and potential of smart contracts in the blockchain industry.

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Are Smart Contracts Integral to Blockchain or Just Useful Tools ... - Cryptopolitan