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Web3, also known as the decentralized web, is the next phase of the internet that allows for decentralization of information and data. Unlike the traditional web, where data is stored and controlled by centralized servers and corporations, Web3 is based on blockchain technology, which enables peer-to-peer transactions and a distributed network of computers.

Introduction to Web3

Web3 is a term used to describe the decentralization of the internet, which uses blockchain technology to enable peer-to-peer transactions and a distributed network of computers. The Web3 architecture is designed to provide more control, privacy, and security to users than the traditional web, which relies on centralized servers and corporations to store and control data.

History of Web3

The Web3 movement started in 2009 with the launch of Bitcoin, the first decentralized digital currency. Since then, several blockchain-based platforms and applications have been developed, such as Ethereum, Polkadot, and Cardano. These platforms offer decentralized infrastructure, smart contracts, and decentralized applications that can run on top of the blockchain.

Web3 Architecture

Web3 architecture consists of several components, including blockchain, decentralized storage, decentralized identity, and decentralized applications (dApps).

Blockchain: Blockchain is a distributed ledger that records all transactions and interactions on the network. It enables secure, transparent, and tamper-proof transactions, making it the foundation of Web3.

Decentralized Storage: Web3 uses decentralized storage solutions such as IPFS (InterPlanetary File System) and Swarm to store and share data. Decentralized storage solutions remove the need for centralized servers, which can be vulnerable to hacking, and provide more control and privacy to users.

Decentralized Identity: Decentralized identity solutions such as uPort, Civic, and Sovrin provide users with self-sovereign identity, which enables them to control their digital identities and data.

Decentralized Applications (dApps): Decentralized applications (dApps) are built on top of the blockchain and enable peer-to-peer transactions without intermediaries. Examples of dApps include decentralized finance (DeFi) platforms, social media platforms, and online marketplaces.

Web3 Components

Web3 is made up of several components that work together to provide a decentralized web experience.

a. Blockchain: As mentioned earlier, blockchain is the foundation of Web3. It enables secure, transparent, and tamper-proof transactions.

b. Smart Contracts: Smart contracts are self-executing contracts that are programmed to automatically execute when certain conditions are met. They enable peer-to-peer transactions without intermediaries.

c. Cryptocurrency: Cryptocurrency is a digital asset that can be used as a medium of exchange. Cryptocurrencies enable peer-to-peer transactions without intermediaries and can be used to pay for goods and services.

d. Decentralized Applications (dApps): Decentralized applications (dApps) are built on top of the blockchain and enable peer-to-peer transactions without intermediaries.

Applications of Web3

Web3 has several applications across different industries, including finance, gaming, social media, and supply chain management.

a. Decentralized Finance (DeFi): DeFi is a rapidly growing industry that enables peer-to-peer transactions without intermediaries. DeFi platforms such as Uniswap, Aave, and Compound provide decentralized infrastructure for lending, borrowing, and trading cryptocurrencies.

b. Gaming: Web3 enables the creation of decentralized gaming platforms that provide users with more control and ownership over their in-game assets. Examples of Web3 gaming platforms include Axie Infinity and Decentraland.

c. Social Media: Web3 introduces a new paradigm for social media platforms by providing users with more control over their data and interactions. It allows for decentralized social networks where users have ownership of their content and can interact directly with others without relying on a centralized authority. Projects like Steemit and Minds are exploring decentralized social media models.

d. Supply Chain Management: Web3 can revolutionize supply chain management by introducing transparency and traceability. By recording transactions and product information on a blockchain, it becomes easier to verify the authenticity and origin of products. This can help in reducing counterfeiting, ensuring fair trade practices, and improving efficiency in supply chains.

e. Governance and Voting: Web3 offers opportunities for decentralized governance systems and voting mechanisms. Through the use of blockchain-based voting platforms, the integrity and transparency of elections can be enhanced. Decentralized governance models enable community-driven decision-making processes, reducing the reliance on centralized authorities.

f. Intellectual Property: Web3 provides solutions for protecting intellectual property rights by leveraging blockchain technology. Artists, musicians, and content creators can tokenize their work and establish ownership rights. Smart contracts can automate royalty payments, ensuring fair compensation for creators.

Challenges and Future of Web3

While Web3 holds immense potential, it also faces several challenges. One of the main challenges is scalability, as current blockchain networks can struggle with handling a large number of transactions. Additionally, user experience and adoption need improvement to make #Web3 applications more accessible to the masses.

The future of Web3 looks promising as more developers and entrepreneurs explore its potential. The development of layer 2 solutions, interoperability protocols, and advancements in #blockchain technology can address scalability issues. Moreover, regulatory frameworks need to adapt to accommodate the decentralized nature of Web3 while ensuring consumer protection.

Conclusion

Web3 represents a significant shift towards a decentralized and user-centric internet. With its blockchain-based architecture, decentralized storage, identity solutions, and applications, Web3 offers enhanced security, privacy, and control to users. It has diverse applications across industries and holds the potential to reshape finance, gaming, social media, supply chain management, and governance. While challenges exist, ongoing developments and innovations are paving the way for a more decentralized future powered by Web3.

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On May 16, 2023, US District Judge Analisa Torres denied the SEC's request to seal documents related to a 2018 speech by former SEC Head William Hinman. In the speech, Hinman said that Bitcoin and Ethereum were not securities. The SEC accused Ripple of selling XRP as an unregistered security.

The SEC argued that the documents should be sealed because they were deliberative materials that could reveal the agency's thinking on the issue of whether XRP is a security. However, Judge Torres ruled that the documents were not protected by the privilege of deliberative process because they did not relate to an agency position, decision or policy.

The ruling is a victory for Ripple and could be a significant setback for the SEC's case. The documents that were unsealed could provide evidence that the SEC had no legitimate basis for its decision to sue Ripple.

Ripple CEO Brad Garlinghouse tweeted that the ruling was "another victory for transparency" and that it "should make it clear that the SEC's case against Ripple is without merit."

The SEC has yet to rule on the ruling.

#feedfeverchallenge #Ripple #RippleSEC #Ripplenews

The U.S. Securities and Exchange Commission pushed back its deadline to decide whether to approve or disapprove a proposal for a combined carbon credit futures and spot bitcoin product.
The SEC said it was delaying its decision to November 21 for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, in a filing posted on Tuesday.
"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the comment it has received in connection with the proposed rule change," the SEC said.
Crypto asset manager 7RCC's proposed fund plans to invest 80% of its assets in bitcoin and 20% in "financial instruments, including swap agreements, that provide exposure to Carbon Credit Futures represented by the Index," according to a filing in March. 7RCC also said it plans to appoint Gemini as the custodian of the fund's bitcoin.
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An S-1 registration statement was filed earlier for the spot bitcoin and carbon credit futures ETF in December 2023, about a month before the SEC approved 11 spot bitcoin ETFs.
The proposed ETF received one comment from James D. Milas, a Loyola University student in Chicago, class of 2026. Milas' comment focused on carbon credits and urged the SEC to " prompt continued efforts to mitigate the adverse effects of carbon credit companies."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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blockchain technology, or decentralized finance solutions in everyone's daily lives.

Cryptocurrencies, blockchain technology, and decentralised finance solutions are progressively entering popular use and altering the way people transact and interact financially. With the rising acceptance of cryptocurrencies, consumers may send and receive money internationally without the need of middlemen in a quick, secure, and cost-effective manner. The blockchain technology behind these currencies assures transaction immutability and transparency, which boosts confidence and decreases fraud. Decentralised finance solutions, on the other hand, give creative alternatives to traditional financial services such as lending, borrowing, and investing in a decentralised and permissionless environment. These technologies have the potential to increase financial inclusion and financial independence for all. #feedfeverchallenge

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Solana ecosystem L2 network Sonic SVM recently announced the sales information of HyperFuse Guardian Nodes, which is said to be the first node sale in the Solana ecosystem.
The official announcement states that HyperFuse Guardian Nodes are an integral part of the security and functionality of the Sonic Hypergrid framework in the SVM ecosystem. Node operators will help verify state transitions and improve network efficiency. Early adopters will have the opportunity to buy Sonic tokens at a price lower than what Sonic offered to venture capitalists during its $12 million Series A round.
Node sales are divided into the following three stages:
Tier 1 Raffle: September 16, 21:00

Bitcoin (BTC) kicked off the U.S. trading week, falling below $27,500 in the afternoon (ET).

The largest cryptocurrency by market capitalization was recently trading at around $27,350, down over 5.5% in the past 24 hours, according to CoinDesk data, as investors continued to mull over a surge in interest in the PEPE meme coin and Binance congestion issues that forced the exchange giant to temporarily suspend bitcoin withdrawals over the weekend.

Binance resumed the service Sunday night (ET), but the stoppages and rising price of bitcoin raised questions about the impact of large bitcoin transaction volume.

Ether (ETH) followed a similar pattern, falling beneath the $1,900 level it’s held for much of the past seven days. The second largest crypto in market value was trading at around $1,829, off 4.4% on a 24-hour basis.

ETH’s deflationary narrative post-Ethereum Shapella upgrade has strengthened as ETH’s net issuance, or the annualized inflation rate, recently dropped to -2.7%, according to ultrasound.money. More than 62,300 ETH, worth around $116 million, have been burned over the past seven days, ultrasound.money’s data tracker showed.

“Both BTC and ETH haven't tested near-term supports since the rally we saw around mid-March," Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told CoinDesk in an email.

DiPasquale said BTC might test support between $25,000 and $27,000 before bouncing again, although the economic outlook is favorable for BTC and the broader crypto market to thrive. He called accumulating BTC and ETH on dips a “sound strategy.”

Most major tokens were also trading in the red on Monday, including crypto payment-focused XRP and Polygon’s MATIC, which both tanked over 8% to trade at around 42 cents and 92 cents, respectively. The PEPE craze appeared to be waning with its market cap dropping to some $878 million after peaking above $1 billion before the weekend, Messari data showed.

The CoinDesk Market Index (CMI), which measures the overall crypto market performance, was down over 5% for the day.

Greg Cipolaro, global head of research at bitcoin investment firm NYDIG, wrote in a Friday newsletter that despite short-term price fluctuation, BTC is increasingly serving as a “buy-and-hold asset” based on on-chain data.

“With more bitcoins being held for longer, a dwindling supply is available for short-term trading,” Cipolaro wrote, adding that this may result in increased volatility or trading costs through wider spreads.

“Given bitcoin’s fixed supply nature, this also means that fewer bitcoins are available for others to purchase. This may result in upward pressure on prices if the demand for bitcoin grows,” he wrote.

Equity markets turned mixed on Monday midday, with the S&P 500 and tech-heavy Nasdaq Composite trading almost flat, while the Dow Jones Industrial Average (DJIA) was down 0.1%.

In bond markets, the note on the 2-year Treasury yield – a gauge of near-term, interest rate expectations – edged 8 basis points higher to sit around 3.99%. The note on the 10-year Treasury yield also rose 7 basis points to 3.51%.

#feedfeverchallenge #Binance #BTC #crypto2023

BNB Chain announced on X platform that the decentralized data storage network BNB Greenfield testnet is expected to undergo a Manchurian hard fork at block height 3,922,485 (12:00 on January 4th Beijing time). Validators need to upgrade to greenfield v1.2.1 in advance, and storage providers (SP) need to upgrade to greenfield-storage-provider v1.2.2 in advance. The upgrade will not affect the account balance or data stored on the Greenfield testnet. This hard fork will introduce "MsgSetTag" to enhance message delivery and fix vulnerabilities in GVG creation and bucket status events.
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Golden Finance reported that a report by Chainalysis showed that Nigeria's cryptocurrency trading volume increased by 9% year-on-year to US$56.7 billion between July 2022 and June 2023. Golden Finance previously reported that the Central Bank of Nigeria (CBN) announced the lifting of the ban on cryptocurrency trading in the country.
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According to data from the Wormhole protocol, a total of $370 million in liquidity has been transferred from Ethereum to other blockchains in the past month, with nearly 90% going to Sui and Solana. Dan Reecer, the head of operations for Wormhole, believes that the outflow of funds may be driven by memecoins and airdrop speculation. Multiple Solana DeFi protocols, including Kamino, MarginFi, Parcl, and Solend, have announced their own reward systems. In addition, the incentive program within Sui's ecosystem has "driven a lot of DeFi activity," which may also explain some of the outflow of funds.
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This article outlines the key business terms and legal implications of oral agreements in the legal community. #feedfeverchallenge

Golden Finance reported that data released by 21.co on-chain data and research analyst Tom Wan showed that last week was the largest redemption of pledged ETH since the Shanghai upgrade, with 656,200 ETH (approximately US$1.6 billion) being redeemed. 85% of redemptions are contributed by Figment and Celsius.
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Golden Finance reported that Gary Gensler, chairman of the U.S. Securities and Exchange Commission, was asked about his views on the Ethereum ETF in an interview today. He responded: “As I said two weeks ago, everything we have done with the spot Bitcoin ETF is limited to this. A non-security commodity and should not be construed as anything other than that."
Gensler said that investors now have better information about Bitcoin ETFs, mentioning: “From that perspective, there is also better disclosure, they are now listed on stock exchanges instead of trading on the over-the-counter market. At the time, There are 10 or 11 coming online at the same time, which brings a level of competition. You're already seeing some competition and investors are benefiting from lower fees."

According to the blockchain data tracking service Whale Alert, at around 22:45 on January 31st Beijing time, an address starting with "0xf487" transferred 74,007,416 USDC to Coinbase Institutional via the Ethereum blockchain, worth approximately $BTC #feedfeverchallenge

BitMEX Research posted on the X platform that today is the first day of trial in the case between the Crypto Open Patent Alliance (COPA) and Craig Wright. The hearing begins at 18:30. Each side will present their basic arguments today and tomorrow Craig Wright will begin his case.
Previously, on January 24, Craig Wright made a settlement offer to members of the Crypto Open Patent Alliance (COPA) and parties in the upcoming intellectual property litigation. Craig Wright agreed to give up his database rights and copyrights in BTC, BCH and ABC, saying that the settlement proposal was intended to maintain the integrity of the Bitcoin system when it was originally developed, while limiting the unnecessary costs of a lengthy trial in the High Court. #feedfeverchallenge

a16z partner Chris Dixon's new book, "Read Write Own: Building the Next Era of the Internet," will be released on January 30th. In an interview with Fortune magazine, he stated that AMMs like Uniswap are a true breakthrough in the field of financial infrastructure. Wall Street should embrace new technologies such as AMMs and think rationally about how to integrate real-world assets. From a regulatory perspective, real-world assets are complex. Some large financial companies are working hard to solve the problem of how to put mortgage loans or stocks on the blockchain and tokenize them.
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According to Spot on Chain data monitoring, the giant whale 0x117 has just exchanged 1,171 ETH (about 2.4 million US dollars) for 2,900 WHITE, causing the price to rise by 764.78%. Now, the giant whale is the largest holder of WHITE.
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Executives from JPMorgan and Apollo revealed plans for a tokenized “Enterprise Mainnet” formed during their collaboration on the Monetary Authority of Singapore (MAS) Project Guardian pilot project. It is reported that the Enterprise Mainnet provides scalability and can add applications to a network that already has institutional banks, broker-dealers and asset management companies that meet KYC standards.
On November 15, MAS introduced five additional industry pilots to Project Guardian to test various use cases around asset tokenization, with 17 member financial institutions including JPMorgan Chase and Apollo participating in the project. The two parties collaborated to test the use of digital assets to achieve more seamless investment and management of discretionary portfolios and alternative assets, as well as large-scale automatic portfolio rebalancing and customization.

In a document filed with the U.S. District Court for the Southern District of New York on November 28, a federal judge approved an order requiring cryptocurrency lending company Voyager Digital and its affiliates to pay a $1.65 billion settlement to the U.S. Federal Trade Commission (FTC). As part of the agreement, Voyager will be "permanently restricted and prohibited" from marketing or providing products or services related to digital assets. Under the settlement agreement, parties associated with Voyager must cooperate with FTC officials, including testifying at hearings, trials, and evidence discovery. After one year, Voyager must also report on its compliance with the program and accept supervision by the committee.