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4 ways Web3 will change the internet

4 ways Web3 will change the internet

Recently, top media platforms such as Facebook, Youtube, and Reddit have announced news and initiatives related to Web3. For example, YouTube posted a director-level role for “Youtube Web3” requiring 15 years of experience and an understanding of cryptocurrencies, blockchain, consensus mechanisms, NFTs, and other Web3 technologies.

Web3 refers to a new iteration of the internet built on blockchain infrastructure, with decentralized use rights. Here’s what you need to know.

Social Media Will be Decentralized

Recent months have seen the rise of Web3 social platforms, with internet giants from Web2 and executives from tech giants embracing Web3.

Julien Gaillard, head of the data scientist at Twitter Spaces, Ryan Wyatt, head of YouTube gaming, and Jack Dorsey, co-founder of Twitter, have all left the tech giants to join the Web3 world.

Meanwhile, Web3 social platforms have been particularly prominent.

On Feb. 8, DeFi lending giant Aave launched its Web3 social media platform Lens Protocol. On the same day, Web3 social platform SO-COL (Social Collectables) announced it closed a $1.75 million seed round. 

On Feb. 15, Chingari, an Indian social platform with 100 million users, integrated native tokens to develop a Web3 social network.

Footprint Analytics – Aave is the top-ranked lending platform by TVL.

User Data and Speech Will Be Protected

The spirit of Web3 is decentralization. Users are in control of their own data.

Traditional social platforms require user information to create accounts. In web 3.0, people use crypto wallets but not their real information. These banks of data are extremely prone to breaches, allowing data to be exploited. Facebook, for one, has had several data breaches.

In Web3, user data is stored on the blockchain. It has the quality of being tamper-proof. The protocol social. network-based on Polkadot stores data on the chain, ensuring personal data is protected.

Another issue with Web2 is censorship. Tech giants are able to easily censor content based on their terms of service. Many Web3 proponents imagine a world where this is impossible.

Twitter’s founder Jack Dorsey had funded the decentralized media outlet Bluesky in December 2019, aiming to resist the attention economy by allowing people to choose their own preferred recommendation algorithms and thus decide what users themselves see.

On Bluesky, content can be retained for free in perpetuity, with no central authority to remove it, truly making the data your own.

People Will Pay for JPEGs

Web2 is not just in competition with new blockchain projects. These legacy platforms, with their huge user bases, are also very likely to play a large role in Web3.

Digital assets such as NFTs are at the heart of Web3. Twitter is launching its NFT Profile feature in the first month of 2022, allowing users to display their NFTs in their Twitter profiles. Twitter’s main competitor, Meta, is also working on allowing users to sell NFTs on Facebook and Instagram.

Footprint Analytics: Quarterly Trading Volume and Traders Before 2022

In 2021, when NFT exploded , the cumulative number of NFT transactions went from less than 1.3 million to 65.4 million. It is a 50-fold increase, but still a far cry from the users of social platforms.

Creators Will Have More Control

On Web2 platforms, users are the producers of content, and websites generally are user-created. The platform also uses big data for accurate marketing. This is at odds with the decentralized, open, and transparent vision of web3, where users can earn revenue for their creations and where blockchain technology has largely reduced plagiarism and unclear ownership of content.

Web3 social media Lens Protocol, launched by Aave, lets content creators set the conditions for following them, e.g. payment. In addition, the creator can also set the scope of the content and the conditions of use, so that the content is truly owned by the creator.

Summary

The development of blockchain technology and the approaching Web3 era has become an increasingly obvious trend. The decentralized internet is a revolution, and the ensuing Web3 era is likely to reshape our way of life in every aspect of finance, social interaction, and more.

What is Footprint Analytics?

Footprint Analytics is an all-in-one analysis platform to visualize blockchain data and discover insights. It cleans and integrates on-chain data so users of any experience level can quickly start researching tokens, projects, and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anyone can build their own customized charts in minutes. Uncover blockchain data and invest smarter with Footprint.

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Cryptocurrency

How Cryptocurrencies are Being Used to Help Ukraine

How is Bitcoin being used to help Ukraine? Ukraine has increased its cryptocurrency use in recent years, and it seems that the nation is committed to make cryptocurrency a major part of its economy. And, right now, Bitcoin is proving to be a valuable asset in the confrontation between Ukraine and Russia. So, how are individuals now spending their crypto cash to help Ukraine?

How is Bitcoin being used to help Ukraine? Ukraine has increased its cryptocurrency use in recent years, and it seems that the nation is committed to make cryptocurrency a major part of its economy. And, right now, Bitcoin is proving to be a valuable asset in the confrontation between Ukraine and Russia. So, how are individuals now spending their crypto cash to help Ukraine?

Official Crypto Wallets in Ukraine

At the end of February 2022, as tensions between Russia and Ukraine grew, Ukraine’s official Twitter account revealed the addresses for two crypto wallets, encouraging people to give their Bitcoin, Ethereum, or Tether instead of conventional cash.

Ukraine’s account added a remark under its initial tweet a few days later, claiming that they had also launched a Polkadot wallet and providing its address. With over 200,000 likes and almost 60,000 retweets, it’s reasonable to conclude that Ukraine’s crypto contribution appeal has reached hundreds of thousands of individuals.

After Ukraine’s Vice Prime Minister tweeted a Dogecoin wallet address, Dogecoin donations are now being accepted. Furthermore, since many NFTs (non-fungible tokens) have significant value, they are accepted as contributions. As a result, there are now various avenues for users to give using cryptocurrency, with both individuals and corporations willing to assist.

With the Help of Big Names

Hands full of bitcoins

Popular cryptocurrency exchange Uniswap launched a new service on March 1st that allows users to convert ERC-20 altcoin tokens (such as LINK and MANA) into Ethereum, which can then be contributed to Ukraine’s official Ethereum wallet.

In addition, Gavin Wood, the creator of Polkadot, has made a one-time donation of $5.8 million in DOT tokens to Ukraine. His promise of a large Polkadot gift prompted Ukraine to establish its own official Polkadot wallet, which is still accepting donations.

Donations Received So Far

Despite the fact that Ukraine has only been accepting crypto donations for a short time, individuals from all over the globe have already banded together to make significant contributions. A total of over $52 million in crypto contributions has been given to the Ukrainian government and an NGO that supports the country’s military in only a few days.

In only one day, one organization raised $1 million in cryptocurrency, with a number of additional groups contributing similarly large sums. On top of that, a $6.5 million NFT of the Ukrainian flag was auctioned off and given to Ukraine.

A CryptoPunk NFT valued roughly $200,000 was also contributed by another user, along with a number of additional NFTs (though it is not yet known whether these have been sold by Ukraine). These monies will be used to bolster Ukraine’s troops and purchase basic goods for the country’s citizens.

Donations to cryptocurrency in Ukraine are still increasing.As time passes, more organizations and people give cryptocurrency to help Ukraine. Despite the fact that the future of the Ukraine-Russia war remains unknown, it is apparent that individuals from all over the globe are ready to help where they can.

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Cryptocurrency

Talking Ben Crypto: The Reasons You’d Better Stay Away

Why We Won’t Even Bring Up Ben Crypto
“Talking Ben the Dog” is a popular smartphone app, and Talking Ben crypto has been renamed “Talking Ben crypto.” It has been around for a long time. After a software upgrade this year, it has enjoyed a strong return in popularity.

Playing the game “genuine or scam” is a fascinating experiment when a new coin is released. Using the brand-new Talking Ben crypto coin, we want to achieve just that.

A screenshot of the app Talking Dog crypto is based on.

Now and again, this is a simple game. It isn’t always the case. Solana’s whitepaper piqued our interest when we first heard about it, so we dug further. The future strategy of the company’s development staff was clear. It also addressed some of the industry’s problems.

Solana took on the problem of scalability head-on. There were less transaction expenses because of this. At the time, it was the fastest transaction speed available on the market. However, the Bitgert crypto coin has subsequently surpassed Solana’s record for the fastest cryptocurrency transaction. Although it was evident from the start that Solana was authentic,

In addition, there are tokens that don’t provide anything in the way of utility. A new coin that looks to be capitalizing on a current trend is doubly worrisome. This may be seen in the now-infamous Squid Game cryptocurrency.

It was proposed that Squid Game crypto be used as an in-game token for an upcoming video game. That video game never came to fruition. In a typical rug-pull, the designers walked away with millions. Similarly, we observe this in the case of the Talking Ben crypto coin.

There is currently no usage for this. NFT events, airdrops, and BNB prizes might all benefit from the use of BNB tokens. This token is still in its infancy, and we’re just in the beginning stages of its creation. This is a brand-new token, once again. Despite the fact that certain plans have been laid out, there is still a lot of uncertainty to be concerned about.

Why We Won’t Even Bring Up Ben Crypto”Talking Ben the Dog” is a popular smartphone app, and Talking Ben crypto has been renamed “Talking Ben crypto.” It has been around for a long time. After a software upgrade this year, it has enjoyed a strong return in popularity.

Right present, iOS App store rankings place Talking Ben the Dog in the top 20 most downloaded apps. Spotify, Google Maps, and even Twitter can’t compete with its use. So it’s safe to assume that it’s lately gotten a lot of traction.

However, there is a snag… Outfit7 Limited produced the game. In addition, it makes no mention of its connection to Talking Ben crypto, despite the fact that the token’s website features a picture of the dog prominently.

On top of that, there is no Talking Ben crypto whitepaper. As of now, there are just a few guarantees about its future usefulness. If that’s the case, then something’s fishy. We like tokens to be launched with a well defined purpose in mind. It’s not an afterthought that you’ll find here.

However, the token includes all the standard boilerplate text you’d expect from a new token, save from those flaws. 10% of each transaction goes towards marketing (among other things). Talking Ben crypto has a supply of 100 trillion tokens. Existing holders will also be rewarded in the future. You’ll have a higher chance of getting your hands on a Talking Ben NFT if you have more of these tokens… Most of us could probably do without it.

Yet Another Reason to WorryAnother red flag is the dearth of information provided concerning Talking Ben’s capabilities. Maps of the project’s phases are clearly put out in this project’s road map. Getting featured on crypto community forums might help you receive more publicity for your new currency.

Graphics from the Talking Ben the Dog app are used to accompany these levels. As for the third stage (when NFTs will be deployed), the visuals are merely a badly sketched dog face. When the fourth level is announced, a picture of YouTuber Ishowspeed appears beside it mysteriously. You’ll get the gist of what I’m trying to say.

Finally, no one on the development team had a solution for the last step. That’s still up in the air. Of course, figuring this out before creating a new crypto asset is an excellent idea.

Talking Ben Crypto’s Bottom LineEven if this is a crypto fraud, we’re not going to state it explicitly. All it reeks of is the stench of a rug being pulled. We also believe there are more lucrative opportunities in the token market, given the enormous quantity of tokens already available… Use cases and plans for the future that are more defined.

For those who are still interested in taking advantage of this chance, well done. PancakeSwap and PooCoin are two of the decentralized exchanges where it is actively traded. In light of the latter, we have no choice but to run away from Talking Ben crypto. However, we’ll let you make the final decision on how to spend your hard-earned cash.

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Cryptocurrency

Is Biden After Your Cryptocurrency Wallet?

Biden administration is looking for new ways to trace transactions that take place in private crypto wallets. In fact, according to some sources, President Biden may issue an executive order soon to guide government agencies in their efforts to control digital assets.

While investing in cryptocurrencies like Bitcoin, Ethereum, and even stablecoins may have appeared absurd just a decade ago, holding a certain percentage of your portfolio in cryptocurrencies like Bitcoin, Ethereum, and even stablecoins is now rather common. After all, over the previous decade, cryptocurrency’s popularity and utility have skyrocketed. Furthermore, customers appreciate crypto’s decentralized structure, especially since the federal government is constantly looking for new ways to track frequent consumer transactions in USD.

However, it’s not unexpected that the Biden administration is looking for new ways to trace transactions that take place in private crypto wallets. In fact, according to some sources, President Biden may issue an executive order soon to guide government agencies in their efforts to control digital assets.

While you may be afraid about the government scrutinizing your cryptocurrency transactions, most investors don’t need to be concerned – at least not now. If you’re curious about why the government is interested in how much crypto you have or how you use it, keep reading.

Why Does the Government Monitor Crypto?

It’s crucial to note that the authorities may perceive private crypto wallets as a potential alternative to regular bank accounts, according to Shaun Heng, VP of Growth & Ops at CoinMarketCap. A physical bitcoin wallet, on the other hand, does not actually hold or store any digital assets, as he points out. “Instead, a crypto wallet simply stores the private keys required to access assets recorded on the blockchain,” he explains.

 

Because all digital assets are maintained on the blockchain, which is essentially a ledger or record of all crypto transactions, all digital asset transactions are by definition public and traceable.

“Transparency is one of the most important aspects of blockchain technology,” Heng explains.Even if currency is decentralized, the government still has a vested interest in keeping track of where it is traveling. However, the government is constantly concerned in preventing crimes such as money laundering, human trafficking, and fraud.

Government agencies, according to Cabital CEO Raymond Hsu, are understandably concerned about cryptocurrency exchanges that lack adequate anti-money laundering safeguards.

“These exchanges would appeal to financial criminals, terrorist financiers, and sanctions evaders, eroding the reputation of the countries in which they are based,” he argues.

The government is concerned, according to HiCollectors CEO Scott Steward, that people would be able to move enormous sums of money through private crypto wallets without being taxed or regulated.

“The goal of private wallets is to keep transactions private,” he argues, “but the lack of regulation could put the economy in jeopardy.” “If people have the ability to move enormous sums of money with little to no control, it may lead to dangerous investments and other bad activities.”

That is why, he claims, the federal government is putting in a strong effort to make crypto secure.

However, some analysts feel the government has malicious intentions when it comes to tracking cryptocurrency transactions. For example, according to Modulus CEO Richard Gardner, the Fed “wants complete control over monetary policy in order for the federal government to have complete control over our privacy, as well as the ability to shutter, or alternatively, tax alternative payment mechanisms out of existence, should they deem it necessary.”

As a result, he believes that crypto enthusiasts and the general public should be quite concerned about these developments.

Ozzy Dot, a cryptocurrency specialist who goes by the handle @OzzyDotClips on TikTok, recently discussed this type of issue in one of his videos. As he mentioned, a Canadian Superior Court of Justice recently ordered that the assets of users who participated in a protest against vaccine mandates be frozen by a crypto firm named ‘Nunchuk.’ The business stated the following in a response to the Canadian government:

“With the exception of email addresses, we do not collect any user identification information.” “We don’t have any keys either,” they added. “As a result, we can’t ‘freeze’ our users’ assets; we can’t ‘keep’ them from being moved; and we don’t know about ‘the existence, type, value, and location’ of our users’ assets.” This is on purpose.”

The note stated, “Please look up how self custody and private keys function.” “When the Canadian currency loses its value, we’ll be here to help you as well.”

This, according to Ozzy Dot, is why governments are concerned about private crypto wallets. When compared to traditional centralized banking, they can’t be frozen or seized, therefore the powers that be don’t have the power and control they want.

Should Crypto Investors Be Concerned About Regulation?

Ordinary crypto investors, for the most part, don’t have to do much to be compliant with their accounts other than pay taxes on qualified transactions. Consumers should already be tracking their bitcoin transactions and reporting gains and losses, according to financial advisor Julian B. Morris of Concierge Wealth Management. If not, increased regulation may compel some crypto investors to join the bandwagon.

Morris recommends establishing a spreadsheet of dates and prices of transactions for individuals who aren’t keeping track of their crypto transactions yet. This way, you’ll have paperwork that matches the blockchain and is easier to declare for tax purposes. He also mentions that if you connect your wallet to a provider, it can generate these reports for you.

Meanwhile, crypto investors and average customers should remain calm. Any mechanisms put in place to track cryptocurrency transactions will be aimed at detecting unlawful monetary movements such as fraud and money laundering. You have nothing to worry about if you’re investing in crypto in a normal way, without trying to hide money, cheat taxes, or breach the law.

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