Crypto News Daily

The cryptocurrency universe is growing by leaps and bounds. This burgeoning industry offers opportunities for anyone with an internet connection and a desire to be their bank.

One of the sizzling topics in cryptocurrency is decentralized finance or DeFi. The goal of DeFi is to build an entirely new financial system that is wholly independent of the traditional financial (TradFi) economy. Thousands of developers worldwide are funding this goal with billions of dollars

We have seen developers crowd the market with different projects, each auditioning for your attention, promising good margins and no financial pain. It can be laborious to know which ones are worth your time and money.

This article will look at the top 8 DeFi projects in 2022. These are the projects that we believe have the most significant potential to change the way we interact with money. Keep reading to learn more!

DeFi Projects to Watch Out For Before The End of 2022

DeFi projects are mushrooming everywhere, intending to provide solutions to the centralized nature of the current financial system. So, here is the list of the top DeFi projects that you should keep an eye on in the year 2022:

1.   Avalanche

Any DeFi system must be built on a pre-existing smart contract platform, such as Ethereum, Binance Smart Chain, Solana, Avalanche, etc. These smart contract platforms are currently competing head-on. They are in an arms race to improve security, scalability and customizability, transaction processing speed, or be more energy-efficient and environmentally friendly.

 So, because blockchain technology is still in its early stages, there is still plenty of room for more customization of smart contract platforms to help them become even more efficient.

Avalanche is a new-generation smart contract platform developed recently. It competes directly with Ethereum with perceptible advancements like infinite transaction per second (compared to Ethereum’s 14 tps), transaction processing duration of less than 2 seconds, and a high level of security, all based on the Proof of Stake mechanism.

DeFi systems built on Avalanche are also more competitive than those built on other blockchains due to technological advancements in smart contracting. Transactions on Avalanche-based DEXs, for example, are significantly less expensive than those on Ethereum-based DEXs.

2.   Idle Finance

Idle finance stands out from other cryptocurrency projects due to its unmatched level of security—being one of the few non-hacked. It has lending DeFi protocols—and a user-friendly design that requires no gas fees for transactions.

The platform provides its users with a decentralized rebalancing protocol to manage digital asset allocations among various third-party DeFi protocols algorithmically and automatically.

Furthermore, their Best Yield product fully maximizes the interest accrual process for users to ensure they are constantly receiving the highest interest rates.

Idle Finance’s Perpetual Yield Tranches, a yield aggregator product that tranches risk and yield, is another industry-defining product. The two related tranches are senior with deposit protection plus yields and Junior with leveraged stablecoin yields.

Despite having such innovative functions, Idle Finance does not require the user’s undivided attention for them to benefit from the platform; the entire model, as the name suggests, is built around ease of use.

3.   Synthetix

Synthetix (SNX), a fast-growing decentralized exchange, allows users to trade crypto for stocks, commodities, currencies, and other assets still dominated by Wall Street, London, and Hong Kong’s traditional financial institutions.

Its most distinguishing feature is that it allows users to create their synthetic assets, known as “synths,” which enable exposure to fiat, derivatives, cryptocurrencies, and various asset classes.

Examples are Bitcoin, USD, euros, Tesla stocks, gold, and other currencies. This means that dealers can bet on the price of an asset without holding the actual asset, making Synthetix one of the most popular DeFi products on the market.

Hodlers can stake their SNX to generate new Synths for trading. Alternatively, they can sit back and collect fees and rewards from the Synthetix exchange (hopefully). However, the primary goal of Synthetix is to trade Synths. Traders can go long or short on an underlying asset on the platform. They accomplish this by holding other cryptocurrencies in Synths.

A trader, for example, could purchase a synthetic MKR token (sMKR) that reflects the price of MKR. However, they would not own an actual MKR token or have voting rights as standard holders would.

To create a new Synth, regardless of whether one prefers staking or trading, one must stake 800% of the Synth’s value in SNX tokens. It is important to note that supply and demand dynamics are here.

The more SNX locked up as collateral, the lower the supply. When it decreases in reserve, the more it increases its value. Currently, approximately 85 percent of the total supply of SNX is locked.

Synthetix also has its cryptocurrency, sUSD, pegged to the US dollar and used to pay transaction fees on the platform.

4.   Bondex

Bondex is a project with a long-term vision that is slowly but surely gaining recognition in the DeFi space. By resolving the prevalent issues in the blockchain industry, Bondex aims to transform how business gets conducted in the modern world. A tokenized rewards system allows its community of users to own certain parts of the next-generation Web 3.0 talent ecosystem.

Bondex aims to solve the industry’s challenges by leveraging its professional Network and implementing tokenized incentives to maximize the recruitment process and fill the growing talent gap. By using a decentralized P2P model, this project will enable a new revenue-sharing business model.

The Network affects this in three ways: 1) by distributing more profits among its global talent pool and hiring companies, 2) by aligning incentives across all participants for long-term growth, and 3) by changing its economic model.

Recently, Bondex partnered with KyberSwap – Kyber Network’s powerful liquidity hub. As DeFi’s first dynamic market maker, KyberSwap maximizes returns for liquidity providers and provides the best trading rates for token holders alike.

KyberSwap can aggregate liquidity from multiple exchanges (including KyberSwap) and determine the best trade route based on its Dynamic Trade Routing technology. This will give Kyber Network’s liquidity providers another avenue to earn a yield on their idle digital assets.

Bondex and Kyber Network hope to provide a better solution for the decentralized talent economy with this partnership.

5.   Sin City

“Sin City” is a Meta-verse multi-player game based on Blockchain Technology. The game’s background occurs in some of the most controversial cities where users can buy digital real estate. Users can purchase this land to build their empires.

There will be a high degree of social interaction on this platform, where people can create clubs for their friends to hang out in, create venues for online events to hold, or even compete in underworld challenges to win in-game rewards.

Featuring some of the high octane thrills of games like Grand Theft Auto on the blockchain, it’s appealing to many users, including game enthusiasts. Unlike other games, Sin City offers a unique 3D open world, play-to-earn model, in which a player can earn the native $SIN token and prosper both as an in-game player and an investor.

6.   Keep Network

Keep Network (KEEP) is a decentralized security protocol that enables the secure transfer of digital assets between blockchain networks. The protocol uses “Keeps,” which are particular purpose smart contracts that act as a bridge between different blockchains.

Keep Network’s key features are its security and privacy-focused design and its use of “Bonded Keeps” to ensure the safety of user assets.

In addition, Keep Network has partnered with Chainlink (LINK), the most widely used decentralized oracle network, to provide reliable data to its users.

With Chainlink, Keep Network can offer its users the ability to connect to off-chain data sources, such as real-world events, data from web APIs, and more.

Keep Network is an essential piece of the DeFi ecosystem and will be a significant player in the market in the years to come.

7.   Unicrypt

Unicrypt is a decentralized protocol that enables the creation and management of digital assets. The protocol provides tools that allow users to create, issue, and trade digital assets on the Ethereum blockchain.

Unicrypt’s key features are its user-friendly interface and support for a wide range of digital asset types.

In addition, Unicrypt offers a variety of features that make it an attractive option for users looking to create and manage digital assets. These features include supporting multiple signature schemes, atomic swaps, and more.

Unicrypt is a powerful tool that can be used to create and manage a wide variety of digital assets. The protocol will be a significant player in the DeFi space in the years to come.

Conclusion

The primary objective of DeFi is to create an open, trustless, and permissionless financial market. Notable development and investment are going into the advancement of DeFi, and financial advisors must understand this space. Much of the DeFi technology builds on and enhances the TradFi system, potentially resulting in a better outcome for users. As the space evolves and strengthens, it is critical to understand decentralized finance and be prepared to interact with its projects.

It has been more than a decade since cryptocurrency became a real investable asset. In that period, the media has been awash with various crypto-related stories. But despite the ebb and flow of the ecosystem, the cryptocurrency ecosystem continues to light up, and investors are lining up to get into action.

Bitcoin and altcoins like Ethereum and others exhibit high volatility levels. However, the most outstanding characteristic is that the coins are not your typical assets. To an extent, they play on the fringe of the investment world. For that reason, your financial advisor may not be helpful if you seek advice in this regard. What to do now? This article attempts to break down the sector so that you and other unsophisticated investors can onboard without much difficulty.

But before we get into the details of investing in cryptocurrencies, let’s learn a bit about the assets.

Understanding cryptocurrencies

Cryptocurrency is an encrypted data string hosted on a blockchain network, which denotes a currency unit on that network. In other words, it is a type of digital currency that relies on cryptography to create new units and verify transactions. For example, Bitcoin enables users within the bitcoin blockchain to trade without a central authority.

A cryptocurrency works thanks to blockchain technology. Blockchain technology refers to a system of recording information based on a ledger architecture. The ledger is distributed among peers or nodes in the network to ensure the recorded transactions are unalterable and impossible to duplicate.

While cryptocurrency enjoys the support of ingenious technology, what really is the reason for the explosion onto the global scene? It has to be peer-to-peer transactions. The peer-to-peer or P2P system enables anyone anywhere to receive or send payments. Unlike traditional finance, the cryptocurrency ecosystem does not require intermediaries like banks to ensure trust and security.

Since Bitcoin’s launch in 2009, many other cryptocurrencies have emerged. According to CoinMarketCap, a website that tracks crypto, there were 18,737 cryptos at writing, with a little over $2 trillion market capitalization. However, the most popular coins are a handful, including:

·   Bitcoin (BTC)

·   Ethereum (ETH)

·   Ripple (XRP)

·   Litecoin (LTC)

·   Tether (USDT)

How to select a cryptocurrency for investment

You cannot possibly invest in all of the over 18,000 cryptos. Even if the list is trimmed to the best ten, it would be impossible to make the right choice if you lack a proper selection mechanism. So, how do you select the best crypto to invest in?

Do exhaustive background research

All that begins from a position of knowledge has a better shot at success. Whether you are a newbie or a veteran investor, the cryptocurrency landscape requires extensive knowledge to grasp how it operates.

For starters, one must know that investing in a cryptocurrency is not similar to equity investment. On the one hand, buying stock gives you a share of ownership of the company. Contrarily, buying crypto merely grants you ownership of a digital asset.

While doing the background research, ensure you understand the factors influencing the cryptocurrency’s price. Is it supply and demand? A typical cryptocurrency has a limited supply. As such, its price goes up when demand increases. So, the most crucial question you should seek answers to is this: how does the crypto’s supply increase?

While at it, also find out the factors that affect the coin’s demand. It means looking for the areas of the coin’s potential. Thankfully, all reputable cryptocurrency projects have whitepapers.

A crypto whitepaper is a document that project developers release at launch. It explains the project’s purpose and vision and the technology supporting it. Additionally, it describes the project’s facts and statistics to potential investors. For example, Bitcoin’s whitepaper proposed the peer-to-peer system underlying today’s decentralized finance (DeFi) ecosystem.

Engage the community of people already investing in the crypto

Beside the whitepaper, the cryptocurrency’s following is another crucial aspect you shouldn’t miss to evaluate. The community’s sentiment is a critical indicator of the coin’s performance.

Most crypto projects with a solid following have subreddits and YouTube channels that convey essential feedback. Since a substandard project can’t create a following of loyal supporters, this should help you weed out wrong bets.

While at it, pay attention to what the followers are saying, particularly on investment. A careful evaluation of the feedback should make it possible to spot and avoid pump-and-dump hype.

Evaluate the team behind the project

Experience has shown that some actors are adept at forging whitepapers and creating fake communities using bots. However, such actors are often unable to get it right when revealing the team of developers and backers.

When researching the coin, ensure you vet each member of the team. Some of the things you could do include:

·   Assess the identity of the project’s backers.

·   Evaluate their expertise and ensure you trust their integrity.

·   Do they have any scams associated with them?

Evaluate the pricing history

It is critical to consider the amount of money that the coin has already attracted. Thankfully, there are plenty of websites, including CoinMarketCap and CoinDesk, where you can find crucial information like market cap and daily trading volume.

Depending on your investment philosophy, the market cap could help decide if the coin is a worthy asset or not. To some, a high market cap could indicate a small potential for further growth, making the coin unattractive.

Furthermore, this is the right time to perform market analysis research. Some issues to consider include:

·   Is the coin’s value too volatile?

·   Does the coin display resilience in the face of a big dip?

·   Where is the coin’s value at present? Is it at an all-time low or high?

These steps are not exhaustive, but they will get you somewhere. Specifically, they will prevent you from falling prey to dubious scams with fancy names and whitepapers.

Investing in cryptocurrencies

Selecting the right coin to invest in is only the beginning of the cryptocurrency investment journey. How do you invest in cryptocurrency? There are two answers to this question.

Firstly, you can invest in cryptocurrency by buying actual coins on a cryptocurrency exchange, storing them in a private crypti wallet, and selling them at a higher price. Secondly, you could take a position in cryptocurrency derivatives, such as contracts for difference (CFDs). The difference here is that you’ll get ownership of actual digital assets with the former, while with the latter, you’ll only get a claim to the assets. The claim is often settled in fiat currency.

Nonetheless, the onboarding process is usually similar whether you wish to buy actual coins or trade crypto derivatives. The following steps describe the typical onboarding process:

Step 1: Select the appropriate platform

Cryptocurrency exchanges like Coinbase and Gemini enable users to buy digital currency with fiat. However, you must open an account first. The typical registration process begins with providing personal information, including full name, email address, telephone number, and residential details.

It is worth mentioning that some crypto exchanges extend their services to crypto derivatives, although there are dedicated cryptocurrency brokers.

Step 2: Fund the account

The account funding process differs depending on the platform. For example, Coinbase accepts major currencies like the US dollar (USD) and the British pound (GBP), and others like Binance accept up to 18 fiat currencies. Additionally, some exchanges and brokers accept Bitcoin and a handful of altcoins.

Also, some platforms allow users to trade directly with credit cards and digital payment service providers, including PayPal and Skrill.

Step 3: Place an order

With your account funded, you can proceed to the marketplace and order your coins. Crypto exchanges operate similar to stock exchanges, where they match buy orders with sell orders at the market price. On order fulfillment, the exchange will hold the coins on your behalf in a custodial crypto wallet, although you are free to transfer them to a private wallet.

For a crypto derivatives trader, the process is different. Once you complete the funding process, the broker will direct you to the trading area, where you will open a position in the market. Unlike buying actual coins, crypto derivative trading allows customers to take positions on both sides of the market – you can open a buy or sell order.

Conclusion

Every investor is unique. For this reason, investors will always follow different patterns and routes when engaging in the cryptocurrency market. Most importantly, it is worth noting that the most crucial factors that should guide an investor are appetite for risk and investment goals.

When evaluating crypto investment opportunities, always take proper precautions to avoid falling into scammers’ hands. For example, ensure you conduct exhaustive background research on the potential digital asset. If you buy coins to store in a private wallet, take great care not to lose your keys or exposure to bad actors. Also, it is helpful to know that the crypto ecosystem is quite volatile, and thus, it is wise to avoid overexposure to a specific asset. Try investing in multiple coins to spread risk.

Crypto Head, which tracks information on the crypto market, conducted an analysis and found that the number of cases reported of cryptocurrency hacking and theft increased by more than 40 percent in 2021.

Hacking has been around since the fathers of technology invented access control for computing technologies. Even before widespread internet use, some geniuses were exploiting password-protected computers.

In 1965, MIT researchers discovered an exploit in time-sharing software that allowed anyone trying to access an editor to see everyone else’s passwords. When multiple users attempted to access the editor, the system — only designed for a single user at a time — would randomly swap the password file, allowing access by those who already knew the password.

However, hacks in the cryptocurrency space are problematic because transactions are irreversible. A decentralized and trustless network cannot distinguish between transactions with stolen coins and legitimate ones since it is decentralized. This means that the protections around preventing illegitimate transactions are fundamental.

How Much has Crypto Lost to Hackers

There is a lot of coverage about high-profile hacks since they make for good headlines. The crypto security forum at Unify reports that hackers have made off with $1.2 billion so far this year. Consequently, this amount of money is almost eight times higher than the $154 million lost in the first quarter of 2021. Now, I will mention the five largest hacks in the history of cryptocurrency for illustration’s sake.

• Ronin Network– In one of the largest crypto heists on record, the Ronin blockchain project announced last month that hackers exploited its systems and stole cryptocurrency worth $615m.The project reported that unidentified hackers stole 173,600 ether tokens and 25.5 million USD coin tokens on March 23rd. Axie Infinity uses Ronin to power its popular online game. It has the most extensive collection of non-fungible tokens (NFTs) by all-time sales volume, according to the NFT market tracker CryptoSlam.
• Poly Network– Poly Network tokens worth $611m were transferred to three wallets controlled by a hacker on August 10th, 2021. A security researcher Mudit Gupta discovered that the attacker could ‘unlock’ (buy) tokens on Poly Network without having to ‘lock’ (sell) the corresponding tokens on other blockchains. The Poly Network is a platform for exchanging tokens between blockchains other than Bitcoin and Ethereum, such as Ethereum and Bitcoin.
• Coincheck– Coincheck, a Japanese crypto exchange, revealed to the public that $547m worth of lesser-known cryptocurrency NEM had been stolen in January 2018. The firm admitted to storing the assets in a ‘hot wallet,’ meaning cryptocurrency storage connected to the internet, making it vulnerable to cyber-attacks. Coincheck was one of the most prominent exchanges in Japan at the time of the attack, which was one of the biggest markets for cryptocurrency trading.
• KuCoin– Singapore-based crypto exchange KuCoin announced in September 2020 that $275 million worth of cryptocurrency had been stolen, including $127 million in ERC20 tokens used in Ethereum smart contracts. Chief executive Johnny Lyu revealed that hackers gained access to the exchange’s ‘hot wallets.’
• Mt. Gox– One of the most well-known crypto heists was the theft of $480m from another Japanese exchange, Mt. Gox, in 2014. Around 7% of all Bitcoins were in circulation at the time, making the haul worth $480m. It would be worth more than $35 billion today.

According to investigations, wallet and exchange breaches are the most common, with 126 outpacing attacks and fraud involving DeFi, or decentralized finance, at 41 each during the last ten years. These hacks are a wake-up call for the industry to improve its security posture. Meanwhile, you as an individual can take steps to protect your cryptocurrency from being hacked.

How Can you Protect Your Cryptocurrency from Hackers?

Since the digital currency has virtually no regulations backing it, investors cannot find their way out of cyber-attacks because there is no involvement of centralized authority. So, how do you get to safeguard your cryptocurrency investment? This article gives you a few suggestions;

Use Cold Wallets

Online wallets have gained incredible popularity in recent years, becoming a prime target for hackers. While online wallets are convenient, they also present a greater risk than cold or offline wallets. Terence Jackson, a chief information security officer, recommends that most consumers keep their cryptocurrencies in offline or cold wallets since it’s less vulnerable to cyber-attacks online.

As for hardware wallets, these devices can get lost or stolen, so it is essential to have a backup stored in a deposit box. Additionally, public and private keys should never be identical to prevent hacking.

Despite their tremendous effectiveness against digital thieves, hardware wallets also pose a risk: Lose your password key, and you’ll never be able to recover your funds.

Passwords and PINs

It is essential to have strong passwords unique to each account and not used for any other purpose. A user should never choose the same password for more than one account to eliminate the risk of cyber-crime.

Several crypto experts propose this idea and consider it one of the safest methods for securing digital accounts. Two or more factors of authentication can help in this matter, as can a diverse and robust password for every account.

Web Security

To keep your online wallets secure, it is crucial to have strong password hygiene and two-factor authentication (or even better, three-factor authentication). Furthermore, avoid using public Wi-Fi to conduct any cryptocurrency transactions since it is easy for hackers to set up a rogue access point and steal your information. According to David Maimon, assistant professor at the University of Maryland’s department of criminology and criminal justice, public Wi-Fi is risky in three specific ways:

• Wi-Fi sniffing
• Man-in-middle attacks
• Malware

Don’t let your Wi-Fi search and connect to public Wi-Fi connections if you want to avoid cyber attacks. Please turn it off and carry an internet dongle for private connections instead. You can protect your assets by purchasing a $10 internet dongle. Depending on your data plan, you can also use your cell phone as a hotspot.

Use Two-factor Authentication

Two-factor authentication adds an extra layer of security to your accounts by requiring a second code from a device you own to log in. This makes it much harder for hackers to access your accounts since they need your password and access to your physical device.

Wallets that support two-factor authentication are a good investment. For example, if someone had access to your login details, they would also need your phone to get the 2FA code. The disadvantage of text and email 2FA is that they are easily intercepted if someone has access to your email account or if you port your phone number from one device to another.

According to PolySwarm CTO Paul Makowski, the best 2FA options, from most secure to least secure, are as follows:

• Hardware dongle, available at: https://landing.google.com/advancedprotection/
• A phone app that does not sync your secrets anywhere (e.g., Google authenticator)
• A phone app that allows you to sync (e.g., Authy)
• Email-based
• SMS-based communication

Two-factor authentication is not foolproof, however. In 2018, Google’s Advanced Protection program was fooled by a phishing attack that resulted in the theft of $120,000 worth of Ethereum from a user’s account. The best way to protect your accounts is to use a hardware dongle in addition to two-factor authentication.

Use a Reputable Crypto Exchanges

When you are ready to purchase cryptocurrency, make sure to do so through a reputable exchange. Some exchanges have been around for a while and have implemented strong security measures to protect their users’ assets.

Reputable exchanges will also have insurance if their platform gets hacked and users’ funds stolen. Make sure to check if an exchange has insurance before using it.

Be Careful with What you Download

Malware can be attached to files, and once on your device, it can perform a variety of sinister commands. A person racking up your phone bill or using all your data is no longer the biggest concern. Now you need to worry about malware reading keystrokes, giving hackers access to your accounts, and even reading the screen on your phone.

Remember, the crypto world is full of clever people, and as you browse communities, Telegram, Facebook, Reddit, Bitcoin Talk, etc., you’ll find posted files. It may be tempting to click them, but be aware that they could be bait.

It’s not just about being careful with what you download but also about keeping your devices updated. Software updates often include security patches that close vulnerabilities in your system. Outdated software is one of the easiest ways for hackers to access your device.

When in Doubt, Don’t Click it

If you’re not sure about a file, don’t download it. If you’re not sure about a link, don’t click it. When in doubt, don’t do anything. This may seem like common sense, but we often overlook things when we’re in a hurry or not paying attention.

Be extra careful when you’re online and take the time to verify that everything is legitimate before taking any actions. A few extra seconds of caution could save you a lot of headaches down the road.

Conclusion

Hacks are inevitable, but you can take some steps to protect your assets. By following the tips in this article, you can make it harder for hackers to target you and your cryptocurrency. However, no security measure is perfect, so it is essential always to be vigilant and stay up to date on the latest security threats.

Close your eyes and visualize Ethereum mining software. Perhaps you see nothing since the concept of “Ethereum mining”  is abstract and hazy. Possibly you see racks of unattractive machines in a warehouse.

Or, perhaps your imagination envisions a team of digital trolls mining nuggets of Ethereum from the internet with virtual pickaxes in hand, whistling while they work.

Then there are these computer setups. Whatever you envisioned, you probably didn’t imagine this Ethereum mining software. Ethereum mining software allows you to mine virtual ETH coins using the power of equipment (video card, ASIC).

This software simplifies the process of mining cryptocurrency, provides assistance in setting up equipment and allows the mining process to be controlled.

Since most Blockchain projects rely on Ethereum, Ethereum mining will get profitable as its price is expected to rise. I’m sure you’d like to take advantage of this situation and try to get some quick cash by mining Ethereum.

But before you start, you will require the best Ethereum mining software. And to get one, you need to understand how to choose the right mining software

This guide will help you look at some factors you need to consider when choosing the best Ethereum mining software for your needs and also help you get the top Ethereum mining software.

Factors to Consider When Choosing Ethereum Mining Software.

When choosing which software to mine Ether, you should pay attention to several factors;

• Hashrate– When selecting software, you should consider the hardware’s capabilities. For example, with a graphics processor that can process 37 Mh / s, a program that can process 40 Mh / s is sufficient. A cryptocurrency mining program’s requirements also increase if you install powerful hardware. If you choose the wrong hardware program for Ethereum mining, the effectiveness of mining decreases. If the hashrate is not compatible with the software, it may lead to overheating or failure of the equipment.
• Algorithm– Software compatibility with this algorithm is essential. The Ethereum network’s proof of work mining process relies heavily on Ethereum, a financial incentive mechanism that encourages miners to safeguard the network.
• Fees– You will find that different softwares have different fees. Both open-source (free) and commercial (paid) software are available. Open-source software’s main advantage is free, thereby lowering the entry barrier to its use. Nevertheless, this poses a danger since anyone can contribute to it without any prior testing or quality assurance. Commercial software provides the advantage of automating most business activities through well-engineered, business-focused solutions instead of separate analytical workbenches for preprocessing data or data mining. When choosing, pay attention to this factor and choose the one that suits your budget.
• Ease of Use– The software you choose should be easy to use. The installation and user interface of the program should be straightforward. If it is too complicated, you will spend more time figuring it out instead of mining.
• Auxiliary Options– The Ethereum mining software may also provide additional functions, like surveying the temperature of the machine used, cryptocurrency mining in the background, GPU acceleration, and others. It is possible, in some software, to automatically select algorithms for performing calculations, switching between equipment, etc.

Now that you know the components to consider when choosing Ethereum mining software let’s look at the best options available on the market.

The Best Ethereum Mining Software

Here’s is a list of the best Ethereum mining software available:

1.   T-Rex Miner

Company    –       T- Rex

Year Founded  –  2021

Website:      –       trex-miner.com

Download: T-Rex for Windows and Linux

T-Rex is an easy-to-use, highly optimized cryptocurrency mining program. With unique optimization techniques, it takes full advantage of modern NVIDIA graphics cards. You can maximize the mining power of your GPU by using T-Rex Miner for those who own the fastest graphics cards.

Stable power consumption is also a priority for the program. The software offers several advantages and a 1% development fee, making its product one of the best available publicly.

In addition to Ethereum, T-Rex also supports other algorithms like Octopus, Kawpow, MTP, Autolykos 2, and more, allowing you to mine many more cryptocurrencies.

T-Rex is one of the cheapest software to use, and for the majority of algorithms, it takes only 1% of your mining time as a reward. The rejection rate is shallow, typically less than 1%.

This mining software frequently receives updates from the developers, so there are no security concerns. Thanks to a recent T-Rex Miner update, users can now get a real-time representation of how hot their RTX 30 series GPUs with GDDR6X memory are.

2.   PhoenixMiner

Company      –      PhoenixMiner

Year Founded –  2014

Website      –        phoenixminer.org

Download: PhoenixMiner for Windows and Linux

Phoenix is one of the fastest mining software in the market today. Mining Ethereum in the real world is 3-5% more rapid because of a completely different miner code, lower invalid and outdated shares, optimized OpenCL code, optimized assembler kernels, and higher GPU load.

In some situations, depending on the card, you might experience a hash rate of 1-2 MH/s higher than T-Rex, but rejection rates of 2% or higher might disappoint most users.

When a GPU freezes, the watchdog timer checks periodically and restarts the miner if necessary. Phoenix miner supports the straps command-line option. To activate it, you can double-click your Bat file to start the miner. Once the miner starts, the setx commands will set the environment variables, initialize your GPUs, build the DAG file and start hashing. 

Run the program for about 20 seconds and click “s” to display your Hashing speed. Now that your miner is set up, all you have to do is sit back and enjoy watching your video cards generate passive income in the form of Ethereum.

You can now run PhoenixMiner on AMD and NVIDIA GPUs alike. Thus, if you want AMD graphics card mining software that’s fast, PhoenixMiner is your best choice. PhoenixMiner has the lowest dev fee of all the mining software included, which is 0.65%.

3.   NBMiner

Company      –   NBMiner

Website        –    nbminer.info/

Download    –     NBMiner for Windows and Linux

An NBMiner connection is ideal for large and medium-sized mining farms that wish to optimize their performance and earnings. NBMiner is the hottest Ethereum miner in the current market and the best choice if you use an NVIDIA LHR graphics card. These graphics cards have halved their hash rates to deter miners from stocking them up as a marketing ploy.

However, a recent update to NBMiner has enabled GPUs with Lite Hash Rates to achieve up to 70% mining performance. Although the update does not instantly boost performance, it allows you to operate in LHR mode and improve hash rates.

Compared to other mining algorithms, the software frequently ranks near the top showing high hash rates on Nvidia and AMD.

NBMiner supports SSL connection to mining pools, allowing you to remain anonymous and protect your data. The software also has a built-in API that lets you monitor and control your mining rigs remotely.

You can also use the NBMiner API to overclock your GPUs and set fan speeds. The software is available for Windows and Linux operating systems.

The NBMiner is also capable of mining other cryptocurrencies, such as RVN, GRIN, BEAM, CFX, ZIL, ERGO, AE, and SERO. Therefore, you will still be able to mine other cryptocurrencies and make money even after Ethereum switches to Proof-of-Stake.

4.   GMiner

Company     –   GMiner

Website        –   gminer.info/

Download    –   GMiner for Windows and Linux

GMiner is the most stable minig software available. GMiner maintains a leading position in mining coins like Beam, Ethereum, Grin,  Bitcoin Gold, and Cortex. A year ago, the miner added support for Ethash, ProgPoW, and KAWPOW algorithms with superior performance compared to its competitors.

When it comes to fees, only one miner could match PhoenixMiner, and that’s GMiner. Ethereum mining is available for just a 0.65% dev fee, making it the lowest fee for any popular mining software.

Suitable for mining rigs with mixed graphics cards, it works with NVIDIA and AMD GPUs. The software also has several unique features that make it stand out.

One of these is the ability to overclock your GPUs while mining. This is an excellent way to increase your hash rate and earnings. Another feature is the ability to set a custom fan curve for your GPUs. This ensures that your GPUs stay cool and don’t overheat.

The development team aims for the maximum performance of algorithms with the lowest power consumption. These qualities set GMiner apart from the competition and win users’ hearts.

5.   TeamRedMiner

Company     –    teamredminer

Website       –    github.com/todxx/teamredminer

Download    –    TeamRedMiner for Windows and Linux

There are no graphics cards suitable for this miner other than AMD ones. Thus, if you are a team-red fan, you should install this miner on your PC for mining Ethereum.

The downside to TeamRedMiner is that it isn’t nearly as fast as PhoenixMiner, but it doesn’t have as many rejected shares. The development fee for the Ethash algorithm depends on which GPU you have. For Polaris GPUs, it is set to 0.75%, whereas it is set to 1% for the rest of the cards.

TeamRedMiner runs on Windows and Linux machines with no problems. The mining software supports various algorithms; Ethash, ProgPoW, and KAPOW.

The world of blockchain technology is daunting for many of us, full of terminology and ideas that boggle our minds, creating an immediate flight response that ultimately makes us believe it’s a scam. Like most people, when you first read or heard about blockchain, you immediately felt fire alarms going off in your head, accompanied by this voice blaring, “Do not risk a single dime on this sham!”

If only you had pushed past the fear and dove in, boy, you would be ecstatic now. But let’s not settle on what could have been and instead shed some light on how lucrative and real this “sham” has become.

As blockchain technology grows and becomes more user-friendly, it’s essential to learn about it and stay prepared for its future. If you are new to blockchain, this is the platform for understanding the basic concepts.

What is Blockchain Technology?

Blockchain technology is a decentralized system that allows for secure, transparent and tamper-proof transactions. Transactions get verified by a network of computers rather than a centralized authority and recorded in an immutable public ledger.

It keeps track of a growing list of ordered records known as blocks. Each block contains a timestamp and a link to the previous block, forming a chain of data called a blockchain.

The distributed timestamping server and peer-to-peer network build security in the blockchain system, resulting in a database that is managed autonomously and decentralized.

This makes blockchain ideal for applications such as digital recording assets, contracts and other essential documents.

Users can only modify the parts of the blockchain that they “own,” which requires them to have the private keys necessary to read or write to the file. Cryptography keeps everyone’s copy of the distributed blockchain in sync.

Blockchain technology was initially proposed in 2008 by an anonymous person or group under the pseudonym Satoshi Nakamoto. The developers implemented the technology was in 2009 as the core component of Bitcoin, the first digital currency.

Bitcoin was the first digital currency to use a blockchain system to solve the double-spending issue(unlike tangible coins or tokens, electronic files can be duplicated and spent twice) without using an authoritative body or central server.

Blockchain essentially offers the possibility of widespread disintermediation of trade and transaction processing.

How Does Blockchain Work?

A blockchain enables any user to send value anywhere in the world where the receiver can access the blockchain file. However, to edit only the blocks you “own,” you must have a private, cryptographically generated key.

However, three technologies must collaborate on the blockchain for a secure transaction.

• A distributed network using a shared ledger
• Private cryptographic keys
• A system of records

Cryptographic Keys

Blockchain technology thrives on cryptography, encrypting addresses and other data using sophisticated computer operational processes.

Cryptography is a critical component in making crypto transactions secure so that these digital assets can get the name cryptocurrency—users login into the blockchain with the help of a system known as key cryptography.

This system begins with your public key, a long string of numbers and letters that serve as your account number when interacting with the blockchain that underpins a cryptocurrency. Before your data gets posted to the blockchain, it gets encrypted with your public key.

The private key is like a password giving you access to your account. The key decodes information intended for you and posted on the blockchain, granting you access to data and cryptocurrency funds.

So, when two people want to transact, they must both have the public and private keys for identity. These keys’ integration can be considered as a skillful form of consent, resulting in an instrumental digital signature. The digital signature provides solid ownership control.

While the platform solves the authentication, it must integrate it with a method of authorizing transactions and permissions (authorization)- a distributed network.

Distributed Network

A distributed network is one where the blockchain file gets stored on multiple computers instead of just one. This way, the blockchain cannot be controlled by a single user or entity.

To ensure that everyone has an accurate copy of the blockchain, users in a distributed network must agree to download and share the file. When a new block gets created, it is added to all blockchain copies across the network.

This way, everyone has access to the same information, and no one can tamper with the blockchain without detection. A shared ledger is a database maintained by a group of users rather than a single entity.

This way, all users have access to the same information, and no one can control the data or make changes without the group’s consensus. One of the most appealing aspects of the bitcoin blockchain is that it is so large and has amassed much computing power.

System of Records

A system of records is a database that stores information about transactions or other activities.

The records system allows users to verify that a transaction has taken place and that the data is accurate. A block is then broadcast to all nodes in the network, containing a digital signature, timestamp, and relevant information.

Mining is essential for open-public blockchains. Mining is based on a novel approach to an age-old economic problem: the tragedy of the commons. For instance, Bitcoin mining eliminates the possibility of the same bitcoin being used in multiple transactions simultaneously in a way that is hard to detect.

Each blockchain may have a different type, amount, and verification process. It is a matter of the blockchain protocol – or the rules that govern what is and is not a valid trade or a valid block creation. The verification process gets tailored to each blockchain. When enough nodes agree on verifying transactions, they can now create any necessary rules and incentives.

Blockchain Applications

Now that we understand blockchain technology, it’s essential to look at some practical applications for this emerging technology. The leading blockchain applications include;

Financial Services

Traditional systems are inefficient, error-prone, and excruciatingly slow. Intermediaries are frequently required to mediate the process and resolve disputes. Naturally, this comes at a cost in stress, time, and money. On the other hand, users find blockchain to be less expensive, more transparent, and more effective. Examples of financial services include;

• Cross-border payments– blockchain provides solutions with transparency and low cost.
• Banking– blockchain can provide customers with a faster, more transparent, and more secure banking experience.
• International remittances– blockchain can help reduce the cost and time of international money transfers.
• Insurance– blockchain has the potential to make the insurance industry more efficient, reduce costs, and increase transparency.
• Clearing and settlement– the current clearing and settlement process is slow, expensive, and error-prone. Blockchain has the potential to streamline this process and make it more efficient.
• Asset management– blockchain can help asset managers to reduce costs, increase transparency, and improve performance.

Smart Contracts

Smart contracts are digital contracts embedded with an if-this-then-that (IFTTT) code that allows them to self-execute. In real life, an intermediary ensures that all parties adhere to the terms of the agreement.

The blockchain eliminates the need for third parties. Still, it also ensures that all ledger participants are aware of the contract details and that contractual terms are automatically implemented once conditions are met.

You can use smart contracts in various situations, including financial derivatives, insurance premiums, property law, and crowdfunding agreements.

Smart Property

Smart technology can get embedded in tangible or intangible property such as houses or cars. On the one hand, property titles, patents or company shares. This registration gets saved on the ledger, and the contractual details of others permitted to own this property. You can use smart keys to grant access to the authorized party– once the contract is verified, the ledger stores and allows the exchange of these smart keys.

The decentralized ledger also serves as a system for recording and managing property rights and allowing smart contracts to be duplicated if records or the smart key are lost.

Making property smart reduces your chances of encountering fraud, mediation fees, and other issues.

Internet of Things (IoT)

In the coming years, most people will use blockchain technology to manage and secure the internet of things (IoT). IoT is a network of tangible items or devices embedded with electronics, sensors, software, and network connectivity that permits these items to collect and exchange data. IoT can revolutionize many industries, including transportation, health care, manufacturing, and energy.

Blockchain technology can help secure IoT devices by verifying their identities and providing a tamper-proof record of transactions. In addition, it can help to ensure that data is not manipulated or stolen. This could significantly impact the security of IoT devices and the data they collect.

Conclusion

Blockchain technology is increasingly befitting in life, work, and interacting with digital information. There is no single set of standards, as there is with any new, revolutionary technology, and the overall impact is still in discovery. But there’s no denying that it’s here to stay.

Cryptocurrency has taken a front seat in innovation and efficiency in the ever-growing digital world. Crypto developers have designed various fundraising models and crowdfunding initiatives to help businesses and young systems increase cash and nurture their ventures to yield extra awareness and appeal to early investors.

These fundraising systems help a variety of business enterprise entities to increase the yielding of profit. Notably, the most popular fundraising model in the crypto space is the Initial Coin Offering (ICO).

Users of this model reward their traders with a cryptocurrency token to fund the platform. Aside from the Initial Coin Offering (ICO), other brilliant fundraising initiatives include the Initial Exchange Offering (IEO) and the Initial Dex Offering (IDO).

However, with the increasing popularity of blockchain technology, a new fundraising model has emerged and is quickly gaining traction in the crypto space. This new model is called an Initial NFT Offering (INO). This article will explore what an INO is, how it works, and its advantages, but before that, let’s explain the concept of crowdfunding.

Understanding Crowdfunding

The concept of crowdfunding revolves around raising funds for various business purposes. In general, a cryptocurrency project will be available on the interest, and anyone willing to contribute to the project can actively engage and invest in it. This trend is being used by many crypto entrepreneurs and aspiring startups to generate early-stage funding for their business ideas.

Crowdfunding can be done in various ways, but the most common is through an Initial Coin Offering (ICO). ICOs have been widely popular in recent years and have helped many businesses raise the necessary funds to get their work off the ground.

An ICO usually works by businesses offering investors a new cryptocurrency token in exchange for funding the platform. These tokens can now be used to access the services or products provided by the business.

The Initial Non-Fungible Token Offering, or INO, is the most recent addition to the fundraising approach. Created specifically for decentralized platforms, many crypto experts with prior experience in the field view it as a better strategy.

What is Initial NFT Offering (INO)

An Initial NFT Offering (INO) is a fundraising model that allows businesses to issue digital assets for funding. This new model has emerged due to the increasing popularity of blockchain technology and non-fungible tokens (NFTs).

Unlike ICOs, IEOs, and IDOs, which raise funds in fiat or cryptocurrency, INOs raise funds in the form of non-fungible tokens (NFTs).

Non-fungible tokens (NFTs) are blockchain-based cryptographic assets with unique identification codes and metadata that differentiate them from one another. They cannot be traded or exchanged at equivalency, unlike cryptocurrencies.

NFTs, include ownership information for easy identification and transfer between token holders. Owners can also include metadata or asset attributes in NFTs.

One advantage of Initial NFT Offerings is that they make it simple to launch an NFT project. INOs are responsible for the rapid expansion of the NFT space and the number of NFT projects now offering NFT collections.

How Does Initial NFT Offering (INO) Work?

The process of an INO is relatively simple. Businesses issue digital assets, in the form of non-fungible tokens (NFTs), to investors in exchange for funding.

Many NFT platforms allow their users to create Initial NFT Offerings for their community. The NFT platforms enable their communities to vote for good and promising projects published on the platform, and the winners get rewarded with the NFTs.

Developers and upcoming projects provide technical documents and future roadmaps to their community at the start of this race, giving the devs more openness and publicizing their work.

In order to list a project on a platform, creators must implement a First-Come-First-Served or lottery model to allocate their work fairly while increasing community engagement.

Typically, platforms grant access to digital work based on their users’ number of crypto tokens. Users are encouraged to stake crypto tokens to obtain allocations from upcoming projects. Members in the higher tiers of the INO receive rare non-fungible tokens for each project.

Artwork, games, videos, fashion accessories, music, photographs, and metaverses are among the digital assets sold during the fundraising process.

Furthermore, some platforms offer an Initial Staking NFT Offering, or ISNO, a modified version of INO. ISNO involves the sale of limited edition stake-able non-fungible tokens. The concept behind ISNO is to offer a more exclusive and valuable NFT to users who are willing to stake crypto tokens for the development of the project.

Developers design specific staking pools and launch digital assets directly on the platform with varying rarity and burning periods. The ISNO then enables each holder to burn their assets and release the crypto tokens. The owners and creators receive a portion of the staked reward on some platforms.

These NFTs can be bought and sold on decentralized exchanges (DEXs) and can also be used to access the services or products offered by the business. For example, an NFT could be used to access a virtual world or to purchase a digital asset.

Advantages of Initial NFT Offering (INO)

New supporters are diving into the NFT market, resulting in the massive adoption of NFTs. As a result, the number of NFTs is increasing, coincident with a push in INOs, providing plenty of advantages for the market of NFTs. The advantages include;

• Transparency– NFTs are immutable and transparent, thanks to decentralized ledger technology (DLT). The characteristics of NFTs make them ideal for use cases such as digital art, gaming, and collectibles.
• NFTs are easy to trade and transfer. Initial NFT Offerings enable people to earn a living without difficulty by utilizing various digital assets. Users with little understanding of the NFT space can reach out to a wide range of audiences with the help of INOs and crowdfunding. Artists who intend to put together these initiatives can financially fund them by increasing desired tokens through INOs before starting the projects.
• Reduced transaction costs– They have reduced transaction costs while increasing funding returns. INOs with distinct features encourage customers to pay less for transactions. Reduced transaction fees are a boon to innovators and developers, as NFT offerings help to limit transaction fees. The more significant budget returns get linked to the restrained transaction expenses. Initial NFT Offerings provide traders with an advantage due to the inherent scarcity of NFTs.
• High investment returns– They have high investment returns. Regarding ROI, INOs offer better results than traditional fundraising methods. In the case of successful projects, the return on investment for early backers is significantly higher.
• Enhanced liquidity– They offer enhanced liquidity to the project. By releasing a limited number of NFTs, the project can control the price while providing liquidity to early backers.
• Improved engagement with the community– They offer improved engagement with the community. Backers can show their support for a project by participating in the NFT sale. In addition, they can also stay updated on the project’s progress and receive exclusive benefits.
• NFT lending– NFTs can be used as collateral for lending. This is because NFTs are digital assets stored on a blockchain. Lenders can use NFTs to secure loans and earn interest on their investments.

Features of the Initial NFT Offering (INO)

Below are some features that make the Initial NFT Offering platform the best of all fundraising platforms.

Security features– The security of the Initial NFT Offering platform is ensured by the use of,

• 2FA, Authenticator– Allow advanced security features such as 2 Factor Authentication, Google Authenticator, Re-Captcha, and others to help users secure their accounts on the platform.
• Encryption– The platform uses AES 256 encryption to encrypt data in transit and at rest. To ensure data integrity, PII data is also encrypted. Depending on demand, more encryption standards can be customized and integrated.

Application features– The Initial NFT Offering platform can be used for a wide range of applications, such as

• Milestone Contract– The platform’s milestone feature is an exceptional yet optional feature that enables legitimate INOs to differentiate themselves from frauds and thus attract the right investors. Furthermore, this will assist investors in regaining trust in the INO.
• Investor Management– The platform allows for simple management of prospective investors acquired through multi-channel INO marketing campaigns delivered across various crypto ad networks and the crypto community.

Platform Features– The platform has a wide range of features that make it the best fundraising platform.

• Custom Smart Contract– With just a few clicks, you can facilitate flawless airdrops, bonus transfers, refunds, and more by designing custom smart contracts to govern everything on your INO sale.
• Airdrop Campaign Management– Controlling user incentivization allows you to connect with your target audience, build communities, and raise awareness while also efficiently managing your airdrop campaign.
• Detailed Reports and Analytics– You can easily track your INO performance using a single reporting dashboard that provides access to automated reports, basic and advanced report insights, real-time alerts, etc.

Conclusion

Initial NFT Offering (INFO) is a fairly young crowdfunding offering in which tokenized assets in the form of NFTs are sold on the INO platform during the early stages of a project or business. INOs make it easier for firms and artists to sell their NFTs while incentivizing and rewarding investors and communities.

INO is a current solution for getting to the bottom of people’s problems. It enables NFT liquidity, simplifies the recording process, eliminates adherence risks, and provides a safe passage for users.

On November 24, 2021, Russell Crowe fired off a tweet lauding the “amazing restaurants” on the streets of Bangkok. About four days later, Bloomberg reported that Thailand’s state tourism agency was laying the groundwork to attract the people who have become wealthy and famous by holding digital currencies. The plan also includes attracting celebrity crypto aficionados like Russell Crowe.

To some, the Tourism Authority of Thailand’s (TAT) plans could come across as radical attempts by a desperate and revenue-craving entity at resuscitating an industry badly hit by the Covid-19 pandemic. After all, the Bloomberg report states that the agency lost over $80 billion in potential revenue when Thailand went into lock-down in early 2020.

Nevertheless, TAT’s initiative is an example of an emerging aspect of global tourism called crypto tourism. This article aims to help you understand crypto tourism, its advantages and disadvantages, and the role of blockchain technology in the sector’s success.

What is crypto tourism?

Crypto tourism refers to a form of tourism or tour service targeted at cryptocurrency enthusiasts. It often involves tour companies organizing travel tours paid for with crypto or tour packages, including crypto-focused classes or lectures by the tourists.

Suppose you wish to travel to your favorite destination. You notice that you can use cryptocurrency to pay for essential amenities, including your stay at the hotel, food, and transportation. If you hold crypto, this could be an opportunity one can hardly pass.

The destinations that encourage crypto tourism often have proper mechanisms in place to facilitate smooth transactions. For instance, they could have crypto ATMs and other facilities that create an enabling environment. Some destinations go as far as issuing their own crypto coins and wallets, and on top of which, they build a new tourism ecosystem.

But to say that crypto tourism is all about targeting crypto enthusiasts would be too simplistic. Instead, countries like Thailand hope to build a new tourism ecosystem centered around blockchain – the technology that underlies cryptocurrencies.

Blockchain in crypto tourism

The term ‘blockchain’ suddenly became a buzzword overnight after Bitcoin emerged into mainstream awareness in 2009. Blockchain technology refers to a database system distributed among different nodes within a computer network. In simpler words, it refers to a shared registry that records and tracks transactions in a business network.

Blockchain is big news because it ensures that shared information is immutable. The technology enforces transparency when sharing information and only allows permissioned parties access to the network. Thus, blockchain’s potential applications in many industries are vast, so the tourism industry embracing the technology is not radical.

According to Statista, the tourism industry does not have one clear product; hence tricky to define. The industry has many subsectors, and some of the best known include travel companies, attractions, hospitality, transport, and lodging.

Nevertheless, a common thread cuts through the various subsectors: they all rely heavily on tracking and identification services. For example, a travel company might need the capacity to track customer luggage or adequately identify the customers for security reasons.

While attracting the crypto wealthy seems like the tourism industry’s quick fix to revenue shortfall post-Covid, the ultimate goal could be grander than understood today. For instance, most crypto tourism packages entail experts offering lectures on cryptocurrency and blockchain. Therefore, the ultimate goal could be to build the destination’s blockchain capacity. They could then use the capacity to build a more robust tourism industry.

What services does crypto tourism offer?s

Like any other tourism package, crypto tourism offers an array of treats to clients. Some of them include:

Cruises

Cruises are an integral part of the global travel industry. Thousands of passengers book tickets for voyages to various regions worldwide every year. According to Cruise Market Watch, a cruise market watcher, the global cruise market generated revenue close to $30 billion yearly before the pandemic hit.

Seeing that the cruise market has immense potential for huge returns, CoinsBank organized a crypto-themed voyage in 2017 dubbed The Blockchain Cruise. The voyage would be one colossal blockchain technology event attracting thousands of participants from all over the world.

Buoyed by the success of the initial attempt, CoinsBank transformed the voyage into an annual excursion, with the last voyage taking place in 2019. The Blockchain Cruise is now a global conference with stops in major cities along the Mediterranean coastline.

NFT gallery visitations

NFT galleries are coming in various locations worldwide as museums, and other attractions businesses cast their nets wide to capture as many crypto tourists as possible.

A non-fungible token or NFT is a unit of data stored on the blockchain. The data can represent anything from a physical asset to digital art, and the best part is that NFT is uninterchangeable.

Over the past few years, interest in NFTs has shot up, mainly after Beeple sold an NFT for $69 million in March 2021. Because of their popularity, some enthusiasts have set up physical NFT galleries and opened the doors to crypto tourists.

In the UK, Quantus launched in March 2022 to showcase digital art in the physical world. Located in Shoreditch, London, the NFT gallery will host strictly NFT work and includes interactive elements for a wholesome experience.

A similar brick-and-mortar art gallery opened in Chicago in November 2021. The trailblazing NFT gallery displays different works of art on screens mounted on walls. Most importantly, visitors can place bids by scanning blockchain-linked QR codes.

Crypto payments

Although less apparent, utilizing cryptocurrency on vacation is an integral part of crypto tourism. Tour companies that support payments in crypto indirectly encourage crypto millionaires to utilize their services.

According to a Markets Insider analysis, most businesses in the travel services industry are adopting a crypto-friendly posture. It said that the travel industry tops the list of the top 10 crypto-friendly industries, where 11.5% of businesses in the sector accept crypto payments.

Crypto adoption may be nascent, but the intention is clear: businesses will go to great lengths to tap into a rolling wave with the potential for vast returns.

Pros and cons of crypto tourism

Pros

·      It offers learning opportunities in crypto investments and the latest trends

While defining crypto tourism, we stated that the packages include opportunities for visitors to offer crypto-focused lectures. This is an ingenious initiative because it opens learning opportunities for the local population.

According to 2021’s Blockchain Employment Report, blockchain’s highly technical and abstract nature is the most significant obstacle to the technology’s optimum trajectory. In other words, there is a shortage of experts who can distil the knowledge and disseminate it to the majority who lack technical skills.

This is why facilitating quality crypto tourists appears to be an ingenious initiative. If, for instance, the Tourism Authority of Thailand (TAT) succeeds in establishing an active crypto tourism niche in the country, the local population is highly likely to benefit from the knowledge the experts will share.

Additionally, most of the wealthy and famous in the crypto ecosystem are open-minded people who could strike investment deals wherever they go. This means that the destination countries might experience increased capital inflow. Also, local crypto investors who want links with the outside world could benefit from interacting with crypto tourists.

·      It widens the range of payment options

Every country has a national currency that foreigners ought to use when visiting. It means converting currency from one denomination to another, which could shortchange the visitors because of forex slippage.

With cryptocurrency as an alternative payment method, many tourists can avoid forex slippage because currency conversion won’t be needed. For example, most destinations that support crypto tourism accept Bitcoin, the first and widely recognized cryptocurrency. This makes it easy to transfer the coins.

·      It offers networking opportunities

In an upcoming sector such as crypto, beginners face enormous challenges navigating the ecosystem. Also, most of the crypto talent is concentrated in developed countries; hence finding mentors is challenging.

However, more people can meet leading developers and visionaries through crypto tourism services like cruises. Thankfully, all of the crypto-focused cruises taken so far have been designed to be global blockchain conferences. They are a critical avenue to meet and interact with experts and investors.

Cons

Crypto tourism is a grand vision, but it faces complex challenges. For example, except for El Salvador and a few other outliers, many countries do not recognize cryptocurrency as legal tender. Until most nations adopt meaningful crypto policies that facilitate the use of digital coins as money, it may take a while before travelers can comfortably switch to crypto.

Additionally, a small population globally understands or even has access to crypto. It means crypto tourism will remain limited to a small market for the foreseeable future.

Conclusion

If cryptocurrency is the future of finance, crypto tourism is the first indication of the radical shift in global tourism. Once the digital currency takes hold in global tourism, the chances of redundant fiat currency will increase. In the meantime, initiatives like crypto tourism remain mere attempts by businesses and countries to cast the net wide to stave off the effects of the Covid-19 pandemic on the industry.

It can be challenging to keep up with the rapidly-changing world of bitcoin, blockchain, and cryptocurrency. Most books and magazines are outdated as soon as they hit the shelves in this space, and traditional education is decades behind.

On the other hand, if you try to read every article or watch several videos, you realize that there’s a lot of information to digest and stay on top of the space. That’s why podcasts are so valuable in this space – they condense all the essential news and updates into a short, easy-to-digest format that you can listen to while you’re on your way to work or doing chores around the house.

But with so much content out there, how do you know which podcast to invest your time into? We’ve gathered our collective listening experience in this blog post and selected a few of the most worthwhile crypto podcasts.

The Best Crypto Podcasts

In no particular order, here are a few podcasts that attempt to make sense of this rapidly evolving field.

1.   Unchained Podcasts

 Laura Shin, a sovereign journalist covering all things crypto, talks with industry pioneers in this podcast about how blockchain technology and crypto-assets can positively impact how we earn, spend and invest money.

Shin chronicles the early tensions and power struggles that characterize Bitcoin and Ethereum’s founding and offers a glimpse into the DAO, which caused Ethereum’s first existential crisis. She also describes the massive ICO bubble that saw prices soar – and the fortunes of just a few.

However, Shin’s podcasts consist primarily of interviews with industry insiders and leaders, allowing her followers to eavesdrop on the latest industry insights. Since she was a senior editor at Forbes and one of the first mainstream journalists to write extensively about crypto, Shin has been involved in the crypto landscape for quite some time. Her experience and connections make her podcast one of the best sources for in-depth information about the industry.

2.   The Bitcoin Podcast Network

Bitcoin Podcast Network offers a wide range of long-form podcast episodes about bitcoin, blockchain, Ethereum, etc. It is one of the steadiest crypto podcasts out there.

The podcast features interviews with top people in the space, such as Roger Ver and Nick Szabo. The podcast doesn’t shy away from controversial topics, like forks, airdrops, and scams. The hosts, Dr. Corey Petty and Lucian Beebe, have over 20 years of experience in the financial sector, and they’re not afraid to tackle the hard questions.

3.   The Bad Crypto Podcast

Do you get depressed when the crypto markets fall? Do you have a tear in your eye because you don’t want to look at the block folio? Do you worry that your coins will turn to dust? Brush away your tears and fears because The Bad Crypto Podcast will turn that frown upside down. That’s correct. The Bad Crypto Podcast slices, dices, purees, boils, and fries your sadness into crypto joy! The Bad Crypto Podcast is perfect for those new to the space and looking for an entertaining introduction. The hosts, Joel Comm and Travis Wright are self-proclaimed “blockchain, bitcoin, and cryptocurrency evangelists” who love to have fun while educating their listeners. The podcast covers various topics, from ICOs and airdrops to the latest news and developments.

4.   CoinDesk Podcasts

CoinDesk is one of the leading news sources for all things crypto, and its podcast offerings are just as comprehensive. CoinDesk has gathered several podcasts under their umbrella podcast network, including the Breakdown and SOB (short for “Speaking of Bitcoin”).

The Breakdown, presented by Nathaniel Whittemore, examines macroeconomics, bitcoin, geopolitics, and the big picture of power shifts. Each week, Nathaniel is joined by a different guest to discuss the latest news and developments. SOB- Speaking of Bitcoin features Stephanie Murphy, Andreas M. Antonopoulos, and Jonathan Mohan.

CoinDesk podcast covers the latest Bitcoin news, focusing on Liberty, Justice, and Peace. They also interview leading figures in the space, such as Naval Ravikant and Elizabeth Stark. CoinDesk podcasts is an integrated platform for crypto news, data, events & indices for the next generation of investing and the future of money.

5.   What Bitcoin Did

What Bitcoin Did features host Peter McCormack interviewing some of the biggest names in the crypto industry, such as Adam Back, President Nayib Bukele, and Nick Szabo. The podcast includes a wide range of topics, from the early days of bitcoin to the latest news and developments. Peter is a bitcoin maximalist, and his passion for the space shines through in his interviews.

McCormack’s podcasts are extremely valuable for newcomers because he was new to Bitcoin when he started the podcast. So there’s an evolution to his podcasts, with the old ones addressing most of the core issues of crypto. In contrast, subsequent podcasts become increasingly sophisticated as McCormack’s knowledge of the subject grows.

Listeners also appreciate that McCormack gives Bitcoin critics airtime, giving his podcasts a balanced perspective that is somewhat unusual in the partisan world of cryptocurrencies.

6.   Crypto 101

 Are you new to cryptocurrencies and blockchain technology? Do you find the space confusing and overwhelming? If so, Crypto 101 is the podcast for you. The duo Bryce Paul, business development professional in the crypto space, and Aaron Malone, a crypto advisor and researcher, host the podcast.

 The podcast covers a wide range of topics, from the basics of blockchain technology to the latest news, developments, and analysis for a “community of Crypto Crusaders on a mission to takecontrol of their future. Crypto 101 is perfect for those new to the space and looking for a comprehensive introduction.

7.   Unconfirmed

Unconfirmed is a weekly podcast hosted by Laura Shin, a senior editor at Forbes magazine. The podcast features in-depth interviews with some of the most famous people in the crypto space, such as Naval Ravikant, Olaf Carlson-Wee, and Fred Ehrsam. Unconfirmed addresses different crypto topics, from the latest news and developments to the intersection of crypto and traditional finance.

In the cryptosphere, fintech developments often occur within seconds, and the podcast strives to respond to those changes in just the same way. So new episodes of Unconfirmed are released every week in digestible bursts of twenty minutes.

8.   Uncommon Core

The Uncommon Core podcast is a weekly show that’s hosted by Hasu, a cryptocurrency writer and researcher, and Su Zhu. The podcast explores big-picture questions in the crypto space, such as “Is Bitcoin a digital gold?” and “What is the difference between blockchains and virtual currencies?”

 Although the podcast covers topics within the crypto-verse that, at first glance, appear somewhat dense, their unique approach yields insights that set them apart from other podcasts. The podcast aims to reach those looking to understand better the cryptocurrency space and how it works.

• Pomp Podcast

Anthony “Pomp” Pompliano is a bitcoin maximalist and the founder of Morgan Creek Digital, a digital asset management firm. In his podcast, Pomp interviews some of the biggest names in the crypto space, such as Naval Ravikant, Fred Wilson, and Wences Casares.

Pompliano’s passion for the space shines through in his interviews. His content is engaging and encompasses everything from how to build a fintech company to what you need to know about investing and avoiding scams.

While the podcast is geared toward those already familiar with the space, beginners will also find value in Pomp’s insights.

10.     Bankless Podcasts

The Bankless podcast is a production of the software company Ethereum. Hosted by Ryan Sean Adams, the podcast features conversations with some of the most influential individuals in the space, such as Vitalik Buterin, Gavin Wood, and Alex Tapscott.

The podcast covers a wide range of topics related to Ethereum, decentralized finance, and the future of the internet. Ryan Adams does an excellent job of breaking down complex issues for listeners and providing valuable insights into the world of cryptocurrencies.

11.     Epicenter Podcasts

The Epicentre podcast is a production of the Bitcoin Foundation. Hosted by Brian Fabian Crain and Sébastien Couture, the podcast features in-depth interviews with some of the most famous names, like Gavin Andresen, Jeff Garzik, and Peter Todd.

The podcast addresses various topics, from the latest news and developments to the technical aspects of Bitcoin. Crain and Couture are highly knowledgeable about the space and offer excellent insights to crypto-newcomers.

12.     The Flippening Podcast

The Flippening podcast is hosted by Clay Collins, the co-founder, and CEO of Nomics, a cryptocurrency data website. The podcast delivers in spades, covering various topics related to the cryptocurrency space, such as investing, trading, and the latest news and developments. Collins is an excellent host, and his knowledge of the crypto-space is vast– his high-energy delivery makes for captivating listening.

13.     The Money Movement

Brought to you by the circle, The Money Movement podcast is a great listen for those who want to learn about the cryptocurrency space and how it works. Hosted by Jeremy Allaire, the podcast explores and chronicles the ideas and opportunities that drive the new world of digital money.

Covering topics in the future of work, the rise of stablecoins, and the new world of central bank digital currencies, The Money Movement is a must-listen for those who want to stay ahead of the curve.

Since its unveiling, Bitcoin has shown immense potential to upend the structures of legacy global finance, but a killer app is yet to emerge. However, the search for the killer app could be over if crypto lending takes off.

If figures from the niche are anything to go by, crypto lending is set to be the most significant thing out of the crypto industry. For example, data from Credmark, a crypto data company, indicates the crypto lending market rose sharply between 2019 and 2020. Specifically, from Q3 2019 to Q4 2020, the market recorded an 1170% rise in the total active collateral.

What is a crypto lending platform?

Crypto lending refers to a niche of the cryptocurrency industry where crypto-asset holders lend out their coins or borrow against the assets as collateral. Therefore, a crypto lending platform is a marketplace where borrowers take loans and lenders earn passive income from their crypto-asset holding.

Some crypto firms like BlockFi and Celsius Network have created lending platforms with transactions worth millions of dollars. According to DeFi Pulse, a site that offers the latest rankings and analytics of the decentralized finance (DeFi) sector, MakerDAO has $14.52 billion in total value locked.

Crypto lending works similar to the traditional banking industry but with digital assets instead of fiat. An investor opens an account with a lending platform, deposits crypto, and earns interest.

Furthermore, the crypto lending sector falls into the two main categories of the crypto industry: centralized finance (CeFi) and decentralized finance (DeFi). In CeFi, transactions go through third-party service providers, while in DeFi, transactions are peer-to-peer, with no third-party gatekeepers.

Some of the leading lending platforms include:

BlockFi

BlockFi is an excellent platform to onboard into the crypto lending ecosystem because it follows a centralized structure. As with all the crypto-focused businesses in centralized finance (CeFi), BlockFi operates like traditional banks. That means users get the best of both worlds: the security of traditional banking and the income potential of cryptocurrencies.

Like banks, BlockFi lets users open savings accounts, deposit coins, and begin earning interest. Users can fund their accounts with 13 coins, including Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC), and earn interest rates ranging from 3% to 9.3%.

However, it is worth noting that the interest rate regime is floating. A floating interest rate regime fluctuates periodically. The rate moves up or down as a floating boat would on water, meaning the current rate depends on the conditions in the market. With a floating interest rate, lenders can exploit the full income potential of a volatile market, although it raises the risk profile in case of a downturn.

BlockFi boasts over $10 billion in assets and a global clientele numbering over a million. Users can withdraw funds without charge once per month, and any extra withdrawal requests will attract a small surcharge.

CoinRabbit

Cryptocurrency burst onto the global scene primarily because supporters argued it could define a new global financial system that cuts out gatekeepers. While significant steps have been made to this end, there is still a long way ahead. Interestingly, CoinRabbit is among the vanguard crypto-focused businesses intent on materializing crypto’s original objective.

CoinRabbit is a crypto lending platform that matches lenders and buyers without requiring KYC procedures. The absence of KYC means users can transact anonymously, which some could find most appropriate.

Besides non-KYC, users can also withdraw funds without charge, leaving them with maximum possible returns. Additionally, all stablecoin deposits attract an annual percentage rate (APR) between 12% and 16%. What’s more, CoinRabbit implements one of the fastest deposit processes in the market, taking you less than 15 minutes to run through.

Furthermore, CoinRabbit does not restrict the savings and withdrawal amounts. Users can also open multiple savings accounts, each with a different coin.

Celsius

Celsius is a crypto lending platform like no other, especially when speaking interest rates and coin variety. On the one hand, lenders can generate about 17% return on their assets, while on the other hand, borrowers do not face punitive rates. The balance between the competing sides of the market has made Celsius a popular crypto lending platform globally.

Established in 2017, Celsius has processed more than $922 million in rewards and yields and holds assets worth over $20.9 billion. The figures are a testament that Celsius’s over 1.7 million users trust the platform.

Speaking of trust, Celsius has gone to great lengths to demonstrate to users that it can keep their funds safe. The business obtained a FinCEN certification early on to acquire legitimacy in the United States.

What’s more, Celsius claims to provide fair and transparent services, including low rates for loans, quick transactions, and zero fees.

Maker

MakerDAO is one of the most utilized crypto lending platforms in the DeFi niche. The decentralized credit platform is built on the Ethereum blockchain, and Dai (DAI) is the native token. Dai is a stablecoin whose value corresponds to the US dollar (USD).

Users get credit in the form of Dai with collateral, including Ethereum (ETH) and other Ethereum-based cryptocurrencies. The debt incurs interest (also called stability fee) that accrues monthly. Maker users can ask for Dai debt up to 66% of the collateral’s value.

According to DeFi Pulse, MakerDAO is the biggest DeFi project in the lending sector, with more than $14 billion in total value locked (TVL).

AAVE

Aave is similar to Maker concerning the decentralization of transactions. When it went live in 2020, the decentralized liquidity protocol promised an open-source platform built on the Ethereum blockchain. It means third-party developers can build decentralized applications (dApps) and other services on top of the Aave Protocol.

To use Aave, investors only need to deposit any amount of a preferred cryptocurrency. The assets will start earning interest immediately – the interest rate is calculated based on market demand. Additionally, users can secure loans on the platform by collateralizing the deposited assets. The beauty of Aave is that borrowers can offset the interest incurred with interest earned on the deposited funds.

Binance

Binance is primarily a cryptocurrency exchange, but the platform has spread itself as far as crypto lending. Given its reputation as a likable exchange, the platform could leverage the trust and the vast ecosystem it has created to revolutionize the crypto lending sector.

One of Binance’s strengths is Binance Coin (BNB), an altcoin geared at streamlining operations. Specifically, the coin is spearheading Binance’s foray into DeFi. With BNB, users can buy and sell crypto assets, as well as stake the coin for passive income.

Compound

The Compound Protocol was launched in September 2018 on the Ethereum blockchain to decentralize finance. To this end, the developers open-sourced the entire codebase.

The protocol leverages complex algorithms to enable users to earn interest on assets or access credit against their assets. Compound is entirely decentralized and open to anyone with assets and willing to supply them to its liquidity pool. Furthermore, the platform calculates interest rates based on supply and demand forces.

Because of easy access and democratized governance, Compound is a popular platform in the DeFi ecosystem. In fact, DeFi Pulse ranks it the third-best crypto lending platform based on total value locked (TVL) – Compound’s TVL was $6.23 billion at writing.

Additionally, Compound has a native token COMP for faster and smoother transactions. Users can also stake the token, which has attractive yields.

Alchemix

Crypto lending is booming in the DeFi ecosystem, with more than 50 projects under DeFi Pulse’s radar. Alchemix is one of these projects, besides Aave, Maker, Compound, etc.

Alchemix is one of the youngest crypto lending protocols in the market, having launched in March 2021. Like many others, Alchemix is Ethereum-based, but it takes the concept of crypto lending a notch higher. The platform’s protocol has a unique feature that automatically makes the loans pay themselves back.

Alchemix accepts stablecoin deposits, which users can collateralize and earn yields. To pay debt automatically, the protocol sends the yield generated on user assets to pay the interest accrued on borrowed funds. The automation makes Alchemix a unique platform and its most vital selling point.

YouHodler

YouHodler is one of the best crypto lending platforms based on the loan-to-value ratio. The loan to value (LTV) ratio is a composite index used to adjust the lending and borrowing of crypto on various platforms. YouHodler’s LTV is approximately 90%.

What’s more, YouHodler offers instant cash loans with either Bitcoin (BTC) or Tether (USDT) as collateral. The platform also supports fiat as collateral, including US dollars (USD), euros (EUR), Swiss franc (CHF), and British pound (GBP).

CoinLoan

Most crypto lending platforms already discussed are overwhelmingly web-based. This means they lock out potential users who access the internet via smartphones. Thankfully, CoinLoan aims to disrupt the status quo by offering mobile-first services.

CoinLoan has aesthetically designed iOS and Android apps that enable users to manage their assets seamlessly, as well as participate in the credit market. On top of that, users can deposit and withdraw funds without charges.

Conclusion

If blockchain is the future of finance, then crypto lending platforms will be essential to the technology’s success. As already apparent, crypto lending projects have billions of dollars in locked value and have sufficient momentum to break even.

Nevertheless, there is always that nagging question: is the crypto lending ecosystem safe? As with any upcoming niche, crypto lending has many challenges, but users can remain safe if they know better. For example, one must ascertain that the preferred platform is reputable and has proper measures to secure user assets.

Google Trends data indicates Web 3.0 is a hot topic, whose popularity peaked in late 2021. Although the number of searches on Google has plateaued since then, the trend line indicates there still exists substantial interest in the newest phenomenon in the internet age.

While the term ‘Web 3.0’ (or ‘web3’) appears all over the place, much of the world is still wrapping its head around it. This article explains Web 3 with a particular focus on the fundamental architecture, how it defers from the existing infrastructure, and why it matters.

Web 3 defined

Web 3 is the newest internet iteration built on decentralized ledger technology (DLT). Blockchain is the more commonplace term for DLT. The technology enables user data storage across a distributed network of devices. This architecture prevents monopolistic tendencies in internet management, meaning big corporations like Meta or Alphabet cannot thrive. In other words, Web 3 is an online ecosystem built on the blockchain.

The term ‘Web 3’ and other variations, such as Web3 or Web 3.0, originated with Gavin Wood in 2014, the co-developer of the Ethereum blockchain. It was coined to refer to the third generation of the internet. He later left the project to dedicate his time to Web3 Foundation, supporting blockchain-based decentralized projects.

So far, we know that Web 3 is the third generation of the internet, but one can barely wrap one’s head around the new phenomenon. To understand Web 3 better, one must review its precursors.

Precursors to Web 3

The worldwide web history harks back to 1990 when Tim Berners-Lee pioneered the hypertext document management system accessible via the internet. Browsers, such as Netscape, took the technology a notch higher by creating the means for less technical-minded users to wander the internet. This era when users could only read material on the internet refers to Web 1.0.

Web 1.0 was a game-changer, and users marveled at it, especially when they felt the power of computers in their hands. However, users could do nothing beyond reading static web pages and interacting on message boards.

The web evolved into the early 2000s, and web pages became dynamic. However, the highlight of the new internet era, also called Web 2.0, was content creation. Users were no longer passive spectators but active content creators. For instance, platforms like YouTube allowed users to record pieces of their daily lives and share them with strangers online.

Beyond user-generated content, there was a paradigm shift towards online interactivity. Social media platforms like Facebook and Twitter introduced social connectivity and interactivity that surpassed those seen in the previous era. The explosion of content transformed barely known companies into tech giants, incentivizing them to control their data pipelines tightly.

According to a World Economic Forum (WEF) analysis, the architecture of Web 2.0 enabled big corporations to build an insanely profitable business model. The current internet runs on centralized serves stored in vast data centers under the tech giants’ control. In the end, users have superficial control over their online identities.

How Web 3 differs from the current internet (Web 2)

The most defining characteristic of the current internet is the ad-based revenue model. Most tech giants offer services for next to nothing but then harvest user data for sale to advertisers. But according to knowledgeable observers, the newest internet generation shifts the web from the attention economy to the ownership economy.

However, Web 2 and Web 3 have many more fundamental differences. Let’s discuss a few:

Decentralization vs. centralization

The primary objective of the internet is to share information and social interactions – both Web 2 and Web 3 agree on this. However, the current internet is platform-centric, meaning the gatekeepers exert disproportionate control over user data. It means Meta or Twitter can use collected user data as they like.

The current internet relies on servers in specific locations to respond to requests for information. Contrariwise, Web 3 follows a decentralized architecture when storing content. The internet stores information on blockchains, which are more like decentralized databases. This technology enables information to be accessible in multiple locations simultaneously.

We can explain the difference better with an illustration. Twitter is a popular microblogging website where people worldwide air their takes on various topics. However, Twitter has policies to regulate the environment, and it actively censors accounts and tweets if they break community rules. But if Twitter were built on the blockchain, it would be impossible to carry out the punitive actions because no one has absolute control of the platform.

Peer-to-peer interactions

The rise of tech giants like Facebook accelerated the growth of the current internet. These sites enabled users to interact in ways they could not imagine before, which was painless. For example, Facebook’s monthly active users (MAUs) increased exponentially since its founding in 2004. In just four years, the company reported 100 million MAUs, and more than 2.3 billion in 2019.

One might argue that the centralized nature of Facebook enabled ideas to flow easily and decisions to be made quickly, hence contributing to the platform’s meteoric rise. However, one can also postulate that Facebook’s – and similar tech giants’ – chokehold on Web 2.0 has provided the fuel for the attractiveness of Web 3.0.

Specifically, Web 3 leverages the blockchain and other open-source software to implement a permissionless and trustless ecosystem. In other words, a platform like Facebook built on the blockchain would allow users to interact without relying on the benevolence of the platform’s parent company, in this case, Meta.

Ubiquity and connectivity

Each player stores information behind a firewall in a secure server on the current internet. Thus, users must open an account with specific platforms to enjoy their services. To a large extent, the fragmentation of databases in Web 2.0 is a primary reason for its declining attractiveness.

On the contrary, the fact that Web 3 applications are built on the distributed ledger technology (DLT implies more connectedness of content. Also, most developers create applications using open-source technology, which encourages openness.

Unlike the current web, the third-generation internet will not commoditize the personal computer. No company will have the power to create and control a data center. Instead, blockchain spreads the data center out to the edge and into the users’ hands.

AI integration

The open nature of Web 3 architecture enables technologies such as artificial intelligence (AI) and machine learning (ML) to flourish. However, there is overwhelming evidence that AI and ML are already in extensive use on the current internet. What, then, makes AI integration in Web 3 more significant?

In Web 2, companies tightly control the information on their servers. For example, the Google search engine collects user data to train the AI system that underlies its crawlers. However, no one outside of Google’s authorized staff can ascertain the integrity of the collected data, which makes the insights gleaned from it questionable.

The case of reviews on Trustpilot is an apt illustration of the challenge AI faces in Web 2. Trustpilot provides a platform for users to give their perspectives regarding particular products or services. Other users can then use the information to make better purchasing decisions. But Trustpilot can obtain cooked reviews to support the sales of given products/services.

Web 3 approaches AI integration differently. The new internet leverages openness and easy accessibility of objective data to train AI and ML models. The models’ accuracy is higher because there is no room for humans to rig the data.

For example, if Google were to operate in Web 3, the search engine would produce more relevant results instead of the current system where the results are used as an advertising platform. The search engine has to rig the search results in a certain way to ensure the ads are targeted enough.

Factors powering Web 3

The third-generation internet must outperform the current system in critical aspects if it wants to supplant Web 2. With its flaws, Web 2 is pervasive and has given rise to behemoths that the thought of their collapse appears to be a far-fetched fantasy. However, certain factors can empower Web 3 enough to surpass the current internet. They include:

Digital scarcity

The current web is built on the abundance of content, such that content creators cannot leverage the revenue potential. Contrarily, Web 3 leverages non-fungible tokens (NFTs) to give creators control over their content.

If the concept catches on, it will transform the next generation internet from an attention economy to an ownership economy. Given that NFTs have already taken off, the probability of more creators making the switch is high. If and when this happens, it would be a matter of time before a complete transition to Web 3 happens.

Patronage on steroids

Currently, users can support content creators by watching personalized ads. The creators will then rely on the platform’s benevolence and trust that they will be compensated fairly.

Web 3 takes the concept a notch higher by enabling creators to interact directly with their fans. In other words, the new internet proposes to transition from the donation model of the current internet to a value model – users are willing to pay for something not because they have to but because it benefits them. For example, users could buy tokens that give them a stake in an artist’s music album. The users can then partake in the album’s sales in proportion to the number of tokens purchased.

Community ownership

We know that the popular business model for businesses on the current internet gives outsized power to platform owners. For example, YouTube can delete a video from its server as long it violates community guidelines, however trivial.

Web 3 prevents such flagrant abuse of power by placing a platform’s governance under decentralized autonomous organizations or DAOs. Such an organization is represented by mutually accepted rules and is under the control of its members. Thus, the ecosystem lacks hierarchy hurdles and bureaucracy.

It means users will join DAOs based on how their objectives align with personal beliefs. Also, they’ll be able to effect changes, which is a pipe dream on the current internet.

Criticisms of Web 3

Web 3 has hurdles it must brave to fulfill its potential. Some of the limitations include:

Web 3 falls short of its ideals

Most Web 3 proponents posit that decentralization is the panacea for all of the current internet’s ills. But the reality is that ownership of blockchain networks and other critical infrastructure belongs to a few big players. 

A case in point is former Twitter Chief Executive Jack Dorsey’s rant on Twitter in late 2021, where he decried the trickery of those pushing the Web 3 agenda. He alleged that wealthy VCs like Andreessen Horowitz were hyping Web 3 because of vested interest. In the end, it is the few whales with outsized control of critical infrastructure that will harvest the bulk of Web 3’s potential, much like it is happening today with tech giants like Twitter, Google, Facebook, and more.

Accessibility

Much of the blockchain ecosystem is in the development stage, and many projects are coming up in closeted environments. For example, most of the current Web 3 applications are built on the Ethereum blockchain, but similar platforms, such as Polygon, have similar projects. The problem arises when users cannot seamlessly move from one platform to another.

Additionally, most current web browsers lack support for Web 3 technologies, without which regular internet users cannot access the ecosystem.

User experience

Still, the lack of integration in modern web browsers means users have to install additional software on their computers to access Web 3. The extra steps and complexity make for a poor user experience.

Scalability

Most blockchain networks cannot match the transaction speeds we are used to on the current internet. The decentralized nature of the platforms implies that transactions jump through more hoops than usual before completion. The result is a slower network that might dissuade some from onboarding.

Conclusion

The new internet generation promises premium experiences for users, such as a customized browsing experience, speedy and more relevant search results, and an immersive social media experience. All this will happen with the individual being empowered to control their digital footprint and perhaps benefit from it financially. However, Web 3 has critical hurdles it must negotiate successfully to convince the skeptics because they are many.