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Interoperability is crucial for the development of Web 3.0 technologies and the wider crypto ecosystem.

Without interoperability, users are limited to using a single blockchain, preventing them from connecting with other networks and taking advantage of the various benefits that come with a more open and interconnected system.

However, Web 3.0 is only as secure as the systems that support it, and without proper security, a permissionless and trustless future is a disaster waiting to happen.

The bridge the most dangerous place in crypto

A bridge is by nature a continuation of a blockchain, and as such, it should fully satisfy the core requirements of blockchain being trustless, decentralized and secure.

This concept became known as the interoperability trilemma, and it requires bridges to be trustless, extensible and agnostic (able to transfer any type of data supported by chains).

The nature of cross-chain transacting creates more points of failure, and therefore, higher security risks compared to interacting within a single network.

While security issues are not fully solved within individual networks, bridges present extra challenges.

Regardless of how the specific bridge is designed, the funds have to be locked up in a smart contract or with a centralized custodian, which in turn becomes a honey pot for black-hat hackers.

Smart contracts that execute across multiple blockchains are more complex, making them susceptible to errors and malicious attacks.

In fact, cross-chain bridges are the victim of 50% of DeFi exploits. In the last two years, approximately $2.5 billion has been stolen by hackers by exploiting their unique vulnerabilities.

Breaches happened with some of the most well-known ecosystems Poly Network (a Polygon cross-chain protocol), Ronin (the home of Axie Infinity) and Horizon (the Harmony protocol bridge), among others.

The Wormhole Bridge exploit was the second biggest attack after the Ronin exploit. The hacker made off with roughly $320 million after finding flaw in the smart contract code of this bridge between Ethereum and Solana that allowed them to mint 120,000 Wrapped Ethereum on Solana without putting up the necessary equivalent Ethereum collateral.

The Nomad exploit was made possible by a misconfiguration of the smart contract that allowed anyone with a basic understanding of the code to authorize withdrawals for themselves, which people did.

This led to what was described as the first decentralized crowd-looting of a nine-figure bridge in history. Of the $200 million stolen, more than $32 million has been recovered from the amateur white-hat hackers.

A secure wallet is the first step to a secure bridge

While there is work to be done in the area of bridge design, implementing an improved wallet design could offer added security.

Traditional crypto wallets are often vulnerable because they rely on a single private key for controlling funds.

For example, the Ronin hack was made possible through an elaborate phishing scheme involving fake LinkedIn job offers, which led to bad actors acquiring access to five of the nine private keys held by transaction validators for Ronin Networks bridge.

MPC (multi-party computation) wallets arent tied to a single private key. They split private key shares across different locations, such as a server and a users device.

Digital signatures coming from a wallet are computed in a distributed manner. The private key is never fully reconstructed and thus cannot be exposed.

Another wallet-related technological advancement is account abstraction, which in the most basic terms allows Ethereum wallets to act as smart contracts.

The recently implemented ERC-4337 update to the Ethereum network enables a social recovery system where designated third parties can restore access to your wallet if you lose your private keys.

The update also allows the use of 2FA (two-factor authentication) and even biometrics for the protection of wallets, making them much more secure and user-friendly.

When blockchains talk to each other

The evolution of blockchain toward interoperability is sometimes likened to globalization. Imagine blockchains talking to each other freely, being able to mint an NFT on Ethereum from Solana, or get loan from a DApp on Avalanche from Arbitrum.

When it becomes safe for users and builders to cross the boundaries of individual blockchains, it will unlock a whole new level of blockchain commerce and development.

Sebastian Higgs is the chief strategy officer at Fraction, creation of MPCH Labs, where he offers entrepreneurship strategy and execution. Before joining Fraction, Sebastian was the general manager of Vo1t and then transitioned to vice president of custody at Genesis after Vo1t was acquired by Genesis Global Trading.

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An Interoperable Web 3.0 Without Proper Security Is a Disaster Waiting To Happen - The Daily Hodl

Cryptocurrencies have been around for more than a decade, but they have gained unprecedented popularity and adoption in recent years. Bitcoin, the first and most well-known cryptocurrency, has emerged as a global phenomenon, reaching new heights of market capitalization and public awareness. But Bitcoin is not alone; there are thousands of other cryptocurrencies, each with its own features, advantages, and challenges.

Some of these cryptocurrencies are designed to serve as alternative forms of money, enabling fast, cheap, and secure transactions across a decentralized network of users. Others are more than just currencies; they are platforms that enable the creation and execution of smart contracts, decentralized applications, and other innovations. These platforms aim to transform various sectors of the economy, such as finance, supply chain, gaming, art, and more.

In this post, we will explore some of the most important cryptocurrencies other than Bitcoin, and how they are driving institutional transfer of ownership. We will look at their origins, characteristics, use cases, and challenges, as well as their potential impact on the future of business and society.

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Ethereum (ETH)

Ethereum is the second-largest cryptocurrency by market capitalization, and the most widely used platform for smart contracts and decentralized applications (DApps). Ethereum was launched in 2015 by Vitalik Buterin, a Russian-Canadian programmer and visionary, who wanted to create a more general-purpose and programmable blockchain than Bitcoin.

Ethereum enables developers to create and deploy DApps that can run on a distributed network of computers without intermediaries or censorship. These DApps can provide various services, such as decentralized finance (DeFi), gaming, social media, identity management, and more. Ethereum also supports the creation and exchange of non-fungible tokens (NFTs), which are unique digital assets that can represent anything from art and music to collectibles and real estate.

Ethereum is powered by its native cryptocurrency, Ether (ETH), which is used to pay for transaction fees and computational resources on the network. Ether can also be used as a form of money, or as a store of value. Ethereum has a large and active community of developers, users, and investors, who contribute to its innovation and growth.

Ethereum is driving institutional transfer of ownership by enabling new forms of decentralized governance, ownership, and collaboration. For example, Ethereum allows for the creation of decentralized autonomous organizations (DAOs), which are entities that operate according to predefined rules encoded in smart contracts, without human intervention or hierarchy. DAOs can enable collective decision-making, resource allocation, and value creation among stakeholders.

Another example is DeFi, which is a fast-growing sector that aims to provide alternative financial services without intermediaries or centralized control. DeFi applications on Ethereum allow users to lend, borrow, trade, invest, and earn interest on their crypto assets in a transparent and permissionless way. DeFi can potentially democratize access to financial opportunities and empower individuals and communities.

Binance Coin (BNB)

Binance Coin (BNB) is the native cryptocurrency of Binance, one of the largest and most popular crypto exchanges in the world. Binance was founded in 2017 by Changpeng Zhao (CZ), a Chinese-Canadian entrepreneur and crypto enthusiast, who wanted to create a platform that could cater to the needs and demands of the global crypto community.

Binance Coin was initially launched as an ERC-20 token on Ethereum, but later migrated to its own blockchain platform called Binance Chain in 2019. Binance Chain is a fast and scalable platform that focuses on facilitating low-cost and high-throughput trading of crypto assets. Binance Chain also supports the creation and exchange of tokens using a simple standard called BEP-2.

Binance Coin has multiple use cases within the Binance ecosystem. It can be used to pay for trading fees on Binance with a discount; it can be used to participate in token sales on Binance Launchpad; it can be used to stake or farm other tokens on Binance Launchpool; it can be used to access various services and benefits on Binance Smart Chain; and it can be used as a form of money or a store of value.

Binance Coin is driving institutional transfer of ownership by enabling users to access a wide range of crypto products and services on one platform. Binance offers not only spot trading but also futures trading.

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Mooky and its unique features

Mooky is a unique meme token that stands out in the crowded world of cryptocurrencies. Unlike many other tokens that lack a clear purpose or mission, Mooky is focused on a specific goal: planting trees to better the environment and inspire change. As a community-owned token with governance, Mooky allows token holders to decide on DAO votes for running operations, giving them a say in the platforms future.

One of the most exciting features of Mooky is its zero tax policy, which means there are no slippage requirements when buying or selling the token. It makes it a popular choice among investors who want to avoid high transaction fees and maximize profits. Additionally, Mookys liquidity is locked for two years, providing stability and security for investors.

Legendary and super rare NFT holders gain entry into the Mooky Ventures Club, which provides bi-monthly airdrops from partnership platforms, merchandise, and passive income from the investment portfolio.

Algorand is a blockchain platform that utilizes a unique consensus algorithm called Pure Proof-of-Stake (PPoS) to achieve fast, secure, and energy-efficient transactions. Unlike traditional proof-of-work (PoW) consensus algorithms used by other blockchain platforms, PPoS ensures that Algorands transactions are processed quickly without the need for powerful computing resources or excessive energy consumption.

One of the critical benefits of Algorands PPoS algorithm is that it allows for high transaction throughput, with the network capable of processing thousands of transactions per second. It makes Algorand an ideal platform for high-volume, mission-critical use cases such as financial transactions, supply chain management, and digital identity verification.

In addition to its speed and efficiency, Algorands blockchain technology also provides robust security features. PPoS ensures that the network resists attacks and that all transactions are final and irreversible once processed.

Algorands blockchain technology also supports the development of decentralized applications (dApps) using smart contracts. These smart contracts are self-executing agreements that enable automated processes and transactions without intermediaries.

Shiba Inu is a cryptocurrency that originated as a meme coin inspired by the famous dog breed with the same name. It was created in August 2020 by an anonymous individual or group known as Ryoshi and gained attention through its playful and whimsical branding.

Initially, Shiba Inus purpose was to serve as a fun and lighthearted cryptocurrency without any specific utility or use case. However, as the popularity of meme coins grew, Shiba Inus value began to rise, and it became a topic of interest among crypto enthusiasts and investors.

In May 2021, Shiba Inu experienced a surge in popularity and value following a tweet by Elon Musk about his own pet Shiba Inu dog. This event and the broader mainstream adoption of cryptocurrencies helped Shiba Inu gain further attention and increased its overall market capitalization.

Despite its origins as a meme coin, Shiba Inu has since developed some utility as a cryptocurrency. It has been listed on several major exchanges, and its holders can use it to participate in various decentralized finance (DeFi) protocols.

Shiba Inus growth in popularity can also be attributed to its strong community and social media presence. The Shiba Inu community has created several initiatives, such as the ShibaSwap decentralized exchange and the Shib Army, which has raised funds for various charitable causes.

There are several factors to consider when considering why Mooky, Algorand, and Shiba Inu are hot picks for 2023. Here are some potential points to discuss:

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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New Year, New Investments: Why Mooky, Algorand, and Shiba Inu ... - NewsBTC

If you work in tech, you know that keeping an eye on emerging technologies is vital to your job. Which technologies will go mainstream over the next few years, and which will fade away? The answer to that question can have a sizable impact on your long-term career.

Amazon Web Services (AWS) and Gallup recently polled 3,000 U.S. workers and 1,170 employers about digital skills training. As part of that survey, the company and the research firm asked employers about the technologies they thought would become a standard part of doing business in the future. Heres what those employers said:

For starters, 5G seems like a no-brainer, given how eventually all mobile devices will end up on that standard. The rise of artificial intelligence (A.I.) and machine learning also seems inevitable, especially since many organizations are already figuring out how to best deploy A.I.-powered chatbots like ChatGPT. Given companies need to crunch massive amounts of data and accelerate their digital processes, edge computing will only become more mainstream, too.

Beyond that, the fate of some of these technologies is anyones guess. While quantum computing is indeed promising, its very much in the experimental stage; incredible advances could ensure companies are relying on quantum computing as a service by the end of the decade, but theres also every chance the technology remains highly specialized for the foreseeable future. While blockchain is popular in the context of cryptocurrency, many companies dont yet rely on the technology for smart contracts and other proposed usesbut that could easily change.

Can virtual and augmented reality, coupled with the metaverse (which is ultimately Metas attempt at creating a buzzword for an AR/VR ecosystem), become as ubiquitous to businesses as laptops and phones? Mark Zuckerberg and Tim Cook hope so, but AR and VR currently remain a niche product targeted mostly at gamers. The tech industry will need to prove the business use-case for AR/VR headsets if it wants to see widespread adoption.

With tech, its impossible to predict what will come next. Nobody in 2005 could have told you that a mobile phone from Apple would create a huge, burgeoning market for apps and services by 2008. If youre a tech professional, that uncertainty is a bit frustrating, because you dont want to waste time and energy learning technologies that will only fade away. That being said, its always worth keeping an eye on tech that business leaders think will become huge over the next several years, and at least taking the time to learn about them in a very top-level way.

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10 Technologies Your Boss Thinks Will Shape the Future - Dice Insights

Utility tokens are paving the way for an exciting new era in the world of digital assets. They open up a world of possibilities by harnessing the potential of blockchain technology, providing access to specialized products and services within decentralized networks. By embracing utility tokens, traders and investors can tap into unexplored markets and establish innovative revenue channels.

These tokens fuel progress and boost efficiency across various industries, reshaping our understanding of digital assets. For those seeking to invest in the promising future of the crypto landscape, utility tokens present an optimistic and essential opportunity for any well-rounded portfolio.

Utility tokens are leading the charge in the exciting world of digital assets, opening up a realm of opportunities by leveraging the power of blockchain technology. They provide value by enabling access to premium dApps, incentivizing usage, reducing transaction costs, enhancing security, and enabling programmable transactions. These tokens have the potential to transform various industries, offering benefits for numerous use cases, such as payments, supply chain management, data storage, and even quality management.

By embracing utility tokens, traders and investors can tap into unexplored markets and establish innovative revenue channels while gaining access to cutting-edge products and services. In addition, supporting utility tokens that offer tangible value helps drive innovation and promotes the widespread adoption of blockchain technology.

For those seeking to invest in the promising future of the crypto landscape, utility tokens present an optimistic and essential opportunity for any well-rounded portfolio. Their transformative nature and ability to fuel progress across various sectors make them an intriguing and valuable addition to those looking to participate in the ongoing evolution of the digital asset space.

Naplozz stands out as a new & undervalued utility project due to its innovative approach to transforming quality management and compliance across various industries. The platform streamlines complex regulatory processes, making them more efficient, transparent, and user-friendly for both organizations and their employees. There are several key reasons why Naplozz is an attractive investment opportunity:

The $NAP Token lies at the heart of the ecosystem, facilitating advanced features and incentivizing employees through the Perform to Earn reward framework. This innovative use of tokens helps organizations motivate their workforce, leading to increased employee performance and engagement.

Overall, Naplozzs unique combination of user-first design, comprehensive ecosystem, token-based incentives, and blockchain integration make it a groundbreaking utility project worth considering for investors and organizations alike. By participating in the upcoming Naplozz Token presale, investors have the opportunity to support a cutting-edge project that promises to shape the future of compliance and quality management across multiple industries.

The potential of smart contracts is widely recognized among cryptocurrency advocates as a key long-term application for this technology. However, a significant challenge arises when blockchain-based smart contracts require access to external data. This is where Chainlink comes into play as an essential solution.

Chainlink functions as an oracle, connecting blockchains to the external world by acting as an intermediary layer between smart-contract platforms, such as Ethereum, and external data sources. In doing so, it provides trustworthy, real-time data, including stock prices, commodities, currency rates, or even weather information.

The importance of this capability becomes evident as DeFi expands. Ensuring access to reliable price information on various assets is crucial for the proper execution of smart contracts related to futures and other financial instruments. As more capital flows into smart-contract platforms, the need for dependable and secure data sources will only grow. Platforms like Aave, Fantom, and Sushi already utilize data feeds from Chainlink.

As global adoption of blockchain technology increases, providing trustworthy data to these networks, such as weather conditions or Internet-of-Things-enabled device data, will become even more essential. This can help improve various aspects of the world, such as combatting climate change. The World Economic Forum highlights oracles like Chainlink as a valuable tool in this regard, for instance, using smart contracts and satellite data to reward regenerative farming practices.

Having established collaborations with prominent companies like Google, Oracle, and SWIFT, Chainlink has emerged as a top Oracle provider in the blockchain industry. Its native token, $LINK, plays a crucial role in the network, facilitating transactions such as compensating node operators.

Filecoin is a groundbreaking blockchain initiative focused on creating a decentralized storage network. Engineered to integrate seamlessly with Web3 and DeFi protocols, Filecoin enables fully decentralized and permanent data storage. The network offers organizations and projects a secure, decentralized, and cost-effective data storage solution supported by a diverse range of storage providers and developers.

Built on the foundational technology of its parent project, IPFS, Filecoins blockchain employs a decentralized peer-to-peer file storage system that allows users to operate their own nodes and store files anonymously. Furthermore, by contributing additional storage to the Filecoin network, users can earn more tokens and enjoy transaction fee reductions.

Filecoin has the potential to benefit millions seeking decentralized digital storage options. Previously, there was no incentive for individual IPFS nodes to share their storage with others. This project leverages the transparency and open market enabled by blockchain technology a stark contrast to the closed nature of centralized entities.

In 2023, identifying high-potential cryptocurrencies involves strategically buying during bear market dips, investigating small-cap projects with high return prospects, and participating in presales for early access to promising ventures. However, exercising caution and conducting extensive research when investing is important.

Notably, Naplozz is currently in its private sale phase, offering a potential opportunity for investors to be a part of its robust ecosystem. Find out more about the project.

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Unique Crypto Projects Offering Real Utility - Finbold - Finance in Bold